Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 712. (Read 1191996 times)

Gotcha.  I'm still just having trouble grasping why there might need to be such a big cut down on the number of elected individuals as KomodoPlatform mentioned.  Especially when the number of candidates is significantly less than the number of available spots.  And as you mentioned, some individual candidates are even running nodes in different regions to have those regions covered.  

Installing and running the BTCD client is a bit difficult, and the syncing takes days.

Most of the 33 candidates are running nodes in more than one region. So we have enough nodes. I myself am running only one node, for example. But I am the exception.

Mathematically 8 nodes will not get elected, no matter what happens. It could be more though, and probably is. We do not guarantee funding for 64 nodes, but for 32. In the absolute worst case scenario 36 nodes would not be elected, but that would require every candidate to run with 100% subsidy requirement (which is not going to happen). At this point we only know that the number is somewhere between 8 and 36.

A realistic guess would be that ~15-20 nodes will not get elected. That's enough to take these elections seriously, and as you can see many candidates do. Some have already invested considerable amount of money into this as they have been running the nodes for months.

The current situation is definitely not nice for the candidates, as some of them have to continue to pay money to keep their nodes online, and there is still no guarantee that they get elected. We did warn about the financial risk the candidates are taking, but we try our best to short this out and get the elections started. As far as I can tell the ICO site is very close to get finished, although it has taken a lot longer than we all hoped and thought it would.

We cannot delay this thing forever, and I think we should consider alternatives options if necessary.

Have you guys considered a deadline for Plan A? Like if site is ready by Monday go with Plan A, if not.do Plan B.

To elaborate, I think it's clear that the extra time has been useful to shore up and continue development on a number of fronts, and if that needs to continue, I think that's time well spent.  But in case all that we're waiting on is the ability for the ICO site to accept BTCD transfers for those that don't hold a wallet, it may be worth calling a deadline date so things don't stretch out longer than anyone wants.

I can't imagine the revenue assets will add so much value that people will lose out so much if they can't manage to install the BTCD wallet themselves (vs. leaving on an exchange).  That being said I've installed the client, so maybe this is a selfish argument

Mathematically 8 nodes will not get elected, no matter what happens. It could be more though, and probably is. We do not guarantee funding for 64 nodes, but for 32. In the absolute worst case scenario 36 nodes would not be elected, but that would require every candidate to run with 100% subsidy requirement (which is not going to happen). At this point we only know that the number is somewhere between 8 and 36.

A realistic guess would be that ~15-20 nodes will not get elected. That's enough to take these elections seriously, and as you can see many candidates do. Some have already invested considerable amount of money into this as they have been running the nodes for months.

The current situation is definitely not nice for the candidates, as some of them have to continue to pay money to keep their nodes online, and there is still no guarantee that they get elected. We did warn about the financial risk the candidates are taking, but we try our best to short this out and get the elections started. As far as I can tell the ICO site is very close to get finished, although it has taken a lot longer than we all hoped and thought it would.

We cannot delay this thing forever, and I think we should consider alternatives options if necessary.

That's kind of my point.  I thought everyone who would have participated already has.  The deadline to announce candidacy is over is it not?  And it seems that pretty much all the current candidates will get elected as notary nodes.  So at this point, it doesn't make sense to have a two-week long election when everyone running is going to get elected anyway.  Would make more sense later on when there are more candidates running to vote for.  Maybe there's something I'm missing that you can point out.

That's kind of my point.  I thought everyone who would have participated already has.  The deadline to announce candidacy is over is it not?  And it seems that pretty much all the current candidates will get elected as notary nodes.  So at this point, it doesn't make sense to have a two-week long election when everyone running is going to get elected anyway.  Would make more sense later on when there are more candidates running to vote for.  Maybe there's something I'm missing that you can point out.

The elections are important, and we must give enough time for everyone to participate. No ninja elections

We understand that everyone would like to see KMD on the markets, but basically there's no real rush to do this. We want to make sure we get a good network up with quality notary noes, thus 2 week elections.

So KMD will be a a bit slower ?

Bitcoin grade security of Komodo will be as fast as Bitcoin. But we also have our own consensus which has faster blocktimes.

how fast komodo will be? If has to write on the bitcoin blockchain will be at least as slow as BTC (?)

it does look like quite a bullish pattern in terms of USD.

considering BTC is up to $1000+ from a low below $200 and BTCD price in BTC is still close to historical average is quite a strong sign.

it does look like quite a bullish pattern in terms of USD.

considering BTC is up to $1000+ from a low below $200 and BTCD price in BTC is still close to historical average is quite a strong sign.

While we all (myself included) patiently wait for the snapshot, elections, swap to begin, the komodod has reached a point of feature complete and in the validation stage. With the dPoW, assetchains, pax and DEX features it is quite a list to complete, but I am optimistic it will be achieved before the end of elections.

I am now coding LP node features, which are not a komodod hardfork even if it needs to be changed, so out of the territory that would incur delays for mainnet.

Which means I seem to be out of the critical path and am able to reduce my hours from the 16 hours per day * 7 days per week marathon in 2017. It has been a long stretch of nonstop coding and there is still work to be done, but the overall solution is in place and further work is about enhancing the basic system.

This reduction of reliance on me is a good thing, both for me and for komodo and SuperNET. After mainnet release, I might even take a short vacation.

If you want to track our usage of ICO funds, just follow the ICO BTC address. So far we have withdrawn a bit more than 60 BTC for monthly expenses. Our monthly expenses will be higher at first due to the development costs that are frontloaded and also without a KMD market, we need to spend the BTC instead of using KMD or pax fiat. As we get a KMD market, the pressure on our BTC expenditures will lessen as most of our expenses are denominated in fiat and if we can use pax fiat for that, it wont consume BTC.

I finally took the time to look at a chart of BTCD in USD and actually has been trending upwards since the dip at the beginning of August.   But the price is actually the highest it has been since October of 2014...so a 27 month high.

https://imgur.com/a/bia4u

I think I'm buying some more.

Polycryptoblog
the one question that has been bothering me about komodo,   is that is it possible to drive enough demand without  it resorting to be a currency? I know certain things will cause limited supply (investors holding for their 5%, coins locked up  in paxfiat conversions. coins on exchanges ) but  im not convinced its a stable enough foundation.   Definitely an awesome start to a foundation  but  we need more things that komodo can be used for or else there needs to be an economy developed.

jl777
"resorting to be a currency"? KMD is a currency, not sure what you mean by resort to
even if you dont hold pax fiat and just use it short term, you need KMD
also services will require KMD
compare KMD capabilities with any other crypto, its unique abilities will drive usage
when we add easy to use jumblr anonymization, then the zcash aspect also kicks in from an actual use standpoint

polycryptoblog
i meant by that, is that  external players   ( outside of SN projects and crypto exchanges )  have to accept KMD as a medium of exchange. That is an uphill battle.     Komodo through different services, like PAX and Jumblr and DPOW  provides something that people can exchange their coins for,  which is exactly what we need. But the other part of an economy,     coin -->physical goods   needs to be developed as well as 3rd parties to accept it for  other services.
 
i guess another way of phrasing it is:    How can we increase demand for KMD?

audo
I think we can say Komodo has two price drivers whereas many other coins have one of the two:
1) Komodo as a service
2) Komodo as money

We start with the service part and create some basic demand, and then the currency adoption will follow. It will take much longer to get adopted as a currency. However any bitcoin user will be buying some KMD if they want to erase the track-record of their bitcoin transactions (jumblr), and then slowly they might start using KMD as a currency too.

I would assume we can get a relatively stable market with the basic demand we get through the services. In that case as a cryptocurrency user I would treat BTC like a gold in a vault, and KMD as the currency of payment.

Maybe we could do some flexible KMD wallet where the user could send KMD anonymously to a bitcoin address (and then the KMD -> BTC conversion is done behind the scenes). That would be a bit cheaper than sending BTC -> BTC anonymously, as there would be one less conversion. That would encourage people to use KMD as money, kind of like a spending account.