CEO of Koinos Group, creators of the Koinos blockchain
I’m Andrew Levine, the CEO of Koinos Group. We’re the creators of Koinos, the primary blockchain that’ll be completely free to make use of.
On this sequence of articles and movies, we’ll use our distinctive data and expertise to discover how new applied sciences and cultural actions match into the Large Image, so as to achieve a deeper understanding of a phenomenon by studying about the place it matches into the arc of historical past.
On this article, I’m going to speak about Dogecoin which I feel might be probably the most misunderstood cryptocurrencies. I simply wish to be clear that this isn’t monetary recommendation, I’m simply attempting to assist educate folks about new applied sciences that always have a monetary element. I’m not telling you to purchase or not purchase Dogecoin or anything.
As I stated in our WallStreetBets video, a very powerful yr for understanding the large image is 2008, which is when the established financial order ended within the Nice Monetary Disaster.
However basically, that’s once we realized that our complete financial system is just too antiquated, mysterious, and managed by a tiny variety of folks. Briefly, it’s simply too CENTRALIZED.
Whereas the institution was busy attempting to bandaid their methods, outsiders needed to see a real repair. We needed a system that was open, clear and unattainable to govern. Which is why software program engineers launched the primary actually DEcentralized digital foreign money; Bitcoin.
Due to its decentralization, Bitcoin was a digital foreign money that nobody owned or managed, that was open and clear, and was straightforward to grasp too as a result of it had properties much like an asset that had been round for ages; gold.
But it surely was additionally sluggish and also you needed to pay sizable charges any time you needed to ship a Bitcoin to another person. These aren’t the traits folks count on from an “superior digital foreign money.” Whether or not deserved or not, Bitcoin had additionally acquired a controversial status. Which is the place Dogecoin matches in.
Because the Bitcoin software program is open supply, anybody can copy the code and launch their very own model of it. It is a large deal as a result of it signifies that Bitcoin didn’t simply ship a brand new monetary know-how to the market, it offered a TEMPLATE that anybody might use to create much more digital currencies.
Dogecoin, which was launched in 2013, was only one such cryptocurrency. One of the vital widespread issues that folks get improper about Dogecoin is that it was purely created as a joke. Which isn’t true. Whereas Dogecoin actually has a comedic element, that doesn’t imply it wasn’t ALSO modern, or that there wasn’t a really critical REASON behind the usage of that joke.
The creators of Dogecoin didn’t simply copy and paste the Bitcoin code after which slap a meme on it, which is what many appear to imagine.
The creators, Billy Markus and Jackson Palmer, had been legit software program engineers employed at IBM and Adobe.
When constructing Dogecoin they used their software program engineering experience to benefit from new applied sciences that had been launched after Bitcoin which enabled them to make Dogecoin ten instances quicker than Bitcoin!
Additionally they designed the economics otherwise in an try to keep up a low value in order that it might stay accessible and reasonably priced which when mixed with its elevated velocity, made it probably helpful for on-line transactions.
Humor as a Software
Even the usage of humor itself could be seen as a noteworthy innovation. Mocking cryptocurrency made it much less scary and much more accessible. Dogecoin has earned its place in blockchain historical past for that cause alone. And that is probably a very powerful level of all. Not like so many on this area, Palmer and Markus had been occupied with the large image.
For them, the success of Dogecoin wouldn’t be measured by its value, however by its potential to speed up the adoption of this new know-how which had the potential so as to add worth to all of our lives. And simply have a look at how efficient Dogecoin has been at attracting consideration to the cryptocurrency area and introducing folks to the concept there may be extra to blockchain than simply Bitcoin. In spite of everything, you might be watching this video that’s about Dogecoin.
The issue is that blockchain know-how nonetheless hasn’t managed to interrupt into the mainstream by way of precise adoption and humor alone isn’t going to unravel that drawback. Whereas Elon Musk has taken a shine to Dogecoin, he himself as soon as mocked his competitor, Henrik Fisker, saying, “The explanation we don’t have electrical vehicles isn’t for lack of styling.” Nicely, the explanation we don’t have mass adoption of blockchain know-how isn’t for lack of memes.
Bitcoin and Dogecoin have actually been getting extra consideration as of late, however only a few folks wind up utilizing them as a result of for most individuals they’re nonetheless not very, properly, helpful. They’re sluggish, troublesome to make use of, and also you STILL must pay charges for each little factor you do. And on the finish of the day, the one factor you are able to do on these blockchains is ship and obtain these particular person cryptocurrencies.
That’s what we’re attempting to alter with Koinos. Not solely will Koinos be quick, straightforward to make use of, and completely fee-less, it’s going to even be a decentralized computing PLATFORM that builders will have the ability to use to create purposes with the upper stage of safety, privateness, and possession that may solely be achieved by way of the usage of blockchain know-how.
Similar to Dogecoin built-in improvements that got here after Bitcoin to supply a quicker, extra user-friendly digital foreign money, we’re benefiting from even newer applied sciences after which combining these with our personal modern options that we developed primarily based on our expertise engaged on the Steem blockchain and steemit.com.
Whereas the potential use instances for Koinos are infinite, to offer you simply an inkling of the potential, Dogecoin might truly be run on Koinos, and doing so would immediately make it 10 instances quicker, and completely fee-less, making it far nearer to that user-friendly choice for on-line funds that it needed to be.
Not solely that however Dogecoin customers would instantly achieve entry to the entire different tokens and purposes additionally working on Koinos, thereby dramatically increasing its utility. If the purpose of Dogecoin was to destigmatize cryptocurrencies whereas additionally pioneering modern and helpful options, then launching on Koinos would allow Dogecoin to make one other evolutionary leap.
Proudly owning Your Knowledge
I feel Dogecoin’s technique of utilizing humor to unfold consciousness about digital currencies was good. Like Palmer and Markus, we aren’t measuring the success of Koinos primarily based on its value, however on its potential to speed up the adoption of blockchain know-how and provides everybody possession of their information. So we applaud any effort to increase the attain of this know-how.
However with Koinos we’re additionally attempting one thing completely different; providing a platform able to powering decentralized purposes that aren’t simply purposeful, however can truly delight customers. Due to the technical improvements that we have now both adopted or constructed from scratch, Koinos can be a platform that we predict builders will love utilizing to construct apps that PEOPLE love utilizing because of its velocity, ease-of-use, and fee-less design.
Should you’d wish to be taught extra about Koinos, head on over to Koinos.io, and should you appreciated this text please comply with and tell us within the feedback of the YouTube video what you’d wish to cowl in a future episode of the Large Image. Thanks on your time.
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