Koinos is set to launch its mainnet and will be a free to use platform based on a proof of burn consensus algorithm, built to deliver more efficiency and access to developers in Web3.
Formed by a group of blockchain veterans behind the Steem blockchain and steemit.com, the platform was built without venture capital funds, initial coin offerings, pre-mine or any other early distribution of tokens to insiders, said the company.
Ahead of the release, Andrew Levine, co-founder and CEO of Koinos Group, explained that the three key characteristics of the platform, saying, “It’s free-to-use, can support any programming language and it is highly upgradeable.
The chosen consensus algorithm refers to Satoshi Nakamoto’s original vision of peer-to-peer electronic cash, one where everyone could participate. With proof-of-burn, there is no advantage to having a large stake or tons of hardware to mine. This should mean more competition between small and large miners, noted Levine.
Koinos’ co-founders said they decided to build a blockchain from scratch without external capital in order to keep the project attached to the core principles in the crypto space. For the ecosystem’s foundation, the platform prioritized being as “free, open and decentralized as possible.” After the mainnet is launched, however, the group said it plans to shift focus to revenue-generating products for developers.
