Introducing the Koy Network; It’s Time for Africa!
After more than five years of hard work securing government licenses and business partnerships, the KOY Network team is excited to announce that the KOY Network mainnet is LIVE, and our first Fair Sale is set for September 18th, 2023. We hope everyone reading this joins us on this next step of our journey!
LEAD THE HERD
There are a variety of ways for KOY community members to support KOY during its initial voyage. Below are some of the most imminent opportunities for participation.
Antelope Access
Strategic sales are being facilitated at the KOY Network team’s discretion in the KOY Network Telegram group: https://t.me/KOYNetwork
The goal of these sales is to give Antelope community members the opportunity to join the latest Antelope protocol chain. The KOY Network benefits from the Antelope protocol software developed and maintained by the entire Antelope community over several years and we will honor that by allowing Antelope users the opportunity to engage in the strategic round otherwise reserved for strategic partners making large purchases. Strategic sales are at a discounted price, and allow potential strategic partners, developers, and liquidity providers to buy in amounts that might not be available during the fair sale. This phase of the sale will allow Antelope community members to swap EOS, WAXP, and TLOS tokens for KOYN at a favorable rate. This group of buyers may also request a custom, five-character account name on the KOY Network (subject to approval) which is a service that will not be offered to other buyers. Strategic sales are slated to end on September 17th, 2023.
Fair Sale
A sales portal will be live on the KOY Network website (https://koy.network/) starting on September 18th, 2023 and will run through October 7th, 2023. Those who participate in the Fair Sale will lock in their KOYN at a discount compared to the upcoming IEO. The Fair Sale will have referral rewards available for buyers of KOYN. Buyers of KOYN will receive a referral code to share with family and friends. Whenever someone uses the buyer’s referral code, the buyer will receive a reward equal to 10 percent of the total purchases on KOYN made by buyers using their referral code, sent to their Koy account at the conclusion of the Fair Sale.
The Fair Sale will accept USDT on the Ethereum mainnet blockchain only. With no minimum investment limits, this means that even those with small pockets can stack up lots of KOYN, and work their way up to becoming an elephant (the KOY Network equivalent of a whale).
Initial Exchange Offering
An Initial Exchange Offering (IEO) is slated to take place in January, 2024 with an exchange that is compliant with the new UK crypto regulations. This date is subject to change based on market conditions and amounts raised in the Strategic sales and Fair Sale stages. IEO partner to-be-announced after the Fair Sale is concluded.
Stampedes
There will be a variety of competitions and events happening starting September 18th, 2023 through October 7th, 2023. Join the KOY Telegram channel (https://t.me/KOYNetwork) and the KOY Network Twitter account (https://twitter.com/KoyNetwork) to participate. Millions of KOYN will potentially be given out via the referral rewards and the competition rewards, so don’t miss out on the chance to earn KOYN by leveraging your talents and network!
ROADMAP
TOKENOMICS
The tokenomics of KOY are different from pre-existing DPOS / Antelope chains, although it does use the Antelope protocol. Key differences:
1. KOYN, the economic token on the KOY Network, is a liquidity token. This means that anytime anyone swaps currencies on the KOY Network ecosystem, KOYN will act as the intermediate token to facilitate the swap. This aims to solve the liquidity inefficiency of other defi swapping protocols that require distinct liquidity pools for every conceivable trading pair, diluting liquidity. KOY Network token swaps will always use KOYN as an atomic intermediary token and KOYN owners will receive pro rata shares of overall trading fees collected without having to pick specific pools or risking so called impermanent loss. Since KOY Network will support a number of fiat currencies, KOYN is needed to ensure a minimum amount of currency/ trading pairs and allow for maximum liquidity at all times.
2. KOYN does not represent any chain resources (RAM, CPU, NET, etc). Resources will be handled by the KOY Network infrastructure teams and will not be visible to users.
3. As the intermediary trade token providing high efficiency liquidity, KOYN will earn rewards for those staking it into the system. For the first five years of operations, these liquidity fees will be supplemented by a regular flow of additional rewards to KOYN token stakers. Due to the liquidity efficiency achieved by KOYN’s use as an atomic intermediary liquidity token, people staking KOYN do not have to make decisions about what pools to stake their tokens into. The system smart contracts will regularly rebalance liquidity needs based on system usage. This benefits liquidity providers by eliminating the risk of so-called “impermanent loss” and by eliminating the need to constantly monitor staking pool statistics to obtain the optimal return.
4. KOYN will always have a buyer of last resort in the KOY Network. Each day, KOY Network will offer any KOYN in its buyback account at a published daily price and will buy back KOYN tokens from any seller at price 5% below this price. All purchased KOYN tokens will be available for sale at the published daily price in the future. This aims to provide an automated system for reducing downside token volatility that plagues most speculative crypto tokens. It will also modulate daily upside volatility, but as the published price can be updated daily, it is intended to provide the type of stable growth that aids real economic assets over purely speculative ones.
5. Buyers will also be given the opportunity to purchase KOYN tokens via fair, transparent monthly auctions from the Auction Pool of 150M KOYN, made available over five years. Each month, the auction reserve will release new KOYN tokens for sale via 7-day transparent pro rata auction. In a transparent pro rata auction, bidders submit bids committing the total amount they wish to pay to purchase KOYN tokens. All participants can see the bids submitted by others in real-time and therefore, the price of KOYN tokens in the auction is constantly visible because it is the total KOYN tokens to be issued / total funds committed in bids. This ensures all bidders have equal information about the current bid price and can find a free-market price. Once the bidding process is over, the tokens are allocated among the bidders based on their pro-rata share of the total funds bid. This auction process establishes an outside “reality check” on the value of KOYN tokens outside the system and allows new bidders to enter the KOYN economy beyond secondary token markets.
These are just a few of the key differences between KOY Network and other Antelope/dpos chains. For the complete structure of the KOY Network tokenomics, please see the Koy Network whitepaper.
ABOUT THE KOY NETWORK
Conceived in 2018 by Richard Erikodi, the KOY Network is a groundbreaking initiative aimed at transforming the financial services industry in Africa. Erikodi, a Kenyan native based in the UK, saw a hole in the market and set out to fill it. While other blockchain networks have targeted the Global North and Asian communities, there has not yet been a project that has come through on its promises to empower Africa. Starting with Kenya, the KOY Network has begun in earnest to cultivate key partnerships, both commercial and national, in order to create a blockchain that facilitates REAL CHANGE for people in the region and beyond. Unlike other jurisdictions and governments, the Kenyan government has shown itself to be open to working with, and building #web3 based solutions for its citizens, and the KOY Network is one part of a larger goal to help Kenya and other African countries rebuild African infrastructure for the better.
The KOY Network accomplishes this by providing a blockchain-based platform for remittances, financial services, and various digital applications. By harnessing the power of third-generation blockchain technology, the KOY Network offers efficient, secure, and low-cost transactions, catering to a user base that has long been underserved by traditional banking institutions and relies heavily on outdated mobile money services.
Richard partnered early on with Douglas Horn as CTO and system architect to create a powerful economic foundation for the KOYN token with meaningful improvements in liquidity, utility, and value preservation over existing models and to deploy a high performance infrastructure to ensure 40,000 TPS capacity.
Horn is the founder of the Telos Blockchain Network and a co-founder of the Antelope Coalition that maintains and extends the Antelope codebase used by Telos, EOS, WAX and other blockchains, including KOY Network. His block producer team, GoodBlock, originally developed much of the custom software used in operating. GoodBlock’s block producer infrastructure is typically among the fastest 1% of all node providers on Antelope Coalition mainnets due to specific hardware developments that will also be deployed on the KOY Network, powering an expected 40,000 tps for the KOY Network.
The KOY Network Ecosystem in Africa
- KOY Blockchain Protocol: Built on the open-source Antelope.io Leap 4.0 protocol, the KOY Blockchain Protocol employs a Dedicated Proof of Stake (DPoS) model with modifications for a permissioned network. This ensures high-speed, secure, and reliable transactions, overcoming the scalability issues faced by existing mobile money services.
- KOY Wallet Super App: The super app serves as the gateway for users to access a wide range of financial services and applications seamlessly. It offers lower costs, greater capacity, and flexibility compared to cellular-based competitors.
- KOY Exchange: Accessed within the super app, the KOY Exchange facilitates easy transfer of funds between countries and different mobile money services, breaking down barriers to financial inclusion and promoting economic growth.
CONCLUSION
The KOY Network is poised to play a pivotal role in Africa’s economic transformation. With a focus on providing accessible, affordable financial services, it can bridge the gap in financial inclusion and promote economic activity and growth. By harnessing the potential of blockchain technology, the KOY Network offers a brighter future for Africa’s youth, entrepreneurs, and the continent’s overall development.
As Africa continues to embrace technology, education, and financial inclusion, the KOY Network stands as a testament to the region’s resilience and potential for unprecedented growth and prosperity. Africa’s economic fabric, much like the colorful Kikoy cloth, is being woven with threads of innovation, connectivity, and financial empowerment.
ABOUT THE TEAM
Richard Erikodi — CEO
BSC Accounting and Management Information Systems.
London School of Economics
- Koy Network Founder
- dotSEND Founder
- LinkedIn Profile
Douglas Horn — CTO
University of Southern California
- GoodBlock CEO
- Koy Network Co-Founder
- Antelope Coalition Co-Founder.
- Telos Network Founder & Whitepaper author
- LinkdIn Profile
We would also like to thank **all the team members who had full dedication, efforts and enthusiasm making this happen. You know who you are and will share a separate post acknowledging your value to the team and this commitment not only for Africa as our main focus, but the entire world.
Together we stand for our common goal:
“It’s time for Africa”.
**We highly acknowledge these wonderful and dedicated team members who have contributed a lot and successfully aligned to the KOY Network goals.
Betty Waitherero, Leah (summerskin), Stelios, Fycee, Andriana, Adam Zientarski, Arjun, Kaitlyn, Destiny Marshall and the GoodBlock Team.
