How GoodBlock is Innovating Blockchain Infrastructure in Partnership with KOY Network

How GoodBlock is Innovating Blockchain Infrastructure in Partnership with KOY Network

by | Oct 11, 2023 | Blockchain

How GoodBlock is Innovating Blockchain Infrastructure in Partnership with KOY Network

Welcome back to another in depth look at the KOY Network, following the announcement of GoodBlock’s partnership with the network. In our first piece, we gave a high level look at what KOY Network is and its impact, as well as an overview of the partnership. Last week we dove deeper into the tokenomics of KOYN that GoodBlock helped conceptualise.

This week, we’re talking about technical infrastructure and how Douglas Horn, CTO of KOY Network and CEO of GoodBlock, is strategically designing the network with the goal of becoming one of the world’s fastest blockchain network. Keep reading for more details, and at the end we’ll be sharing more about an upcoming event with the KOY Team where you can learn more about this innovative and impactful project. 

Taking GoodBlock’s Powerful Antelope Node & Turning It Up to 11

Because KOY Network is designed with the intent of powering financial transactions for the entire continent of Africa, ensuring that the technical design could handle a heavy number of transactions with high performance was a must. Thankfully, the protocol that KOY Network is built on, Antelope, is one of the industry’s leading protocols for performance and scalability, but the technical team at GoodBlock wanted to take things a step further. “Our high-availability infrastructure adeptly addresses three disparate challenges – namely, cost reduction, enhanced security, and augmented reliability,” said KOY Network CEO, Richard Erikodi.

GoodBlock has long been an expert in Antelope infrastructure, boasting the fastest block producer available across the entire Antelope ecosystem. This was achieved through a combination of cutting edge hardware and subtle refinements to the node’s settings. Mr. Horn also initiated and led the creation of the design of Telos EVM, which claims the title of the World’s Fastest EVM. 

So, when GoodBlock’s Douglas Horn stepped into the role of the KOY Network’s CTO, he quickly realised that there was a unique opportunity to take this experience and apply it to his work on the KOY Network in a manner that was even more powerful than other implementations. This was achieved by designing KOY Network so that every node and the protocol built on top of them is optimized to similar specifications as GoodBlock’s super node.

“Public blockchains are built with heterogeneous infrastructure that sets a limit to the number of transactions per block that the slowest nodes can reliably validate. By employing a unified architecture of ultra-fast nodes, we can supercharge what Antelope.IO Leap is capable of to extreme levels, without introducing risk. In fact, this approach means KOY Network is more secure against some risks even than decentralised chains,” said Mr. Horn.

On other Antelope networks, this type of approach wouldn’t have been possible because the networks are public and allow anyone to deploy a network validator. Because of this, the underlying consensus mechanism of other Antelope chains needs to be optimized to the speed of a network’s minimum hardware requirements. However, the KOY Network needs to be a private chain, which gives the protocol engineers much more control over the specifications of individual nodes and how the software running on top of these nodes is optimized. With this in mind, the network can implement nodes in relevant countries that are all based on the same structure. Because of this, they won’t have to match the slowest node, as most other blockchain networks do.

Setting a Standard for Network Statistics with Sustained, Mainnet Transactions

While the network is still in its infancy, the technical design choices made are expected to allow KOY Network to achieve speeds that are up to 4 times faster than any other Antelope Network. This would garner KOY Network the title of one of the world’s fastest blockchain with the potential to achieve 40,000 Transactions Per Second in a burst test.

GoodBlock is also taking things a step further from the standard testnet burst tests that most other blockchains advertise. They will also be running sustained tests on the KOY Network mainnet, making it the first network to showcase this based on on-chain proof. The goal of this is to showcase that KOY Network is not only the fastest blockchain from a theoretical standpoint in test conditions but also under real-world scenarios. As these reports roll out, we hope to set a standard that other blockchains can replicate when it comes to promoting blockchain transaction speeds and throughput.

Join Us For a Closer Look at KOY Network

With the launch of KOY Network well underway, GoodBlock is extremely excited for everything to come over the next few months. To celebrate, we’re hosting a space with the KOY Network team where we’ll be diving even further into the most notable aspects of this partnership. Set a reminder to join us on October 13th at 16:00 UTC!

For details on acquiring KOYN Tokens, check out the KOYN Fair Sale:

The KOY team is currently conducting a token presale to give community members and those in the Antelope ecosystem an opportunity to acquire KOYN tokens at an attractive rate.

To further honor their roots in the Antelope ecosystem, they’ve initiated the #AntelopeAccess program. Through this program, individuals can join the KOY Telegram channel and exchange their Antelope-based tokens for KOYN.

Once the #AntelopeAccess program concludes, a Fair Sale will be launched on the koy.network website. During this Fair Sale, KOYN tokens can be purchased using USDT from the Ethereum blockchain.

GoodBlock Technologies is an app developer and Block Producer candidate on the Telos Blockchain Network, with a focus on 2 of the pillars of Web3.0; Governance (decidevoter.app) and Decentralized Cloud Storage (dstor.cloud). Vote for goodblocktls, and learn more at goodblock.io.

KOY Network is a distributed ledger system designed to support smartphone apps serving Africa and its diaspora situated across the globe. Learn more at koy.network.

GoodBlock Website: https://goodblock.io/
KOY Network Website: https://koy.network/

Social Media:
KOY Network Twitter: @KoyNetwork
GoodBlock Twitter: @goodblockio
dStor® Twitter: @dStor_cloud
decide® Voter App Twitter: @decide_Voter

Medium: https://medium.com/goodblock-io
LinkedIn: https://linkedin.com/company/goodblock
Telegram: t.me/goodblocktls

Solving Real-World Financial Problems with On-Chain Economic Innovations

Solving Real-World Financial Problems with On-Chain Economic Innovations

by | Oct 5, 2023 | Blockchain

Solving Real-World Financial Problems with On-Chain Economic Innovations

Disclaimer: This article does not constitute financial or legal advice.

With the launch of KOY Network underway and GoodBlock as a key technical partner in that initiative, we’re excited to be rolling out a series of articles going into the details of how GoodBlock is driving innovation on KOY. In case you missed it, be sure to check out last week’s article where we give a high-level overview of KOY Network and the significance of the partnership with GoodBlock.

In this article, we’ll be diving deeper into the tokenomics that GoodBlock CEO, Douglas Horn, helped conceptualize and how these design choices are positioning the KOY Network to fill an important gap, not only in Web3 economic systems but more importantly, real-world financial markets. Keep reading to learn more about KOYN, the network’s native token and the unique utility that allows the ecosystem to facilitate multicurrency exchange without the liquidity inefficiencies of traditional DeFi exchange systems. We’ll also be diving into how the network mitigates asset volatility through unique functions, like a daily exchange rate and the KOYN Buy Back function.

If you still have questions, be sure to jump down to the bottom of this article for details on our upcoming AMA with KOY Network and GoodBlock.

KOYN Utility: An Atomic Intermediate Trading Token for Real-World Scale
The heart of KOY Network’s economic model lies in the KOYN token. Its primary utility is to serve as an asset facilitating the exchange of other tokenized assets, especially stablecoins from various African countries. Due to the private design of the KOY Network, the ecosystems exchange system can carry out unique functions that wouldn’t be possible on other protocols. “We are joining up Africa using one ledger on the KOY Blockchain Network, as financial infrastructure for Africa,” said KOY Network CEO, Richard Erikodi.

In traditional DeFi, if an ecosystem wanted to create multiple liquidity pools for various trading pairs, there would need to be separate pools for each pair. This creates a big market problem known as trapped liquidity, where one liquidity pool may attract most of an ecosystem’s capital, leaving others to suffer due to a lack of market-making. Since a core mission of KOY Network is to solve financial disparities between various countries across Africa, it was important that the network solve this problem. This is where GoodBlock was able to offer guidance, leveraging years of experience in tokenomic design, and landed on the true utility of KOYN – to serve as an Atomic Intermediate Trading Token between the network’s various financial actors.

That’s a lot of fancy words, but what does it really mean? Essentially, any time someone wants to trade Token A for Token B, rather than a direct swap, the smart contract first trades Token A for KOYN. Then that KOYN is traded for Token B. All of this happens under the hood, and the end user only sees Token A being traded for Token B. However, since KOYN is acting as an Atomic Intermediary, the capital being allocated to trading pairs is shared, not only between Token A and Token B, but also Token C, Token D, and so on.

Most interesting is that the only token a user can’t trade for through the network’s primary exchange contract is KOYN itself. There will be other avenues for interested parties to acquire KOYN and stake it to provide liquidity for this function, but within the context of a traditional layperson, they may not even know that KOYN exists. However, they will feel the impact that KOY Network brings to their day-to-day finances. What’s really exciting is that because the network is facilitating exchange between various currencies across Africa, the entire continent could see a massive increase in economic liquidity.

The utility of KOYN is demonstrated by the fees generated from token exchanges going into the rewards balancer contract, with the goal of sustaining the network. This could be quite a large amount of KOYN when one begins to conceptualize many countries across Africa all using it as a medium of exchange.

Lowering Volatility Through Daily Exchange Rates & Network Buyback Function
In countries across Africa, government entities set daily exchange rates for local currencies. The KOY Network will be adhering to these daily exchange rates, in order to ensure easy adoption at a local level. Similarly, there will be a daily exchange rate set for KOYN itself.

With this in mind, the network will have a fund where anyone who wants to sell KOYN will be able to do so at 5% below the daily rate. KOY Network will buy it and maintain enough reserves to make these purchases.

Knowing that you can always sell KOYN at a given price will help the entire KOY economy run smoother by lowering volatility. It also improves the user experience by ensuring that there is always a market for KOYN to be bought and sold.

Token Distribution & Staking Rewards

As with all Web3 projects that GoodBlock takes part in, it’s important that there is an equitable distribution of tokens from the start. KOY Network is no different, and the 1 billion KOYN tokens are planned to be distributed as follows:

  • 100 Million for Founders, Advisors & Partners: To those who have been helping to launch KOY Network – vested over a 4-year timeline.
  • 50 Million for Presale: Initial token presale.
  • 350 Million for IEO: Initial Exchange Offering for public purchase.
  • 150 Million for Ongoing Auctions: Distributed through transparent monthly auctions as part of the network’s tokenomic design.
  • 350 Million for Staking Rewards: To be distributed to those who hold and stake KOYN for a set period of time.

The staking rewards are a particularly notable part of the KOY Network’s tokenomics; users will be able to stake their tokens into various pools with increased rewards the longer they stake. The staking rewards system gamefies the network’s liquidity creation over a long timeline, allowing applications to easily project the network’s economic viability.
Learn More about KOYN Tokenomics at our Upcoming Event
We hope you’re just as excited as us for the launch of KOY Network and its potential to revolutionize financial markets. If you’d like to learn more about KOY, head over to koy.network or check out our recent event with the KOY Network team.

We’ll also be hosting another event on October 13 at 16:00 UTC, so be sure to follow us on Twitter to stay in the loop on updates and other news.

For details on acquiring KOYN Tokens, check out the KOYN Fair Sale:

The KOY team is currently conducting a token presale to give community members and those in the Antelope ecosystem an opportunity to acquire KOYN tokens at an attractive rate.

To further honor their roots in the Antelope ecosystem, they’ve initiated the #AntelopeAccess program. Through this program, individuals can join the KOY Telegram channel and exchange their Antelope-based tokens for KOYN.

Once the #AntelopeAccess program concludes, a Fair Sale will be launched on the koy.network website. During this Fair Sale, KOYN tokens can be purchased using USDT from the Ethereum blockchain.

 

GoodBlock Technologies is an app developer and Block Producer candidate on the Telos Blockchain Network, with a focus on 2 of the pillars of Web3.0; Governance (decidevoter.app) and Decentralized Cloud Storage (dstor.cloud). Vote for goodblocktls, and learn more at goodblock.io.

KOY Network is a distributed ledger system designed to support smartphone apps serving Africa and its diaspora situated across the globe. Learn more at koy.network.

GoodBlock Website: https://goodblock.io/
KOY Network Website: https://koy.network/

Social Media:
KOY Network Twitter: @KoyNetwork
GoodBlock Twitter: @goodblockio
dStor® Twitter: @dStor_cloud
decide® Voter App Twitter: @decide_Voter

Medium: https://medium.com/goodblock-io
LinkedIn: https://linkedin.com/company/goodblock
Telegram: t.me/goodblocktls

Disclaimer: This article is for informational purposes only and should not be considered as financial or legal advice. Readers should conduct their own research and consult with professionals before making financial decisions. These tokenomics are subject to change based on legal guidelines or requirements.

GoodBlock Partners With KOY Network: Bringing Scalable Financial Infrastructure to Africa

GoodBlock Partners With KOY Network: Bringing Scalable Financial Infrastructure to Africa

by | Sep 26, 2023 | Blockchain, GoodBlock News

GoodBlock Partners With KOY Network: Bringing Scalable Financial Infrastructure to Africa

GoodBlock® is excited to announce their partnership in the upcoming launch of the KOY Network. KOY Network is Africa’s super computer, a distributed financial infrastructure, powering trade through payments, logic and other digital services. GoodBlock’s CEO, Douglas Horn, will be working in the role of CTO for the network, with GoodBlock offering technical support as the network evolves.

It’s an extremely exciting time for the KOY Network, with the Antelope Access program open for the foreseeable future. To celebrate this epic milestone for the ecosystem, GoodBlock is running a contest on our Twitter! Stick around to the end of this article to find out how you can win part of a 2000 KOYN prize pool!

Please note that nothing in this article should be construed as financial advice.

How KOY Network is Revolutionizing Digital Infrastructure in Africa
The KOY Network is positioning itself to solve some of the biggest financial problems in countries across the continent of Africa. Historically, the continent of Africa has been left behind by traditional banking systems despite the large amount of wealth created in the nation’s natural resources. Instead of the efficient banking system that Western countries are familiar with, the financial system in Africa is made up of a series of fragment monopolies across local jurisdictions, which benefit the companies providing the financial services, rather than the people using those systems. The user experience of these systems are also lacking, relying on old cellular networks, dated technology and long settlement times.

KOY Network aims to overcome these challenges, bringing cutting edge financial infrastructure to users across the continent. By operating as a private blockchain protocol, based on the powerful Antelope tech stack, KOY Network will allow local financial service providers to build financial applications on top of it, which abide with varying local jurisdictions. The network will then tie together numerous local economies across the nation in ways that have never before been possible. With the continent of Africa being home to the youngest population worldwide, KOY Network aims to capitalize on the opportunity to introduce leading financial services to young people across the nation.

“Africa is absolutely ready for the leap forward into Web3 commerce,” said Betty Waitherero, founder of GreenTrace.io. “Being the first chain built specifically for the African continent, I am hoping to see businesses that are built by African developers that specifically meet African needs and can work in our emerging economies. I see Koy Network providing the tooling and infrastructure to bring communication, financial technology and online economies to life for African people.”

How GoodBlock Designed the World’s Fastest Blockchain on KOY Network
GoodBlock is excited to be a part of the KOY Network launch team with GoodBlock’s CEO, Douglas Horn working in the position of the network’s CTO. With a strong background in both technical infrastructure and Web3 development, as well as a notable involvement in the launch of several groundbreaking blockchain projects, GoodBlock is well positioned to ensure that KOY Network emerges as a leading example of what is possible when cutting edge technology is combined with impactful real world use cases.

“Over the past 5 years, I was working on Telos, and we made a lot of functional economic innovations there. But those were solving the problems of 5 years ago,” noted GoodBlock CEO, Douglas Horn. “The problems of today are much different, and being able to use what I’ve learned over the past 5 years is an exciting opportunity. KOY Network is a really cool economic tool that allows us to solve a lot of new problems that would not be possible in any other system.”

A key part of GoodBlock’s role has been designing the technical infrastructure the KOY Network will run on. Of all Block Producers across the entire Antelope ecosystem, GoodBlock has the fastest validator available. This was achieved through a combination of leading hardware components and innovative software refinements.

On KOY Network, the GoodBlock team is able to take things to the next level, thanks to its private design. With public Antelope blockchains, throughput needs to be optimized to accommodate the speeds of the slowest node on the network. This puts a significant ceiling on the network’s ability to scale effectively. Because KOY Network is a private network, all nodes can be optimized to the maximum specifications for effective throughput.

The GoodBlock team plans to implement similar design choices to their public Antelope node across all private nodes on KOY. With this in mind, the team estimates that the KOY Network will be up to 4x faster than any other Antelope network. The team will also have the ability to prove this through dedicated mainnet tests as opposed to the testnet tests that other networks utilize. Additionally, this will be showcased with sustained speeds. The goal of all of this is to achieve the accolade of world’s fastest blockchain.

The Unique Economic Advantages of KOYN Utility
GoodBlock has also been heavily supporting the network through tokenomic design for its native token, KOYN. Under Horn’s leadership, the team has developed a series of notable economic improvements that will set the network apart from other economic systems, both in Web3 and traditional finance.

Perhaps the most notable design choice when compared to other Antelope chains is that KOYN is not an inflationary token. There is 1 Billion KOYN in existence and there will always be only 1 Billion KOYN. A key reason this is possible is because, unlike most other networks, KOYN is not utilized as payment for network validators. Instead, service providers will pay KOYN Network outside the system for the network resources. This allows the value of KOYN to be dictated strictly by its unique utility and not as a means to pay infrastructure providers.

The utility of KOYN is quite unique in that it acts as an atomic intermediate trading token for value exchange between local currencies in Africa. Again, thanks to the network’s private design, the economic system is able to achieve new functions that are not possible on public blockchains, with transaction rewards being returned to token holders through staking rewards. Also unique to KOYN is a fund where, every day, KOY Network sets a daily price for KOYN, based on government exchange rates in local jurisdictions across Africa. This fund will then be available to buy back KOYN at 5% below the daily exchange rate. This is part of an automatic fund that will grow overtime in order to maintain reserves for this function. This greatly reduces the volatility of KOYN, making it even more effective from a utility standpoint. Between the lack of an inflationary mechanism, the ability to sell KOYN back to the network at any time, and an attractive staking rewards program, GoodBlock designed KOYN to stand out when compared to other network tokens.

KOYN Token Fair Sale
We’ve had many people in our community and the Antelope ecosystem asking how they can acquire the KOYN token that powers the network. The KOY team is currently running a token presale to allow those interested to access the token at a competitive rate.

In order to honor the founders roots in the Antelope ecosystem, the team is running #AntelopeAccess, a program where people can join the KOY Telegram channel and swap their Antelope based tokens for KOYN. Once that program ends, a token sale – called Fair Sale – will be opened up from the KOY Network website, which will take USDT from the Ethereum blockchain.

Join the #KOYNLaunchParty for a Chance to Win 200 KOYN!
To celebrate the launch of KOYN and GoodBlock’s involvement in the upcoming launch of the network, we are running a contest for our community! We will be giving away 10 prizes of 200 KOYN.

Here’s what you need to do to enter for a chance to win:

  • Go to koy.network and learn all about what makes KOY so unique.
  • Head to our X Profile and find our pinned Tweet: https://twitter.com/GoodBlockio/status/1706794428139032703
  • Like the Tweet.
  • Comment on the Tweet and Tag 3 Friends.
  • Quote Tweet the Tweet, and write what you love about KOY Network with the hashtag #KOYNLaunchParty.

Each action will grant you one additional entry in the contest, which will run from September 26 to October 3 at 4:00pm UTC, and winners will be announced on October 6.

The #KOYNLaunchParty is Just Getting Started!
We hope our community is just as excited as we are for this new milestone in Antelope innovation. GoodBlock is grateful to be a part of such an epic project alongside a talented community of builders. Stay tuned for more articles soon where we’ll be diving into both the economic design and technical advantages of the KOY Network, as well as the massive impact it will have on the continent of Africa.

Don’t forget to take part in the #KOYLaunchParty contest for a chance to win 200 KOYN. If you don’t win, those interested will still be able to acquire KOYN through the KOYN presale which is coming soon.

Be sure to follow GoodBlock on Twitter to stay in the loop on all the latest news from KOY Network, dStor, decide and more.

GoodBlock Technologies is an app developer and Block Producer candidate on the Telos Blockchain Network, with a focus on 2 of the pillars of Web3.0; Governance (decidevoter.app) and Decentralized Cloud Storage (dstor.cloud). Vote for goodblocktls, and learn more at goodblock.io.

KOY Network is a distributed ledger system designed to support smartphone apps serving Africa and its diaspora situated across the globe. Learn more at koy.network.

GoodBlock Website: https://goodblock.io/
KOY Network Website: https://koy.network/

GoodBlock Social Media:
GoodBlock Twitter: @goodblockio
dStor Twitter: @dStor_cloud
decide® Voter App Twitter: @decide_Voter

Medium: https://medium.com/goodblock-io
LinkedIn: https://linkedin.com/company/goodblock
Telegram: t.me/goodblocktls

KOY Network Twitter: @KoyNetwork

 Disclaimer:
The information provided in this article is for informational purposes only and should not be construed as financial or legal advice. Investing in cryptocurrencies and blockchain projects involves risks, and readers are encouraged to conduct their research and seek professional advice before making any financial decisions. GoodBlock and KOY Network do not endorse or provide investment recommendations for any specific cryptocurrency or token.