What is Koinos Network (KOIN) | What is the Koinos token? What is the KOIN token?
We will be launching a new cryptocurrency called KOIN on the Ethereum network that you will be able to mine using only the CPU on a regular computer. If you want to jump straight to downloading the mining app, you can find it here. We have also published a whitepaper. This whitepaper is for the frame only. We’ll be posting more technical documentation before the mainnet launch, so be sure to follow us on social media and join our mailing list by going to koinos.io.
Decentralization and accessibility
The mining period will last for 6 months, at which point we will launch the Koinos mainnet, which will airdrop tokens based entirely on Ethereum mining. There will be no ICO because our goal is to distribute the tokens as widely as possible to maximize decentralization.
Ethereum PoW Mining
We genuinely believe that Koinos could usher in a new era of decentralized computing that will empower everyone through digital self-ownership. We want as many people as possible to participate in that future. This is why we are launching the token on Ethereum, the blockchain with the most active users, and why we work hard to ensure that the mining algorithm is memory and GPU resistant so that anyone with a decent CPU can acquire KOIN through mining without having to compete with massive GPU or ASIC mining rigs.
That is also why we provide a desktop mining program with an intuitive graphical user interface that will make it easy for ordinary people to participate in the mining process. You will find a link to that program in the description below. There is a version for each OS. Unfortunately, you have to fund the miner with ETH to pay transaction fees, but hey, that’s what happens when you don’t have a fee-free blockchain, which explains why you should. Mine KOIN first. Why would people want to use this new blockchain when there are already so many others?
Our mission is to empower people through ownership of their digital selves, and blockchain is the most promising technology to achieve this mission. Blockchain-based applications can add value to people’s lives in an infinite variety of ways, but creating such applications is too difficult, time-consuming, and expensive.
To fulfill our mission, we need to dramatically expand the number of existing blockchain-based applications and the number of people capable of using those applications, which is why we are building a new blockchain from the ground up to be faster. Easy and affordable to build blockchain-based applications that are capable of delighting users.
When it launches, the Koinos mainnet will be a free, fast blockchain that will allow developers to create an unlimited number of free accounts for their users. Koinos will not only lower barriers to entry, but will also remove them and open up blockchain applications to an order of magnitude more users.
We at OpenOrchard are obsessed with developers, so Koinos will enable developers to use the programming languages they already know and love, thanks to WASM integration. Koinos will start with support for C++, followed soon after by typescript, and then any programming language developers want, such as .net and Go.
Thanks to these features, Koinos will bring an unparalleled experience to developers and its users, but that won’t be released for another 6 months, so what have we been doing so far?
We have created an entirely new, high-performance, vertically scalable blockchain framework that can acquire any feature through smart contract modules running on the virtual machine. Because these smart contracts can be updated in-band, any behavior can be added to the blockchain without the need for a hard fork. This unlocks a new capability we call “modular upgradeability” that solves one of the biggest challenges facing existing blockchains; how difficult they are to update.
Modular upgradeability allows us to quickly add different features to the framework without affecting any other part of the blockchain. This is how we will be able to offer a testnet in just 3 months that offers Ethereum feature parity, but with WASM smart contracts, fast block times, and no-fee transactions. While the testnet will have proof of work, the Koinos blockchain framework makes it easy for us to change that consensus algorithm to the entirely new and different algorithm we are developing for the mainnet.
Thanks to the modular update capability, individual updates can be pushed out to the network like an operating system patch, but the update took a chain record of the full path. Instead of having to package critical updates into time-consuming, political, and risky hard forks, individual solutions can be pushed to the network the moment they’re ready, allowing Koinos to improve quickly. We believe that ability makes Koinos the first blockchain in history capable of evolving.
After upgradeability, the next big challenge facing existing blockchains is scalability. Blockchains hold on to every transaction and smart contract that has been added to them, regardless of whether they are used or not. That means the cost of carrying all this expensive data is built into the cost of each new transaction, which in itself adds even more information to the chain. All of this old, unused data is responsible for the vast majority of the cost of running a blockchain. But what if we could delete all of that data, while still maintaining the ability to bring it back to life like it was never gone like MAGIC?
Well, we’ve figured out how to do exactly that. We call it state pagination, and Koinos will be the first blockchain to have it. Not only is this a genuine innovation that could be THE key to scaling blockchain to the masses, but existing blockchains like EOS and Ethereum cannot take advantage of this capability without totally redesigning their blockchain.
I’ve saved status pagination for last because it’s highly innovative and highly experimental. All algorithms have been written and tested. We know that we can page data out and back without losing confidence. Status pagination works. We are not 100% sure about how much the memory savings will offset the additional bandwidth consumption. But that’s mainly because we don’t know how people will use Koinos. In our tests, we found that if state paging were part of existing blockchains, the size of the state could be reduced by up to 78%, and that number would only increase as the blockchain ages. If we see similar numbers in Koinos, status pagination will be a game-changer.
It is very important for us that we are honest about what we have already developed, what we know we can develop but haven’t done yet, and what we don’t know yet. We strongly believe that Koinos will be our best attempt at solving the major issues that are holding back blockchain adoption and denying people the empowerment that will come from digital self-ownership. If this sounds like something you want to be a part of, then we invite you to join us by activating those miners.
Lastly, we really want to make sure you get important information about Koinos, like how to claim your tokens when the mainnet launches, so please join our mailing list by visiting koinos.io or openorchard.io.
- A maximum of 100,000,000 KOIN will be minted during the ERC20 phase.
- After the airdrop on the Koinos Blockchain mainnet, the Koinos Blockchain will issue KOIN tokens at a rate of up to 15% per year.
- Therefore, as many as 115,000,000 Koins may exist a year after the launch of the Koinos mainnet.
- There is no specific long-term upper limit on the number of Koins that will ever exist.
Importantly, Koinos’ extreme upgradability adds a degree of uncertainty to any discussion of the system’s future trajectory:
- The Koinos blockchain governance system will be able to update any part of the system.
- We recommend that government system participants not ratify any update that results in more than 15% annual mintage.
- However, governance participants may not follow this recommendation.
- This means that it is theoretically possible for KOIN tokens to print above the 15% per annum limit if the government approves such changes.
How to buy Koinos Network (KOIN) Token?
FIRST STEP TO BUY Koinos Network (KOIN) Token
- To buy Koinos Network (KOIN) Token, you have to buy it through the ETH l network and then go to uniswap and buy it. To buy ETH we have to buy it through BINANCE, the best exchange in the world. Once registered and verified, we will go to buy crypto, we put the currency that we are going to use to buy the ETH and the amount, and we give it to buy, maybe and as you will see in the following image.
SECOND STEP TO BUY Koinos Network (KOIN) Token
- Once the eth is purchased, we have to transfer the Ethereum to our wallet, and it can be trustwallet or metamask, which we use.
- You can see a tutorial on how to pass eth from Binance to metamask on the ETH network to do so.
- And a tutorial on how to create a metamask portfolio and add it to the browser.
BUY ETH FROM METAMASK
- First, we go to our metamask portfolio, and below the amount of ETH we have is the option to buy; we give it, and the following will pop up:
- We give Wyre, and once inside, we select our currency and the amount. We can also pay with Apple or with a debit or credit card.
- And ready, we already have our eth in our metamask portfolio.
STEP THREE TO BUY Koinos Network (KOIN) Token
- Once with our ETH we enter uniswap through the following URL; Uniswap, and we have to import the token to be able to operate.
- Next, we have to connect our wallet and select the amount of ETH we want to exchange for Koinos Network (KOIN) Token and give it to exchange.
And ready you already have it bought.
- I hope you liked the article and that it helps you. If you have any questions, leave a comment, and it will be answered on the same day.
Koinos Network (KOIN) Token Price Live:
- In the following link, you have the live price: Live price