Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 773. (Read 1191996 times)

It's again time to update the calculator, how many Bitcoin for the 15% bonus?

Total BTC invested (plus bonus) + BTCD swapped (plus bonus) / 90M coins = your coins.

I dont think the last part is accurate unless something has changed.

James was a adviser to Waves and waves is using his multigateway tech.

I invested.
BTC increased distribution will be like that?

I'm a true believer of this project. Good luck Dev

I have great expectations.
I hope not suffered disappointing.

A Guide to Better Understand Komodo v.0.1

Understanding Komodo could be separate into three things: 1) Zcash, 2) dPoW, 3) SuperNET

If descriped in one sentence: Komodo is a Zcash PoW fork that adds the dPoW consensus on top of it and integrates into the SuperNET ecosystem.

- Zcash -

Komodo is a Zcash fork, so we will have all the same privacy features as they have. This includes having both transparent and protected transactions. We will also use the same trusted setup as they do.

What is Zcash?
Zcash is an implementation of the "Zerocash" protocol. Based on Bitcoin's code, it intends to offer a far higher standard of privacy and anonymity through a sophisticiated zero-knowledge proving scheme which preserves confidentiality of transaction metadata.

Relationship with Zcash
Komodo is not involved with the Zcash project in any way. However our lead developer jl777 was involved with discussions about Zcash protocol design. https://github.com/zcash/zips/blob/zips27.reorganisation.1/protocol/protocol.pdf

Tursted setup
Some people have critized the Zcash because there is no way to verify whatever they did successfully destroy the "toxic waste". This question is highly relevant for us too, because we will use the same parameters. It should be noted though, that it is enough if just one person managed to successfully destroy their private key. If someone would somehow manage to get all the private keys it would grant him a way to counterfeit more Zcash coins and KMD coins. For more info, see:
https://bitcointalksearch.org/topic/m.16257692
https://bitcointalksearch.org/topic/m.16352842
https://bitcointalksearch.org/topic/m.16636554
https://z.cash/blog/generating-zcash-parameters.html
https://z.cash/blog/the-design-of-the-ceremony.html

Mining
As our initial concensus we will have the same equihash PoW mining as Zcash has. However, because we add dPoW on top the mining aspects are not the same, see dPoW section for more info.

Competition with Zcash
We don't see ourselves competing with Zcash as we are simply the first fork of the many Zcash forks we expect to see. Zcash's open source code allows any project to integrate a privacy technology to their platform. We have discussed the Zcash competition aspect before, see:
 - https://bitcointalksearch.org/topic/m.16592269
 - https://bitcointalksearch.org/topic/m.16592178

- dPoW -

dPoW is a brand new consensus mechanism that provides bitcoin security to all other dPoW chains. Only Komodo has to attach itself to Bitcoin blockchain, and for others it would be more economical to attach to Komodo blockchain because Komodo has lower tx fees than bitcoin.

Why dPoW?
We developed dPoW so we 1) get better security for Komodo, 2) third party blockchains can use Komodo as an additional security layer, 3) SuperNET can achieve its own vision about independent assetchains.

Notary Nodes
64 notary nodes will handle the bitcoin blockchain notarization. Notary nodes are elected by Komodo coin holders.

Elections and running a notary node
If you want to run a notary node we highly recommend you to start one in our testnet. Join #notarynode channel on SuperNET slack. More info:
https://github.com/SuperNETorg/komodo/wiki/Setup-Komodo-Notary-Node
https://www.komodoelection.com/
https://steemit.com/komodo/@komodoplatform/notary-node-elections
https://steemit.com/komodo/@komodoplatform/komodo-zcash-pow-with-dpow-consensus-mechanism
https://komodoplatform.useresponse.com/topic/can-you-give-me-information-about-the-notary-nodes-election-process
https://komodoplatform.useresponse.com/knowledge-base/article/do-we-need-to-have-the-dedicated-server-already-in-place-for-the-vote-or-is-it-enough-to-describe-the-server-which-will-be-ordered-after-a-successful-candidacy

Mining
Notary nodes will do majoity of the mining because they will have a lot lower difficulty. The other 'normal nodes' can also mine, but it won't be economical as long as the notary nodes are also online.

Round robin mining will ensure that there won't be notary node mining wars and that Komodo tx fees will stay low. For more info see: https://komodoplatform.com/notary-mining-wars-and-how-to-avoid-them/

5% APR
5% APR is expected to be accrued automatically (no actions required) by detecting when the funds arrived in the output and calculating the accrued interest. the total inputs are then adjusted by this amount. It has nothing at all to do with mining or notary nodes. For more info see: https://komodoplatform.com/how-to-implement-5-apr/

Notarization
Komodo's block hashes are recorded to Bitcoin blockchain through group signed transactions. The Komodo blockhain history cannot be changed without also changing the bitcoin blockchain's history. Thus if you make a komodo transaction and wait for it to get notarized the transaction will get secured by Bitcoin's hashrate.

Value Proposition
Third party blockchains can use Komodo to get the Bitcoin level security. The dPoW consensus can be thought as an additional security layer or a two-factor authentication method for blockchains. We believe that we will continue to see more and more blockchains and those will require a way to secure themselves. By using Komodo they pay tx fees to our network, and additionally they can choose to use our high capacity notary nodes.

We will make it as easy as possible for other blockchains to get the bitcoin security through Komodo. Currently the Stratis Platform is interested about using dPoW to secure their private chains. https://www.youtube.com/watch?v=uiIYj9d8bOU&feature=youtu.be&t=1877

Seamless transition
If all the notary nodes would suddenly dissapear the Komodo blockchain could continue to function as it would seamlessly transition into the equihash PoW mining done by the 'normal nodes'. However, without notary nodes the system would lose the bitcoin protection.



more info
https://steemit.com/komodo/@komodoplatform/komodo-zcash-pow-with-dpow-consensus-mechanism

- SuperNET -

Komodo is part of a broader project called SuperNET. SuperNET needs Komodo because:
 - SuperNET needs the best anonymity technology
 - dPoW to secure SuperNET's assetchains
 - The ecosystem needs an infrastrucutre coin - a blockchain - that other SuperNET technologies can use. (SuperNET aka UNITY is an asset without a blockchain).

A Short Roadmap
SuperNET has an extremely ambitious roadmap that includes
 1) assetchains that allow anyone to create their own asset with its own blockchain
 2) multiwallet where those assets can be stored, including many coins like Bitcoin and Komodo
 3) atomic swaps, so that people can trade their coins from the multiwallet without counterparty risks
 4) pegged assets - which are another asset created from the assetchains - that solve the problem of price volatility

History
SuperNET had an ICO back in 2014. Its original vision was to build services on top of NXT, and cooperate with other blockchain projects, aka 'corecoins'.

SuperNET successfully created a decentralized exchange where custom tokens were traded on Nxt Asset Exchange. This project is known as MultiGateway and is still working today. http://multigateway.org/. Related to this is a multiwallet called SuperNET lite client, that was also build on top of Nxt. That project is also still actively used. https://tosch110.github.io/SuperNET-Lite-3/

The next big thing coming from the team was InstantDEX, an ambitious project that would create a decentralized trading layer between decentralized and centralized exchanges. The backend was build on top of the Nxt and only a GUI was missing. However, due to Nxt's new development path the Nxt's dependency had to be removed from all SuperNET services.

It was a hard choice made by jl777 that caused the entire project to take multible steps back, and InstantDEX never had it's release. Because of the choice the SuperNET's roadmap was considerably widened with even more abitious goals. jl777 wanted SuperNET to not be dependent on third party services/blockchains and began to develop Iguana.

Overall this caused a lot of concern among some investors, who started to belive nothing would never get fully finished. Nonetheless the development continued and progress was made, but it has been under the radar of most people.

Today the backend code is working, and jl777 is connecting all the pieces together. Our community/team is finding bugs and the technology is more and more polished every day. We also have freelance GUI devs working and we are getting ready to introduce our ecosystem to the broader crypto community.

Komodo is a major missing piece that will ensure we get Notary Nodes, dPoW, and funding for development.

If you still doubt that there has been no progress read this post: https://bitcointalksearch.org/topic/m.16173959

Why we need funding
See this post: https://bitcointalksearch.org/topic/m.16734523

GUIs
Komodo can be used in Iguana GUI in its transparent mode. Another GUI is beind developed that will also have the protected (anonymous) mode. For more info: https://steemit.com/komodo/@komodoplatform/komodo-gui-graphic-user-interface-update

From here you can see all the Iguana GUI updates: https://imgur.com/a/mi6SU

PAX
Each PAX asset has its own blockcahin (assetchain), and those are secured by dPoW. For more info see this post: https://bitcointalksearch.org/topic/m.16703712

Ecossytem
Everything jl777 has been developing ties together into this big ecosystem of decentralized solutions. The different parts need each other and together they will power-up a bigger system that will go head-to-head against the old fiat system. In this vision the dPoW and Komodo play a big role.

Our open source code
Iguana - https://github.com/jl777/SuperNET
Komodo - https://github.com/jl777/komodo
Assetchains - https://github.com/jl777/assetchains

More info
https://steemit.com/iguana/@komodoplatform/the-silent-progress-of-deep-tech
https://steemit.com/komodo/@komodoplatform/q-and-a-supernet-iguana-and-the-role-of-komodo

Anonymint is a very smart guy, that's why he's positioning himself as a jl777 advisor for posterity. He knows KMD has good prospects, and he's obviously checked and knows the ico is well under 3k btc. Attaching himself to jl777 is TRUMP like brilliance

All these trolls coming out the wood work. I wonder who the master of the trolls are hmmmm....

In any case, would people rather infinity than a 30,000 BTC cap? We are not even at 2500 BTC and people are crying over the max.

2500 BTC for the 2 years James has been working on the tech and him writting by himself for the most part, is nothing when a copy past coin can get much more.

Komodo is the future, let it be known.

30 000 BTC Cap

We are again talking about this

If we could go back in time we would not set such caps, as this clearly causes a lot of misunderstandings. Our goal was never to rise 30 000 BTC, but rather 1000 BTC minimum, and anything over that would allow us to increase the notarization expenditure and hire more full-time people. The 30 000 BTC was an arbitrary cap.

Why we need capital

dPoW & Notary Nodes

It costs a lot of money to do constant group signed Bitcoin transactions. About 100 notarizations per day would cost ~0.3 BTC/day, which is 9 BTC/month.

Our plan is to attract third party blockchain to use Komodo's dPoW as an additional security layer (like 2FA for blockchains), we will make the process as easy as possible and according to jl777 they might not even need a hard fork. However, for them to take our service seriously we must be able to show them that we are able to continue running the service long in the future. Thus we have decided that we need at least 10 year buffer of tx fees. The tx fees alone would cost 1200 BTC in the 10 year period. Of course eventually the system will become self-sustaining as other blockchains will use our service and pay tx fees to Komodo.

Then we have the 64 high capacity notary nodes. To them we guarantee an income of at least $500 / month. They will get revenue from the block tx fees and block rewards. However if that is not enough we will pay the difference, so that they will receive at least $500. From that info we can calculate worse case scenario where we would pay the full $500/month: 64 NN x $500/month x 12 months = 384 000 USD/year.

Development

Komodo has a central role as an infrastructure coin in the SuperNET ecosystem. Komodo is in fact the only coin as all the others are just assets, e.g. SuperNET (UNITY) is an asset. Komodo will bring security via dPoW and privacy via Zcash zero knowledge proofs.

SuperNET has an extremely ambitious roadmap that includes
 1) assetchains that allow anyone to create their own asset with its own blockchain
 2) multiwallet where those assets can be stored, including many coins like Bitcoin and Komodo
 3) atomic swaps, so that people can trade their coins from the multiwallet without counterparty risks
 4) pegged assets - which are another asset created from the assetchains - that solve the problem of price volatility

We need GUI devs: jl777 has created a lot of the basic low level tech, but many applications are still missing GUI.
We need project managers: jl777 is the lead deveveloper / architech - not a project manager - and our project really needs a strong management team
We need C devs: currently it would take a lot of time for someone to replace jl777, so we need more people who understand the low level tech we have
We need testers: we need to remove all the bugs before the end users can use our product.

That said, we are currenlty hiring so send us your application: [email protected]

It is so expensive

We hope it is now clear that we really do need capital, and without it our project could never succeed. Thus far the SuperNET develoment has been going on with half steam, as we 1) haven't had a strong project manager, 2) we have had only part-time freelance GUI devs, 3) testing has been done by the community members on their free time... however jl777 has been coding 24/7 since he started the project in 2014, and that is really the reason why we have gotten as far as we have.

If we would have received only 1000 BTC, for example, then we would have had to decrease the cost of notarization. That would have meant less notary nodes and slower notarization speed.

Now that we already have received over 2000 BTC we really want to thank our investors as you have already guaranteed that we can setup the notary nodes and continue the development with bigger full-time team!

Thank you.

As intelligent as iamnotback is, take note of the constant self-aggrandising nature of nearly all of his posts. Count the number of 'I's he uses to express himself, and ask yourself if a clinically self absorbed character like him, has the necessary capabilities to judge others. Ask this multiple-identity fantasist, what he means by "my public reputation", before you give weight to his opinion of others.
We have 'history' on this forum, so expect a diatribe of rambling text, when he reads this.    
Just saying.

I think there is no ZCASH anymore at all.

Why would people invest in KMD? I don't see anything interesting here. 30,000 BTC, or people getting crazy or what? That is like $18,000,000 in a virtual coin that doesn't offer anything???

You will not get better analysis about investing in KMD ICO than this guy (who was initially supposed to work with James on this ICO)

Read his honest opinion on james capability, 30,000 BTC cap and potential reward for investors.


It is about time james acknowledge that he wont be able to take advantage of this ZCASH hype and raise 30,000 BTC + 5000 BTC (from BTCD swaps). He will raise more BTC if he limits this ICO to 10K BTC + BTCD swaps now than waiting and hoping that noobs will part with their BTC with this ZCASH hype.

The developers' command of the English language leaves much to be desired. They butcher the language to such a degree that it's hard to make heads or tails of what they're trying to convey in the interview.

Yup there is no limit to greed of some devs.

and to top it up 5000 BTC worth of BTCD swap to further dilute the ico investors reward.

I put a fraction of a Bitcoin into the ICO....but only because I misread the ICO page.
The ICO is capped at 30,000 BTC???
I thought it was 3000.  Guess I'll have to wear my glasses next time.

30,000??? For real?

This is true about the ICOs. I just don't know if it's because that's just what's happening, or because of Bitcoin.

All the ICO are doing poorly after launch and this will be no different. Dev is just trying to cash on the zcash hype which is failing spectacularly.

And don't forget more than 5000 BTC have already been raised from BTCD swaps in addition to noobs parting with their BTC in the ICO. So the total raised shown is misleading. This ICO has already raised equivalent to 7500 BTC and looks to me bloated considering the second grade quality dev and his team.