Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 828. (Read 1192336 times)

I want to calibrate the number of notary nodes based on 10 year coverage from ICO funds. As KMD price grows, the need for subsidy is reduced, at $1.25 per KMD price, all 64 notary nodes are fully paid for just from the mined KMD.

So anything over 5000 BTC raised (assuming BTC price stable) would provide this coverage, though it needs to be adjusted by the BTC transaction fees upward and by the value of KMD downward.

So I will just set the number of official notary nodes assuming 10 years of 100% subsidy. That will almost certainly be on the conservative side.

Now in about 14years or so, the block rewards will stop due to reaching maximum coin supply from the 5% APR interest. So the daily txfees will be needed to pay for the notary nodes + btc fees at that point.

Since KMD has 20x the tx capacity as BTC, assuming dPoW is adopted by other blockchains, then there should be plenty of txfees

Do i understand it right, 500 USD per month are covered for sure? For how long?

a) you would need to be able to run komodo, iguana and bitcoind, but most VPS hardware can handle that. however if low end CPU blocks will be hard to mine and you will need more threads. 1 fast core will likely outperform 4 slow ones

b) i dont think we will have 64 total candidates at first, but some will be running multiple nodes. Since being an incumbent will have the inertial advantage, I encourage everyone who wants to be a notary to just run a testnet notary node. Odds are good you will get elected to be an official one.

As the price of KMD goes above the breakeven point of $500/mo, then we could start seeing a lot more people wanting to become a notary as really it is a license to mint KMD and has value in and of itself. The fact that it is being subsidized at first just makes it have a very low barrier to entry. Again this is to broaden the base of potential notaries as wide as possible.

After the initial official voting, I expect the notary nodes to be rather stable as it is a potentially lucrative position without much risk, other than the time needed to stay current. Other than a "notary gone bad" situation necessitating a replacement,  I think we might also have the lower percentile ranked notaries able to be challenged by new candidate. This will ensure that the notary nodes performance will be able to evolve with the market and not be tied to current specs forever.

While for now 64GB RAM + 500GB SSD might seem like a high end server, in 3 years it will probably be in tablets and phones. So if the notary operators arent keeping up, the a challenger could start an election against the lowest performing notary(s).

These are things that are not set in stone yet and I am definitely open to feedback. On the one hand we dont want to be changing notary nodes like socks, on the other hand we dont want to be stuck with the same set of notary nodes forever unless they have been doing a fantastic job.

While the fundamental requirement of majority of existing notary nodes or (one third + special signature) being required to approve a notary node is pretty much set, the details of how elections are done is not final. I want to get the basic system in place and working first before solving all the future elections details.

If anybody knows of an appropriate election system to use, please let me know. Most elections have low participation and that can easily lead to being manipulated.

One idea I have is for the voter to vote not for a specific candidate, but to be able to specify a ranking algorithm based on objective metrics. Then the election process can have a 100% participation without being random.

Thanks a lot for your detailed answer.

As always, much appreciate your posts. Always clear and structured information.


Two more questions:

a) The testnet notary note can be any VPS/hardware, right?
b) Do you have a rough overview/estimation how many notary notes candidates will participate?

Sure, just make sure you get elected. Follow the hints from jl777

https://bitcointalksearch.org/topic/m.16450895

hey badass! can i take the last remaining spot? i really like kmd and maintain the german thread. would love to be part of this

Updated the list

The most important is to run a testnet notary node

join #notarynode in the SuperNET slack, auto invite at slackinvite.supernet.org

there will be a simple website to provide information about candidate's qualification and ip location and hardware specs.

For now, announce candidacy here. Be active in #notarynode and mine testnet blocks with your notary pubkey. This prove's technical competency and when voting time arrives, a lot of voters will choose to pick a random candidate, so just by being technically qualified gives a good chance of being elected

What the electorate wants to avoid is a large number of notary nodes all controlled by a single entity. So by having a set of qualified nodes to randomly select from is one way to achieve this.

If you have no contacts with "insiders", that is an advantage. You dont have to know anybody, just have to know how to run command line unix. By design, the control of Komodo is being spread as far and wide as possible. It is to everybody's advantage to have no large concentration of control

Also I want to make clear that there are no "insiders" as everything is open. The source is open while I am debugging, bugs and all. The process is open in realtime via SuperNET slack and this thread. So anybody and everybody is welcome to participate. There is no large company that has any large position, even SuperNET which probably has the largest BTCD position is likely to end up with less than 5% and it is a decentralized project that is also open to anybody and can usually be purchased at about the NAV of its holdings.

Sorry, in case I have read over:

How´s the procedure of the candidacy for the node voting?

Just write an "letter of application" with a fact sheet about "myself" and the server within this thread? 

Another Bounty!

We are creating a couple of a few minutes long Komodo videos. For them we need to find a voice-over!

Do you have a beautiful voice and a good microphone? Send a PM and the job could be yours!

We will pay 0.1 BTC bounty for this, paid in KMD after the ICO.

---

Still searching

We are still looking for a native Spanish speaker who could post and maintain a Spanish Komodo thread! The bounty is 0.05 BTC.

You can participate with BTC. We will have an ICO site, more info later!

Interesting Project. Watching! 

How will we be able to buy Komodo when the ICO starts? I couldnt find any info on the website.

Hi! I would like to be like a Komodo spot. I have strong PC with static IP . enough memory, big one HDD and so on...

What I have to do?

Cheers

If you asking me about this....i need 600usd up front, but you cover that for the first 3 months. After that you pay monthly.

So how much one is requires to pay you upfront to run the nodes

https://github.com/jl777/komodo/blob/dPoW/README.md

I am very much interested in running notary nodes here for Asia. How do we get the node software ?

Now anyone can control one of the 64 nodes which are needed for the Komodo Notary Network.

I have for rent:

6 (or 8, when i'm not getting elected) BadAss Notary Node incl. colo in a bulletproof location in the Netherlands.
A node can also be swapped with one of the servers in another geographic region!

1 x Intel Xeon L5520 (4 cores/8 threads) you can use 2 threads for Komodod and 2 for Bitcoind and others for administrative tasks.
64GB memory
1 x 500GB Samsung Enterprise SSD (no consumer version)
15TB bandwidth
1 x IPv4 addresses
KVM access and control panel
Installed with preferrable Linux distro

200USD per month in BTC (3 months up front)

I can fully secure the server and install everything for you for a fee if you don't know how to do that (one time 100usd). It is also possible that i manage the server for a fee (25usd per month)

My DC has an uptime of 99.9% (in reality it is 100%). jl777, BTCDdev and others can confirm this. All servers are directly connected to the AMS-IX backbones.

Keep in mind, you'll get 500usd per month in KMD & BTC (if KMD are not 500usd worth at that time). So a profit of 300USD. 200USD you pay me in BTC.

3 months up front, after that payment per month or annually (with discount 1 month FREE).

You rent the server ANONYMOUS. But please, don't think you can abuse the server. Phishing, spam mailruns, kiddyporn and terrorism is strictly forbidden!!

When payment is not received at the first week of a new month, the power goes down and you lose the right to be the owner of the node. A new owner will get elected and the pubkey will be changed on the notary node list.

ELECTION (READ THIS!)

Only elected people can get a spot. Server admins will get elected by the shareholders. This means that you can still be on the list for a spot, even when i already have 6 clients. If they won't get elected their spot comes available again. So I am looking for 14 possible clients.

You only pay when you get elected! So, basically this offer is a no brainer. Get elected and earn 300usd per month!

CURRENT LIST:

- yassinnxt
- pondsea
- stenkross
- proto
- Killakem
- Durerus
- Frl4web
- bitcoinuserx (reserve)
- (reserve)
- (reserve)
- (reserve)
- (reserve)
- (reserve)
- (reserve)

Only 1 spot per client

Q&A

- What do i need to do when i get elected?
Setup the server as a Komodo Notary Node, sit back and relax. Of course you have to secure the server so do your maintenance and updates.

- How do I get elected?
I don't know. Do a trump campaign, act crazy like Clinton or hug the shareholders? It's all up to you. Or read this https://bitcointalksearch.org/topic/m.16450895

- Is it really free money?
Well..uhm yeah. Get elected, run the node, receive Komodo's and there it is. Free money.

- What if the Komodo's are not worth the 500usd?
jl777 will give the rest in BTC from the ICO funds.

- Ok, i'm in, what to do?
Write a message in this topic why you want the node. And if you trust me up front, write me a trust review on BCT.

- What is BadAss Security Services?

BadAss (me) is a privacy and security consultant and specialised in being paranoia. BadAss does not like Tor services and so called anonymous VPN providers. BadAss provides co-location servers for all kinds of blockchain projects.

BadAss stands for an open and free internet and provides different services to support that noble thought. Like for instance:

Bulletproof VPS https://www.badass.sx
Bulletproof VPN https://www.rootvpn.eu
Encrypted Email Service https://www.safe-mail.eu
Bulletproof Blockchain Nodes
Anonymous domain registration
Anonymous DNS servers
SSL certificates
Installations of all kinds of services

BadAss cares about your privacy. For all of our services we only need your name and BTC payment.

We will make the internet GREAT again!!!

List updated