Koinos shuns VC funding in the launch of its free-to-use layer-one blockchain

NEW YORK. November 2022 – Koinos, the highly accessible, decentralized, and free-to-use blockchain, announces the launch of its mainnet on the auspicious date of November 5th, known for its revolutionary undertones. Developed by the blockchain veterans behind the Steem blockchain and steemit.com, the new platform will utilize a Proof-of-Burn consensus algorithm to make it more efficient, fair, and decentralized than other blockchains.  

While blockchain technology has transformed the internet, many blockchains have strayed from the core roots of decentralization. The commercialization of crypto has often made this technology, once open to everyone, just another playground where the rich get even richer. Existing blockchains still struggle to reach a mainstream audience due to excessive fees and a steep learning curve. 

Koinos is returning this technology to its fundamental principles by launching a blockchain that’s free-to-use, user-friendly, and accessible to all. Unlike other blockchains, Koinos was built without any influence or investment from venture capital funds. There was no Initial Coin Offering, pre-mine, or any other early distribution of tokens to insiders. The Koinos playing field has been equal from day one. 

It will stay equitable, too, through a free-to-use system that allows users to create accounts, transfer tokens, create NFTs, and execute smart contracts, all for free. Not only that, but token holders can delegate “Mana”, a property of the KOIN token, to other people, enabling those who don’t hold any tokens at all to use the blockchain for free. 

If it is to emulate the rise of the internet, mass adoption of blockchain requires a seamless user experience with no fees and no barriers for users.

What else differentiates Koinos from other blockchains:

• Maximum possible accessibility: Koinos removes barriers to entry for developers, who can build in the programming languages they already know and love. Additionally, users can do anything on the blockchain for free, including create accounts, transfer tokens, and even launch entirely new cryptocurrencies and NFTs.

• Simple for all developers to use: Koinos is a general purpose Layer 1 blockchain that offers universal language support, with initial support for TypeScript and C++, the two most popular programming languages in the world. 

• Uses Proof-of-Burn to mitigate hardware centralization: While the Proof-of-Burn algorithm is actually one of the oldest consensus algorithms, it has never before been implemented in a general purpose blockchain (“World Computer”) like Koinos. However, it’s actually more efficient, fair, and decentralized than any other consensus algorithm.

“Koinos is as much a revolution against the status quo of the blockchain space as it is a challenge to the traditional financial system,” says Andrew Levine, CEO and Co-Founder of Koinos Group. “Solana, ICP, Aptos – all claimed they would use their massive VC investments to deliver incredible decentralized projects, but they've fallen short of those promises. In order to build a truly decentralized platform, we needed to start out decentralized and galvanize a grassroots effort to build something no centralized entity could build. The Koinos mainnet will prove that we have done just that.”