A new blockchain is born

On November 5th at 3pm EST, the Koinos Mainnet will launch. Touting itself as the world's first free-to-use and truly decentralized blockchain, it is sure to make some noise. I'll be honest, I haven't really read much about Koinos, but I've seen a few different posts around here from time to time. If you know more about it, let's talk in the comments because I'm really just now reading more into it. In the whitepaper, it is described as a general purpose blockchain-based network that is free to use, kinda. It works on a Mana style resource system with delegations and resources are priced dynamically.

Similar to the way CPU works on the WAX blockchain, your Mana will depend on the amount of KOIN you have and it regenerates over 5 days. I think this is a really efficient way to handle transactions and keep transactions free. It's almost like Hive and your Vote mana, so people are already used to this style of regenerative network resource. Not like the EVM blockchains that burn resources wit every transaction. With all that being said, it's created by some of the guys that were behind steemit. We all know where Hive came from, but I don't want to offend anyone lol.

I'm no expert on the matter, and to me it sounds good on paper. Until I see it up and running with no major issues and see that it's actually decentralized, I'll be skeptical. The fact that it supports any programming language is pretty powerful, I have to say. I don't know how true this is about any existing chain, someone please let me know. I don't think I quite understand the proof-of-burn consensus algorithm either, but they claim it's highly more efficient than proof of stake. They also claim that Koinos is infinitely upgradeable and can support many private and hybrid blockchains.

The proof of burn mechanism works on a system of virtual mining. Burning the KOIN token creates virtual hash power tokens, which allow block producers to operate without expensive hardware. This means that block producers will need to continuously burn KOIN in order to keep operating and producing blocks. As a result of the need to constantly burn tokens, it will help keep the inflation around 2%, which is the target inflation on the main net. I won't try to explain this any further as it would just be me trying to explain something I don't truly understand.

I found it pretty interesting reading the whitepaper. That being said though, I've read a lot of whitepapers that sound really good. At the end of the day, it's just a design document though. We have to see what really happens when the main net launches to see if it can stand up against all these other new blockchains. Do I think it has a chance in being a real competitor to Hive? Sure, maybe. There's just such a heavy focus on decentralization and free transactions, and we already have that. It better be good.

I feel like there's going to be a lot of spam and scams popping up on it really fast. That's my concern when you can supposedly create and run any kind of smart contract for free. If people spend tons of money on deploying malicious contracts on chains like Ethereum, you think they aren't gunna jump at an opportunity to run on a free chain. Especially a brand new chain that is getting a lot of attention. All I'm saying is, it's a lot easier to scam people in a free to use system. Be safe out there friends.

Thanks for reading.

Article written by: @l337m45732 AKA 0xNifty.nft

Posted Using LeoFinance ^Beta

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vimukthi (74) last year

I have been a big fan of Koinos and I have read most of the Whitepaper. It is one of the best projects that is in the market. The developers are the ones who made STEEM a reality. I have a great deal of faith in this team and their approach.
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