Koinos platform Announcement & KOIN Miner Setup - Mining Start On October 13th 2020

avatar
(Edited)

The following is my personal interpretation so do your own research and participate/invest when you decide so. Or not.

First, I wish to thank @oldtimer for his article about Koinos. Without I wouldn't be writing this article. At least not today :)

In short, Koinos is a new blockchain platform being built by the team which was once the creative force behind Steem. The team is called OpenOrchard and they have some noble goals.

Our mission is to empower people through ownership of their digital selves and blockchain is the most promising technology for accomplishing this mission. Blockchain-based applications can add value to people’s lives in an infinite variety of ways but building such applications is far too difficult, time-consuming, and expensive.

About the platform ...

When it launches the Koinos mainnet will be a fast and fee-less blockchain that enables developers to create an unlimited number of free accounts for their users. With these features, Koinos won’t just lower the barriers to entry, it will obliterate them and open up blockchain applications to an order of magnitude more users.

Both quotes were taken from @andrarchy's announcement about the platform and the initial mining.

Yes, there will be a mining mechanism in place in order to distribute the assets, called KOIN. CPU POW mining with their client software.

No ICO, no buying with cash or any other asset. Just plain and simple mining for six months.

And the following is actually a record on how I installed and enabled the miner on my Windows machine. It was a smooth procedure.

You can find the official instructions here.

You can also watch videos to learn about everything important.

Announcing KOIN Mining & Koinos Whitepaper

Koinos Miner Installation and Configuration

Now, let's go through the setup together.

After you download the miner client and run the installation you are greeted with the following warning.

Remember, this is on Windows.

Don't fret. Push forward.

By default, the installation goes into ...

Seconds later ...

Setting up miner's private key

12-word phrase

Verify the phrase

Funding address was generated

This address is for funding your transactions. The mining score is kept on the Ethereum blockchain and you mined tokens are actually ERC-20 tokens. There are transaction fees involved with your mining reports and they are covered from this address - hence funding.

The other address that you need is called the receiving address, This is where your mined KOINs will be stored.

I generated mine with my Ledger Nano S. You can do it with Metamask or any other ETH wallet.

Now, let's start the miner ...

It's a countdown.

The mining will start on Tuesday, October the 13th, 2020

After canceling the mining I received the following message

Quite right, since I didn't send any funds to the funding address yet.

OK, I transferred around 42 € that were sitting in my Bitwala wallet. That should be enough for initial mining, shouldn't it?

Several minutes later ...

Good, the miner is funded and we are set.

This was easy :) I do hope it was done correctly too.

Things to remember

  • no ICO in a classical way to get your KOINS,
  • POW mining with the client,
  • it happens on Ethereum, transaction fees are involved,
  • with the installation of the client you get the funding address - to cover the fees,
  • you enter the receiving address - to get the mined coins,
  • reporting frequency is a grey zone for now - we'll see how will it play out - read the announcement.

Open questions

  • can we set up multiple miners? I guess YES.
  • can we have the same funding address for these multiple miners? I guess NO.
  • can we have the same receiving address for the miners? I guess YES.
  • how will the reporting frequency and mining difficulty be related? I guess we'll find out while mining.

I hope this covers everything important before we start mining.

Good luck with mining KOIN

Ps: I went through this exercise yesterday in the evening. Now, a day later, the miner is happily doing its countdown and waiting for the show to start.

Better and better

Posted Using LeoFinance Beta

hive-167922 koinos koin mining tutorial ethereum finance crypto palnet neoxian bilpcoin leofinance
0
0
0.000
25 comments
avatar

Your current Rank (46) in the battle Arena of Holybread has granted you an Upvote of 11%

0
0
0.000
Reply
avatar

there are some questions that poop up while reading.
how hard would be the mining (what should be the config that would be capable of doing it)
is there an option to configure a % of cpu used. if i do it on my pc that i use, i will probably not be able to use it :D
as someone who never mined anything, i how no idea how will this look like...

0
0
0.000
Reply
avatar

Hello, @bil.prag and thanks for stopping by.

I can't answer your questions since my information is limited.

The following are my guesses:

  • the mining shouldn't be CPU hard since it is meant for everybody to be able to participate. I found this on official discord (https://discord.gg/782SDxf):

asgarth: there are some drawbacks on setting a very low proof frequency? Like 1 or 2 per week? This way the ETH fees will be much lower? Any specific risks?
[11:48 PM] asgarth: Also if you happen to have a larger server/pc will it make sense to run multiple miner at the same time? Considering that the requirements are quite low for a single instance?
[6:26 AM] Steve: @asgarth With a lower proof frequency you may get more variance in your rewards, sometimes getting larger and/or smaller rewards while being less frequent (depending on the state of the market maker)
[6:27 AM] Steve: The application will attempt to use all available cores on your machine, running one instance of the miner will utilize the full power of even a larger server. For this reason, it makes the most sense to only run one miner per server/computer.

Another reference from discord:

Minimum

the miner uses 2 mb of RAM and 247 mb of disk. We have successfully mined on a raspberry pi. You basically can't under-spec on RAM and storage

Maximum

andrarchy: the mining program uses whatever is available in the computer
If you open adobe after effects, the computer automatically divides resources based on what you're using
It will use whatever resources are available

Hope it helps :)

0
0
0.000
Reply
avatar

Thanks.

so i should look for my unused laptop with i7 second generation. and just hope it will not catch fire :D

0
0
0.000
Reply
avatar

I think it will work just great. I intend to run it on my desktop :)

i7-6700K with 32 GB

This should be enough too since the most CPU / memory hungry applications are Chrome and Adobe Illustrator :)

0
0
0.000
Reply
avatar

🙏 Thanks Ervin for the easy tutorial: miner ready! 😁

image.png

!tip !BEER and a huge hug! 🤗

0
0
0.000
Reply
avatar

Please I have a few questions:

  • If I mine in more than one computer, I'm I using the same recipient address?
  • Do I have to fund it the second time?
  • What is the minimum ETH that should be sent to the FUnding address?
  • If the ETH in the funding address gets exhausted, what happens?
  • If I have excess of the ETH in the funding address, can I transfer it?

Posted Using LeoFinance Beta

0
0
0.000
Reply
avatar

@uyobong

Hey, sorry for the late reply.

  • Yes, you can use the same recipient address on all miners
  • Yes, you have to fund it to be able to execute transactions - to report your work,
  • It depends on how many reports you plan to send; after 10 submitted reports the average fee is $2.61
  • You won't be able to pay the transaction fee for the sending of the reports
  • Of course, It's your address and you control it.

Thank you for your very good questions. I could make a FAQ out of them.

Good luck with mining!

0
0
0.000
Reply
avatar

Thank you. Very helpful answers.

Posted Using LeoFinance Beta

0
0
0.000
Reply
avatar

You are welcome.

A remark about the last question - I didn't try it out yet. Meaning to open the address with Metamask or any other Ethereum wallet. Yet, it should work.

0
0
0.000
Reply