The Koinos blockchain will be the benchmark for future Blockchains thanks to its revolutionary infinity potentials.
- Everything is developer and business focussed.
- Free accounts
- Free Smart Contracts
- Free Transfers
- Multi-language Smart Contracts: Write in your own script language!
- Its Fee-less, zero fees!
- Vertical Scalability
- Modular Upgradeability
- Microservices architecture
- No more 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?
What is the mission of Koinos? The mission of Koinos is to make blockchain accessible to everyone
How will mainnet tokens be distributed? The initial token balances on mainnet will be determined entirely by the token balances of the KOIN ERC20 (i.e. the KOIN tokens on Ethereum that were distributed through proof of work mining). That ERC20 was implemented using OpenZeppelin’s tooling including their snapshot mechanisme. This mechanism within the smart contract allows for the creation of a decentralized record of all token balances and total supply at the time of use (i.e. a “snapshot”). No date has been announced for the snapshot that will be used for mainnet.
How decentralized is Koinos? Koinos is not just a blockchain, it is a blockchain building technology (a “layer 0” like Hyperledger, Cosmos, Polkadot) that makes it far faster and easier to launch high performance blockchains with no fees and capable of evolution. It is the core technology engineered to advance our mission to accelerate the transition to a more decentralized future by maximizing blockchain accessibility.
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)? Koinos is a blockchain framework (layer 0) designed to deliver the best blockchain-based user experience in the world, not necessarily the highest TPS number. It is 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.
Koinos Group is designing a flagship implementation (“layer 1”) of the Koinos blockchain framework (the “mainnet”), but the high level features have not yet been disclosed because the related smart contracts have not yet been developed. This highlights how the modular upgradeability of Koinos reverses the development process allowing developers to defer commitment on high level features until late in the development process.
Was there an ICO? No. The KOIN token launch was modeled off Bitcoin to maximize accessibility and made innovative use of the Ethereum blockchain to further maximize accessibility. Instead of having to access an entirely new blockchain, people could use an incredibly easy-to-use, free, and open mining program to submit CPU-optimized proofs of work to an Ethereum smart contract which would in turn distribute KOIN tokens based on the size of the proofs.
The purpose of this Ethereum-based token is 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).
What are the features of 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 on socials 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.
Is Koinos “Ethereum-compatible”? Maximum accessibility is the ultimate compatibility. Koinos is designed so that developers can use the programming languages they already know and love to build their applications, not learn new languages like Solidity. Any developer who can write a smart contract in Solidity can easily rewrite that smart contract in C++ or TypeScript, which are the first two languages Koinos will support.
How is the team funded? Koinos Group is being modeled off traditional tech growth companies that sacrifice profits in the early years to build a user base and leverage unique knowledge of an ecosystem to find product-market fit for a high-margin software product.
Koinos Group was founded 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. This aligns its incentives with the incentives of the Koinos community.
How will Koinos scale? The ultimate scaling solution is the ability to rapidly integrate the most efficient, secure, and well-maintained scaling solutions as they emerge. In other words, upgradeability is the ultimate scaling solution which is why Koinos is designed to be the most upgradeable blockchain in the world. Whether the best solutions leverage inter-chain communication, sharding, or something else entirely, Koinos will be ready to take advantage of any or all of these.
How Composable is Koinos? 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. Koinos is optimized for flexibility which means that it could shard, or not shard, based on the smart contracts that are running on it.
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.
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!
If you have any more questions you would like to answer, feel free to leave them as comments or stop on by one of our weekly AMAs on Thursday at 2:00 PM EST.
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