KOINOS; THE GASLESS BLOCKCHAIN

Koinos is a free to use blockchain currently on the Ethereum blockchain. Boy that’s a statement! I’m really writing about these guys without any form of incentive, I can’t believe it! Maybe their fee-less fever just got me too. I was actually on one of my social media marketing rounds and hoping to land a good gig to keep me on the job and my superiors happy when I hopped into the Telegram channel of these guys claiming to run a Crypto blockchain project that’s free; from transacting on the chain to launching DAPP or projects on it. DAMN! Another marketing gimmick , my thoughts. So I dug into it and this is what I came up with.

HOW POSSIBLE ?FREE?

Like every other crypto project out there KOINOS has a token {or coin ;I really can’t differentiate between them} and theirs is called $KOIN which is the in-chain token for the Koinos ecosystem just like Eth for Ethereum right? Good! Now let’s branch out a little. To fully understand clearly how Koinos fee-less status was arrived at you will need to dig around the history of smart contracts and the attendant payment system attached. Which takes us to Ethereum being the first of many smart contracts bearing projects.

THE ETHEREUM PAYMENT CASE

Before a transaction can be approved on Ethereum validatiors called miners need to evaluate and see if the transaction is legit and backed by real Eth[this model of validation is called Proof Of Work{P.O.W}] and the amount you pay in Eth for miners’ services is called gas fee. Similar stuff happens in the Koinos validation of transaction too but only this time around $KOIN which is the ecosystem means of payment is not charged but rather MANA which is generated by holding $KOIN. Your $KOIN is not taken from you as is the case of the Ethereum model where Eth is taken and in fact other blockchains where your token is used to pay for the gas .

THE MANA CASE

Every $koin minted is in-bedded with the powers to generate MANA [1 $koin = 1 mana] , so when an individual who holds $koin initiates a transaction , the transaction is charged in mana which the $koin has generated. The system automatically locks up the MANA-LESS $KOIN to regenerate back the spent mana used ,after which upon full mana regeneration it is freed back to the holder to be used again[ reminds me of the mana God used to feed the Isrealites in the desert that always replenishes in the morning]. Boy ; talk about “eating your cake and having it”{ after a little while though..sic.] . The process of this type of consensus is called Proof Of Burn[P.O.B] . Mana spending on the Koinos blockchain can even be delegated to be spent on another’s behalf , Project owners can actually allocate mana their clients can use to execute transactions on their platforms .

YOU AND I CAN MINE $KOIN

I discovered just about anyone can be a miner of $KOIN ,so far you have a standard working computer. You get your rewards from burning your mined $koins to get more $koins in return{these guys so love burning things, lol}, makes sense since the protocol runs on P.O.B right?
As I mentioned earlier they are running currently the Testnet version on Ethereum but according to them are in the final phase to migrate to their own mainnet blockchain later this year. The developers are currently building interfaces to host NFT's and other stuffs that makes the launching and hosting of smart contracts and any form of crypto project possible. Current join can only be traded in Uniswap but upon migration to their own blockchain they intending listing on more exchanges and as a fact abandon the ERC20 model altogether. They are listed on Coingecko ( that's where I first encountered them).

In conclusion, I was awed by the concept of fees-less transactions and I sincerely believe it’s the face of the new crypto because it will surely buy over the hard core crypto haters thereby pushing crypto mainstream.Truly this encapsulates the desire of Satoshi and the founders of crypto/blockchain that all will have free unhindered access to it and be truly liberated from the shackles of centralization and it’s control.

You can check them out yourself

https://koinos.io

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