Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 825. (Read 1192336 times)

Notary mining wars - and how to avoid them

Using PoW as the initial consensus mechanism creates the possibility that the notary nodes will start a mining war against each other. Now they are supposed to be a cooperative group so we hope this is just a theoretical issue, however I must have been more affected by the cold I had earlier in the week as I had calculated the end of BTC subsidy at $1.25 KMD price. Which, even in the most optimistic scenario was 5x increase, so I figured this was not an urgent issue to solve.

Now that ZEC futures are trading around $100, if KMD trades at 1% of ZEC, we are looking at $1 price. What is "worse" is that I was off by a factor of 5 and the end of BTC subsidy will happen at 25 cents KMD price. That is just a bit above the max raise value, so it appears that we need a solution to this.

The reason is that during the subsidy period, there is a financial balancing that can be done by withholding subsidy to a notary that overmined over the average. However if the KMD that is mined is well above the $500/mo, then this withholding wont have much effect.

    "blocks" : 13020,
    "connections" : 46,
    "difficulty" : 2.41007651,

With diff well above 1.0 for testnet, it does seem that a solution is needed.

with 1 minute blocks being sustained (actually more like 45 seconds recently), that is 1440 blocks per day or 43,200 per month. 1/64th is 675 blocks per month per notary or ~2000 KMD per month, so 25 cents price matches the $500/mo

What this means is that above 25 cents market price, there wont be need for much BTC subsidy. The bitcoin txfees would be the only BTC that is needed by the notary nodes.

Here is my proposed solution:

KMD can be in one of two modes: Notaries Active or No Notary

We are currently in the No Notary mode and it is the usual free for all PoW race. We have verified 1 min blocks are sustainable and so even in the even all notary nodes are disappeared, there is a fallback so that the KMD chain will continue on. Of course without notary nodes, there is no bitcoin protection, so we dont expect we will see such conditions other than right after genesis and before the first slate of notaries are selected, or some unexpected black swan event. I am also leaning toward just starting off with the testnet notaries as the official notaries, until there is the official election. We now have quite a few testnet notaries, but it isnt too late to get your node participating, especially for North America(!) or Asia (eastern europe). European nodes are getting very close to the 16, if not already there. We dont have any African or South American nodes yet.

For the Notaries Active mode, I propose the following to avoid notary mining wars:

At each height, a single notary node gets to mine at the current difficulty, this will rotate in a round-robin so each notary node gets 1/64th of the current difficulty blocks.

At all heights, the rest of the notary nodes get to mine at 10x the current difficulty.

Everyone else gets to mine at 100x the current difficulty.

####

I believe the above will make any mining war between notary nodes uneconomic. It does have the issue of transitioning from Notaries Active mode, as if all notaries are gone we need to get a special tx confirmed to switch to No Notaries mode, but that would require 100x the hashrate. However, using a GPU it appears that 50x or more the hashrate of the default miner can be achieved and assuming it is from a baseline of around 1.0 to 2.0 diff, we will be able to get the special tx confirmed within 10 minutes.

Notice a good side effect of this is we can easily detect a specific notary node that is not generating blocks on their turn, just by looking for blocks that take ~10 minutes. That is a painful duration, but not any thing so drastic, so I think any unreliable notary node that subjects the rest of the network to multiple 10 minute blocks will soon be voted out by the majority of the other notary nodes.

Since the notaries will be operating as a cooperating peer group, and they are most directly able to tell the lagging notary, I think the usage of notary majority to replace a misbehaving notary will keep the set of  official notaries reasonable. It could well be that after the initial election, there wont need to be a general election at all.

Of course, there still needs to be a provision for a global notary election after the initial slate and a one third notary node + special signature will be able to effect just a new slate of notary nodes.

Not sure about limiting the power of the majority notary nodes to replace 1 node at a time is a good idea or not. By limiting the number of such replacements per time period, it can limit the rate of change of notary composition. Then if it looks suspicious, a general election of all notary nodes can be invoked to put a stop to the one-by-one installation of crony notaries.

One thing to keep in mind is that this will not be a machine driven thing, but a human driven one. So there will be chat logs available to see why a certain notary was replaced with another.
 

More than bounties , its the platform that counts. The reliability and viability toward consumers are the factors of which a blockchain project will gauge as a successful and therefore profitable.

We did have some bounties. Here are the bounties currently active:


All possible future bounties will be announced in this thread! Also, jl777 has nothing to do with bounties

Hi people...

So... Komodo looks like a really cool project. I've run through the white paper and it looks interesting. On page one there's an indication that 10 million tokens are reserved for bounties, but I'm not seeing any info on how to participate... Can anyone advise.

thanks

I now have 2 nodes installed and running. 2nd one is in France.

I believe that they will happen in the future......I have been running a BTCD wallet constantly for well over a year (apart from the odd reboot and blackout) and have never seen any div's apart from MMBTCD.

Somebody may well know more than me. It appears that James has finished the code for everything but is constantly let down by the GUI guys.

Cheers Jon  

So basically those 5% dividends dont add anything at all if there is no dividends to be paid as you are mentioning?!

AFAIK the answer is 0...... we were getting regular div's from MMBTCD but that has ended......... but one day soon

Cheers Jon

are there any numbers how much the revenue shares, monthly are worth in BTC currently?

Thanks!

sorry, any bounty social media?

Buying-wise, there are three ways to get KMD:
- Invest BTC during the ICO.
- Buy BTCD and swap it.
- Buy it after the ICO.

If one thinks that the price of KMD will be lower than its ICO price then it is better to wait. Otherwise, I don't see any reason for BTCD not to reach prices >= 0.00425 unless all the BTC investors invest on day 1. As long as the price of BTCD is less than its equivalent in BTC for the different phases of the ICO (counting bonuses), it seems preferable to buy BTCD and swap it later. This will make the BTCD price rise (at least for the duration of the ICO).

looks it's a nice plan,watching it

post ICO trading is hard to predict. All I can do is continue to complete the dPoW and release the mainnet. Then get the easyDEX deployed. Then continue with the tech roadmap of assetchains, pangea, pax, smartchains. The market will do what it does.

dPoW release is just the start. The current codebase is designed to solve a lot of the practical problems crypto has. With dPoW providing the bitcoin security, it enables all the other solutions which otherwise would either be too slow or not secure enough

KMD-BTC price is expected drop not BTCD-BTC. If anyone is buying BTCD now for 0.0042 then converts into KMD and dreams to sell at 0.0053 then the price will drop.
Also, what you have recommended is not what others plan to do. And that's where problems arise.

If you have BTCD, it is simple.

Hold it until after the snapshot and then you have up to one year to convert to KMD.
Whoever says the BTCD price will drop a lot after conversion is active seems to miss the fact that the conversion is possible.

Anyway, we have made the recommendation on the best path for BTCD holders many times. Not sure why people are still confused

with  a signature you can prove you control the privkey that generates a specific pubkey, without divulging the privkey. this is the entire basis for current day crypto

I am completely lost with all this.
I don't know if I want to exchange all or part of BTCD into KMD, I don't know if I should exchange all BTCD into KMD, I don't know if I want to exchange BTCD to BTC wait a few months and see how things will go and later buy KMD, I don't know if I want to sell all BTCD into BTC and wish everyone good luck and never look back. LOL

Everybody in exchanges say, buy BTCD now and sell after ICO. So I expect a huge dump.

What is the ‘revenue asset’?

For BitcoinDark a certain revenue share was promised from the various projects that compose the overall SuperNET ecosystem. Those revenue shares won’t migrate to Komodo. Instead, the BTCD holders will get an extra asset that will inherit those revenue streams.

The asset is entitled to these revenue streams:

5% of InstantDEX profits
5% of SuperNET profits
5% of crypto777 profits
After the ICO is over, a snapshot of the BTCD blockchain will be taken. Then after the Komodo blockchain supports assetchains that information will be used to create a new asset. A BTCD private key will be required to prove that you had BTCD during the snapshot.

the above was on the website FAQ. private keys are private, how can you prove i have BTCD in my wallet?

Yes but we will have to keep the BTCD blockchain secure as we are still using it. There's no reason to burn them.