Koinos Koncepts A mini video guide to the Koinos Blockchain

New to Koinos? Learn about it simply in these short video series.
Part 1 introduces Koinos in concept.

Koinos is a…

  • Feeless everything (smart contracts, transactions, NFT minting)
  • Level 1
  • Modularly and forklessly upgradable
  • Microservice architecture
  • Proof of Burn

blockchain that completely turns existing blockchain frameworks on its head.

Feeless blockchains require a new mental model to understand.

Koinos was created because there is no existing blockchain designed for upgradeability AND allows 100% no BS feeless smart contract execution. These two ideas alone are ground breaking and contrary to how existing blockchains work.

Nearly all general purpose smart contract blockchains use fees to control network resources. Koinos does not impose a fee to limit resources. Instead it has a built in management system called Mana.

Part 2 introduces the reason why Koinos was created.

Koinos is built with a microservice architecture. Microservices were created to make software easier to build deploy and maintain. Each microservice performs simple tasks and connect to other microservices to form a piece of software.

Part 3 introduces the Koinos microservices and what they do. Users can create custom microservices based on the communication between existing microservices, or they can make completely brand new microservices to support their own custom applications.

Koinos is designed with the intent to upgrade. This doesnt just apply to the blockchain as a whole, but throughout the entire blockchain. Individual features may be added as smart contracts, smart contracts themselves may be upgraded, and even the individual components within the blockchain can be upgraded. The essences of modular upgradeability is simply to design something that is future proof because its design to constantly evolve without dealing with politically charged hardforks. Learn about it here in Part 4: Modular Upgradeability

This is one of the biggies.

At a high level, one can view “gas” in blockchains as actual fuel for a car. When your car is out of gas, you need to get more. You don’t have to watch out for how much gas you ever have because you always just spend money to get more gas.

Mana on the other hand, is like rechargeable battery hooked up to a solar panel, except its always sunny and always recharging. You have to monitor your range because your recharge rate is fixed. If you want more range, you just get a bigger battery (more KOIN). You never lose your battery/KOIN if you want to go further.

One may wonder where the value lies and the reality is that in both the gas car and battery car example, it isnt the car that is vauable. Its the roads, and the connections that allow the system to have value. This is why a fee-less blockchain isn’t an impractical at all. The entire network acts together to create something that is much more valuable than any of its individual parts.

Learn more about mana in part 5:

Proof of Work has its place in blockchain usage however it’s not suitable for general purpose smart contract platforms. It’s not scalable by any means and it’s damaging to real economies that need electricity for more important uses. Like many things in blockchains, developers tend to gravitate to equal or better effective solutions. This is largely by Proof of Stake was developed.

Proof of Stake has many great qualities, but the one defining quality that is difficult to set up is decentralization. Stake and decentralization have a lot to do with each other. If the stake is spread over many people, the consensus is more decentralized. If the stake is concentrated, then the consensus is less decentralized. This is because stake begets stake, in other words, the more stake you have, the more tokens you are guaranteed.

This concept does not occur in Proof of Work in the same manner because in Proof of Work, the reward is not guaranteed. All miners have an equal chance of acquiring the mining reward because Proof of Work does not care how much equipment you have.

Koinos choose to develop Proof of Burn which virtualizes the mining work. It is effectively virtual Proof of Work. This allows Koinos Proof of Burn to be equally efficient in energy consumption as Proof of Stake, allows fairness like Proof of Work and becomes highly accessible due to hardware requirements.

Learn more about it here in Part 6: