Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 869. (Read 1191723 times)

Please see the explanations above on the need for capital. The primary use for the capital will be to pay for the bitcoin txfees, which due to the size of the notary transaction will be on the expensive side. Depending on if there will be a fee market or not, will change the required btc fees. A blockchain must first and foremost ensure its continued survival and dPoW is unlike any other.

Also, there needs to be enough value in the block reward to pay the notary nodes. The estimated monthly reward will be $500 per month per notary for 64 notary nodes. While it is possible to run with less than 64 notary nodes and we will if we dont raise enough funds, I feel that 64 is the right range of notary nodes to have. Mathematically being N*N number is useful and fitting that many bits into a uint64_t makes 64 the natural choice.

We will be setting up a way for people to campaign to run up to 4 notary nodes, 1 in each of the geographic regions. North America, Europe, Asia/East europe and Southern Hemisphere. I want to make sure the stakeholders are able to easily find qualified notary operators of they dont plan to vote for themselves. It is entirely possible for anybody to invest in the ICO and vote themselves in as a notary node. The voting will be limited to one vote per region though so the most nodes any investor can vote for is 4. The most notary nodes that can be run by one operator is 4. Of course it is possible for someone to attempt to pretend to be multiple people, but that is the purpose of the election process, to make sure we have a solid set of geographically diverse notary nodes at all the major data centers.

There is no guarantee that we will raise the maximum amount, it is a maximum amount after all. So the guarantee is that we wont raise any more than that. There was some possibility of some crazy amount coming in due to the combination of technology and market forces and beyond the max amount there is diminishing returns.

So, given that all the bitcoin fees and notary nodes are paid for the next priority is to fund liquidity for all the DEX trading pairs. iguana DEX is a true DEX being direct wallet to wallet and already over a dozen coins are supported. I expect dozens more coins added to the list of supported coins, so it will take some liquidity to make sure all the supported coins are DEX'able without waiting forever for someone to take the other side. Having a liquid true wallet to wallet DEX is something crypto needs, before the next big exchange goes down in flames.

At the high end of funding, there will still be funds available and while for some high ROI situations, funds might be directly used, I like the SuperNET approach of making investment gains and then using the profits to fund non-mission critical things, like new projects, marketing, etc. While I know many view marketing as mission critical, my usage of this is in the context that the blokchain continue on securely.

Also, based on the vociferous complaints from the BTCD crowd, it should be clear that BTCD peoples are not getting any massive sweetheart deal, they are given a bit of a premium and I hope they can understand that this is in return for the 10 week pause in price action. After the ICO closes, a new BTCD called komodo will rise up and the price also will hopefully continue on its upward journey with the dPoW, zcash and iguana tech all combined and backed by a high performance notary backbone. So while BTCD holders get a sideways move for 10 weeks, it is not as if this is the end of the line for them, it is the beginning after the ICO. I think much worse things have happened than a 10 week period of low price volatility in exchange for becoming the first dPoW coin with cutting edge privacy and DEX technology integrated

Also note, we are not doing this in stealth mode at all! It is open to everybody and anybody has a chance to be a ground floor stakeholder and/or a notary node operator. We estimate the cost to pay for full price notary node services via corporate vendors at approx $500/mo per notary node. However if you have skills to run a dedicated server for less, then the difference can be your profit, up to 4x. So if you want to be part of the dPoW revolution, you can help by running notary nodes and make a bit of money doing it.

We want and need as diverse of a stakeholder base as possible to ensure a maximally diverse set of 64 notary nodes. I want to make sure there are no complaints about people saying they didnt know they could run a notary node and get paid for it.

I hope my track record of SuperNET funds management is an appropriate resume for my ability to manage millions of dollars in investment funds. If there is anybody else who wants to step up for this role and can be approved by the stakeholders, I do not insist that I be the one. However, I dont know many crypto investors who have a deep tech understanding at my level who also has a trading sense who will also work without any big salary. If you know of anyone like that, please let me know. I am trying to reduce my workload year by year, I hope to get by with 12 hour days next year

jl777 has been very active on the Zcash slack during the alpha stages, and tried to help in all possible ways. The vision James has about making crypto go mainstream includes anonymity, so the overall project needs this kind of anonymous technology.

Before BitcoinDark was going to fill this role with teleport and telepathy technology, but Zcash is superior to that technology, and we want to use the best technology. Thus Komodo.

jl777 has great respect for the Zcash team and is impressed by their technology! I don't think they will be directly competing.

All the cryptocurrencies are competing against fiat! It's like a new industry that is gaining attraction. Every project will help each other, and as a whole all projects will benefit.



With Komodo we are thinking long term. Of course no one can guarantee a profit from any ICO. The vision of BTCD was never to make a quick buck with a bump, and neither it is for Komodo.

In other words, we want to solve the major problems crypto has and help it go mainstream.


Absolutely not! All the technology james is building will tie together, as some parts are required for the other parts to work.


- Swaping BTCD's to Komodo is a lot simpler than doing a hard fork. We also wanted to be able to create the new revenue asset for the BTCD holders.
- Komodo needs funding to get the dPoW running, and eventually self-sustaining itself.

I can assure you that James is working hard every day, and many of the projects get a lot closer to the finish line every day.

Please join our slack to see what we are up to

Found mine in the spam section as well, worked with a click. 

How would you suggest to pay the BTC txfees required for dPoW?
Or to fund the notary servers that are required?

dPoW needs BTC for this and I did not see any large donor who would fund this out of the kindness of their heart.

Now, do we need a dPoW system that allows anybody to get BTC level security for komodo txfee? I think we do, but if you dont, we can agree to disagree.

I have been very responsible with all the funds raised by SuperNET in the past and BTCD has never made any large donations, so I wonder how you are expecting millions of dollars of development out of thin air?

Now I havent been asking for more money, and diligently working toward completion of all the projects, but the dPoW is such a big idea I feel it deserves a chance to be born.

Once there is a dPoW system that is live, it means that any chain weaker than bitcoin itself can benefit from bitcoin's hashrate for its security.

I know everybody wants all the projects to be finished yesterday without any funds. But the reality is that dPoW is not something I can finance personally and I certainly cant be tapping into SuperNET funds to pay for it.

Also, a large scale set of stakeholders are needed without any undue concentration to properly elect the notary nodes. this is a technical security requirement of dPoW. So the ICO is coming from the need to have a representative set of notary nodes elected by stakeholders.

I know some people are philosophically opposed to any ICO as it isnt mining. If that is you, then this ICO is not for you. If however you are open minded and want to help bring bitcoin security to an entire dPoW ecosystem, then it might make sense to consider komodo. Bitcoin now is over an exahash per second! That is a lot of hashing and it benefits: bitcoin

dPoW will change that so all that hashing will benefit all of crypto. Bitcoin can and should be the heartbeat of all crypto and dPoW is how that will happen. iguana tech creates an ecosystem of bitcoin compatible coins so everything can interoperate, but without security a lot of weak chains are too weak for any serious capital to be locked into them.

For these reasons a large scale ICO is required. If komodo has a small marketcap then it cant be the backbone interfacing to bitcoin for the dPoW ecosystem.

UNITY is not abandoned: http://www.supernet.org/nav.php

please see my prior response

I'm so over ICO's  .............If this is BTCD2 why not just hard fork to new code........or is this just about getting more BTC to add to the already collected BTC and add to the list of promised projects

Jon

While I have done many projects, I think "dozens" is an exaggeration. Similarily your statement about no projects finished is a bit harsh.

jl777hodl is a holding fund for various crypto projects. As such it has been finished for years. It was the first asset that started trading and made history, this was something like 2 years ago. I would consider this finished.

MGW is multigateway.com and that also has been finished and in service for over a year. Since it is working and being used for over a year, I would consider that finished.

NXTventure is another one that has been finished for over a year. It has paid out in dividends more than I think any other NXT asset by value of dividends at the time it was sent out. Again, the future of NXTventure is hampered by all the changes with NXT that is out of my control, however I would consider NXTventure was completed.

SuperNET is a hybrid holding vehicle and technology incubator. At least that is one way to look at it. http://www.supernet.org/nav.php shows its current holdings and despite being hit by a 75% reduction in its NAV the first year (mostly due to NXT price decline and my not actively trading), the NAV has more than doubled to within striking distance of the original. This is achieved while paying for all the costs to run SuperNET out of the investment gains. Now what other project self-funds from investment gains that it makes?

I have issued more than a dozen proxy assets, such as mgwBTC and superBTC. These asset's function is to represent 1:1 the BTC to allow using the NXT AE to trade them via blockchain. I did this 2 years ago and I am pretty sure it was the first tokenDEX that allowed trading of crypto against crypto. This is 2 years ago, when just now we finally see other solutions of this kind appearing. I would consider these assets completed.

Iguana is a bitcoin daemon and wallet that can sync the entire BTC blockchain from scratch in 2 hours. It also can sync over a dozen other coins, all from a self-contained codebase that I wrote from scratch. Its codesize is about 3MB and it has been ported from unix to osx, win32, win64, android and chrome app. docs.supernet.org documents its API bindings and it is now in the final stages of debug and will be used as a component within komodo. I have seen some GUI that is looking pretty good and for basic wallet function and parallel sync it appears to be working, though I do the core level code and not the GUI so I cant speak for it in detail.

Is iguana completed? Not quite, but it is very close and I suggest you take a look at it. The source code has been open and available during the development process at https://github.com/jl777/SuperNET and you can see that I have been quite busy over the years. docs.supernet.org documents the API

crypto777: this is an ongoing technology revenue asset and as soon as project start generating revenues, it will too. It basically represents revenues from the technology that I do that doesnt already have an asset to encapsulate its revenues. In some sense it is done, just that the revenue streams are flowing yet. Maybe this is in an in-between state, but there was no ICO per se for this, so not sure if you have an issue with it.

Now to the real unfinished projects list, however please note that there was NO ICO for these and it was funded by small number of private investors, so I dont think it is fair for you to criticize them as an incomplete ICO, as they were not even ICO:

InstantDEX: easyDEX is in last stages of coding/debugging and is part of the overall solution of loosely coupled blockchains using atomic swaps. The full InstantDEX was mostly working last year(!) however due to disappearance of GUI dev combine with NXT increasing txfees dramatically while reducing the available space to store data, made an InstantDEX built on NXT uneconomic. Should InstantDEX have been finished by now? Yes. I made a mistake of building the InstantDEX on top of NXT, which is a platform that I had no voice in and when everything was changed and made it so a few of my projects became unviable, my protests were met with a "you should have known better". OK, so lesson learned and now I know better, I wrote iguana from scratch so its entirety I am in control. Never again will I be at the mercy of arbitrary changes that break backward compatibility and the fundamental economic model of a service I built on top of it.

Pangea: this is a decentralized poker service that is in a holding pattern now due to the retooling required to switch from a NXT based service to iguana based.

Tradebots/NXTcoinsco: part of this is in the process of being completed within the easyDEX framework, but again the shift from NXT based to iguana based was a delay factor.

NXTprivacy: this is mostly a deprecated asset due to my shift from NXT to iguana, but I do have a plan to infuse some life to it after the dust settles from the other projects. In any case it never did any ICO and didnt even do much of secondary trading on NXT AE, so its priority has been low.

Do you want me to list the projects that I didnt even raise funds from private investors and are just various technology projects that I have percolating? Not sure why you would have any complaints if I have a lot of projects in the research phase that I have not raised funds for.

I proposed an Asset Passport system, which is a way to protect asset issuer and holders by allowing them to migrate from chain to chain. This was actually the genesis of dPoW which evolved from the need to secure weak PoS chains. I never raised any funds for this.

I have proposed Teleport, Telepathy and PAX within the BTCD context, but I did not do any ICO to raise funds to develop this. Teleport at a high level is similar to zcash, in that there is a blackbox of bits representing the transaction, but the math behind the zero knowledge proofs is a step above anything else and I always want to use the best tech solution for my systems, even if it means replacing something I made. Telepathy is a network level privacy "mixer" and this will work on top of the komodo, of course it needs for komodo to be finalized and also its urgency is much less due to the strength of zcash tech. PAX has been coded to alpha level, but as an unfunded project has been back burnered and also waits for the full transition to iguana. Is it is disappointing that these things have not been completed yet? Sure, but I am just one guy coding away most days and many have advised me to get more help at the core level. The issue is I cant find any other C coders at my level who will work for anything less than a lot of money.

I am also providing free consulting for many projects, they just have to ask and I try to help as I can, which is usually with some technical ideas. I am not the one actually doing these projects though, so I hope you do not hold me responsible for any delivery status of all the projects I have helped with my advice.

I understand if you see all these projects and there isnt the level of success you want to see. After all if it was all finished and a big success I wouldnt have to be working these 14 hour days 28 days a month, continuously.

However, the perception that I never finish everything is not correct. The perception that I do dozens of ICOs and just spend all the money and ask for more, is not correct.

I have done exactly one ICO outside of the NXT assets, and that is SuperNET. Its charter for use of funds is primarily to make investments and I have been funding operations from the profits, while growing the NAV from a low of .002 to its current .006 level.

If you can name any other ICO I conducted where funds were raised and I havent delivered anything, I am curious to know what it is. As you can see I am not limited in the number of ideas, nor do I feel their quality is low. What I need is more resources. I had hoped to get at least half a dozen volunteers to work on the core C projects, but alas, there were none.

With komodo there is the possibility of creating not only the first dPoW implementation, but also to fund all of the pending projects that are in slow motion due to my only having 16 hours per day to work and I am slacking off this year by working only 14 hours per day.

James

Ok I tihnk I figure this out

If anyone of team saying they also suffer from BTCD swap the same - that would be true if the owned 80% of BTCD. Do they?

Guess not.

So actually what they do is the "pause" for BTCD investors where:

1) BTCD investors have no gains in the pauss, just empty jump to new project (new ICO - many things can go wrong, big unknown)
2) team takes all the gain as switching to new project - Komodo, where 80% of money are fresh BTC (little things can go wrong there - at least they will have 30k BTC! so what so ever!)

The pause is literally - take all the 5x gains from BTCD investors in form of fresh BTC (if all goas as planned).

If they had at least 80% of BTCD - they wouldn do it.

Summary - it's smart grabbing 5x BTCD gains from ALL investors if plan works

This is 100% relevant situation what is happening right now. So if someone calls a money grab, is completely justified.

unity is unity. komodo is komodo. Chances are, Unity will be the DAO of komodo

Does it mean UNITY is now kind of abandoned - second grade project?
And you focus solely on ICO as you smell money?

Hey James, 
maybe you can give us a statement to thefollowing.

There are dozends of projects and icos from you. jl777, nxtventure, supernet, etc etc

Almost none of your projects is anywhere near finished. The recent project Iguana is not finished.

Now you start the next project and the next ico.

Looks like there is some systematic behind this.

So maybe you can tell us, if you will ever finish a project?

The thing is this also not build much trust... Year later you can do another "ico/cwap" as you need more money....

Is there any proof that after ICO price will go up? No. So BTCD holder may be screwed...

Also think about those who bought and kept BTCD for 1-2 year when price was higher... Or maybe there is not any like that?

Also I see market CAP is prices closed to WAVES. WAVES also collected big amounts, and after 3 months they reach the lowet price. No reason thinking BTCD holder will gain from that? Thay just "loose" the long waited 5x-6x gains. 50% bonus does not replace that.

Simple - it's not swap, only exchange with poor exchange rate 10:2, because new investors in BTC get the 8

Nice project, I like it!

However, you'll compete with Z.CASH, what do you think about them?

Sorry, but yeah! at the moment it will be better to buy BTCD till the price will rise  same as fixed price for  Komodo ICO , that is great!
Thanks PondSea really appreciate

That is fine. Usually when it is in spam, the HTML links are not clickable.....so copying the link has the same outcome as marking as not spam and clicking the link.

Yeah that is in folder spam.Well i can do it like copy and paste And i think is not problem

Im not a dev, just helping out.

If you can buy BTCD at 0.0042 you basically get free assets for future revenue streams as well as the top tier bonus using BTC.

Thanks very much, understood now!  the people will now  buy some BTCD  will already have great bonus as i understood the price fixed for komodo swap is 0.0053 ! so I will buy soon ...thanks dev really appreciate your helps!