Koinos Account Protocol

And we are live. GM, GA, GE everybody. Welcome to what's going to be another great DevNTell. DevNTell is a 30-minute window for builders to showcase something they're passionate about or have been working on in Web3. Today I'm ecstatic to have back on Kui and Luke to show us the latest developments with the Koinos Account Protocol, or KAP.

Thank you for having us back. Last time we talked about BurnKoin, but this time we're back with something way cooler. I'm a structural engineer in New York with a passion for blockchain. I'm focusing my time on building on Koinos because I believe in its potential to onboard the next million users.

I'm Luke Willis, a developer by trade with over a decade of web development experience. For the past two years, I've dived deep into Koinos, building smart contracts and dApps. KAP is the biggest thing we've built and are still working on.

Before we start, I want to mention that I've actually never met Luke in person; we met entirely online through providing value to the Koinos community. There is a path for non-developers in this space too.

It's true, and I couldn't do what I'm doing without Kui's perspective. Now, let's get into KAP. We want to kick this off with a 'What If' question regarding the user experience of naming services.

Everyone knows ENS, which is great for crypto-native people who already have wallets and ETH. But what if it was designed for normal people who don't have tokens yet? What if it was free to mint, had gas paid for you, and included account security tools while paying gas for other dApps? That's not tenable on Ethereum, but we've applied this concept to Koinos.

ENS proved that human-readable names are a necessity on every blockchain. We're taking that success and amplifying it by addressing the cost and accessibility issues.

Koinos is a newer blockchain that launched in November. Compared to Ethereum, it's just getting started, but it offers unique opportunities for value propositions that aren't just small shifts.

Exactly. With Koinos, we can provide gas for users through the name service itself and offer tokenless access. KAP is built on three pillars: Name Service, Smart Wallets, and Tokenless Access.

Pillar one is the Name Service, which converts long addresses into something easy like 'luke.koin'. This is foundational for the crypto experience to move from 'not so easy' to 'easy'.

Everyone brand new to blockchain quickly asks why addresses are so long and why they can't change their password. This is due to how cryptography works, but human-readable names provide the necessary layer of abstraction.

Pillar two is Smart Wallets or Account Abstraction. On Ethereum, ERC-4337 is quite complicated for developers. On Koinos, smart wallets are a native feature. Any wallet can have a contract uploaded to it while you retain the private keys, enabling features like social recovery and multi-sig effortlessly.

Ethereum requires consensus-level changes for account abstraction, leading to complex workarounds. Koinos already solved this, allowing us to build these advanced features right into the account layer.

Pillar three is Tokenless Access, which leverages Koinos's 'Mana' system.

Usually, when you spend gas, it's gone forever. Mana is different; it's a regenerative resource. Instead of burning tokens, you lock them up for a period of time to gain access to the blockchain. We've built 'Mana Stations' where a dApp can lock its own coins to provide free access for users who hold a KAP name.

This allows us to share our mana with you. When you submit a transaction, you just set us as the payer. Our smart contract authorizes anyone with a KAP name to use that mana.

This removes the need for a user to ever go to an exchange to buy tokens just to start using an application. It's a huge shift in the onboarding flow.

Think of gas like buying a health potion in a game; you have to spend currency to keep playing. Mana is like taking cover to heal; you just wait for it to regenerate. One costs your liquidity, the other just takes time.

In an RPG, if you have to buy potions, you might hesitate to play aggressively. With a regenerative system, it's easier on the mind and allows for a faster pace of interaction.

Architecturally, KAP uses five main smart contracts: the Name Service for NFTs, Domain contracts for sub-domains, the Mana Station, a USD Oracle to price names in dollars instead of fluctuating coin values, and Profiles for on-chain user data.

Pricing in USD was a critical decision. Most people still think in fiat, and floating crypto prices make it hard to understand what you are actually paying. We wanted a stable, predictable cost for users.

Our business model targets 90% free users and 10% premium users. We've already had around a thousand names minted. Moving forward, we want to shift to a B2B model where other dApps use our infrastructure to brand their own namespaces, like .game or .app.

Let's do a live demo. I'll search for 'ddrocks.koin'. It's 10 dollars. I'll check out using my Condor wallet. I'll use 'Free Mana' provided by the wallet developer to mint it. In three seconds, the transaction is confirmed, and I own the name.

And we have a giveaway for Developer DAO members. If you're attending live, scan the QR code to claim a name worth up to 100 dollars. For everyone else, share this video on X and tag us for a 10 dollar name credit.

Look at the generosity here! All this value given away just for watching. Make sure to claim your participation NFT as well by scanning the second QR code. Thank you so much, Kui and Luke, for this awesome content.

That brings us to time. I'm looking forward to seeing KAP evolve and make blockchain available to the average person. Have a great weekend, everyone. Peace.