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24 October 2020

Former Steem devs believe CPU mining is the key to a fair launch for their ‘blockchain 3.0'

Former Steem devs believe CPU mining is the key to a fair launch for their ‘blockchain 3.0'


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Former Steem devs believe CPU mining is the key to a fair launch for their ‘blockchain 3.0'.

and the Steem blockchain with it — or so he thought.

The new-old team set to design a blockchain from scratch, something of a Steem 2.0 that would fix all of its technical deficiencies.

The validators can then become one more-or-less happy family — which seems to be what happened with EOS — or they can become bitter rivals, which is what happened with Steem?

But beyond that, Levine believes that the difficulty in deeply upgrading blockchains is what holds many protocols back:.

While Koinos initially started as an alternative to Steem that would’ve drawn from existing codebases like EOS, the team realized over time that they had an opportunity to re-architect the "third generation of blockchain.".

The consensus algorithm often defines a blockchain, but Levine believes this should not be its unique selling point.

Levine said that this represents more of a philosophical change of mindset — that the value proposition of blockchain technology is its “ability to store digital ownership as distinct from the data itself.”.

While systems like Ethereum 2.0 are doing their best to onboard thousands of validators, Levine is firmly of the opinion that proof-of-stake results in the “the rich getting richer.”.

Instead of running an ICO, people will be able to collect tokens by mining with their home computers.

The miner released by Koinos is specifically targeted for central processing units, which are largely ignored by large scale mining operations that could gain an unfair edge over average people, though Monero miners are a notable exception.

Users will mine at a custom-set difficulty parameter, and periodically submit their work to a smart contract, which will reward them with KOIN.

Funding for the team will be optional, with a default 5% mining donation that can be disabled

For those interested in mining with their home computer's CPU, OpenOrchard has provided a short video on downloading and running the Koinos miner

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