Free to use Blockchain Koinos reach major milestone

PHILADELPHIA, 31 August 2022 /PRNewswire/ — Koinosthe first blockchain with the same free-to-use experience that originally allowed the internet to reach mass adoption, achieved a major milestone with the release of a full-featured testnet on 23 August.

“The internet became mainstream because it was free to use. Koinos is the first and only blockchain to do the same. This is truly historic because there has never been a blockchain anyone could use without first having to buy tokens, and the performance so far has been spectacular,” said Andrew LevineCEO and co-founder of Koinos Group.

Jesse “Aggroed” Reich, CEO and co-founder of Splinterlandsthe best blockchain game to make money said “Koinos could be revolutionary for gaming because there are many additional costs that come from building on a blockchain, such as account and NFT creation costs, which all Koinos will eliminate.”

Unlike Ethereum, Solana and Polkadot, Koinos users do not need to buy tokens to use the blockchain because KOIN (the currency of Koinos) contains “Mana” which is used instead of tokens. Unlike token fees (“gas”), Mana regenerates, allowing for indefinite free use, and it can be delegated to others for truly frictionless boarding.

Splinterlands was originally built on Steem, the Koinos team’s previous blockchain, famous victim of an exchange attack. That event inspired the creation of Koinos and its new consensus algorithm; evidence of combustion.

Steve Gerbinoco-founder and CTO of Koinos Group explained: “That’s what motivated me to create an alternative consensus algorithm. After discovering evidence of combustion as described by Iain StewartI knew we could use these concepts to implement an algorithm that is more efficient than proof-of-stake and more decentralized than proof-of-work.”

Evidence of combustion has no hardware extraction waste. Users destroy (“burn”) KOIN for “virtual hash power.” This not only makes Koinos more efficient and environmentally friendly, it means that the token supply dynamically adapts to network conditions. When there is a lot of usage, the token supply is reduced to discourage overspending. When usage is low, the token supply increases to encourage participation.

The next milestone for Koinos is the ERC20 snapshot, followed by the fully decentralized mainnet launch before the turn of the year.

About Koinos Group

Koinos Group helps people build great Koinos applications. Book a free consultation at koinos.group. Learn more about Koinos at koinos.io and read the white paper here.

Press contact:
Andrew Levine | CEO
Email: [email protected]

SOURCE Koinos Group