1 min read

Koinsensus is coming

For blockchains, the consensus algorithm is how you keep all the different computers in the network honest. You might have heard of examples like proof-of-work (PoW--this is why Bitcoin uses so much energy) or proof-of-stake (PoS--which carries the risk of a "51% attack").

The Koinos consensus algorithm has not been announced yet, but we got some news from Andrew Levine (CEO of The Koinos Group) in the Koinos telegram yesterday.

whitepaper coming in 3 weeks... We will finalize the high level design of consensus in the whitepaper as we begin work on implementing it as a system owned smart contract.

Exciting! There's a lot to unpack there, so here's my key takeaways:

  1. The Koinos consensus algorithm will be something new (not PoW or PoS)
  2. The team is currently finalizing the design of the algorithm and will share that design as soon as they have it
  3. They will start building it after the whitepaper is released "in 3 weeks" (likely just before Christmas)
  4. We'll get into "system owned smart contract" in another email

If I had to guess, I would assume the consensus algorithm will use the mana system, but I don't have any hard facts at this point. I'll share my analysis once the whitepaper is released.

Next email on Monday,


P.S. The crypto market just took a huge dive. This is a broader issue than just Koinos, so I won't go into detail here. Do your own research before making investment decisions.