Koinos Club v2.0

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Koinos Club v2.0

Today I wanted to introduce you to something that I have been working on regarding Koinos that can help distribute Koin to more people. If you don't know about the Koinos project, you can go to https://koinos.io/ to learn more. Basically Koinos proposes the development of a general-purpose Blockchain that improves the experience of developers by avoiding the use of hardforks, it will have fee-less transactions, free accounts, among other aspects that will make a much more dynamic and powerful blockchain.

Since Koinos launched its miner on ethereum as a form of Koin distribution (without conducting an ICO), it was an innovative idea because it allowed anyone to be able to mine Koin, without the need to have a lot of power in hashes. The idea of ​​this was to decentralize the Koin distribution as much as possible. The problem that ended up arising was that the Ethereum network became congested to such an extent that the fees reached exorbitant values. So much so that it was no longer convenient to mine Koin, but it was more profitable to buy it via Uniswap.

Idea

This led me to think of an experimental solution, which is what I have come to propose to you.

For those who do not know, @harpagon issued WKOIN via Hive-Engine, using the Hive Blockchain. Where he through this post, ensures the support and exchange of WKoin for Koin at the time that the buyer user wishes to make said swap. What allows this is to get "Koin" without having to pay (or paying less) the fees of the Ethereum network, which are high.

To continue with the first-born idea of ​​Koinos to decentralize the Koin distribution to the maximum, I have developed a miner with which they can mine WKoin, without the need to pay the fees of the Ethereum network since the Hive Blockchain would be used, the which has practically no transaction costs.

How does it work

As you may have observed in the images at the beginning of the post, it works in a very simple way:

  1. Each miner receives tasks from the pool and constantly submits proof of work. The pool in return rewards you with WKOIN on your Hive account. As the transactions are made hive the transactions are free, there are no fees of any kind, and therefore they can be done more often. The miner software is designed to send proofs of work every minute. Therefore every minute on average you will receive rewards.

  2. The pool will constantly receive proofs of work, but the vast majority of them will not be used to send them to the ethereum network. Eventually, by statistics, the pool will receive work tests of great importance, and these works are the ones that will be sent to the ethereum smart contract to receive KOIN as a reward.

  3. The system is designed so that on average all the money spent by the pool in WKOIN plus ethereum fees will be returned as a reward in the form of KOIN when sending proofs of work to the smart contract, plus an extra profit. On the other hand, miners receive WKOIN without incurring expenses beyond energy consumption. Said WKOINs, as explained in the post of of harpagon, can: a) be left in hive and wait to receive them when the koinos mainnet comes out (without fees), or b) they can be exchanged for KOINs by paying the ethereum fee (which is a lot lower than a transaction to the mining smart contract) using the koin.app.

Community

Ideally, this experimental initiative should be disseminated and reached as many people as possible to mine, to increase the chances of finding a good PoW. In other words, the more people participate, the greater the mining power and this increases the chances of mutual benefit.

How to mine

Go to https://github.com/joticajulian/koinos-miner and follow the instructions.
You will also see a tested RPM installer available for Fedora and CentOS.

git clone https://github.com/joticajulian/koinos-miner.git
cd koinos-miner
npm install
npm start -- -u here_your_hive_user_without_@

Windows

For windows we have adapted the GUI miner, you can download it here. This software is still in an experimental phase and it has been found that it does not work on all machines. Work will continue to improve it.

If it doesn't work for you, you can use it by installing Docker and launching a container (follow the instructions for docker here), or you can install a virtual machine with Ubuntu or another distribution and follow the instructions for linux.

FAQ

Should I enter my private key in the miner?

No. You just need to provide the Hive user where you want to receive the mined koins. The mining pool will take care of submitting the proofs to the blockchain.

Do I need a registration fee or funds on Ethereum?

No. You just need a Hive account, you will be rewarded there with WKOIN.

What is WKOIN?

WKOIN is a wrapped KOIN created on Hive, and this token allow us to pay the miners with zero fees. You can redeem your KOINS at https://app.wkoin.buzz/. Read more about WKOIN here.

Can I use several miners with the same user?
Yes. You can set several miners. The mining pool will take care of assigning different tasks to each one in order to optimize the resources.

Koinos Club version 1 is still working?
No. All miners will receive back the ether. We recommend to use the new miner which has no fees.

Team behind

Koinos club is developed and mainteined by @jga and @pstaiano. A special thanks to the leaders of Koinos en Español for their support.

https://koinos.club

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