KONET Network

KONET Mainnet upgrade adopts Proof of Stake for enhanced efficiency and security, featuring advanced mechanisms such as EIP-1559 for fee burning and PoSDAO for decentralized governance, fostering stable participation in staking for network contributors.

Features

Efficient PoS Consensus

KONET's shift to Proof of Stake (PoS) enhances efficiency, allowing users to stake tokens for block generation privileges, reducing operational costs.

EIP-1559 Fee Burning

Activation of EIP-1559 introduces fee burning, bolstering security, and ensuring a sustainable token ecosystem.

PoSDAO for Decentralized Governance

PoSDAO contract deployment enables decentralized governance, fostering community engagement in network decisions.

Operating Mechanism

Following the upgrade, the KONET Mainnet will transition from the Proof of Authority (PoA) consensus algorithm to the Proof of Stake (PoS) consensus algorithm. This means that the right to generate blocks is proportional to the amount of tokens staked, allowing participants to gain block generation privileges by staking a certain amount of tokens.

It is an energy-efficient consensus mechanism with high transaction processing capabilities.

Technical Changes

Network improvements, drawing inspiration from Ethereum's London upgrade, enhance overall performance and security. This includes activating mechanisms like EIP-1559, burning transaction fees to control token inflation, and deploying the PoSDAO contract for decentralized governance.

Stable staking is ensured through strategically set up PoS nodes, fostering a robust and secure environment for active community participation.

Update and Deployment

At a specific block height, a fixed additional issuance of 5% of the total mining quantity will occur from the current overall issuance. All network nodes will undergo updates to align with the new protocol.

Incurred network fees for ecosystem development will be subject to burning, with a portion allocated to the Reserve Pool.

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Information

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Whitepaper

Highlights of the KONET Network

KONET Network is revolutionizing the Ethereum ecosystem with its AI-powered, high-performance Layer 2 solution, offering unmatched scalability, cost-efficiency, seamless EVM compatibility and Fully Optimism OP Stack powered platform.