In March, what many saw as a hostile takeover bid by another blockchain for the first time in the cryptocurrency world happened. Justin Sun, founder of Tron, has acquired Steemit, Inc. And the Steem blockchain with it – or so I think.
An uphill battle with the hard forks, blocking takeovers, alleged bribes and misdirection ultimately resulted in much of the Steem community migrating to Hive, the full mainstream version of the previous platform.
Meanwhile, the original employees and developers of Steemit, Inc. The company almost immediately after the acquisition. Their role in the ensuing battle was limited, but they were not completely off the face of the earth.
Andrew Levine, who described himself as a “non-engineer” Steemit director, co-founded OpenOrchard with six of his former colleagues. The new old team started developing blockchain from scratch, something like Steem 2.0 that would solve all of its technical flaws.
Levin told Cointelegraph that these problems were primarily responsible for the terrible fate of Stim.
The consensus algorithm that Steem used, called Proof of Delegated Stake, left the mass production of a group of 20 auditors or “witnesses” chosen by stakeholders. This small number led to the fact that in many cases politics came to dominate the environment. Auditors could then become fairly happy families – that seems to be what happened with EOS – or they could become bitter competitors, which is what happened to Steem.
Levine spoke of an early discussion about design with Steve Gerbino, co-founder of Koinos: “Steve thought,” What the hell is this? Why the hell are political blocs production? Only blocks should be produced. ”
However, in their opinion, this was not the only problem. Levin told Cointelegraph earlier that one of the reasons Steemit was initially sold was because the company was spending money to maintain the infrastructure.
The problem with EOS, Ethereum, and other common locks is that the network operating cost is always dependent on your last maximum use. The data is not disposed of. ”
Other blockchains have recently started realizing this as they explore ways to compress or ignore the case in some way – a general term for all accounts, balances, and transactions on the blockchain. Ethereum’s stateless customer offering is one example among many.
But Levin sees the hurdles here as having problems with modernization potential. Hard forks – complete migration and blockchain restart – are necessary to alter even the most basic of parameters. For example, Ethereum must be forked every time developers want to adjust the gas price for a particular process.
Hard forks are themselves destabilizing and often political, as evidenced by proposals like ProgPow or the Bitcoin block size controversy. But beyond that, Levine believes that the complexity of deep blockchain upgrades hinders many protocols:
“We realized that the scaling limitations at higher levels were the result of fewer architectural errors.”
While Koinos was originally created as an alternative to Steem that could have been taken from existing code bases like EOS, the team realized over time that they had the potential to reorganize the “third generation of the blockchain”.
It challenges the status quo of blockchain development
One of Koinos’ innovations is the concept of modular upgradeability.
Almost all the key parameters of blockchain technology, including consensus algorithm, resource management, and governance mechanisms, will be implemented through WebAssembly-powered smart contracts.
Some individual features may be offered at first, but only after testing them in battle and only if that makes sense from a performance standpoint.
This gives Koino the utmost flexibility in protocol development and, in particular, avoids the need for the entire blockchain fork for every change. This idea isn’t completely unique – the team took inspiration from the concept of smart contracts for the system on EOS, but Koinos takes it to the extreme.
The consensus algorithm often specifies the blockchain, but Levine believes that this should not be the only argument in favor of selling. “The compatibility algorithms are the easy part,” he said, referring to their technical development. Levin has focused a lot more on the scalability feature that he says sets Koinos apart from others: State Search.
Government research “cleans” the blockchain of smart contracts and unused information. This is similar to the term “pruning,” which is often suggested for simpler blockchain units based on unused output from transactions such as Bitcoin.