Ever wonder what a settlement layer that is both fast and reliable with secure payment processing would be like? Well, you’re in luck! We are thrilled to announce the upcoming rollout of Koii’s K2 settlement layer today (2/22/22) as part of our continued efforts to keep building and to make Koii Network a seamless experience.
K2, the next layer of the Koii ecosystem, is a high-speed settlement layer that will expand the capacity of our network to over 150 billion daily Proofs of Real Traffic (PoRT) along with the near-instant transactions.
This allows Koii to provide a fully decentralized application infrastructure without compromising user experience. This focus on customer experience is a critical factor as blockchain adoption reaches mainstream audiences.
Supporting our existing work on Task Node infrastructure, the K2 settlement layer enables accelerated communications and increased payment security. As the testnet is opened to the public over the coming months, existing Task operators will update their systems to take advantage of these new features. If you’re interested in testing the network or building a dApp of your own, you can RSVP here.
The K2 settlement layer structure is made of Koii task nodes (K1) which is built on top of storage networks like Arweave. These task nodes read and write data from other blockchains and transfer values using K2 to process transactions instantly. K2 contains Rust contracts which increases the low-level efficiency of task executions.
This epoch-based consensus layer is a new addition to the Koii ecosystem. It ensures that our nodes can operate with comparable speed to those of Web 2.0 networks without compromising decentralization — essentially a better-decentralized solution with the speed of Web 2.0 networks.
Over the next few months, we will offer migration incentives for existing Koii users to move their KOII tokens and NFTs to this new system and support migration assistance for projects building on Koii. While the new K2 layer is not a mandatory upgrade, it will provide increased security and more efficient functionality.
For users who have tokens on other networks, K2 will support wrapped tokens, ensuring that you can always have the best experience possible, and instant transactions too.
Features of the K2 Settlement Layer
Check out some of the reasons we’re rolling out the K2 layer below.
Incredible Transaction Speed
The K2 settlement layer has a near-instantaneous transaction speed of up to 2000 tps. K2’s incredible speed is scarcely found in the blockchain except with a few Layer-2 blockchain solutions coming out. This is one of the biggest advantages of K2 and one reason we’re so excited about the launch.
Near Constant Uptime
A system is only useful if it is available to be used, so we’ve ensured that after testing for hundreds of hours, the K2 settlement layer boasts of a near-constant uptime. We understand that network failure is a huge drawback and high availability translates to maximum profitability for everyone. As a result, we’ve pulled out all the stops to ensure that there are rarely ever downtimes with K2. From scheduling security patches at the least inconvenient times to improving caching and thorough performance tests, the K2 settlement layer has been built to have high uptime.
Secure Payment Processings
We understand that Web 3.0 and blockchain space has been a target for bad players looking to exploit financial loopholes. Those malicious actors are the reason we built a secure payment processing system into K2. Users will enjoy an efficient and frictionless experience where they are protected. K2 is independent—the failures of other networks do not affect the system in any way.
Increased Capacity for Proof of Real Traffic (PoRT)
Koii is a protocol focused on building infrastructure to enable a more open and transparent internet. Proofs of Real Traffic (PoRT) are one of the unique solutions that make the Koii Network stand out on the blockchain. The Koii Network created and use the PoRT mechanism to power the applications built using Koii’s infrastructure. For example, NFTs owners can benefit from the attention their assets receive online through PoRTs unique capabilities. These NFTs earn KOII tokens proportional to how much attention they receive. The same PoRT mechanism is adapted to K2 but with a significantly increased capacity (up to 150 billion per day). With this, NFT creators and owners can continue to earn passive income by putting their idle assets to work.
New Settlement Layer
K2 provides a brand new settlement layer for bundling tasks and transactions. Everything about this layer just feels new and fresh: from the speed and uptime mentioned above to its efficiency. K2 will be a leader amongst settlement layers and many blockchain solutions will be playing catch up. We think it would be great to get in early on this new layer.
K2 is here for you
The K2 settlement layer is a fully decentralized payments graph operated by staking KOII tokens. K2 ensures that the Koii Network will not be compromised when other networks have downtime or potential security issues. K2 is a perfect product fit for builders and creators on the blockchain.
If you are interested in building on K2, start with a grant application and you’ll be well on your way. Join the Koii-munity to get the latest updates for K2 and other products in the Koii ecosystem.