Thread by @andrarchy

1/ For anyone who likes #TheCryptopians (which is awesome) but wishes they could have been part of the story instead of just reading about it, then check out #koinos because that is the stage we’re at right now

https://twitter.com/livpasquarelli/status/1499106932472397829

2/ Koinos is not aimed at competing with Ethereum to offer a FEE-BASED dApp platform (like every other project) but with offering a genuine ALTERNATIVE to #Ethereum that is inherently FEE-LESS, insanely flexible, and totally accessible to both developers and end-users

3/ Koinos is still in the testing phase (i.e. test net), so we’re still early, but we’re about to release the 3rd and final version of our test net which will actually “lock in” the most important features of the blockchain

4/ Test net V3 is the culmination of almost exactly 2 YEARS of incredibly hard work by our amazing team of co-founder/engineers who have proven their dedication to building highly accessible decentralized platforms first with the #Steem/#Hive blockchain and now with Koinos

5/ The founding team of @TheKoinosGroup has sacrificed more than any other team to bring Koinos to life because we chose to forego an ICO and launch how @VitalikButerin originally wanted to launch Ethereum with a Bitcoin-style fair mine

6/ This means that no one was given special access to the $KOIN token, not even us; the people who released the Ethereum smart contract. It created an “even playing field” so that anyone could compete by the same rules to acquire some of the initial token supply prior to main net

7/ Most speculators HATED how we launched AND FOR GOOD REASON!

8/ We “revealed” very little information about the ultimate design of Koinos because even WE didn’t know what it would look like!!!

9/ We knew that we wanted to take the valuable knowledge that we had gained developing #Steem’s industry-leading fee-less design that we had spent 4 YEARS refining and extend it to the general purpose context

10/ This novel fee-less design (what we now call “mana”) would allow developers to launch, and end-users to run, smart contracts without SPENDING ANY TOKENS koinos.io/mana-whitepaper

11/ We also knew that we wanted to ELIMINATE THE NEED TO HARD FORK by moving all of the features people typically associate with blockchains (the “business logic”) into smart contracts that could be upgraded “in-band” (without a hard fork)

12/ This might not sound like a big deal to people who have never engineered a blockchain before, but as a team that had to write and coordinate 23 hard forks, we knew that every single one is DEVELOPMENT HELL

13/ When people ask why Eth 2.0 is so delayed, THIS^ is why

14/ All this means is that the whole point of the Koinos blockchain framework (which is what we announced) is that it is inherently and intentionally feature-LESS

15/ Most speculators have little understanding of the actual technology, they only understand features which is why they focus on things like TPS (which is bullshit), sharding, or fancy new consensus algorithms. So it’s no surprise that speculators had no interest in $KOIN

16/ Don’t get me wrong, speculators are a necessary part of the ecosystem and there are MANY speculators with deep knowledge of the technology and genuine commitment to decentralization

17/ I’m just saying that Koinos didn’t give speculators much to work with information-wise which just made the token more accessible to ordinary people, which we LOVE

18/ This is a permanent feature of Koinos: its “killer feature” is FLEXIBILITY which means its power stems from the FREEDOM it gives to developers to build things WE CAN’T EVEN IMAGINE

19/ This creates an inherent informational asymmetry where the value of Koinos is always going to be more apparent to people who share our mission to ACCELERATE DECENTRALIZATION THROUGH ACCESSIBILITY than it is to people who just gamble on sexy features

20/ All of this means that it is never “too late” to get involved with #Koinos because there is always an unlimited space of opportunity for new features and more powerful dApps in our future

21/ Which isn’t to say we haven’t announced any sexy features

22/ We not only released our mana whitepaper, which outlines our totally FEE-LESS solution to the halting problem (the purpose of gas on #Ethereum), but the mana system smart contract has been running on test net since the release of V2! Koinos.io/mana-whitepaper

23/ We also announced that Koinos will be the FIRST general purpose blockchain to use #ProofOfBurn as a consensus algorithm! Koinos.io/consensus-whit… 🔥 🔥 🔥

24/ Not only will proof of burn allow for MORE DECENTRALIZATION than proof of work, and MORE EFFICIENCY than proof of stake, it will allow $KOIN to become DEFLATIONARY when demand for network resources is high!

25/ But most importantly, because mana and proof of burn will be UPGRADEABLE SMART CONTRACTS, even on main net the community will be able to make ITERATIVE IMPROVEMENTS to these components over time without ever needing to execute a HARD FORK

26/ Now you can see how the real potential for Koinos lies not in the features themselves, but in the FUTURE POTENTIAL of those features thanks to the INFINITE UPGRADEABILITY (koined by @Joshua_Frank_) of Koinos

27/ Next week we'll be releasing the 3rd and final version of the test net which adds an "authorize system" that we believe could be a paradigm shift on par with the invention of the SMART CONTRACT, as explained by Koinos blockchain architect Michael Vandeberg

28/ Once V3 is live dApps built on the test net will work on main net, which means #Koinos dApp development could EXPLODE

29/ But it will likely take YEARS if not DECADES for developers and engineers (even us!) to figure out ALL the ways we can exploit the unparalleled flexibility and freedom of Koinos

30/ So if you're reading @laurashin's incredible #TheCryptopians and find yourself wishing you could travel back to a time when a new blockchain with unlimited potential was about to be unleashed on the world, then #KoinosAwaitsYou

31/ P.S. Finalizing the framework was DEVELOPMENT HELL, but the end result should be the ELIMINATION of all the future development hells associated with hard forks

32/ All of this combines to create a blockchain that can IMPROVE AT A MORE RAPID RATE than any other blockchain