BurnKoin.com

GM, GA, GE everybody. Welcome to what's going to be another great DevNTell. So, if you didn't know, DevNTell is a 30-minute window for builders to showcase something they are passionate about or have been working on in Web3. This can be an awesome project you've been working on, demonstrating unit testing best practices, all these smart contracts, how to structure projects, etc. Basically, if you've got a passion for something, this is your opportunity to share it with the Web3 community. And today, I am ecstatic to have Luke and Kui here to give us an overview of their project called BurnKoin. Why don't you guys kick it off with brief intros about yourselves?

Sure. So hi everybody, my name is Kui. I'm actually from New York City in Brooklyn. And I previously was a structural engineer and now I work in blockchain. There are always ways for people to get involved and if you're part of the Developer DAO community, don't be afraid if you're not a developer. There are ways to get involved and I really appreciate you guys for helping us host and share what we've built so far.

Yeah, and I'm Luke, I'm over in Washington in the US. And I am a developer, so I joined Developer DAO and dragged Kui over with me. It's a great community, definitely has been helpful to have so many smart people in one place. And between that and then the Koinos community, which is where we built BurnKoin, we've had a lot of support from various communities, and it's just been a lot of fun, a great journey over the past year plus.

Yeah, it's been over two years for me. I think you joined in halfway in, so over a year plus for you. I think you joined December 2021, I think. A little before that, yeah. Right around a year and a half, close to, yeah.

It's been a real fun journey. It has. Awesome, love to hear it. By the way, I just wanted to say something interesting for Developer DAO guys. A lot of people in Developer DAO are looking for opportunities and stuff like that. I just want to let you guys know that I actually have never met Luke in real life.

That's true. We've met online, we just started working together, we provided value to the community, and I think if you guys are wanting to get into Web3, find where you can provide value and just do it. And eventually, you'll find people who vibe with you. So I think Developer DAO is a great place to do that.

Absolutely. Yeah, I was just going to ask how did you two come to meet, but there it is folks. Never be afraid to say GM. That's right.

Cool, cool. So yeah, let's get into it. So I will share these slides. So, I'll start off with some introductions here, and then we'll kind of go back and forth and talk about the aspects of actually designing and building. So today, we're here to present to you BurnKoin. It is actually the first mining pool to ever exist on a Proof of Burn protocol, and that Proof of Burn protocol is Koinos. With this burn pool, we try to make it very simple for people to join, participate, and become active members in securing the network and producing blocks. And so that's really the goal of it. So we're going to go through each slide and show you guys a little bit about BurnKoin. So we just went through who we are, so my name is Kui, and my co-founder is Luke. We built BurnKoin, but we're also working on another project called Koinos Account Protocol, or KAP. And both of these products are built on the Koinos blockchain. We'll have a couple of slides at the end where we'll pause and let you guys watch later on about Koinos.

So next one, go ahead. So we're going to get into Proof of Burn, because I think that's important to set the stage for what BurnKoin is, since Proof of Burn is a little bit less known compared to Proof of Work or Proof of Stake. But, as a concept, it's not new. It's just, as far as I'm aware, never been implemented on a full general-purpose blockchain before. So I think people have tried to burn things and use that as a way to underpin another mechanism. So it's probably, people have known what burning is for a very long time. At a consensus level, I think only Slimcoin had a Proof of Burn, but it's not the same variation. But we'll go through this Koinos Proof of Burn to kind of give you the details on how it works on this specific chain.

Cool. So, as you can see there, it's the combination of Proof of Work's economics and Proof of Stake's efficiency. So, explaining what that means, Proof of Work and its economics are basically that in order to participate in consensus, running a mining node, you have to spend capital upfront. So you have to risk some money. And then what you get for that is computers and electricity. And by spending the money, you prove that you spent the money by producing hashes. And when you produce a hash successfully, you earn block rewards, which is the whole mechanism of Proof of Work. Proof of Stake changes that where it's more of a deposit, like you can think of when you're renting an apartment, you have to put up your deposit and then it's at risk and it can be slashed basically if you do things wrong. And you have to do your job right in order to get it back, and then the reward is just having a place to live, whereas with Proof of Stake, it's earning more tokens. So Proof of Stake is great because it's much more efficient. You don't have to have quite so much compute power and electricity to participate in the network. But it shifts away from the economic model of Proof of Work where you have to spend upfront.

So Proof of Burn strikes a compromise between these where you have to burn your tokens. You spend the capital upfront, and so they get destroyed. And then what you get for that is a different token. And then that token just represents your commitment to producing blocks. So that's like your virtual hash power. And that's what it's called, Virtual Hash Power (VHP). So then, depending on how much VHP you have, that determines your chances of producing a block. So you're still producing hashes in a Proof of Work type way, but you're dividing that by your balance. So the more balance you have, the greater your statistical odds of producing a block successfully. So that's what we mean when we say the economics of Proof of Work versus the efficiency of Proof of Stake. And so, yeah, it's you're burning the token. So if you think of this in terms of like Ethereum, ETH is the gas token. That's what you need to be able to actually use the network. So on Koinos, that's KOIN, and you need KOIN to use the network. So you have to burn your KOIN in order to participate in consensus. So now you don't get to use the network. So you have to have that tradeoff. But you have to burn it in order to participate. So it's that constant tradeoff of putting your capital at risk upfront. And then when you burn your KOIN, you get VHP one-to-one. And then when you produce a block, you get back a portion of your VHP as KOIN plus profit.

So you will always, as long as you're committed to running your node and participating, you will always make more KOIN back than you started with because there are no slashing mechanisms since you slash yourself upfront. So that's where it's more like Proof of Work, and that makes it a little bit more efficient as an algorithm to implement, less dev time because you don't have to catch all of these edge cases because the risk is being put on you upfront voluntarily rather than imposed each time you do something wrong. And so if we put that into practice on exactly how someone like a miner would actually execute a mining node and use it, we talk about the operation of it instead, right? So if you understand Proof of Burn, the actual implementation for execution of a miner's work is much simpler. So, Luke talked about this token called VHP or Virtual Hash Power. And so, really easily, a miner would basically burn their KOIN, and they would receive one-to-one this token called VHP. And then with that Virtual Hash Power, they're now able to run a miner and produce blocks. So they burn the VHP token again when the miner produces a valid block. And so you see the cycle going back and forth, but when you burn that VHP, you will earn the amount of KOIN that you had previously burned back, but you will also earn extra KOIN. And so in that process, you have to commit to the network to produce blocks and then your reward is extra KOIN.

And there's a couple of items here that I want to point out that people tend to ask questions about. Is VHP a token? Yes, it's absolutely a token. It's a token that has much less liquidity because it's not often traded, and it's really only designed to do one thing, and that one thing is to allow you to produce blocks. So VHP, really, it's part of a system that mimics the randomness of Proof of Work. So Luke said that that allows you to probabilistically produce blocks. And we can get further into detail on that, but you can actually take a look at some of the articles we posted on Medium. If you check out the BurnKoin Twitter, there's tons of articles we put out talking about VHP and how Proof of Burn works on Koinos in detail. Right. Yeah, and you can think of the liquidity of VHP where it is liquid, right? It's a token, so you can trade it just like anything, similar to how you could have a secondary market for ASICs or something like that. A little bit easier than that because it's on-chain and liquid, but fundamentally, you can always get VHP one-to-one by trading in your KOIN for it. So in terms of the price of VHP on DEXs, if you're selling VHP, that means you're just trying to get back to liquidity. And so you're always going to take a little bit of a hit selling it compared to if you're buying it. So typically, if you want to buy VHP with your KOIN, you're going to see a more favorable rate than one-to-one. And that's going to heighten in times when people really need more KOIN and are trying to get out of mining. And so if you're committed to long-term mining and interested in doing some of these trading activities, there are opportunities there.

Yeah, just think of it as selling, if you were a Proof of Work miner and you wanted to sell your ASICs, it's a lot harder to sell your ASICs because there's a very limited market for it. Right. All right. So let's get to the question of why would someone build a pool? Why would we particularly want to build a pool? First of all, I think there's a public need for pools. However, the Koinos blockchain does make it extremely easy to run your own node. We actually have quite a few people who run their nodes at home. It's a simple matter of learning how to use Docker and running a command line. Other than that, there's not too much work involved, maybe have to monitor it, make sure connection is good to go. But there are users out there who just don't want to deal with the equipment, they don't want to deal with running a computer, they don't want to have to monitor their internet connection or deal with electricity bills or maybe even power outages. So not all users want to operate a physical node even though it's quite easy, it's not difficult.

Yeah, it's pretty accessible from a hardware perspective. Like you can just run it on your laptop, assuming you have a decent spec laptop. But I mean we have dedicated computers for BurnKoin, but they're not high-spec, you know. I think they were a couple hundred bucks apiece, so it's not that crazy. Typical specs would just be something along the lines of 16 gigabytes of RAM, a 4-core CPU, a modern CPU, and you want to have a solid-state drive up to 1 terabyte. You could probably run a lot smaller because the chain is still pretty brand new. But they're not specs that are out of reach for most people, and it doesn't consume a lot of power because it's not actually producing work like a Proof of Work chain. But ultimately, with a brand new protocol, people want to participate in the network. And when you have a brand new blockchain launching, one of the first things that people like to do is participate in securing the network. And so a burn pool was a natural fit for people, especially a chain that allows many people to just enter easily. But we're also doing this as a service, as much as it is a public need. We manage the nodes ourselves, we perform updates, we stay in contact with the team, we discuss with the team whenever there are new updates, how to upgrade them. We actually even put out documentation to help other people upgrade their nodes as well. And really, operating the burn pool does bring some income in, it's not a whole lot, but we do use that income to help fund our commitment to improving the Koinos ecosystem, which shows in our next project, Koinos Account Protocol.

All right. So, Luke, let's talk about some considerations on how we built this pool. So, Luke is the main developer on this one. He did all the coding on it, so we had gone back and forth about what should we put into, what considerations do we have to put into designing this system. Yeah, and so there were a few key things that we went back and forth on in terms of balancing the user experience and the options that we're giving people who are depositors. One was whether or not we wanted to have our own token for basically managing your balance. So I think this is typically called a Liquid Staking Derivative (LSD), since you're staking your KOINs. So this is similar to like staked ETH as a token. So we do have our own token called pooled VHP, pVHP, and yeah, it just basically represents your amount of hash power that you've committed to the pool. Having a token does confuse things a little bit but gives people more options in terms of owning their stake and not depending on us to have that state managed in the pool. You can see an approximation of your balance in your wallet and not just have to come to our interface to see it, so we think that that was an important choice, even though ease of use is really our main thing that we really cared about. So the user experience is key for everything that we do, and that includes our next project. And then our primary focus, we had to decide what we were going to maximize. So there's tradeoffs of, you know, you commit to VHP and then you want to mine, do you just want to mine until it all comes back as KOIN, and we want to like store the profits for you and you can pull them out at any time? Or do we want to continually like reburn profits and maximize the amount of profit over time? So the answer to all these is yes, we have a token. Yes, ease of use is important. And we don't want people to have to monitor their commitment to it, it's just a deposit and forget about it, come back later and your profits will be here. And then the primary focus is profit, so we do reburn everything and if you want to pull your stake out as KOIN, then you need to come back and check periodically to pull it out when there are rewards available. We have talked about improving that UX by having like an automated tool that would pull out for you and let you like get in line to get some of the profits, but that would just be a separate contract, so it didn't prevent us from being able to design it this way upfront.

Right. There are some times when you look at systems, there are the normal state, and so the normal state of BurnKoin is to constantly reburn and maximize the profit, so you as a user have to interact with the protocol when you want to leave. So you pull when you're ready, but otherwise, we're going to by default try to maximize your profits. Right. And it is important that while it does, you know, you have to come back periodically to get your rewards out, you can always leave the pool by taking your VHP out directly. So even if we were to find ourselves in a situation where we had a large percentage of the network, the community could easily just tank that by pulling out. So it's completely liquid in that perspective. They could jump out, go to a different pool, run their own node, they have options. And so having a completely liquid in-and-out situation allows us to have more flexibility and be more responsible to our users and not just say, yeah, you're locked in for a year, suck it. Sorry, yeah. So you go stake for three months and then you know, you can't remove anything even though there's a market change. Right. So let's talk a little bit about specifications. So, BurnKoin we charge an operator fee to run the mining node, and this fee is completely arbitrary, but we chose 5%, and it's 5% of the profits generated by your deposits. We actually never touch the principal balance, so you don't have to worry about what you deposit in. It's only what you earn through mining with us, and we'll take 5% on top of that. It's written in TypeScript and then pushed to a WebAssembly Virtual Machine. And for us, there's no setup fees. I know that there are some chains out there that require a minimum amount of tokens for you to enter, and if you exit the pool, they charge you another fee. We don't have any of that stuff. There's no hidden fees, there's no transaction fees, no entrance or exit fees, you only pay the 5% on your share of the profits. And like Luke said, you can exit and enter whenever you like. We felt that that was a very important thing because if you can't exit the pool when you want, then technically speaking, we have full custody over your tokens, and we didn't like that. We wanted to make sure that you could leave whenever you want, and we would never impose a penalty on you, whatsoever.

That's right. And then since this is for the Developer DAO community, I'll mention briefly on the language. Koinos is a WASM chain, so it's not EVM, so you can't use Solidity. But it's designed so that any language that can compile down to WASM bytecode can be used for smart contracts and microservices and whatever you want on Koinos. So currently, there are SDKs for C++ and AssemblyScript, which is the WASM flavor of TypeScript. It has a couple of gotchas if you're coming from TypeScript and have never built for WASM, in terms of just understanding that you can't just say this is a number, you have to say it's a 64-bit integer, unsigned, whatever. So there's, you know, it's WebAssembly, so there are a couple of specific things about it there. But if you've come from building in JavaScript or TypeScript, it's very easy to use syntax. Oops, clicking buttons here left and right. Whoa, what's going on? I want to talk about some things. Since today, the SEC posted out some stuff with Kraken about staking. And so I wanted to, I added this slide in just this morning to really kind of hone in on what exactly is going on. So BurnKoin cannot control the yield. If you're participating in some, you know, centralized exchange staking system, you're not really sure where the yield comes from. BurnKoin cannot change the yield when it comes to Koinos, and that's because BurnKoin operates at the exact same yield as any other miner on the system. The only thing we do is impose an operator fee. It also means that BurnKoin never loans your token out. It's permanently in the system to produce blocks. It only has one purpose, which is what we said earlier in the slide about Virtual Hash Power. It's only one purpose with this token. And lastly, BurnKoin cannot withdraw your user funds. So for the same fact that we can't take it out, we can't loan it to somebody. So I want to make that very, very clear to people. Especially after today. Yeah, yeah, this is important because we're just using Proof of Burn to generate profit. We're not Ponzi-ing your money in and out or anything like that. It's a smart contract. We've locked it down, so we don't have access. The EVM equivalent would be a proxy contract. We don't have the ability to upgrade this. If we want to release a new version later, we have to deploy it to a new address and then help people migrate to that. So there's no, yeah, like we've made it so that we can't scam people basically. So that was important to us. We got a slide on security, we'll touch base on that one again in a bit.

Some other stuff. Globally decentralized, again what Luke said, users can pull out their VHP, and we as a node need VHP to produce blocks. So you as a user, if you don't want us to produce blocks for you, you pull your VHP, and it instantly removes our ability or reduces our ability to produce blocks. So that's what we mean by globally decentralized. And there's a section here later on about security. But because of thing called authorities on Koinos, it restricts the way people access the particular contract. In this particular case, the private key has very limited use. There's only some key entry points that we can use the private key for, but ultimately, we can't rug anybody. We can't pull tokens out, we can't just pull a scam. Live demo. So, Luke, why don't you take this one. Sure. Yeah, let me show you BurnKoin.com, and we can talk through some of the features that are there. So you can see here BurnKoin.com currently has total deposits around 2.5 million VHP, and the current APY with Proof of Burn is sitting at 4.56%. Now, this is after taking out our 5% operator fee. So if you were to run your own node, you'd be looking at more like 4.8%. So a little bit better. And if you wanted to go with running your own node, we encourage that. We think that that's great for decentralization, great for the blockchain. But this is here as an option for people who want to participate but aren't going to take the time to vote in governance, manage their reburns, run a node. Yeah, it's good to have options.

So this is the simplified dashboard where you see basically just the KOIN because for people who aren't familiar with the inner workings of KOIN, VHP, pVHP, all this, you put in KOIN, you take out KOIN, right? So you don't want to think about all this other stuff. So this is the amount that you have deposited currently, and this is the amount you have sitting in the wallet that is connected. And then this little mana orb on the side tells you how much of the token is liquid. So Koinos actually has this mechanism where instead of paying gas fees, you pay mana, which is a property of KOIN. And so it spends down the mana and locks an equivalent amount of KOIN in your wallet, and then it regenerates over time. So basically, instead of paying money for gas, you're paying in time. So it's a staking-unstaking of your KOIN basically within the wallet that's automatic and you don't have to manage it. So if I were to perform a transaction, my mana would go down because I'd be spending a portion of it. But you actually don't ever lose your token, so it's considered a zero-fee contract. Right. So all that means for you here is that your one KOIN that you have can be spent or whatever you want to do with it, your amount that you have deposited can be withdrawn. So 30% of this amount is available to withdraw right now. Now, getting into a little more detail, we do have an advanced version of the dashboard which lets you also set your own RPC. So if you don't trust the one that we've defaulted to, you could set your own node address or a friend's or, you know, one you're paying for separately, whatever you want to do there. And then here we get into the detail of how much pVHP you have, which if you'll remember is the token that we created for the pool. So this is your liquidity token that sits in your wallet.

And then this is how much that's actually worth in terms of, if you were to pull it all out as KOIN or VHP, this is how much you would get. And then again, your wallet, how much KOIN you have, how much VHP you have, and then within the pool, in total, there's 11,000 KOIN, 45% of which is liquid. The other 55% has been, you know, bonded to the wallet because the mana was spent to pay for producing blocks. And then the pool has 2.48 million VHP. So, periodically we come in and we withdraw the KOIN, put it back in as VHP, and then that's all basically how we do reburns for now. There is a reburn function, and there's a lot of other things that we've designed here so that we can manage the pool effectively, but it doesn't give us any access to your money. So, this is the gist of the site. If there's any questions or anything that's not clear here, happy to field those in the YouTube live chat. But I do want to call out the governance proposals, something that Koinos does is upgradeability. And so, if you wanted to change the consensus algorithm, for example, that is run by a smart contract on the main, it's a system-level smart contract. So somebody could upload a new smart contract and submit a governance proposal to change from Proof of Burn to Proof of Work or something like that. And so, if that were done, then everybody who holds VHP would need to vote on that proposal. And so, every time you produce a block, you include votes for anything you want to say yes on. So any active proposals, you say yes with every block, or you leave it out or just say no. And so, the intention of this slot is to say BurnKoin as a pool intends to vote yes on this proposal and no on this proposal, blah, blah, blah. So to give people insight into how we're choosing to vote with your stake, and if you disagree with us, we encourage you to pull out, go to a different pool, or run your own node.

Exactly. And that's really the main, one of the main purposes of being allowed, of allowing you to enter and exit the pool whenever you want. If you feel that BurnKoin is not voting in the direction that you want, then take it out, and take out your VHP and join a different pool or run your own node and cast votes that way. Ultimately, one of the biggest things about blockchain is that you get to own and participate in the system, and we want to make sure that there's democracy, you know, experienced by anyone who holds the token. That's right. So that's the site. Let's run back to the slides and wrap it up. So that was a live demo. We'll talk a little bit about security. I think we touched base on this quite a bit already. With Koinos authorities on-chain, all wallets support smart contracts. That's very much unlike Ethereum where only smart contract wallets can support smart contracts, and the other wallets that people use or EOAs, externally owned accounts, do not have the ability to receive smart contracts. But doing so allows us to define custom access logic through the authorities. And so there's three principal ways how you can define the access to a particular smart contract. It is either user-upgradeable, so the user can use their private key to commit an upgrade, you would not need anybody's vote, as long as you have the private key, you can always swap the contract out. You also have an immutable system, very similar to Ethereum, where the private key here is disabled. Instead of not existing on Ethereum, it's just disabled on Koinos. And then there's custom-defined, where you have any variation that you can ever dream of. You can have it controlled by another wallet, such as a DAO, or you can change it so that only key entry points are allowed to access key components of that smart contract, which we call an operator wallet. So an operator wallet can use specific functions that the smart contract defines. Private key has limited access points, so that's some of the basic components of the authority system in Koinos.

Yeah, and this is, you know, opinion-based whether or not you think this is a good design or not. But it's all of this is possible on Ethereum, it's just that the default is immutable, and then you have to opt-in to making things upgradeable or controlled by a DAO or multi-sig or whatever. And so on Koinos, upgradeable is the default, and then you have to opt-in to immutable or custom-defined logic. And it's easier to get to custom-defined logic because of the way authorities are written in smart contracts. And it's, I mean, immutable is easy, you just pass three flags when you're doing the upload, and then it's immutable. So it's simple to have an Ethereum-like setup, which is what we've done here. We initially launched it, and I think the next slide goes into the detail here, we initially launched it as an upgradeable contract and told people, you know, hey, we do have access to your funds for the first 30 days. We will not touch them, but, you know, enter at your own risk. We don't recommend it, but we're testing it out on mainnet. So if you want to put in your KOIN, you can. And then after that first month, we locked everything down and made it immutable. So now, we don't have any ability to pull out your tokens. It's all managed by the smart contract, and we can't upgrade the contract or anything.

So now we're stuck with the entry points that we predefined, and so some of the things that our operator wallet can do is that we can set the operator fee, currently is at 5%, and so our goal is that if there's too many people participating in the pool and we want to say, hey, you should join another pool or you should start running your own node, we can increase the operator fee to discourage people from joining. And so that's why we have an ability to set the operator fee. We can also redefine the operator wallet, and so we can say, hey, we want to change the operator wallet's address. We can do that, and we can also perform periodic reburns using the operator wallet. Right. Yeah, and even with this setup, the absolute worst that we could do to anybody would be to just take 100% of the profit. We would still never be able to touch your principal, and that would become very obvious very quickly to anybody who's paying attention. So, current state, we're going to talk about how we're doing. So, BurnKoin launched on mainnet launch day for Koinos, that's November 5th. To date, we've earned about 1,500 KOIN, which again, in today's current valuation is not a whole lot. We really do this to provide a service for people, and we use those funds to help further development of the community or other projects. Well, that does mean that our depositors have earned around 30,000 KOIN in total, so pretty good. Globally, we're the number two node out of 45 nodes right now operating on Koinos network. We've produced 628,000 of the 2.69 million blocks, or about 25% of the blocks produced, and that's a combined effort of all depositors who participate with us. And we've got some competitors out there. We've got Fogata, which is created by Julian Gonzalez. He's a guy out from the Hive community and he's now part of the Koinos community. He actually launched the Kondor wallet, which is what we use to interact with BurnKoin. He has a pool launcher, so if you want to check it out, check out fogata.io. They run their own pool, and it's a unique value because it allows individuals to launch their own pool as well, so that's our competitor.

And that 25%, we're not currently sitting at 25% of all VHP. I think we were between 30% and 40% for a short period, so that padded the number a fair amount. But with competition that's come up more recently and other people claiming their KOIN and starting to participate, we've become a smaller percentage overall. Yeah. I think that's really important to point out because Koinos blockchain allows people to really easily fire up pools, and we said it before, we have documentation to help people fire up their own pool. If you have any issues, you can always contact us. We're really here as a service to people who don't want to run their own pool, and if you're interested, you're watching this video, and you're interested in Koinos, want to buy some tokens and participate in block production, reach out to Luke or myself on Twitter, you will see our Twitter tags in a bit, and we'll gladly help you out and point you in the right direction to start running your own pool. Right. Yeah, and then just to be clear, the current price of KOIN is around 50 cents on MEXC is the place to buy it, so we've made effectively 750 bucks in the past three months for doing this. So, it's not huge money at this point, but we're committed to the long-term success of the network, and we were going to run our own nodes anyway, so this is all basically just gravy over what we were going to do. So, we're going to do another future DevNTell. We're definitely committed to developing stuff on Koinos blockchain. So what else are we working on? We actually have a really exciting project that we're going to give you a very brief glimpse about. Luke, why don't you take this one out. Yeah, so I won't get into full detail here because the point of this one was BurnKoin, but the thing we're working on is called KAP, Koinos Account Protocol. And you can think of it similar to ENS. So, we have NFT names that you can get on Koinos, but it also comes with a couple of additional features that we think are key for providing a Web2-like experience on Web3. So because of the mana system, which we touched on briefly, you can have tokenless access to the blockchain. So, the KOIN that we accumulate within KAP will be used to pay the mana costs of using dApps for anybody who has an NFT name.

So that means that the onboarding process is no longer go to a centralized exchange and get tokens and then bridge them or transfer them into the network into your own wallet and then use the dApp. KYC, all that. It's go to KAP, get a name for free if it's longer than a number of characters, we'll get into detail there, but you know, and then use the network. That's all there is to it. And then, we also think it's important to provide smart wallets. So since you can upload smart contracts to your wallet, you get, on Ethereum this is called account abstraction, you get account abstraction-type features on Koinos very simply. So we're going to have a no-code front-end where you can make a vault or a multi-sig or a social account recovery tool or whatever. So there's going to be a lot of different things that we build out over time there, but we want to give people the ability to manage their own security and use the network without needing to bother with tokens, and that's really the key behind KAP. So to wrap it up, I'm not going to go through these slides because it's a video, you can pause and watch it later on, but if people want to know what Koinos is, here's a little bit about Koinos, free to use is a big item on it, and here's a little blurb about mana, so you can go ahead, pause, read it, and check out some other content that's out there.

With that said, I think, thank you guys for watching. Appreciate your time. This was great. If there's any questions, feel free to hit us up in the DevNTell Discord. We're always on the Koinos Discord as well. You've got our Twitters there. Reach out. Awesome. Thank you so much, gang. This was super awesome, super informative, really looking forward to you guys continuing to build this out and and getting on DevNTell once again. I'll be on the lookout for that. Absolutely. Absolutely. And I've dropped a link for viewers of our session to claim their POAPs here, and I'll also post that same link in the DevNTell channel in Discord. And before we leave, leave off here, I just want to give a brief mention about our operators in the Developer DAO. So, did you know that DD's fundraising operators, Chuck and Wickist, are here to help you fundraise for your projects? In their fundraising hub on Discord, you can find support in writing grant applications, learning about fundraising, budgeting, pitching, and they can even help you with introductions to different grant leads from different protocols. So, be sure to drop by their office hours twice a week or schedule a one-on-one with them. And with that, I want to wish everybody a very happy Friday, happy weekend, and we'll see you back here next week. All right, gang. All the best. All right. Thank you guys. Take care. Everybody. Bye-bye. Bye. Bye.