The blockchain build on smart contracts : altcoin

The blockchain build on smart contracts : altcoin


The Koinos blockchain will be the benchmark for future Blockchains thanks to its revolutionary infinity potentials.

  • Everything is developer and business friendly

  • Write in your own script language

  • Free accounts

  • Multi-language Smart Contracts

  • Its Fee-less

  • Vertical Scalability

  • Modular Upgradeability

  • Microservices

  • Decentralized

  • No Hardfork

  • No ICO

  • No Pre-mine

  • Testnet=Live / Q4 Mainnet

Also check the reddit page for the latest developments


Our mission is to empower people through ownership of their digital selves and blockchain is the most promising technology for accomplishing this mission. Blockchain-based applications can add value to people’s lives in an infinite variety of ways but building such applications is far too difficult, time consuming, and expensive. In order to accomplish our mission we need to dramatically expand the quantity of blockchain powered applications in existence, and the number of people capable of using those applications, which is why we are building a brand new blockchain from the ground up to make it fast, easy, and affordable to build blockchain-based applications that are capable of delighting users.

The Blockchain When it launches the Koinos mainnet will be a fast and fee-less blockchain that enables developers to create an unlimited number of free accounts for their users. Koinos won’t just lower the barriers to entry, it will obliterate them and open up blockchain applications to an order of magnitude more users. At OpenOrchard we are developer obsessed which is why Koinos will enable developers to use the programming languages they already know and love thanks to WASM integration. Koinos will start with C++ support, followed soon after by typescript, and then whatever programming languages developers want most like .net and Go. Thanks to these features, Koinos will deliver an unparalleled experience to both developers and their users, but that won’t launch for another 6 months, so what have we been doing up until now?

The Framework We have built a brand new, high performance, vertically scalable, blockchain framework which can acquire any feature through smart contract modules running in the virtual machine. Because these smart contracts can be upgraded in-band, any behavior can be added to the blockchain without requiring a hardfork. This unlocks a new capability we call “modular upgradeability” which resolves one of the biggest challenges facing existing blockchains; how difficult they are to upgrade.

Modular Upgradeability Modular upgradeability enables us to rapidly add different features to the framework without impacting any other part of the blockchain. This is how we will be able to offer a testnet in just 3 months that delivers Ethereum feature parity, but with WASM smart contracts, fast block times, and fee-less transactions. While the testnet will feature proof of work, the Koinos blockchain framework makes it easy for us to swap that consensus algorithm out for the totally new and different algorithm that we’re developing for mainnet. Thanks to modular upgradeability, individual upgrades can be pushed to the network much like an operating system patch but with an on-chain record of the entire path that the upgrade took. Instead of having to package critical upgrades into time consuming, political, and risky hardforks, individual fixes can be pushed to the network the moment they are ready enabling Koinos to rapidly improve itself. It is that capability that we believe makes Koinos the first blockchain in history capable of evolving.

Scalability After upgradeability, the next major challenge facing existing blockchains is scalability. Blockchains hold on to every transaction and smart contract that has ever been added to them, regardless of whether they get used or not. That means that the cost of lugging around all of this expensive data gets baked into the cost of every new transaction which itself adds even more information to the chain. All of this old and unused data is responsible for the vast majority of the cost of running a blockchain. But what if we could remove all of that data, while retaining the ability to bring it back to life as if it had never left like MAGIC?

State-Paging Well we have figured out how to do exactly that. We call it state-paging and Koinos will be the first blockchain ever to have it. Not only is this a genuine innovation that could be THE key to scaling blockchain to the masses, but existing blockchains like EOS and Ethereum cannot take advantage of this capability without totally rearchitecting their entire blockchain. I saved state-paging for last because it is both highly innovative and highly experimental. All of the algorithms have been written and tested. We know we can page data out and back in without any loss in trustlessnes. State-paging works. What we’re not 100% sure about, is how much the memory savings will outweigh additional bandwidth consumption. But that’s mainly because we don’t know how people will use Koinos. In our tests we found that were state paging a part of existing blockchains, state size could be decreased by as much as 78% and that number would only increase as the blockchain got older. If we see similar numbers on Koinos, then state-paging will be a game-changer. It’s just very important to us that we be upfront about what we have already developed, what we know we can develop but haven’t yet, and what we just don’t know yet. What we believe very much, is that Koinos will be our best attempt to resolve the major issues holding back blockchain adoption and denying people the empowerment that will come from digital self ownership. If this sounds like something that you want to be a part of, then we invite you to join us by firing up those miners. Lastly, we really want to make sure that you receive important information about Koinos like how to claim your tokens when mainnet launches, so please join our mailing list by going to koinos or openorchard.

Upper bounds At most 100,000,000 KOIN will be minted during the ERC20 phase. After the airdrop on the Koinos blockchain mainnet, the Koinos blockchain will mint KOIN tokens at a rate of up to 15% per year. Therefore, it is quite possible that up to 115,000,000 KOIN may exist one year after the launch of the Koinos mainnet. There is no specific long-term upper bound on the amount of KOIN that will ever exist. Importantly, Koinos’s extreme upgradeability adds some degree of uncertainty to any discussion of the system’s future trajectory: The Koinos blockchain’s governance system will be able to upgrade any part of the system. We recommend that governance system participants should not ratify any upgrade that results in more than 15% per year minting. However, it is possible that governance participants will not follow this recommendation. This means it is theoretically possible KOIN tokens may be printed in excess of the 15% per year limit if such changes are approved by governance.


How decentralized is Koinos? Koinos is not a blockchain, it is a blockchain building technology (think Hyperledger, Cosmos, Polkadot) that makes it an order of magnitude faster and easier to launch high performance blockchains that are capable of evolution. It is the core technology engineered to advance our mission to accelerate the transition to a more decentralized future. This step up improvement in ease of use for developers is accomplished through the engineering of a framework that allows for any feature of a Koinos blockchain to be added or modified simply by writing smart contracts in the most used programming languages in the world (C++, TypeScript, Python, Go, etc.) and uploading them to the blockchain. Making it far easier for developers to launch their own blockchains with unique value propositions does have important implications as far as the decentralization of the ecosystem because the more options people have, the more decentralized the ecosystem.

What is the TPS (transactions per second)? This is another question we get a lot and it highlights again the common misunderstanding people have about Koinos. Koinos is a blockchain framework. A minimum viable blockchain waiting to get features from smart contracts that are uploaded by developers. How many transactions a given blockchain can process per second is a function of its block size and its block time (how frequently it produces blocks) which will be parameters that are set by developers launching Koinos blockchains. Yes, Koinos Group is designing a flagship implementation of the Koinos blockchain framework (the “mainnet”), but we are still primarily working on the blockchain framework. Believe it or not, the hard part of building a blockchain is building the framework. Writing smart contracts is relatively fast and easy for software engineers with the level of experience and skill that we have, that’s exactly why we designed Koinos to take full advantage of smart contracts! The problem we found when we began this journey is that all of the existing blockchain frameworks were remarkably difficult to use. We knew we could work with them, but we wanted anyone to be able to boot up their own blockchain in seconds, not months or years. We knew it was possible, but it was almost like the people who were creating these frameworks didn’t want other people using them to build competing blockchains.

What about the KOIN ERC20? ICO? Pre-Mine? Our mission is to accelerate the transition to a more decentralized future, NOT to launch a token that moons and retire to some tropical island. We launched the KOIN ERC20 as a proof of work mineable token on the Ethereum blockchain to pre-seed the Koinos ecosystem with a base level of decentralization. This means that the only way to acquire KOIN was through PoW mining or open market purchases so there was no pre-mine, ICO, IEO, or any other IxO (lol). It is a game wherein people can sacrifice computational work to prove to one another their commitment to a shared mission and vision for the future of blockchain. Once Koinos mainnet launches, the ERC20 will cease to provide this value, and instead the mainnet token will be a better tool for bootstrapping the decentralization of a new dApp or Koinos-based blockchain. We believe that the key to accomplishing our mission is making it faster, easier, and more profitable to launch blockchain-based applications. We believe that competition is healthy and the more blockchains there are meeting the wide variety of user needs, the better. The Koinos blockchain framework is engineered to become the most used blockchain framework in the space. The KOIN ERC20 can be an asset to any Koinos-blockchain developer, not just Koinos Group.

But what about Mainnet?!!! The most innovative component of Koinos is what we call “modular upgradeability.” Moving the entire system into smart contracts, allows blockchain developers like us to write system features orders of magnitude faster. We haven’t disclosed details about the Koinos mainnet features because we haven’t started working on them yet. These are the features that most people are interested in (consensus algorithm, governance system, staking mechanism, resource system, etc.). We have internal designs of these systems that we have been refining as we developed the framework, but these will likely change as we begin implementing them in smart contracts. That’s why we will only disclose these details as we begin working on those smart contracts in the coming months so be sure to follow us for updates. But again, these features are optimized for efficiency, flexibility, and most importantly decentralization, not impressing people with large-but-meaningless numbers. The reason to be interested in Koinos is not because of the high level features (like TPS). Such focus misses the entire point of Koinos. Even on a public Koinos-based blockchain, all the most important features can be upgraded by governance at any point without a hard fork, meaning that any high level feature is likely to change! Koinos is not optimized for any specific high level feature, it is optimized to improve at a more rapid rate than any other blockchain. In the context of TPS, that means our goal is not to launch with the highest number, but to increase that number over time (if desirable) through optimizations and upgrades.

How is the team funded? Can you survive for the coming 3+ years? Koinos Group is a private company started by the core development team behind the Steem blockchain to accelerate the transition to a more decentralized future by focusing on accessibility. This team worked together for 4+ years at Steemit on the Steem blockchain, at the time the most accessible blockchain by orders of magnitude, and we have now been working together for nearly 2 years on Koinos. Every member of Koinos Group has been working solely for equity in the company, which means they believe in the product and the business plan, and have a vested interest in seeing both the platform and the company succeed. Koinos Group had to acquire its KOIN like everyone else through either PoW mining or open market purchases, making it impossible to confuse holding KOIN as any kind of investment in Koinos Group. We had to acquire our KOIN at a loss and will only recoup that loss by adding value to the Koinos ecosystem and Koinos Group. This aligns our incentives with the incentives of the Koinos community. We believe very much in our business model which is based on offering valuable developer tooling that will make it faster, easier and more profitable to launch blockchain-based applications. Koinos is our secret weapon for delivering unbeatable products and services, and we know it better than anyone else because we built it. We believe that Koinos Group could generate incredible revenue and profit margins and it is this profit potential that serves as the incentive for Koinos Group members. In this sense Koinos Group is modeled after a more traditional tech startup. Increasing the value of Koinos (which is not the same as increasing the price of KOIN which we do not comment on) is fundamental to our business model, but it is NOT the source of our revenue. Currently Koinos Group does not generate revenue, but thanks to the incredible talent of our founding team members, our operating expenses are very low. We are also exploring fundraising opportunities by looking for investors who believe in our business model, not people who are looking to speculate on the KOIN price which is more efficiently done through open markets and has nothing to do with our business model. We have acquired our KOIN like any other developer to ensure that we have access to the computational capacity our developers and their users will need to use the amazing decentralized applications we expect to see on Koinos owing to its free accounts, free transfers, and free smart contracts.

What is the scaling mechanism? Another way to think about Koinos is that it is a blockchain optimized for flexibility. Some blockchains are built to scale using sharding. Some are focused on interchain communication. Some are focused on other supposed scaling “solutions.” Scaling is a process, not a problem that is ever “solved.” Koinos is designed to leverage any or all of these systems if and when necessary, and if desired by on-chain governance. Other blockchain projects take a top-down approach, deciding at the beginning what the “right” solution is and then specifically architecting their blockchain to implement those solutions. This might sound good to people who don’t understand proper system design, but it is highly constraining and means that there is a very clear path to defeat; picking the wrong solution. No developer is perfect, so engineering yourself into a corner is never a good idea. This approach also leaves no room for developer feedback because the system is already designed before the developer ever gets involved. It leaves no room for new technological innovations because it is impossible to predict what innovations will come in the future or when they will be sufficiently adopted to justify integration. Koinos is not optimized for any high level feature (like “scaling”). Koinos is a blockchain-based protocol optimized to rapidly integrate the most innovative technologies as they emerge. Yes, this is fundamentally different than any other blockchain protocol in existence which makes it difficult for people to wrap their minds around its value. We are working hard to figure out better ways to communicate this value which is why we appreciate people asking these kinds of questions. There are many interesting, important, and challenging problems that many amazing open source teams are working to solve. But the beauty of open source is that once those solutions exist, we all get to take advantage of them. We believe very much in the open source ethos and its power to deliver incredible innovations. We ourselves are working to deliver a very powerful open source solution that any developer can use to leverage the power of blockchain within their application. Unfortunately (or fortunately for us) so many teams design their systems in ways that limit their ability to take advantage of the unlimited value that continuously emerges from the open source community. The problem we are trying to solve is how to make those technologies available to blockchain developers the moment that they’re ready which also means using our expertise to assess whether a given technology is ready or not. It is far too frequently the case that developers will begin building on a solution long before it is ready simply because it claims to solve some important problem. This is incredibly risky for both themselves and their users. It is choosing to trust a (often anonymous) team when the whole point of decentralized solutions is to be trustless. A perfect example of this right now is the prevalence of cross-chain bridges. Very few, if any, of these are secure. As the first, and flagship, implementation of Koinos the mainnet will be like an “innovation vacuum” sucking in the best technologies as they emerge and become secure. That will be the source of its value. Lots of people are working on scaling solutions, and as with any important feature, we are researching those solutions. Our goal will be to make all the best solutions available to Koinos blockchain developers, not pick any specific one and certainly not to develop one ourselves. Developing novel solutions is a big red flag that either Koinos is not sufficiently flexible, or that no good solution already exists, meaning it’s an extremely difficult or impossible problem to solve. We’re not saying we won’t ever develop novel solutions, but our goal is to minimize them and ensure that those solutions increase the flexibility of Koinos while advancing our mission of accelerating the transition to a more decentralized future. Far too often teams develop novel solutions as a marketing exercise which is not just a recipe for failure, it demonstrates a cynical world view that we do not share. We believe that people are ready for decentralized solutions that make their lives better. We’re focused on empowering developers to build those solutions and anything that distracts from that mission is unacceptable.

What about composability? Now this is a question I can answer in a straightforward fashion (lol)! Koinos has the highest degree of composability possible because it is the only blockchain framework to move all of the system logic into smart contracts. When we’re talking about composability in the blockchain context, what we are talking about is the ability for decentralized application developers to repurpose code that is already running on the blockchain within their applications (i.e. to “compose” their applications). Most blockchains that claim “high composability” are just saying that they don’t have sharding, which is an attempt to rebrand a limitation as a value-add. As I’ve explained ad nauseum, Koinos is optimized for flexibility which means that it could shard, or not shard, based on the smart contracts that are running on it. As far as composability on Koinos, because all of the system logic is contained in smart contract modules, application developers will be able to not just repurpose the smart contracts written by other dApp developers, they’ll be able to repurpose the code written by the most experienced blockchain engineers in the world; the engineers building Koinos-based blockchains. Mainnet will just be the first Koinos-based blockchain, so as more engineers launch more Koinos-based blockchains, even more system contracts will be running on Koinos giving dApp developers even more high quality smart contracts to draw from. But wait there’s more! Because these smart contracts will be written in an ever growing number of the most used programming languages in the world, developers won’t just be able to find the perfect smart contract for their needs, they will be able to find smart contracts written in their preferred programming language! This takes the composability of Koinos, already far greater than any other protocol, to an entirely new level!

Also check the reddit page for the latest developments



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