Koinos Funding Questions and Answers

It’s been asked several times by various folks in the Koinos community and I figured I would summerize some of the responses here.

Q: Was there an ICO/IDO?

No. The KOIN token was distributed via PoW mining on the Ethereum Blockchain. ERC-20 KOIN is a token that will eventually exist on its own blockchain. No pre-mining occurred and there is no team allocation. All KOIN tokens in possession of the team was either mined by the team during public mining or purchased from another miner on Uniswap.

Q: How much KOIN does Koinos possess?

Koinos has not disclosed this information. Since they acquired token in the same manner as any one else, I personally view their holdings as a private matter.

Q: Who funded the Koinos Blockchain?

The Koinos Blockchain was developed by Koinos Group with absolutely zero VC funding. Koinos Group is comprised of the former Steemit Inc. engineering team. I would imagine that these guys have the ability to float their personal finances for the last 2 years. Otherwise they wouldn’t be doing this. The goal of Koinos Group is to use the Koinos Blockchain to create a profitable business, so they have a massive interest in releasing Koinos Blockchain in support of Koinos Group’s business interest.

Q: Why isn’t there a development fund?

Koinos Group is a team of entrepreneurs. Entrepreneurs do not get paid to build. They build because they are passionate about what they are doing and the money comes. Shark tank typically invests in both the product and the creator and not the other way around. If you create a development fund to fuel things, you are basically hiring out the development to someone who doesn’t care.

Koinos Group developed the Koinos Blockchain for free, and everyone who has participated in the development of this community has also done it for free.

Strategy. The Koinos Group operates with the belief that paying developers to use your platform creates backwards incentives. People who are building here are doing so because they believe it’s the best platform available and want to see it succeed. They offer awesome feedback and are highly engaged. If you pay people to build, they’re incentivized to build, not to care. - Luke Willis