Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 742. (Read 1192398 times)

Notary Node Election Details

We will use the ICO funds to guarantee a certain payment for the notary node operators. In this way we will ensure that we will have quality notary nodes and our network is reliable.

There will be 32 - 64 notary nodes. We will ensure funding for at least 32 notary nodes, but there could be up to 64. Each region has its own election and its own budget, thus each region will have at least 8 notary nodes and an equivalent budget.

Each notary node candidate can decide themselves how much guaranteed subsidy they require to run a node. They are able to set this figure for each node they operate, and it can be anything between 0 and 100 %. The full 100% subsidy means that they need a guaranteed payment of $500/month.

The total guaranteed amount is $16,000 per month, or $4,000 per month per region. In other words we could say the total guaranteed amount is 3200 %, or 800 % per region.

Each candidate must publicly announce the subsidy required, and that may affect how people vote. Who ever gets the most votes wins the election and is guaranteed to be able to run a node. The subsidy percentage they require is subtracted from the total budget, which is 800 % for each region. This process will continue until all subsidy is gone. The end result is at least 8 nodes per region, but probably more as some candidates won't need a full 100% subsidy.

An example

Region A has 6 candidates with 400 % subsidy. [for simplicity, but we will have 800 % subsidy]

After election we count the votes, and the result is as follows:
1. Alice - 211 votes (subsidy: 100%)
2. Bob - 190 votes (subsidy: 100%)
3. Charley - 187 votes (subsidy: 50%)
4. Dan - 122 votes (subsidy: 75%)
5. Mike - 88 votes (subsidy: 90% )
6. Tom - 51 votes (subsidy: 50% )

-> Alice is the winner, and gets elected, 300% subsidy left
-> Bob finished second, and gets elected, 200% subsidy left
-> Charley gets elected, 150% subsidy left
-> Dan gets elected, 75% subsidy left
-> Mike does not get elected, not enough budget
-> Tom gets elected, 25% subsidy left

Region A ended up with 5 notary nodes, and 25% subsidy was left over.

At the end those left over subsidies are combined from all 4 regions, and another notary node is elected - if the total subsidy is enough.


The Guaranteed Subsidy

A 100% subsidy means that with the ICO funds we will guarantee an income of $500/month. However, it is possible that we won't have to pay anything if the mining revenue is more than $500/month.

There will be 1440 new block each day, and each block has a 3 KMD block reward, which means there will be a 4320 KMD income per day.

With 64 notary nodes each would receive 4320/64 = 67.5 KMD/day -> 2025 KMD/month [Note that possibly we won't get 64 notary nodes, which would mean more income per node]

With the current exchange rate of 0.00012909 BTC/KMD the notary node would get 0.26 BTC/month = $190/month.
 -> thus we would pay the node $310 in BTC, so that their total income is $500/month.

When KMD price goes over $0.25 dollars we don't have to pay any subsidy.

Sorry for the delay, we will do it as soon as we can.

Howcome the spreadsheet in signature bounty has not yet been validated . The ICO was already finished.

We should vote for jl777
http://www.coindesk.com/vote-coindesks-most-influential-blockchain-2016/

I am selling my mined zcash to buy BTCD right now. will keep swapping whole year i think

ZCASH supply will increase 20X after a year. whereas KMD will increase 5% after a year. So anyone buying ZCASH at the moment either doesn't understand the consequences of hyper inflation or is overestimating the ZCASH hype.

On other hand KMD annual inflation rate is 5%. So for KMD price to not fall from the ICO levels all that is required is that KMD holders just HOLD.  Even if no new money comes in to buy KMD, its price will not fall from the ICO levels. Whereas ZCASH need 20x more money in a year to sustain current price.

If ZCASH is able to pull of bringing that new money in then ZCASH marketcap will be circa. 150 million USD in a year. whereas KMD at current price circa. 10 million USD.

Taking your pick is obvious. A super inflationary coin (ZCASH) vs KMD.

I expect annual elections, unless there are special circumstances that require switching some specific nodes

Until the KMD price is over $1, I think annual elections are sufficient.

Of course, in the event that the price goes up dramatically, then there will need to be more frequent elections.

It is a balance and I am open to suggestions on the best election schedule. It just seems that monthly or even quarterly elections are just too frequent, so it goes to annual

I heard the rules for voting are not set in stone yet. Ask jl777 for more details.

Ah, didn't know that.
How is it organized? Can I change vote later on and its "just" the initial vote, or is it bound to the KMD forever?
Just curious, because Im setting up Komodo nodes as we speak... 

Thanks for the updated

Thank you for your notice. I wonder when the windows wallet is available for distribution and exchange?

The exchange rates got adjusted, based on more accurate calculations:
1 BTC = 7746,521995 KMD
1 BTCD = 50,42041779 KMD

These are now the final numbers!

Eventually the EasyDEX GUI will be incorporated to the same environment, but at first they are two separate things.

Nice, glad NLG was added to the wallet too, one of the few coins i hold, plus Komodo coin 

By the way, can we do coins exchange from our Iguana wallet too?

Yes, 10 % was reserved for bounties, advisers, and development. We have enough KMD to pay for the bounties, and what is left over will stay in our capital. The bounty was fixed to BTC price.

Yes it still says this in the FAQs.
But thanks for the updated information.

Boogieman made a long update about the Iguana multiwallet.