What is KOIN Token?
di LCX Team · May 29, 2024
What is KOINOS?
Koinos is the world’s first free-to-use blockchain. The advantages of Koinos are:
Feeless and Free-To-Use
Just like the internet! The Koinos Mana system allows you to use the blockchain without spending, or even holding, ANY tokens. Mana recharges over time at a maximum of 5 days.
Koinos is also free to use for developers with free-to-use smart contracts!
A Web2 User Experience on Web3
Our innovative Mana system recharges like a battery, enabling applications to allow free transactions for you and the only cost to them is waiting for their “battery” to recharge. This unique approach offers a truly free user experience, mirroring the effortless interaction you’re used to on the internet. With Koinos, welcoming the masses to the world of blockchain has never been simpler!
Eco Friendly
Our eco-friendly approach sets us apart. By eliminating needless computational work, Koinos’s proof-of-burn consensus ensures robust security without vast environmental cost. Plus, its efficiency is so remarkable that even a simple laptop can effectively run a mining node.
Upgradable / Evolving Blockchain
The entire blockchain is highly modular and is the first chain with consensus and governance built from smart contracts. Anything including the core features of the blockchain can be upgraded with ease. No more hard forks. No more “Eth 2.0-style” delays.
Lightning Fast
With a 3 second block times, Koinos offers a near realtime experience for both applications and you, the user.
Microservices Architecture
Koinos is one of the very few blockchains to leverage a microservice architecture. As a developer you can build custom microservices in all major languages. No more monolithic codebases.
Universal Language Support
With Koinos you can write smart contracts in any language you prefer. A growing number of languages are added through the use of Universal Language Support (WASM) and Google’s protocol buffers (Protobuf). Today you can get started with the popular languages TypeScript and C++.
Flexible KOIN Supply
The KOIN token supply expands and contracts based on market conditions, like most advanced global currencies, but administered in a fully decentralized and algorithmic manner. More user’s mining means more KOIN being burned reducing the available KOIN in the market.
Mining for All
No need to invest in expensive mining machinery… First proposed for Bitcoin in 2011, Proof-of-Burn changes the opportunity-cost of securing the network from electrcity and equipment to time. The security of Proof-of-Work with the eco-friendliness and flexibility of Proof-of-Stake. It’s easy to run your own mining node, but it’s even easier to simply move your KOIN into a growing number of mining pools. Just drop your KOIN in a pool and the tech behind the pools will do all the rest.
Community Owned Blockchain
Born from the vision of the Koinos Group, the Koinos blockchain was given to the community upon its mainnet launch, epitomizing true decentralization. Free from central authority, Koinos thrives under the stewardship of its dedicated community. As with any robust open-source project, the ongoing evolution of Koinos is shaped by the collective creativity and commitment of its global community.
100% Fair Launch
The initial supply was mined through proof of work — like Bitcoin — with no ICO, no tokens for founders, and no tokens for investors.
Trade $KOIN at LCX Exchange
Sign InWhat is KOIN?
Prior to KOIN, most cryptocurrencies had relatively simple token economic designs; they were the token used to pay the fees necessary to sustain the operations of the decentralized network. Counterintuitively, removing the fees is what allows for the creation of a more dynamic, flexible and performant system which supports a digital currency that finally delivers on the futuristic vision of an egalitarian and decentralized digital currency that began with Bitcoin.
To maximize decentralization and provable fairness from the very beginning, the KOIN token was launched in the same manner as Bitcoin; through proof-of-work mining (on Ethereum). The max supply of mineable tokens was 100 million KOIN. When Koinos mainnet goes live, token balances will be initialized using a snapshot of the KOIN ERC-20 and the initial target rate of new token creation will be 2%, but this can be altered in-band by governance (see the Fork-Less Upgradeability and Decentralized Governance sections). The burn component of the consensus algorithm could result in a much lower actual inflation rate and even temporary periods of deflation.
As a result of the novel “Mana” system (see the Mana section) the mainnet tokens can be transferred without paying any fee because the Mana contained within them allows the holder to use the network without spending any KOIN. The Mana system makes Koinos the first truly free-to-use blockchain as users do not have to purchase accounts, pay to execute smart contracts, or even acquire KOIN tokens in order to use the blockchain.
Where Can You Buy KOIN?
You can buy, trade, and deposit KOIN tokens at the LCX exchange. The trading pairs for KOIN tokens are: KOIN/EUR
