Koinos Update: Announcing LABS Program!
I’m Andrew Levine, CEO of Koinos Group, the creators of Koinos. In the last update I focused on important changes we are making to proof of burn and a brief update on Harbinger (the Koinos testnet). You can find that update here.
In today’s update I’ll be covering our new Koinos Labs program, a brief blockchain update, and the exciting news of a Koinos<->Ethereum bridge!
The goal of the Koinos Labs program is to leverage the experience, knowledge, connections, and other valuable resources of Koinos Group to accelerate decentralization by helping entrepreneurs build insanely great blockchain-based applications capable of disrupting centralized incumbents and accelerating the transition to a decentralized future! If you’re already interested in being a part of the Koinos Labs program, e-mail email@example.com with the subject line “Koinos Labs Inquiry.”
There’s a lot more to building a successful application than the right technical tools and Koinos Labs is the program we are developing with the specific goal of giving projects access to those other resources. By establishing relationships with entrepreneurs (and entrepreneurial developers) early on in the life cycle of their business, we can ensure that their Koinos applications are trustworthy and secure while at the same time helping them avoid common pitfalls that can kill a project long before it ever makes it to the market.
Empowering Community Members
The Koinos Labs program also presents an opportunity for Koinos community members to help grow the Koinos ecosystem by giving them a clear path which they can present to aspiring entrepreneurs and entrepreneurial developers who are looking to build insanely great blockchain-based applications. Just tell them about the Koinos Labs program and send them our way!
To learn more about Koinos Labs, head on over to koinoslabs.io
One of the major reasons why we have advanced proof of burn as a consensus algorithm is because we want a system which ensures that all users (big and small) can participate in block production and receive their fair share of the block rewards. Key to accomplishing this goal is implementing a source of randomness that the consensus algorithm can use to distribute rewards randomly amongst accounts holding virtual hash power tokens. If not truly random, then it could be exploited to benefit those with more resources at the expense of smaller token holders.
Not only is randomness important for implementing proof of burn, it is also necessary for some of the most valuable decentralized applications in operation like play-to-earn games and games of chance.
Randomness on blockchains is an extremely hard problem that people have been trying to solve for years. But I’m excited to say that we have a solution in the works that will not only work for the proof of burn smart contract, but it will also provide a random seed that dApp developers can use in games!
We have also been making good progress on the governance smart contract and I look forward to telling you more about that … in a future update!
Once the work on randomness and governance is complete, the only work remaining on the mainnet system logic will be the proof of burn smart contract!
Rockstar community developer Roamin has begun work on a Koinos bridge to Ethereum. So far he has combined the work of another great community developer (Fbslo) on Ethereum validator contracts with the bridging methods in Wormhole to construct the Ethereum-side of the bridge! Wormhole is a generic message passing protocol that connects to multiple chains including Ethereum, Solana, Terra, Binance Smart Chain, Polygon, Avalanche, Oasis, and Fantom. We can’t wait to see what he does next and to share his progress in future updates.
Developers, Developers, Developers
Don’t forget that now is the perfect time for developers to begin building their Koinos applications and our Koinos Labs program is here to give them the additional support they need to succeed. The best time to launch a dApp to maximize attention and adoption will be with the release of mainnet, and the more great dApps we have at launch, the more valuable the platform will be to both old and new users.
So tell every entrepreneur and entrepreneurial developer about the Koinos Labs program and that now is the time to start building on Koinos, otherwise they risk missing out on the biggest opportunity since the release of Ethereum!
If you or someone you know is considering building a blockchain-based app but needs help, don’t hesitate to send them to koinos.group where they can book a free consultation with our team.
We’re here to help as many people as possible build insanely great applications and accelerate decentralization through accessibility!