Hey Hivers! 17 days ago I announced that we would be launching a feature complete Koinos testnet. That testnet is performing spectacularly and has now processed its 450,000th block. Today we have another major announcement, but before I get to that I hope you will humor me for just a moment and allow me to time travel just a little farther back to October 6th, 2020 when we announced first on Hive the release of the Koinos whitepaper and the proof-of-work KOIN mining that would take place on Ethereum.
Much has changed since that original post (our company is no longer called OpenOrchard), but much has stayed the same. Koinos is not just fast and fee-less, it is the first blockchain that is truly free-to-use thanks to free accounts, the Mana system (an evolution of the same RC system at the heart of Hive) and Mana delegations. Koinos features a novel consensus algorithm, proof-of-burn, which allows for fast block times while delivering greater decentralization than proof-of-work and greater efficiency than proof-of-stake. Thanks to the amazing work of the community developer Roamin, not only can users freely create and run smart contracts, they can write those smart contracts in TypeScript!
Harbinger V4 was intended to be the final, feature complete testnet, and the performance of that testnet has now given us the confidence to move forward with the next major milestone in the release of Koinos ... the KOIN ERC-20 snapshot!
Yes, this is going to be one spooky Halloween because following the snapshot, the KOIN ERC20s will become effectively worthless. That's because the mainnet tokens will give people the Mana they need to banish gas fees to a fiery grave and participate in proof-of-burn consensus.
The snapshot will not take place any earlier than Mon Oct 31, 2022 00:00:00 EDT (12:00 AM). It can happen at any point after this time.
Snapshots are scary, which is why we're giving well over a month's notice for everyone to get prepared. Those who want to claim tokens on mainnet must have their KOIN ERC20 on Ethereum at the time of the snapshot. If you're using a wallet, make sure that the wallet is non-custodial and provides you with a recovery phrase. The recovery phrase is how you can move keys from one wallet to another. By making the target the recovery phrase, or a hardware wallet that connects to Metamask, we cast the widest net and hopefully don't lose anyone when mainnet launches.
The snapshot is a necessary step to launching the mainnet, and we wouldn't be announcing this date if we weren't confident in the performance of the testnet. There will be at least one month between the snapshot and the mainnet launch, but we're not ready to announce that date quite yet, so stay tuned!
To stay up to date on Koinos developments, follow @koinosnetwork on twitter, subscribe to the Medium, and join the newsletter at koinos.io.
If you want to be one of the first developers or enterprises to leverage Koinos to offer a truly free-to-use decentralized application, or just want to build your blockchain-based application better and faster, Koinos Group is here to help. Schedule a free consultation today at koinos.group.
