Koinos Will Deploy A Free Blockchain

The platform Koinos, which was established by long-time users of the Steem blockchain, provides users with a universal programming language, free account transfers, and its very own smart contract system.

Decentralized blockchain on the layer-1 level The mainnet launch for Koinos is scheduled for November 5th. It will be a platform that is free to use and will be based on a consensus mechanism called proof-of-burn (PoB). It will be created to give more efficiency and access to developers working in Web3.

According to the company, the platform was developed without the use of venture capital funds, initial coin offerings, pre-mine, or any other early distribution of tokens to insiders of any kind. This group of blockchain veterans is also responsible for the creation of the Steem blockchain and steemit.com.

Andrew Levine, co-founder, and CEO of Koinos Group spoke with Cointelegraph before the launching of the platform to discuss its three most important aspects. He said, “It can handle any programming language (beginning with C++ and TypeScript), and it is extremely upgradeable.” Furthermore, he pointed out that:

“What all of this means is that developers can use the programming languages that they are already familiar with and love to build free-to-use DApps without being bottlenecked by the poor upgradeability that is characteristic of most blockchains. This is exemplified by the issues with Ethereum and its never-ending ‘Eth 2.0’ delays.”
The consensus process that was ultimately chosen corresponds to the initial vision that Satoshi Nakamoto had for peer-to-peer electronic payment, one in which everyone would be able to participate. There is no benefit to having a high stake or a huge quantity of hardware to mine now that proof-of-burn has been implemented. According to Levine, this should mean that there is more competition between small and major miners, and he added:

“While proof-of-burn does maintain the fundamental consensus process of proof-of-work, it does so by rewarding users based on the amount of KOIN they have “burned” (literally destroyed) as opposed to rewarding users based on their hashing power or the number of tokens they currently own. […] There is no need for complicated slashing conditions that make proof-of-stake chains less efficient because it is not based on how many tokens you hold but rather on how many tokens you have sacrificed. Since it is based on how many tokens you have sacrificed, there is no need for complicated slashing conditions.
The co-founders of Koinos have stated that they made the decision to construct a blockchain from the ground up without the assistance of any external finance in order to ensure that the project remains faithful to the fundamental principles that govern the cryptocurrency ecosystem. When laying the groundwork for the ecosystem, the platform placed a high priority on being “as free, open, and decentralized as possible.” However, once the mainnet is up and running, the organization has stated that it intends to move its focus to products that will generate cash for developers.

“We believe that these products will make Koinos Group equity very attractive and give investors an opportunity to share in the upside of an exponentially growing ecosystem while mitigating against many of the negatives that traditionally face investors in this space, like volatility.” “We believe that these products will make Koinos Group equity very attractive and give investors an opportunity to share in the upside of an exponentially growing ecosystem.”

Its series “Inside the Blockchain Developer’s Mind,” The series discussed some of the hurdles the team has faced since identifying the core problems they want to solve.

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