Author

Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 868. (Read 1192373 times)

full member
Activity: 168
Merit: 100
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.

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.....
legendary
Activity: 2114
Merit: 1015
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.
tyz
legendary
Activity: 3360
Merit: 1533
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.

Three questions:

Will the amount of 200 million KMD after 14 years be the final amount? If so, will it become POS afterwards?

What part will Komodo play in SuperNET? Will it be possible to swap BTCD stored in Supernet wallet to KMD?
I didnt plan to support direct conversion of superBTCD, but maybe we can do that. probably easier just to withdraw via MGW to native and then convert, or maybe we can do MGW withdraw's to a conversion address.

dont worry, we wont strand anybody and will ensure everybody is able to swap. there is a 1 year period for the swap starting after ICO closes.
legendary
Activity: 1176
Merit: 1134
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.



legendary
Activity: 1176
Merit: 1134
How many Komodos are needed to run a node ?
0

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.

newbie
Activity: 35
Merit: 0
How many Komodos are needed to run a node ?
sr. member
Activity: 545
Merit: 254
Hi Team:
I´m globalwork365 on slack.If you need some help on the Spanish translation I´m here.
Àlex.
legendary
Activity: 1176
Merit: 1134
A previous question was not answered how many ICO, coins, projects has jl777 launched in recent years and what is their success rate?

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.
legendary
Activity: 1176
Merit: 1134
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...
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.

newbie
Activity: 35
Merit: 0
A previous question was not answered how many ICO, coins, projects has jl777 launched in recent years and what is their success rate?
legendary
Activity: 1176
Merit: 1134
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?
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
full member
Activity: 168
Merit: 100
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...
legendary
Activity: 1428
Merit: 1000
Im sure it can be migrated to another chain for pow protection if btc were to die.
full member
Activity: 121
Merit: 100
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?
legendary
Activity: 1176
Merit: 1134
30,000 BTC ICO

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

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

legendary
Activity: 1204
Merit: 1000
30,000 BTC ICO

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

30k is a big market cap too start with wont make me feel confirtable if i was a investor.
legendary
Activity: 1176
Merit: 1134
30,000 BTC ICO

I can't see were this figure comes from...
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?
full member
Activity: 235
Merit: 100
legendary
Activity: 1176
Merit: 1134
I'm so over ICO's  Sad.............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
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.

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  Embarrassed 
 
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
hero member
Activity: 529
Merit: 505
I'm on drugs, what's your excuse?
I'm so over ICO's  Sad.............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
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.

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  Embarrassed 
 
Jump to: