PHILADELPHIA. January 2023– Koinos Group, the team of developers behind the free-to-use Koinos blockchain, announces a seed round of $500,000 led by the Blockchain Founders Fund.
The round includes participation from the blockchain gaming company Splinterlands. Having successfully launched the Koinos main net, the seed investment will enable Koinos Group to develop Koinos Pro; a subscription product that helps developers build and scale decentralized applications with no barriers to entry.
The Koinos main net is a thoroughly decentralized network that went live on November the 5th and was launched without an Initial Coin Offering, pre-mine, or any other early distribution to insiders. Its novel “Mana” system makes it free-to-use, allowing users to create accounts, transfer tokens, create NFTs, and execute smart contracts, all for free. Mana is not a token, but a unique property of the KOIN token which allows free usage of the network and can be delegated to others, enabling those who don’t hold any tokens at all to use the highly accessible blockchain. This makes Koinos the world’s first free-to-use blockchain.
Koinos Group was founded in 2020 by the group of veteran developers who built the Steem and Hive blockchains, two of the most popular blockchains in the world. They used their extensive knowledge and experience to build Koinos, the first ever regenerative economy that gives developers the Layer 1 (L1) they need to build free-to-use dApps.
“We’ve bent over backwards to launch Koinos the right way; there was no pre-mine, ICO, or any kind of allocation to insiders or VCs,” says Andrew Levine, CEO of Koinos Group. “But venture capital will also be critical to the long-term growth of the ecosystem and of our company. Blockchain Founders Fund is demonstrating leadership in the space as a whole by committing funds to a company whose entire business model is based on supporting a truly decentralized platform,as opposed to a platform that is decentralized in name alone.”
“The free-to-use model baked into Koinos could have a massive impact on decentralized gaming,” says Jesse “Aggroed” Reich, CEO and Co-Founder of Splinterlands, the top play-to-earn blockchain game. “As leaders in blockchain gaming, it’s important that we have a stake in the most promising technologies and companies in the space. Plus, we’ve known this team for years and have extensive faith in their capabilities to deliver world class innovation.”
“Koinos Group’s commitment to accessible blockchain technology is a demonstration of their experience and expertise in the space,” said Aly Madhavji, Managing Partner at Blockchain Founders Fund. “They have shown focus and dedication to amplifying the core of blockchain principles founded on open access, free use, future-proof development, and stability. Koinos Group’s leadership is well respected and trusted across the industry, and we are proud to be supporting their vision.”
Developed by Koinos Group, Koinos is the free-to-use, general purpose blockchain designed to be the world’s most accessible and user-friendly blockchain by an order of magnitude. Koinos Group was founded in 2020 and is led by a team of blockchain veterans from the core development team of the Steem blockchain. The Koinos blockchain enables developers to create free-to-use decentralized applications (dApps) using any programming language, lowering the barriers to entry for decentralized innovation. This makes it easier and faster to launch high-performance applications with user experiences on par with Web2 applications. Launched without an Initial Coin Offering, Koinos has been decentralized from day one, and seeks to make blockchain technology accessible to all.