The bitcoin network is not as decentralized as many think. If we analyze the hashrate distribution, we will notice that joining a few pools we will have more than 50% of the hashrate, approximately.
Also, few are those who have the financial condition to be able to purchase necessary mining equipment that pays a good amount per month. In this case, we are talking about ASICs, super-powerful machines specific to this case.
In the world of altcoins, we have a lot of discussion about this. I refer to the levels of centralization of a project. How centralized is the project you believe in? In this article, get to know Kulupu, a democratic project, where the community can decide the direction of the project based on an on-chain governance system.
Kulupu is a cryptocurrency with a blockchain-based on the Substrate framework. It presents a Proof of Work consensus with on-chain governance and online upgrade.
Substrate is like a template, model or base for building your blockchain natively compatible with Polkadot, in a modular way, providing security and communication to the Polkadot network.
Proof of Work as many of you may already know refers to the fact that you provide computational effort to mine blocks and validate transactions on the network. As a reward, you receive KLP for having contributed to the network.
Proof of Work parameters:
- Algorithm: RandomX
- Block time: 60 seconds
- Total issuance: Governed on-chain, expected to be no more than 210 million KLP. Check out the Debate on the emission curve here.
- No premine — Kulupu was launched in September 2019 and there were no pre-mined coins. In other words, it was launched fairly so that everyone who wanted to could mine it.
- ASIC-Resistant — It is resistant to mining with super powerful ASIC machines. This is possible thanks to the use of the same Monero algorithm: RandomX.
- Censorship Resistant and Accessible to everyone
- On-chain governance and forkless upgrade — Democratically elected council community members and members can make proposals to decide the direction of the project. KLP holders can vote on proposals. As it was built on the substrate, its upgrade system is highly modular, like LEGO pieces, and forkless. In other words, a split in the network can hardly occur and the consensus can be easily changed as the adjustment of the mining difficulty or the mining algorithm itself.
- About Security — A miner provides security at a specific point-in-time for the network. Meanwhile, that specific point-in-time security is expected to have the ultimate effect on the blockchain for a certain period of time. In terms of security aspects, block reward lock and signed mining allows them to secure the network in general and also prevent hash power rental attacks and botnets.
- Treasury System — Because it has a democratic network, Kulupu allows a good governance system to be organized with Treasury, where KLP coin holders will decide how funds can be spent. The treasury taxation system is fair and voluntary, reducing mismanagement and centralization.
- Smart Contracts — The Kulupu network will allow the creation of Smart Contracts for different purposes. This system of smart contracts is actor-based, solving some problems of the common call-based system of smart contracts, improving the payment of fees, compatibility with previous versions, and others. (Still in Progress)
- Interoperability — In the future, it will allow interoperability, that is, the ability to communicate with other blockchains. This is a common feature of Substrate-based cryptocurrencies, facilitating communication with the Polkadot network and others.
Kulupu means community or group in the Toki Pona language. Toki Pona is a philosophical language created by Canadian linguist Sonja Lang. Philosophical, as it is inspired by Taoist philosophy and seeks to bring positive vibes, helping in the concentration of basic things. It is summarized in minimalism.
This name makes perfect sense about the Kulupu cryptocurrency project, focused on something democratic where the community, through a council, can participate in decisions on the direction of the project.
Founder and Council
The project’s founding developer is Wei Tang. He works as a core developer at Parity Technologies, working on Substrate, Polkadot, and Ethereum. Wrote the proof of work consensus engine for Substrate. He has a passion for decentralized communities and open source projects.
The council is made up of members of the community. They are democratically elected through community votes. Among them are, at the moment when I write this article: Wei Tang, Set Animals, sgaragagghu, Jack, Legend, blackholebrowsing, Emiel, Nakashu, Crypto Humanist, Dillion and many others…
Regarding wallets, one of the most recommended by the community is the Web and Desktop Wallet: polkadot-js. It is with it that you can interact with the governance and treasury system. Learn how to create a wallet through this guide produced by Kulupu Warrior.
It has also recently been added to the Math Wallet multi-platform wallet. That is, you can also store and transfer KLP through the mobile with the application of this wallet.
Web Wallet: https://polkadot.js.org/apps/
Be a part of Kulupu Governance: https://medium.com/@poul9857/guide-to-start-voting-be-a-part-of-kulupu-governance-2c614ba8f19
Polkadot for Beginners: https://www.youtube.com/watch?v=kw8eu2VadFA
Note: This article aims to contribute informative content for you. I present this, based on my opinion. I am not responsible for your gains or losses. When you finish reading, do your study and invest at your own risk.