Technologies are developing faster than we can blink an eye. New, impressive announcements coming out every day of the week now. One of the latest ones to impress me was Koinos (read announcement here).
..on October 13th we will be releasing a brand new cryptocurrency named KOIN onto the Ethereum network that you will be able to mine using just the CPU in a regular computer.Andrew Levine, the CEO of OpenOrchard
Andrew Levine (you may know him as @andrarchy on Twitter and Hive) was the former Head of Communications at Steemit. He left Steemit along with other team members when Justin Sun took over. As the hostile-takeover threatened everything they were standing for, they all supported the creation of Hive.
It’s no coincidence that the OpenOrchard team consists of people who formerly worked on Steem blockchain. Those guys can cooperate – they’ve done it for years.
It’s always better to do your own research, read their announcement, and whitepaper to start understanding the concept of this project. There’s also a Youtube video if your eyes are too tired to read right now. And the Github repository with clear instructions on how to install your miner.
I installed the KOINOS miner and created my Koinos wallet as soon as the announcement got out. And I got my back-up phrase saved in a safe place because it’s the only way to restore your account if you forget the password.
As you can see, there is an option to tip 5% of your income to Devs and I think it’s reasonable enough so I turned it on. You can also see that I have no ETH in my wallet but it’s a MUST to start mining KOINOS because ETH is needed to accept the transactions.
So before turning it on, you need to have send some Ethereum to your newly created Koinos account. Once it’s done, you can press the button to begin.
It means that I still have the time to send some ETH to my Koinos wallet before the mining begins. How much? I have no idea right now but I read that it changes when you change the Proof Frequency in your panel. If the number is bigger, you will need to have more ETH on your wallet. To find out more, join OpenOrchard Discord Channel and ask some questions!
At the start, KOINOS will be an ERC-20 token on the Ethereum network but as the time goes, Mainnet will be released. When it releases, there will be a Mainnet Airdrop to all the participants of this Koinos miner initiative. In other words, you start mining now and when Koinos Mainnet goes live, you’ll get the amount of KOINOS you’ve mined.
In my eyes, this project looks really promising with a real team behind it. I am 99% sure there will be no rugpull that will make you lose your assets. It’s also a great chance for all the people with a decent CPU to try out crypto mining for real.
One more thing that makes it attractive is the simple UI (user interface) which will be easier to adopt than setting up a BTC or other mining rigs. With KOINOS, it’s easy to do even for BOI.
Thank you for reading! Until the next time you and BOI meets!