2 min read

With our powers combined... (announcement)

I've shared my intention to run a Koinos mining pool in the past, but today I have some more details to offer.

I'm partnering with Kui He (of koinosforum.com and YouTube). We'll be offering a mining pool where we operate the hardware. This will be one of the simplest ways to earn KOIN with your KOIN at mainnet launch. So, if you want to support our work, earn KOIN, and don't want to bother with keeping a blockchain node running, then you can participate in our mining pool.

Here's some more details...

Why are we partnering?

Kui and I both believe Koinos is the best place to deploy dApps with zero blockchain fees, enabling the next wave of blockchain users. It makes it so the end user doesn't have to hold their own tokens. We believe that this will result in mass adoption of certain dApps that put in the leg work. You have to offer easy wallet infrastructure and hold tokens (probably gained through an ICO).

We foresee that dApps that aren't "serious" enough on Koinos may be left behind. We want to help make it so any dApp can offer a free and easy-to-use experience without needing to raise funds or build redundant infrastructure. The mining pool is just step one as we watch Koinos mainnet unfold and explore various possible solutions.

What is the mining pool?

Technically speaking, it's a "burn pool" because Koinos uses Proof-of-Burn. Our smart contract will allow you to deposit your Koin and earn using the built-in Koinos consensus algorithm. We'll operate the hardware and take 5% of profits (we won't take a cut of your deposit) to cover our costs and help fund our mission.

How will it work?

At mainnet launch, we'll broadcast the contract address and a URL where you can deposit your KOIN.

As deposits come in, they will be burned for VHP (virtual hash power), the token used to track burned Koin by Koinos.

We'll track your balance in VHP and (by default) re-burn earned Koin and increase every depositor's balance when we produce a block.

You'll be able to withdraw your VHP at any time to run your own node, deposit with a different burn pool, or even exchange it for Koin on a DEX.


P.S. If you have any questions or are interested in participating, we'd really appreciate if you'd reply here or reach out on Twitter/telegram.