The endless possibilities that came to being after Bitcoin was launched have propelled the growth of the crypto space. Newer projects are arising to cater to the easy transition of the digital world we are living in. From Solana to Polygon, every project has been upgrading itself to make the very many options available to the user base. Coming to the present day, one such project formed by Steem blockchain veterans, Koinos, is bringing free-to-use blockchain technology to the market!
— Andrew Levine 🔮 (@andrarchy) October 28, 2022
The platform will be offering a universal programming language along with free account transfers. It is also set to have its own smart contracts system! The company has mentioned that it has been built without funds from venture capital, any initial coin offerings, pre-mine, or any other early distribution of tokens to insiders. To explain what Koinos is, it is a layer-1 decentralized blockchain that is set to launch its mainnet on November 5th, 2022. The platform will be a free-to-use platform built using a proof-of-burn (PoB) consensus algorithm. The platform is also set to deliver more efficiency and access to developers in Web3.
Before its release, Andrew Levine, co-founder, and CEO of Koinos Group sat with CoinTelegraph to explain some of the unique features that Koinos is bringing to the table. Three of its most important features are:
- Free to use
- It will be able to support any programming language, starting with C++ and TypeScript
- It is highly upgradeable
According to the CoinTelegraph report, along with this, Andrew Levine also commented, “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 characteristic of most blockchains, exemplified by the issues with Ethereum and its never-ending ‘Eth 2.0’ delays.”
What is Proof of Burn Consensus?
In a Proof of Burn (PoB) consensus protocol miners has the power to mine a block by “burning” a part of the tokens they have in their possession. To explain it in simple terms, the mining capacity in a PoB consensus is given to the miner who spends a part of their money for the right to mine a block and claim a reward.
Referring to the algorithm shared by Satoshi Nakamoto, Andrew Levine commented about choosing the PoB as Koinos’s consensus. He said, “While proof-of-burn keeps the core consensus mechanism of proof-of-work, it rewards users based on how much KOIN they have burned (literally destroyed) instead of rewarding them based on hashing power or how many tokens they hold. […] Since it is not based on how many tokens you hold but rather on how many tokens you have sacrificed, there is no need for complicated slashing conditions that make proof-of-stake chains less efficient.”
The group has built Koinos from scratch, without any capital so as to keep the project attached to its core principles in the crypto space. Staying true to the principle of the ecosystem’s foundation, the Koinos team prioritized being as “free, open, and decentralized as possible.” After the launch of the mainnet, the group has shared its plan to shift focus onto revenue-generating products for developers.
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