Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 858. (Read 1192336 times)

I needed a way to secure very weak chains, chains that might run on a handful of nodes with weak PoW or PoS. Otherwise assetchains wouldnt be secure enough for anything with a lot of value, like SuperNET.

I came up with a half solution:
https://bitco.in/forum/threads/using-btc-as-time-sequence-server-to-allow-cross-chain-atomic-swap-and-increase-security-of-altchain.925/

The initial idea had some issues, but after a few intense review sessions with anonymint, the idea evolved into what would become dPoW. I take responsibility for any issues in the dPoW, anonymint reviewed the high level ideas.

With the requirements and basic design in mind, it became clear that notary nodes are needed, otherwise it is very difficult to prevent data spoofing on the bitcoin chain. I had recently gotten familiar with steemit and am actually one of the backup witness nodes, so that structure filled in the details needed for the notary nodes.

From NXT, its PoS is more efficient than the utxo+coinage method as there is just one hash needed per address, versus one for each utxo. Also, the NXT PoS has stood the test of time and has been reviewed. Of course being PoS it is not as secure as bitcoin PoW.

Nothing is as secure as bitcoin PoW.

Starting with the need to secure assetchains, getting the initial half right idea, refining it via discussions, to the final selection of the components. It didnt come as any fully formed idea, but rather had to be evolved and refined over time.

Now the dPoW with the notary servers of course is not anything a small assetchain can possibly afford to have. It will be expensive enough for a large coin, but I realized that like the bitcoin hashrate can be utilized by dPoW, the dPoW can be used by other chains.

So to fully solve the initial need, that is what was required

(Thanks for your criticisms guys, your comments are noticed, but I'm a big boy and prefer to make my own decisions)

I would like to read more about the new unique dpow.

Is there a steemit post or a write up somewhere that describes how jl777 came up with dpow?

The whys, hows, whens, whats, whoose-its of it all.

ramchains are used in both MGW and iguana. MGW in service for over a year, iguana is in beta test. my assessment is that zcash zkp is better than teleport/telepod so I choose the better tech to use and replace the older tech. telepathy networking tech is what has evolved into notary nodes.

There will be a testnet for the ICO, so everyone can verify that it is working.

docs.supernet.org documents the API bindings, which is something that can be verified using curl (syntax provided). Do you consider having a working API as "hype"?

Yep, I too will jump on this band-wagon...but with dose of reality not fud. You chose your strategy, and I do what is in my best interest.

For those considering investing in this ICO using BTC, be very careful here....there is a long history of promised tech that was hyped to investors to draw in BTCD buyers and believers during it's initial development and "integration with Supernet". Not one of the following has been completed: ramchains, telepathy, teleport, telepods and so many other promises that have not been fulfilled. The dev jl777 here has a long history of promises and not producing. Now, Komodo is promised as integrating something that was a well running chain, BTCD, and taking all potential future value by making new promises about an "amazing" great technology, now termed Komodo, horizontally transferring value for his own good and promising huge words and catchy tech to produce - a zcash clone (which is development and will require optimization out the wazooo to work for his tech) with iguana and other unproven and possibly seriously flawed and unsecured tech).

Please do your research and know this is a long draw to continually feed unfulfilled promises. BE CAREFUL!

http://www.alternativecoin.com/nxt-bitcoindark-and-supernet/

I will
Actually there is plenty of topics to elaborate on.

As long as we all understand you are FUD'ing for your own purpose, have fun. Just lets try to remain civil. Thanks

Congrats jl777

You artificially created conditions when most beneficial to loyal long term BTCD holders is FUD the shit out of the Komodo thus increasing their share of ICO.

And I will do just that. Sorry, I can't just ignore free market conditions.

There is no abandoning going on. There is the ability to swap BTCD for komodo. That is not abandonment no matter how you want to spin it.

There are two options - either the project is being abandoned right now, or it was already abandoned long time ago?

So you say BTCD was abandoned long ago, and it was only illusion that it exist and will be sth in the future?

Maybe I'm wrong but I think many people feel the project is being abandoned now with poor exchange rate to switch to a new project.

I cannot prove anything - all discussion were on slack which deletes history. But all discussions and development were promising BTCD will be sth in the future and there was no discussion about new ICO and anything suggesting BTCD is abandoned project... At least not last 10 months that I'm watching it.

PS

Invested in BTCD 10 months ago, so what you mean about expecting short term pump? The one that can happen in 1-2 years since buy in?

What Im complaining about is only that you assume/expect 5x funds dilution + risk regular ICO dump within 1 month, which leads basically to investment loss, as ICO will eat BTCD gain, which was very likely within next 3-6 months, and only can promise sth in much longer term. So again longer term...

PS2

I see not many BTCD holders complaining, but judging by some questions, most people do not understand simple math and believes they are swaping 1:1. So I do not care much about those "convinced" that all is good.

I'd like to hope all will be good like you say, but still I think how it is solved and communicated is wrong approach, and do not promise well.

We guarantee that one BTCD will be worth 0.00532 bitcoins in the ICO. Thus swapping BTCD to Komodo is the same as investing BTC in the ICO.

If you don't like to participate in the ICO, then you should not hold any BTCD either.

To all the people who will participate in the ICO, it doesn't matter if they invest with BTCD or BTC.

We recommend everyone to either sell their BTCD or invest them in the upcoming ICO. We cannot guarantee that BTCD will have any value after the Komodo ICO, as the last developer will be focusing on Komodo development and BTCD will thus have no developers left. However, after the ICO every BTCD holder has 1 year to do the swap to Komodo.

This is complete nonsense you estimate BTCD price based on Komodo price which is unknown.
And will be unknown until Komodo is live on the exchange!!!

Explain how you get to 0.00532!!!
BTCD exchange rate =  0.00354716 * 1.5 = 0.00532074 BTC/BTCD is absolutely meaningless equation and no guarantee Komodo purchased at that fabricated rate will have such value.

You are cooking from water my friend.

Thank you for your input! I included more information regarding the exchange rates.

If you are not comfortable participating in Komodo ICO, there are numerous people who do want to participate in the ICO and thus are willing to buy more BTCD. This gives value to the BTCD.

I am working on a transition plan for NXTventure. It has value as it has holdings.

By "completed"/"finished" I mean it was working as it was intended to, it wasnt incomplete

This is so wrong and missleading in all aspects.

you will recieve 0.00532074 BTC worth of something that has unknown value.
making whole conversion rate meaningless

What do you mean by 'finished' James? Will there be more dividends paid to NXTventure (is it still worth anything), or is it dead? What do you mean by "completed"? People still trading it ...

Because jl777 will be focusing on Komodo development, the BTCD will soon have no developers left. jl777 has repeatedly stated, that he has no binding obligation to continue to devote his time (for free) to BTCD development.


So we could say BTCD becomes Komodo, but technically the BTCD chain will remain intact (as this is no fork).


Thus everyone is encouraged to swap to Komodo. Komodo is the new BTCD!


I hope this answers your question!

Another footnote in history of crypto

Cheers Jon 

So, what's the future of BTCD??

Looking forward to this project.

Considering to invest BTC in it

Kind regards,