Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 868. (Read 1191723 times)

Sorry, have to agree with this. All these new projects/ico's/assets/gateways/etc are just getting out of hand. I do believe you're a great developer, but damn finish some shit before starting something new.....

jl777 is just another jordan lee from nubits failed project, except this one is even more greedy. Thanks a lot for locking up my funds for the following 10 weeks in yet another foul ICO. This is the worst most draconian altcoin exodus for its stakeholders I've ever seen. You are basically freezing your investors' funds for 10 weeks with absolutely no reward. Everyone who bought BTCD lately in hope of long waited releases and finally some deserved appreciation got screwed hard by this move because they should not have bought into BTCD at all. Instead, they would have waited at least until your KMD ICO and bought into it directly with their BTC. In crypto space 10 weeks is like 10 years. A lot can happen. If I still had my BTC I spent on BTCD I would certainly find a much better investment at some point in the next 10 weeks. But now, no matter how good opportunities pop out, my funds are stuck in this BTCD which has no hope of growing in price due to KMD price fix. No one is going to buy BTCD from the open market because they could as well as keep their BTC and wait until your actual ICO. In the meantime they can spend their funds if a better investment opportunity pops out. I hope a bird shits on your head jl777.

Thanks for answering my questions!
To be honest, I am really excited about Komodo. I have hodled my BTCD for a long time in the trust it will be something great in the future. All I've read about Komodo yet, confirms me in this assumption/hope.

Some have asked about what happens to the redeemed BTCD. Since the BTCD that is redeemed will already have gotten the komodo and the revshare snapshot, it is not expected that it will have a giant value.

But this is crypto.

You never know and so I came up with the auroboros plan. This plan would air drop all the collected BTCD at the end of the one year redeem period to all the komodo stakeholders who are identifiable, ie. not locked in zkp. So it will go to all transparent komodo holders.

In addition for usages as a testbed, the BTCD 1.0 that will be locked for a year will come back to life and people can do with it what they will.

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To run a notary node and get $500+/mo you need to be one of the top 16 in any of the four regions: North America, Europe, Asia/Eastern Europe, Southern Hemisphere

We will have ways for people who want to run a notary node to campaign so stakeholders can see the qualified node operators, their geo-location, bandwidth, server specs, experience, etc.

We want to get as diverse stakeholders as possible to ensure no single stakeholder is getting anywhere close to controlling 33 notaries. That wont allow any double spending or funds stealing, but they could prevent new notarized hashes from being created and make creating new blocks intermittent.

It is the same 51% issue that all crypto has, so with a one node per geographic region and 1 vote per geographic region we should end up with a diverse set of notaries and stakeholders. It is perfectly fine for a stakeholder to vote for themselves

Notary nodes earn komodo enough to cover the operating costs and as key part of the ecosystem, they will be able to participate in any price growth of komodo. A bit more than 1% per year is allocated for the notary nodes, which is far less than the 5% per year from staking.

How many Komodos are needed to run a node ?

Hi Team:
I´m globalwork365 on slack.If you need some help on the Spanish translation I´m here.
Àlex.

did you miss: https://bitcointalksearch.org/topic/m.16119953

I did not actually launch even BTCD, I joined midway through the PoW phase
I did conduct the SuperNET ICO

I did raise private investements for various NXT projects and most of them are still pending for reasons explained in the referenced link.

I am happy to answer specific questions about any specific project, but for ICO funds it is SuperNET 2 years ago. I would consider surviving the bear market and still retaining the majority of NAV while developing iguana codebase a middling success. Nothing to write home about, but nothing to be ashamed about either. And in any case the end is not reached for SuperNET yet, still has many many years

Also, please try to evaluate komodo dPoW on its own merits, it is quite the unique tech. The question is if after seeing a testnet for komodo if there will be a mainnet with notary nodes. Do I have the tech skills to complete the required komodo tech?

I did write a full bitcoin node from scratch in the last 9 months. Maybe that is an ordinary thing, but maybe there are less than a handful of people who have actually done that.

It was critical that BTCD not get an unfair preference over ICO investors, else there wont be much ICO investing. Also the fact that I am a large BTCD holder makes it doubly important that there isnt any perceived or actual artificial benefits.

If you are a long term investor in BTCD, this is a temporary pause of the constant volatility. the price goes up and it goes down, that is the nature of markets and maximizing short term price has never been any concern of mine. If you were under this impression, I apologize, but you had me mistaken for somebody else.

I have always been and will continue to be operating with the long term success of BTCD and SuperNET in mind. It is my opinion that the komodo ICO further's this and the amount of complaints by BTCD holders should convince anybody considering ICO investment that there indeed has not been any undue preference given to BTCD holders.

The goal was to make it as much of a sideways move as possible with a minimal reward to compensate of the temporary price ceiling during the ICO. this does offer arbitrageurs the chance to make a defined return, it will all work out in the end.

A previous question was not answered how many ICO, coins, projects has jl777 launched in recent years and what is their success rate?

Thank you for a good technical questions!

1. One of the reasons notary nodes are required is to deal with any such black swan events. dPoW is designed to be a two stage confirmation process, actually there would be 4 stages of being confirmed:

a) mempool of komodo
b) confirmed in komodo blockchain
c) notary hash in mempool of bitcoin
d) notary hash in bitcoin blockchain

So you can see b) and d) will continue to accumulate confirmations and therefore more security. Now let us consider your hypothetical where bitcoin disappears. What changes is that c) and d) dont exist anymore and komodo security is "degraded" to its intrinsic security provided by the NXT-style PoS. Which for the years it is in operation has stood the test of time, so its not like komodo becomes insecure without bitcoin, it just wont be secured by bitcoin hashrate

2. I happen to be quite familiar with the btcfork project and its impact on komodo would only be if it becomes the most secure crypto by getting more hashrate than the existing bitcoin.

Again having the notary nodes allows to update the dPoW to change the blockchain that is used for the notary recording and any third party chains that rely on komodo for notary, will automatically switch over.

Some have philosophical issues with ICO, but as I explained above there are sound technical reasons it is needed. The primary one is that there needs to be a set of notary nodes that the stakeholders can trust to perform the notary duties in a timely fashion. And the best way I could find to have a representative set of nodes is from the bitshares witness voting. One could argue about specific votes, but it is unarguable that having a stake based vote is the best way to represent the stake.

Why are these notary nodes needed for dPoW? Primarily fraud protection. Without a know if data in the bitcoin chain is the real notary data, anybody can just post data in the bitcoin chain and claim it was! This is quite a serious flaw if not dealt with and using notaries allows the entire blockchain to verify it was approved notary. And by having the notary nodes properly elected on the blockchain, everybody can know that for better or worse the notary nodes are representing the stakeholders. So if there is a misbehaving notary, the stakeholder will need to elect a replacement.

There is separation of powers. Stakeholders have the power to determine the notary nodes. Each transaction can only be authorized by the proper owner of the privkey. Notaries can only approve valid transactions. All nodes can verify both the komodo blockchain and the bitcoin blockchain that everything validates.

I hope you can see the logic of why notary nodes are required and working backward from there why a large number of stakeholders are required and working backward from that, a large scale fully open ICO is required

Just when BTCD was starting to crawl up on all the good news after 2 years, another ICO/swap is announced and BTCD is allready tanking....

But atleast ill get those 0.0053 BTC/BTCD to participate in the Komodo ICO right?

Or can this number still be adjusted since BTCD is tanking hard now?

Confused...

Im sure it can be migrated to another chain for pow protection if btc were to die.

interesting, two questions though.

1.since it relies heavily on bitcoin, does that mean if, if ever bitcoin dies, so does komodo?
2.will bitcoin forks/updates ever have any impacts on komodo?

Fair enough, if everybody feels that way then after some smaller amount is raised things will slow down. That's ok, we dont need the full 30k, it is just a max number and we had to put some max that was on the higher end of things.

Anything over 10k is a great success, likely the result will be somewhere in between.

Keep in mind if the full 30K is raised, then I will have a sizeable portfolio to make trading gains with and with such funding, simply putting oversized buy walls well below market price (of most any solid crypto) and then selling it at market price will produce far more than 10% per year in profits.

Remember the funds raised is intended to power the komodo machine and create profits from lower risk trades like above, with the occasional foray into new ICO for potential big gains. this strategy has worked out decently for SuperNET and with such a large bankroll, it starts becoming worth my time to maximize its ROI.

1% of a $1 mil portfolio is a nice $10000 gain, but my time is quite valuable especially if there is core coding to be done. 1% of $10 mil portfolio, well that is a different order of magnitude and from a $100,000 gain I can hire expert C coders. In any case, most of the work required for komodo is done via the iguanacore, so post ICO my tech skills are probably better suited for managing a team of coders.

But I am adaptible. If everybody feels komodo shouldnt get more than a few thousand BTC, that's fine too. Even that will be enough to jumpstart the dPoW and one people see that in action, my sense is that a light bulb goes off.

Bitcoin level security for all other dPoW blockchains. I might not have mentioned that I will make a way for third party blockchains to utilize dPoW, so with minimal changes to that chain it can get the bitcoin secured notary via the komodo notary nodes. That means instead of paying bitcoin txfees, a third party chain can pay komodo fees but be secured by bitcoin. It also means the complex notary node setup wouldnt be needed for the third party chain.

I am happy to work with any coin interested in exploring adding dPoW security, it is purely an enhancement and worst case if it isnt there, things are the same as now. If it is there, then your coin's blockchain cant be reorged without bitcoin itself being reorged. That is quite a powerful thing for any PoS chain or PoW chain without large hashrate

30k is a big market cap too start with wont make me feel confirtable if i was a investor.

It is a maximum cap. We are not saying minimum amount or expected, just a max.

we needed to estimate the value of a blockchain that has dPoW (bitcoin level security with PoS efficiency) and zcash privacy and iguana tech and make sure that even in an overbought situation that ICO investors will have a very good chance of making money in the aftermarket trading

Maybe it is on the high side, maybe it isnt, but it is a max number and we are fine if less comes in.

What is your estimate for the value of a fully working komodo?

I can't see were this figure comes from...

I understand.

Good news is that iguana is essentially ready for end user GUI testing any moment now. Remember we are still 6 weeks out from any fund collection and by then there better be a finished iguana GUI!

If you look at the github issues for iguana the list is quite short and I fix most bugs pretty immediately. I still wouldnt use it for large fund transactions as it hasnt been fully validated, but everyone is welcome to test. We are seeing sync times that are multiples faster than normal. However on some windows variants there are still some windows specific issues, but I have a feeling it is due to some system settings as the basic sync process is indeed working even in windows

Realtime sync for multiple coins at once is working, that was the big one. most all the bitcoin RPC is replicated and working docs.supernet.org in addition to beyond the normal bitcoin RPC.

So from my point iguana is essentially done, and I will be using it to implement the komodo dPoW. Please hassle the GUI guys for the GUI though as I really need to concentrate on the low level core stuff.

I can always use a good tester, so if you are a good troubleshooter and can do command line curl for API calls, let me know. It is a paid position, not crazy money as I have to be frugal, but if you can find bugs efficiently I can pay you more

Hi James

Thank you for you thoughtful reply. I have been a long time supporter of your work and a long term holder of BTCD SuperNET & various assets. I do not doubt your personal credibility. I would like to have seen

SuperNET and Iguana completed and released before the announcement of a new project. My ICO comment is aimed at crypto in general, I'm sure you would agree that there have been quite a few dodgy ICO's

If I have caused you personal affront, then I apologize unreservedly

Cheers Jon