Koinos launches its free blockchain network
Layer-1 decentralized blockchain Koinos is set to launch its mainnet on November 5. It will be a free-to-use platform based on a Proof-of-Burn (PoB) consensus algorithm, built to provide more efficiency and access to developers in Web3.
Formed by a group of blockchain veterans behind the Steem blockchain and steemit.com, the platform was built without venture capital funds, initial coin offerings, pre-mining or other early distribution of tokens to insiders, the company said.
Ahead of its release, Andrew Levine, co-founder and CEO of Koinos Group, explained to Cointelegraph the three key features of the platform, saying “it’s free to use, it can support any programming language (starting with C++ and TypeScript), and it’s very upgradeable.” He also noted:
“All of this means that developers can use the programming languages they already know and love to build free-to-use dApps without being bottlenecked by the poor upgradeability of most blockchains, exemplified by the problems with Ethereum and its infinite ‘Eth’ 2.0 ‘ delays.”
The chosen consensus algorithm refers to Satoshi’s original vision of a peer-to-peer electronic cash, where everyone could participate. With Proof-of-Burn, there is no advantage to having a large stake or tons of hardware to mine. This should mean more competition between small and large miners, Levine noted, adding that:
“While Proof-of-Burn retains the core proof-of-work consensus mechanism, it rewards users based on how much KOIN they have burned (literally destroyed) instead of rewarding them based on hash power or how many tokens they have. […] Since it is not based on how many tokens you have, but rather on how many tokens you have sacrificed, there is no need for complicated slashing ratios that make PoS chains less efficient.”
Koinos’ co-founders said they decided to build a blockchain from scratch without external capital to keep the project tied to the core principles of the crypto space. For the foundation of the ecosystem, the platform prioritized being “free, open and decentralized as possible.” After the mainnet launch, however, the group said it plans a shift in focus to revenue-generating products for developers.
“We believe these products will make Koinos Group shares very attractive and give investors an opportunity to share the upside of an exponentially growing ecosystem, while mitigating many of the downsides traditionally faced by investors in the space, such as volatility.”
Cointelegraph followed the development of the entire Koinos blockchain from inception to mainnet and beyond through the series, Inside the Blockchain Developer’s Mind, and discussed some of the challenges the team has faced since identifying the key problems they set out to solve.
