Koinos announced its release of the Unified whitepaper.
What is the Koinos network?
Blockchain platform Koinos uses the special Proof-of-Burn technology to protect its network. According to the developers, PoB combats problems with alternative consensus procedures that are more decentralized than Proof-of-Work and more efficient than Proof-of-Stake.
Similar to proof-of-work, proof-of-burn relies on miners burning coins to validate transactions rather than having them solve difficult algorithms.
Compared to PoW alternatives, this is said to improve decentralization and be far more environmentally friendly.
Beyond its distinctive consensus method, Koinos gives organizations, companies, and tech developers the capacity to efficiently and swiftly create new blockchains from scratch. The Koinos network’s architecture enables users to create accounts, smart contracts, and transfer cryptocurrency without charging any fees.
What is Koinos’ MANA?
Every KOIN token is “born” with 1 Mana, which can be used anytime a user consumes network resources, according to the fundamental tenet of the Mana system. Mana is not a token itself; it is a feature of the KOIN token.
As a result, it is unable to be purchased or sold and cannot establish a separate value from the KOIN token. However, users can delegate their Mana to other users, enabling non-token holders to access the blockchain while successfully reducing spam. To maintain the system’s financial viability and optimize liquidity for the delegator, who has the ability to undelegate at any time, Mana is still bound to the delegator’s KOIN.
The KOIN token
The KOIN cryptocurrency was introduced in a similar way to Bitcoin through proof-of-work mining to maximize decentralization and verifiable fairness from the start (on Ethereum).
A maximum of 100 million KOIN were available for mining. The initial target rate of new token production will be 2 percent when Koinos mainnet launches. Although this can be changed, token balances will be started using a snapshot of the KOIN ERC-20 when Koinos mainnet launches and the initial target rate of new token production will be 2%; however, this can be changed in-band by governance.
The consensus algorithm’s burn feature could lead to a substantially lower actual inflation rate and even brief spells of deflation.
The mainnet tokens can be transferred without incurring any fees thanks to the revolutionary “Mana” system (see the Mana section above), as the Mana contained will allow the possessor to use the network without using any KOIN.
Koinos is the first blockchain that is genuinely free to use thanks to the Mana system since users do not need to buy accounts, pay to execute smart contracts, or even buy KOIN tokens to utilize the blockchain.
Is KOIN a good investment?
Koin has an $18 million market cap and has lost 88 percent of its value since the last bull market. The project still needs to demonstrate that it is a functional zero-fee network, but if the team can deliver and manage to create an ecosystem in the coming months, KOIN could be a successful long-term investment option. However, remember to DCA and do your own research before investing, as this is not financial advice.
How can I buy Koinos’ KOIN?
Koin is available on Uniswap V2 and V3. If you want to exchange your cryptocurrency funds (ETH or USDC…) straight to KOIN tokens on Uniswap, you should use an Ethereum-compatible wallet like Metamask.