Your post is a little misguided, for someone who claims to be a crypto expert you get most of the detail wrong. For example your tweet about the hidden secret account is just incorrect, most blockchains have a root account where the tokens are issued at the time of creation, of course it is going to have a large balance, it does not go toward the in circulation. Given they have an exchange, not surprised they have a couple of big accounts in the system to provide liquidity, this gives me some confidence.
I checked out their project and git code and the fact they pay a yield on the tokens backed by gold is pretty sweet, can't find anywhere on your pages where you are willing to pay me for anything?
No it isn't, you misread it. Let me try to walk you through it.
"Until the recent explorer update, which added the circulation calculation to the top of the page, the root account (and perhaps other accounts) had a hidden transaction history on the Kinesis Chain Explorer."
This is absolutely correct. Where the transaction history normally appears for other accounts "Account does not exist!" was displayed until the update adding the circulation figures.
Now the history does display, but the balance shown on the explorer is incorrect and different than what the blockchain data shows. This means the explorer doesn't work properly, even after the latest update. This address seems to be one of the mint addresses and as of January 5, 2023 it had a negative balance of -3,074,484.00 KAU meaning it brought 3,074,484.00 new KAU into existence. The explorer says it holds 99,996,925,516.0999900, the explorer is just wrong.
The coins in circulation looks to be very standard and your post is again incorrect. Check out https://cheesecakelabs.com/blog/mint-burn-assets-stellar-network/ when you burn in Stellar its not like a piece of paper that you burn and its gone, you need a native operation to return the asset to the issuing account and it is taken out of circulation, not sure why you did not know this?
The coins in circulation is anything but standard, review the blockchain data more carefully.
The link you provided is an article from November 2022 talking about Stellar assets and their Soroban smart contracts platform. Soroban was not released until 2022.
Kinesis forked stellar in March 2019 and still runs an old and obsolete version of Stellar which includes the inflation operation. Stellar removed inflation in late 2019.
Kinesis doesn't use Stellar "assets", instead they actually run two instances of Stellar. On one instance they replaced XLM with KAU and on the other they replaced XLM with KAG. Their stated reason for doing this was to support their yield system and for high performance. It isn't clear whether this was the only way to do it on Stellar in 2019 or just they only way they could figure out. They certainly could have used Ethereum but they claimed it was too slow. They said they needed thousands of transactions per second to support their ambitious "parallel monetary system". In reality between March 2019 and January 2023 KAG needed less than one transaction per hour and KAU needed about 2.4 transactions per hour to support the demand for transactions on each blockchain. For reference Bitcoin processes about 7 transactions per second and Ethereum about 14. Ethereum can process the entire KAU history in under 2 hours. It doesn't seem like they really needed a "high performance blockchain" so far.
The explorer, like the blockchain itself, shows far higher token balances than the claimed circulation. A working block explorer shows correct balances and correct circulation. The Kinesis Chain Explorer is still totally broken.
Your post is a little misguided, for someone who claims to be a crypto expert you get most of the detail wrong. For example your tweet about the hidden secret account is just incorrect, most blockchains have a root account where the tokens are issued at the time of creation, of course it is going to have a large balance, it does not go toward the in circulation. Given they have an exchange, not surprised they have a couple of big accounts in the system to provide liquidity, this gives me some confidence.
I checked out their project and git code and the fact they pay a yield on the tokens backed by gold is pretty sweet, can't find anywhere on your pages where you are willing to pay me for anything?
No it isn't, you misread it. Let me try to walk you through it.
"Until the recent explorer update, which added the circulation calculation to the top of the page, the root account (and perhaps other accounts) had a hidden transaction history on the Kinesis Chain Explorer."
This is absolutely correct. Where the transaction history normally appears for other accounts "Account does not exist!" was displayed until the update adding the circulation figures.
If you don't believe the screen shot in the Twitter thread you can check it on archive.org - https://web.archive.org/web/20230115084204/https://explorer.kinesis.money/account/GDTYNME5HX3FCFDS4D3R3LTVH3DFLSB5HWVTV3VVL4PBGQ6SCKC7J3PD
Now the history does display, but the balance shown on the explorer is incorrect and different than what the blockchain data shows. This means the explorer doesn't work properly, even after the latest update. This address seems to be one of the mint addresses and as of January 5, 2023 it had a negative balance of -3,074,484.00 KAU meaning it brought 3,074,484.00 new KAU into existence. The explorer says it holds 99,996,925,516.0999900, the explorer is just wrong.
https://explorer.kinesis.money/account/GDTYNME5HX3FCFDS4D3R3LTVH3DFLSB5HWVTV3VVL4PBGQ6SCKC7J3PD
There are a lot of problems with the yields as well - https://twitter.com/cryptoinformer0/status/1617488905074532353?s=20
The coins in circulation looks to be very standard and your post is again incorrect. Check out https://cheesecakelabs.com/blog/mint-burn-assets-stellar-network/ when you burn in Stellar its not like a piece of paper that you burn and its gone, you need a native operation to return the asset to the issuing account and it is taken out of circulation, not sure why you did not know this?
The coins in circulation is anything but standard, review the blockchain data more carefully.
The link you provided is an article from November 2022 talking about Stellar assets and their Soroban smart contracts platform. Soroban was not released until 2022.
https://www.crypto-news-flash.com/stellar-lumens-launches-smart-contract-platform-soroban-big-updates/
Kinesis forked stellar in March 2019 and still runs an old and obsolete version of Stellar which includes the inflation operation. Stellar removed inflation in late 2019.
https://developers.stellar.org/docs/encyclopedia/inflation
Kinesis doesn't use Stellar "assets", instead they actually run two instances of Stellar. On one instance they replaced XLM with KAU and on the other they replaced XLM with KAG. Their stated reason for doing this was to support their yield system and for high performance. It isn't clear whether this was the only way to do it on Stellar in 2019 or just they only way they could figure out. They certainly could have used Ethereum but they claimed it was too slow. They said they needed thousands of transactions per second to support their ambitious "parallel monetary system". In reality between March 2019 and January 2023 KAG needed less than one transaction per hour and KAU needed about 2.4 transactions per hour to support the demand for transactions on each blockchain. For reference Bitcoin processes about 7 transactions per second and Ethereum about 14. Ethereum can process the entire KAU history in under 2 hours. It doesn't seem like they really needed a "high performance blockchain" so far.
Might I ask why you didn't know this?
Have a look at this diagram to see how new KAU flows into the system according to the blockchain data we analyzed - https://twitter.com/cryptoinformer0/status/1617578159570063363?s=20
The explorer, like the blockchain itself, shows far higher token balances than the claimed circulation. A working block explorer shows correct balances and correct circulation. The Kinesis Chain Explorer is still totally broken.
You're welcome.
Response to the article: https://twitter.com/cryptoinformer0/status/1618235674158862336?s=20