Kontos
In recent years, blockchain technologies have led to many innovations, but the problem of their mass implementation in the lives of ordinary users remains. First of all, we are talking about the complexity of interacting with various blockchains and using cryptocurrency wallets.
- The first difficult step is to create your account in a cryptocurrency wallet. This usually involves creating a unique mnemonic seed phrase - a password of 12/24 code words that you need to remember, write down, store somewhere and not to share this seed phrase with scammers accidentally.
- The next problematic step for newcomers to the world of cryptocurrencies may be the acquisition of a cryptocurrency or a gas token of the network that your decentralized application uses and without which it will be impossible to transfer funds in the wallet.
- The third challenge for a beginner will be using several different blockchains, tracking their assets on different networks and moving between them. Moreover, the process of transferring tokens between different blockchains using bridges can be even more complex.
As a result, most users now manage multiple accounts and assets on different blockchain networks.
This becomes a major barrier to entry for newbies as it requires a certain level of technical skill and knowledge of various blockchain networks.
Can we use one account and one asset for all networks?
The Kontos project is designed to solve this problem by bringing closer “mass adoption”, the acceptance of cryptocurrency technologies by a wide mass of users.
Kontos has developed an innovative technology: L2 account protocol for managing your crypto assets, which uses zero-knowledge (zk) technology, offering one account for several different blockchains, providing a simple and convenient experience for users, especially beginners.
Its advanced architecture provides:
- transactions without having to pay for gas with a specific token
- security without having to use a mnemonic phrase,
makes user interaction across multiple blockchains easier than ever.
Kontos is one account and one asset for all blockchain networks.
This is one of the bright leaders in the Account Abstraction direction in blockchain technologies.
Account Abstraction is a concept in blockchain that proposes to unify the processing of accounts and smart contracts, making account management more flexible.
In traditional blockchain systems such as Ethereum, there are different types of accounts: user accounts and smart contracts.
Account Abstraction aims to make the account management process simpler and more convenient, allowing users to interact with the blockchain more flexibly without going into technical details.
Features of the Kontos protocol
1. Readable addresses and restoration of account access through social connections.
One of the most important innovative features of Kontos is the readable address system. Traditional blockchain addresses can be long and difficult to remember, making them error-prone and vulnerable to fraud. Kontos addresses are easy to read, making them easy to remember and to share information with.
In addition, Kontos offers a social account recovery mechanism that allows users to recover their accounts if, for example, a device is lost or stolen, relying on trusted friends and family members. This provides an additional level of security and peace of mind for users.
2. Using one asset for all necessary actions on the network and low gas tariffs
Users can use the only asset that they have on their wallet balance to interact with different blockchains, paying them gas and commissions. Additionally, Kontos offers low gas fees, which means users can transact across networks without worrying about high fees or having to have the right tokens to pay for gas.
3. Phone as a highly secure hardware wallet
Kontos offers a solution by allowing users to use their phone as a hardware wallet. This eliminates the need to purchase additional hardware wallets, making the technology more accessible to users.
To ensure the security of users' assets, Kontos directly interacts with L1 blockchains and uses their security measures as a basis. In addition, Kontos uses a light client-based internetworking system that ensures that all internetwork transactions are secure and tamper-proof.
A light client or light node is a piece of software that connects to full blockchain nodes to interact with them as an intermediary. A light client does not need to work 24/7 or read and write a lot of information in the blockchain because it does not interact directly with the blockchain.
Let's take a closer look at the Kontos architecture
The diagram shows the system architecture, which includes several key components that interact with each other:
- The user begins interaction through an application (H5/App), which has a built-in wallet. You can also act through Telegram and Discord bots created by the Kontos team.
- The Task Board lists various tasks such as Ethereum transactions, trading on Binance Smart Chain (BSC), buying NFTs on Polygon, playing games on Arbitrum, and so on.
- The tasks are then sent to the Broker Network and the Prover Network, which process the tasks and generate zk proofs. The broker executes tasks from users, prepays other assets needed by the user, commission fees, and redirects transactions to other blockchains.
- The Relayer Network synchronizes the block headers of different blockchains, such as Ethereum and BSC with the Kontos network.
- In the context of Kontos, A4 and EVM (Ethereum Virtual Machine) indicate compatibility with Ethereum and support for cross-chain operations.
- The final result is completing tasks and receiving rewards on the Kontos network, which connects user tasks to blockchain networks and decentralized applications (dApps) on various networks (for example, Ethereum and BSC).
Kontos is presented as a zk-friendly EVM-compatible network, emphasizing a focus on security and advanced protocol functionality.
zk-friendly (zero-knowledge friendly) - the system can handle or support transactions and processes that provide privacy without revealing unnecessary information about the parties or the content of the transactions.
EVM (Ethereum Virtual Machine) — a computing environment that allows you to run applications and execute smart contracts on the Ethereum blockchain.
The project is at a high stage of readiness, you can already test Kontos in the form of web-application, Chrome browser extensions or Kontos bot at Discord or Telegram.
The service is already gaining mega-popularity: more than 125 thousand user accounts are registered in the protocol.
Kontos has developed an innovative protocol, offering a single account for multiple blockchains, readable addresses, use of one asset for all activities, low gas fees, a phone as a hardware wallet, a mechanism for recovering account access through social links, and a higher security model for newbies. With these features, Kontos makes it easy to use blockchain-based applications and provides an easy entry point into the world of Web3.
Team
Kontos is not exactly a startup but an evolution of the Zecrey Protocol project.
Zecrey Labs is an experienced team that successfully implemented and developed the Zecrey Wallet cryptocurrency wallet in 2022-2023, until at the end of last year it decided to smoothly close it and move on to releasing a new generation product - Kontos Protocol.
They also continue to develop their NFT marketplace zkLegend, which will become part of the Kontos ecosystem.
A team of 14 people moved to Singapore.
Co-founders:
- Gavin Gao
Former Head of Engineering at Daemon Technologies and Head of the Blockstack PBC Technical Community
https://www.linkedin.com/in/gavin-gao-938651197/ - Bing Wang
Web3 builder
https://www.linkedin.com/in/bing-wang-a96819152/
Investors
Most of the investments were collected under the Zecrey Protocol, which evolved into the Kontos Protocol.
The most high-profile public investment was the appearance of Binance Labs as a lead investor in the Strategic round, investing $6 million in May 2022
- Binance Labs — is the top investment fund of the most famous cryptocurrency exchange Binance, which has created its own venture project for incubation, investment and development of blockchain technologies, cryptocurrency businesses, initiatives and communities. Binance Labs invests in strong projects and founders who build and maintain the decentralized network.
- The Spartan Group — tier 1 fund, founded in 2017, is an active investor in the cryptocurrency venture market.
The fund is affiliated with the banking consortium Goldman Sachs.
The company has invested in leading cryptocurrency companies and networks, and is also involved in Web3 capital raising and mergers and acquisitions. With a history of working with top-notch teams, deep industry knowledge and an impressive network of contacts, Spartan Group creates collective value with experienced startup founders. Takes a fundamental approach, combining it with careful project assessment and sound risk management. We supported the project from the very beginning, becoming the lead investor in the Seed round in early 2022. - Fenbushi Capital — founded in Shanghai back in 2015. One of the oldest Asian crypto funds with a very cool portfolio. The fund’s advisor is the creator of Ethereum himself, Vitalik Buterin. The most famous crypto projects in which the fund has invested are Flow, Consensys, Coinlist, Kusama, Messari, Dapper. One of the early investors in the Kontos project.
Among the investors there are many other well-known names: these are the venture divisions of the cryptocurrency exchanges ByBit and Gate.io, strong funds with a good reputation Amber and CMT Digital, time-tested Shima Capital and Fundamental Labs.
Token utility
$KOS token performs several important functions and are used for staking and receiving discounts for using the protocol:
- Staking: Allows you to become a validator node to distribute the system’s income from completing tasks on the blockchain.
- Discounts: The protocol currently supports users using any asset with a certain level of liquidity to pay various fees for executing tasks on the blockchain, even if the liquidity of those assets is relatively low.
The broker's system (Broker Network) sets the buy and sell prices for each asset, which are dynamically adjusted in accordance with changes in prices.
However, if Kontos assets are used as a means of payment, the payment price will correspond to the price on the spot market, without commissions.
Tokenomics
- Token: $KOS
- Network: Ethereum
- Our round: Series A
- Token price: $0.2
- Vesting: TGE 25%, then linear unlock for 12 months.
- TGE: Q2 2024. Negotiations are underway to list on the OKX exchange, using their launchpad of the OKX Jumpstart program.
Social networks, links
🌐 Website: https://www.kontos.io/
📁 Documents: https://docs.kontos.io/
🐦 Twitter: https://twitter.com/Kontosio
📱 Telegram: https://t.me/zecrey
💻 Discord: https://discord.com/invite/zecrey
💻 Medium: https://kontosio.medium.com/
An innovative L2 protocol for Web3 accounts that simplifies the use of blockchain-based applications and provides an easy entry point into the world of cryptocurrency.
A team of experts who have experience in creating workable products.
Top investors led by Binance Labs and Spartan.
The project is at the highest stage of readiness and will soon enter the market.
The token vesting period is short for our round, with a large unlock immediately on TGE.
We definitely recommend adding this popular and potentially top project to your crypto portfolio.