Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 645. (Read 1192398 times)

Under the hood it was actually quite tricky to make it work simply on the outside.

The big issue was how to get universal consensus to the satoshi, not to mention the wallet tx construction needed to know what actual value a utxo had. And this needed to be done to the existing bitcoin codebase.

The way I achieved consensus was to use the locktime field, which is typically unused and set to 0. I added a restriction that you cant specify a timestamp locktime that is far in the past. And locktime cannot be in the future as if it was it wouldnt even be accepted.

So, now we have a consensus safe timestamp for each utxo.

But we also need the "now" timestamp and we clearly cant use any clock as there is no way all nodes will have the exact same time all the time (if ever). What I used was the blocktime of the chaintip. So this means that when you make a new tx, the now is the time of the previous block.

Given these two timestamps, we get the fraction of the year and onto the number of satoshis for the prorated interest.

Now, astute readers will notice that between the time a transaction is submitted to the network and the time it is actually confirmed, might be hours away (ie bitcoin unconfirmed backlog). So wouldnt that mean that there wont be consensus on the interest calculation?

It turns out that there is a consensus, as by the time a transaction is confirmed, it will always have the prior block to the one it confirmed in. And thus there will always be a "now" timestamp that gets consensus. The discrepancy is that there will be a bit of interest that the wallet did not account for and this excess would end up as a higher than expected txfee.

maybe it is a bit wrong that the mining nodes that might be responsible for delayed blocks and the unaccounted for interests getting this as txfee, it is a very small amount and I dont intend to ever let KMD end up having hours and hours of backlogged transactions.

What was ICO price?
How much total supply?
How much BTC raised?

Thanks!!!!

"And people like money"   muahahaha. ( btw: I´m also interested in "how things work" so money wasn´t my intention )

yes!
That is basically the definition of compound interest.
It is an emergent property of how KMD 5% APR works, it is not specially coded to compound. It compounds if you compound by actively using KMD.

Some coins have used demurrage to try to motivate economic activity. While losing funds is a spur to action, I think getting a bit of compounding by being active is a more effective approach.

The difference between 5% simple interest and 5% compounded wont be that much, but it will be more than zero. And people like money.

dont try to overcomplicate it.
the rule is very simple.

EVERY utxo that has a locktime will earn interest if it is bigger than 10KMD at the rate of 5% APR to a max of 5%. eligible after it is one hour old.

It is based on utxo, not on address balance. that means each txid's output is independently accruing interest at the same time, without any additional work to do.

I hope that somebody in the community will be able to understand the rules and be able to answer questions related to this.

Also both komodod and iguana make sure that locktime is set, only mined blocks dont have locktime automatically set

Thanks, but i still don´t get this:

"That is very true, and in fact, you could get even more."  ... "If you want to accumulate even more KMD you need to get your interest to earn more interest. You won't receive the new coins until you have sent the coins, so the more often they are sent, the more KMD you receive."




Wait.. or do you mean this:

After 6 months i send my coins to a new adress:

100 + 2,5 = 102,5

Rest of the year i get 5% of 102,5 =  More than keeping it for 12 months in one wallet?!

Am i right?

Does anyone know if there is an equivilent of -datadir (this did not appear to work but usually does in 80% of QT wallets anyway) for iguana? I would like to keep the metadata (I use light mode) on my encrypted NFS storage.

Is this mean our old address where we stored KMD will not earning 5% interest anymore after a year?
So we need to send/stored in a new address in order to earn our next 5% interest? and we need to do this once a year right?

By the way, when we send KMD to the new address to earn our 5% interest, does our 5% interest send to our old KMD address or to our new address?  still confused about this

My experience:

- Downloaded Iguana, took a while. I suspect that was due to load on the server.
- Running Win 7 Professional
- Again, install took a while mainly due to downloading the C and MS packages
- Ran Iguana allowing network access as Windows asks.
- Opened in Basilisk mode.
- Copied and pasted seed.

Done! Balance available showing, 5840 confirmations. Played around a bit, no errors. Haven't tried to send as I'm not interested in moving my balance anywhere.

Nice work gentlemen, no problems at all if you are patient during the process!

Disclaimer: Your mileage my vary, can't account for everyone's system...
 

Lets do some math.
5% APR is what accrues, for all utxo older than an hour and more than 10KMD

After 1 month, 5%/12 has accrued. It is earned. It is "there", even though it doesnt exist anywhere. There is no record of this interest directly on the blockchain. However all nodes have a consensus to the satoshi of how much interest you have earned.The wallets take this into account when creating a transaction. So you can spend it.

After 2 months 5%/6 has accrued.
etc.

As soon as the interest has accrued, you can spend it. I am not sure what about this is unclear. It could be that all other systems are some sort of complicated thing that is entangled with block creation.

In KMD, you earn 5% per year, just by owning the KMD. Nothing at all has to be done.

This means even cold storage KMD is earning interest.

There is a cap of 5% total accrued interest per utxo, which means after a year you are not earning any more interest.

The compounding happens as a natural effect of being able to spend the accrued interest at any time

Thanks for the answer, but that´s not what i asked.  The 5%-thing isn´t the problem:
 ("I have 100 KMD in january.  one year later i send the coins to a new adress and receive 105 KMD, right? After next year i send to a new adress again, receive +5% and so on.").

Unlike the rest:

But what if i send the coins in june? Or i send 50 in June, 20 in july and 30 in november?



Related to my question above, what does this means exactly:

(" 'compound interest.' If you want to accumulate even more KMD you need to get your interest to earn more interest. You won't receive the new coins until you have sent the coins, so the more often they are sent, the more KMD you receive.")

the one year count from when you start using the new address, op can correct me if I am wrong. But as a finance major, I believe that's how it works. So with current payout address it will accumulate 5% for one year and then you will have to send to new address to get another 5%.

https://supernet.org/en/products/iguana 

Can somebody explain this for a noob?

https://supernet.org/en/resources/articles/receive-free-coins-quaranteed-kmd-interest



I have 100 KMD in january.  one year later i send the coins to a new adress and receive 105 KMD, right? After next year i send to a new adress again, receive +5% and so on.

But what if i send the coins in june? Or i send 50 in June, 20 in july and 30 in november?



Related to my question above, what does this means exactly:

(" 'compound interest.' If you want to accumulate even more KMD you need to get your interest to earn more interest. You won't receive the new coins until you have sent the coins, so the more often they are sent, the more KMD you receive.")

Is there a wallet for windows that can mine ?

Please give instructions on the GPU solo production under windows 7 x64. there 1500Sol idle speed 

Guys, i have problem compiling wallet under linux (i tested under u untu 16, 14 and debian)
Anybody have compiled binary that can send me on PM ?
Please

It's useless. Mining with CPU won't give you anything except a larger powerbill and a lot of headache diff has gone up from 30k to 300k in one day. No cpu will find a block now the GPU's are securing the network.

The Iguana wallet is available and the link to it is in the last few pages of this thread.  But the wallet doesn't withdraw from the komodoplatform ico site.  You do that with the Payout tab on the site.