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Information about "Koinos"
What is Koinos (KOIN)?
Koinos is an open-source initiative that focuses on developers, utilizing blockchain technology to offer a powerful smart contract platform where network holders can claim ownership. Launched by the Koinos Group, a US-based company, the concept took shape in 2020 but officially debuted on November 5, 2022.
For additional insights into this project, visit koinos.io.
Koinos stands out from other blockchains because possessing $KOIN allows you to use part of the network without losing cryptocurrency to transaction fees. Instead of a transaction fee, your $KOIN gets temporarily locked and then gradually released, a system referred to as mana, which offers a user experience reminiscent of video gaming. For more details on mana, consult the official documentation.
The Koinos protocol is tailored to aid in the development of decentralized apps (DApps) and seeks to enrich decentralization through the adoption of a Proof-of-Burn (PoB) consensus mechanism. Discover more about Proof-of-Burn in the official documentation.
Thanks to its groundbreaking approach to resource management, Koinos has captured the attention of Web3 fans eager for advancements in blockchain user experience (UX). One of Koinos network’s key objectives is to bring Web 2.0 experiences to the Web3 realm.
For additional insights into this project, visit koinos.io.
Koinos stands out from other blockchains because possessing $KOIN allows you to use part of the network without losing cryptocurrency to transaction fees. Instead of a transaction fee, your $KOIN gets temporarily locked and then gradually released, a system referred to as mana, which offers a user experience reminiscent of video gaming. For more details on mana, consult the official documentation.
The Koinos protocol is tailored to aid in the development of decentralized apps (DApps) and seeks to enrich decentralization through the adoption of a Proof-of-Burn (PoB) consensus mechanism. Discover more about Proof-of-Burn in the official documentation.
Thanks to its groundbreaking approach to resource management, Koinos has captured the attention of Web3 fans eager for advancements in blockchain user experience (UX). One of Koinos network’s key objectives is to bring Web 2.0 experiences to the Web3 realm.
What makes Koinos unique?
Koinos sets itself apart from other smart contract platforms through several distinct features, including forkless upgrades, the mana system, smart wallet integration, and the Proof-of-Burn consensus method.
In Koinos, core business logic is realized through smart contracts, enabling upgrades without necessitating hard forks. While hard forks may still be required for urgent bug fixes or performance boosts, many improvements can be carried out by updating smart contracts and engaging the governance system. This capability allows Koinos to progress more swiftly than its blockchain counterparts. For more information about forkless upgrades and governance, refer to the official documentation overview.
Resource management on Koinos differs from other blockchains. Holding $KOIN provides access to a segment of the network. Unlike most blockchains that charge transaction fees, Koinos lets users pay with time. The greater the amount of $KOIN a user holds, the more network access they have, and the quicker their mana pool replenishes. For further explanation about mana, check the official documentation overview.
On the Koinos network, accounts and smart contracts are indistinguishable. An account can have a smart contract linked to it, incorporating account abstraction into the protocol itself. This eliminates the necessity of solely relying on private/public key pairs. Koinos features a Turing complete authority system, opening limitless options for smart contract updates, transaction management, and contract execution. More on authorities can be found in the official developer documentation.
The Proof-of-Burn (PoB) consensus, though less known, offers various advantages over traditional Proof-of-Stake (PoS) and Proof-of-Work (PoW) methods. Miners are virtualized on-chain, balancing the field regardless of local electricity costs. This encourages decentralization as mining operations aren't forced to cluster in areas with affordable electricity. Additionally, Proof-of-Burn tackles the issue of staking concentration on Centralized Exchanges (CEX) since the cryptocurrency must be burned to generate blocks or influence governance. More about the innovative Proof-of-Burn can be read in the official documentation overview.
In Koinos, core business logic is realized through smart contracts, enabling upgrades without necessitating hard forks. While hard forks may still be required for urgent bug fixes or performance boosts, many improvements can be carried out by updating smart contracts and engaging the governance system. This capability allows Koinos to progress more swiftly than its blockchain counterparts. For more information about forkless upgrades and governance, refer to the official documentation overview.
Resource management on Koinos differs from other blockchains. Holding $KOIN provides access to a segment of the network. Unlike most blockchains that charge transaction fees, Koinos lets users pay with time. The greater the amount of $KOIN a user holds, the more network access they have, and the quicker their mana pool replenishes. For further explanation about mana, check the official documentation overview.
On the Koinos network, accounts and smart contracts are indistinguishable. An account can have a smart contract linked to it, incorporating account abstraction into the protocol itself. This eliminates the necessity of solely relying on private/public key pairs. Koinos features a Turing complete authority system, opening limitless options for smart contract updates, transaction management, and contract execution. More on authorities can be found in the official developer documentation.
The Proof-of-Burn (PoB) consensus, though less known, offers various advantages over traditional Proof-of-Stake (PoS) and Proof-of-Work (PoW) methods. Miners are virtualized on-chain, balancing the field regardless of local electricity costs. This encourages decentralization as mining operations aren't forced to cluster in areas with affordable electricity. Additionally, Proof-of-Burn tackles the issue of staking concentration on Centralized Exchanges (CEX) since the cryptocurrency must be burned to generate blocks or influence governance. More about the innovative Proof-of-Burn can be read in the official documentation overview.
How many $KOIN are in circulation?
Koinos was launched in a fair manner, similar to Bitcoin. It initially came into being through Proof-of-Work mining on the Ethereum blockchain, which helped initiate the early supply. Over approximately one year, about 100 million $KOIN were mined to establish the initial blockchain balances at launch.
After the mainnet went live on November 5, 2022, the chain transitioned from federated to Proof-of-Burn, with $KOIN being burned for virtual hashpower to secure the network. Because $KOIN is continually being burned to maintain network security, the supply remains dynamic. For accurate numbers, it's best to consult popular block explorers like Koiner.
In simple terms, the supply is roughly 100 million with an annual inflation target of 2% and a 50% burn target. This is a simplification, but further details on the tokenomics are available in the official documentation overview.
After the mainnet went live on November 5, 2022, the chain transitioned from federated to Proof-of-Burn, with $KOIN being burned for virtual hashpower to secure the network. Because $KOIN is continually being burned to maintain network security, the supply remains dynamic. For accurate numbers, it's best to consult popular block explorers like Koiner.
In simple terms, the supply is roughly 100 million with an annual inflation target of 2% and a 50% burn target. This is a simplification, but further details on the tokenomics are available in the official documentation overview.
How is the Koinos network secured?
The security of the Koinos network is ensured through the innovative Proof-of-Burn (PoB) consensus method.
Block creators burn their $KOIN and, in exchange, receive Virtual Hash Power (VHP). This functions similarly to hash power in Proof-of-Work (PoW) systems. The greater your hash power, the higher your chances of producing a valid block. It's straightforward. Detailed implementation can be explored by reviewing the Proof-of-Burn in the official documentation architecture section.
Block creators burn their $KOIN and, in exchange, receive Virtual Hash Power (VHP). This functions similarly to hash power in Proof-of-Work (PoW) systems. The greater your hash power, the higher your chances of producing a valid block. It's straightforward. Detailed implementation can be explored by reviewing the Proof-of-Burn in the official documentation architecture section.
Where can you buy Koinos ($KOIN)?
You can purchase Koinos ($KOIN) on numerous Centralized Exchanges (CEX) as well as some Decentralized Exchanges (DEX). The list of available platforms is continuously expanding, so it's suggested to check koinos.io for the latest information.
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