KunciCoin - Executive Summary
KunciCoin Whitepaper Ver. 2.0.0
“KunciCoin”. Bridging the gap between Web2 and Web3 payment ecosystem.
The future of the internet will be defined by the builders who keep progressing toward the future and adapt to it from time to time. Countries that have higher technological adoption tend to be more established over time. While the generation of webs also has been proven to change the behavior of society so far, it is the perfect example of how things have been progressing nowadays. Now we are inevitably moving towards the web3 culture where the narrative of digital ownership, data privacy protection, and double-spending prevention has been built. While some crypto projects might already be trying to get into the idea of connecting the web3 with the physical world, the era of transferring values between web2 and web3 hasn't been in its final form.
In this work, we present the KunciCoin ecosystem, where the best of both worlds can meet. Picking the right mechanism to get the expected output is very crucial because it is always looking after cheaper, high throughput, and secure transactions within the process. While proof of stake consensus is starting to become the alternative to what proof of work may lack, the cross-chain nature still needs a reliable interoperability bridge system to avoid system malfunctions.
To ensure long-term sustainability, it is important to make sure that we carefully let the ecosystem grow pace by pace as the overall infrastructure gets better, the acceptance increases, and not rushing for the sake of just following the trend. Moreover, besides the uncertainty and security aspects, the literacy of how the industry operates also becomes a significant barrier for people who are eager and curious to do daily transactions with cryptocurrencies. Thus, as presented in this paper, we are working towards building a sustainable ecosystem that is incentivized with KunciCoin as a form of payment within the ecosystem, by utilizing the public blockchain architecture and conventional business models, through a couple of framework implementations such as APIs and smart contracts.
This is notably experimental; where parameters are specified, they are likely to change. Mechanisms will be added, refined, and removed in response to community ideas and critiques. Large portions of this paper will likely be revised as experimental evidence and prototyping give us information about what will work and what not.