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Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B - page 864. (Read 1192373 times)

hero member
Activity: 585
Merit: 500
I have a lot of respect for James, he's brilliant, level headed and has some amazing ideas. He's done a lot of this on his own. Coding can be a very lonely existence...but again this is an investment that people are looking at based on past releases.

I think it was a bad move to start yet another ICO based on the current climate of scams, wasted ICO's and over promises. This is not James fault as it is what is currently a sea of scammy ICO's and failed promises.

With amount of money raised close to 6000 BTC just for the Supernet, I'm kinda disappointed that we still don't have a full release. Iguana is still months away from showing us anything working.

James I'm sorry, I wish you luck...I really do. But you won't be getting any Bitcoin from me this time, I will be waiting for my initial investments in you to see the light of day first.

Peace


You might have forgotten that the SuperNET funds were not spent, but rather are being invested to produce gains and operations funded from this. This necessarily slows things down a bit.

Also why do you say iguana is months away from showing anything working? Do you know something I dont?

Sorry James, I don't mean to offend. I know funds haven't been spent, funds are being used as asset holdings in various coins...I've been following your projects for years and I've become a bit disillusioned to say the least.


Thank you @MAD945 for putting my sentiments into words.
legendary
Activity: 817
Merit: 1000
I've been thinking long and hard about dpos and I've got to say, I'm am seriously beginning to think of this this as the second coming of crypto and a completely new direction of taking Bitcoin forward. Think about it, for only a couple dollars a day, komodo will be able to to communicate with the Bitcoin network, requesting that it makes transactions, transaction that the komodo network must understand and react to as part of it's consensus rules. In the future, Komodo interacting with Bitcoin using many of it's stack based transactions types, (nlocktime, multisig, checklocktimeverify & many others will soon exist) in coordination with many of it's own transaction types with allow for a sort of "turing complete" language that will be spoken between chains..... many different chains. This will be made possible by iguana.

Iguana makes the bitcoin chain such a lightweight piece of art and therefore allowing other coins to "plug in" bitcoin and use it as a sort of tiny microchip that they will plug into their wallets, we are able to create chains that would otherwise be impossible to do directly on the btc chain while relying on bitcoins security model to provide an unmodifiable history of what has happened. A sort of "decentralized exchange" IS possible and it will allow such chains to easily purchase bitcoin on behalf of it's users and pay for it's own transactions on the bitcoin blockchain.  Awesomely enough, this whole idea actually solves one of bitcoin biggest questions... What will happen when the block rewards subsidy ends?

Just think of a world where all these chains have spawned off and are using bitcoin's proof of work to secure it's chain. All of these chains will actually be paying fees to bitcoins miners. That would help to provide the incentive that LOTS of transactions will be happening on bitcoins network, because bitcoins network would be charging a small fee to all of it's child chains. By 2140 that should be quite a large sum of money that is going towards supporting the miners. By then, this will likely not be the only thing supporting the miners, this will just be the first idea of many.

It's become exceptionally clear to me that jl777 is building a serious advancements into not only his own coin and supernet, but most importantly bitcoin itself. It's becoming more and more obvious to me that this is the clear path forward for all of crypto, and that it is the only project that is truly understanding and appreciating that bitcoin is not here to to be defeated but it is here to stay and it will be the entire industries light forward for many years to come. By working with it, we will make the entire cryptosphere bigger and more united then ever before, giving it the power to move where we all know it can go! Thanks jl and everyone involved for doing this. It is a huge step forward and if we are all successful in making this happen, the entire crypto landscape is going to change for the better and we will go down in history:)
legendary
Activity: 1428
Merit: 1000
This just proves how naive and simple minded people are.

When you build anything, many aspects will need to come together to get it done. Why do you think building next gen crypto software is any different here?

Being able to think logically and independently is a trait that is required when evaluating ico's otherwise you are just sheep following wolves.
full member
Activity: 132
Merit: 100
HODL, HODL, HODL!I suspect that when his alliance dumped most coins, he dilutes 200x to raise more money again.
Jl777 is doing  many very long term projects and all profits will pour into your ... ILLUSION.
Show your codes with other devs who can understand potential profits, pay them with SuperNET money and assests, do the rest as promises. Why don't you do this way?
Another cycle will be this: no real product, just git, clone & run because he can't do GUI, do not blame him...
Because NXT devs kicked him out, SuperNET and other assets are nearly homeless.
CryptoCard is dead in silence. Teleport, Telepathy: too longterm ideas that ZCASH makes them obsolute and James wants to depend on that technology to further delay his project if anything happens with Zcash relationship.
InstantDEX will be EasyDEX for a show case after 2 years gambling with SuperNET money and no real product.
After BTCD dilutting, SuperNET and other assets manipulating projects is the next?

By the way, up until now, Jl777's API is like this:



Jl777's commitment is as following:



Poor all BTCD bagholders!


In a nutshell
Like that  Smiley
legendary
Activity: 1428
Merit: 1000
Hi guys
Can anyone tell me where the ICO will be conducted? Please not an exchange in China. I'd rather just send payment to a BTC address than go through a Chinese based exchange.

Cheers Jon  Wink

Hi Jon,

ICO should start on the 15th of OCT.I am pretty sure it is not via a exchange but direct to a BTC address.
hero member
Activity: 529
Merit: 505
I'm on drugs, what's your excuse?
Hi guys
Can anyone tell me where the ICO will be conducted? Please not an exchange in China. I'd rather just send payment to a BTC address than go through a Chinese based exchange.

Cheers Jon  Wink
legendary
Activity: 1428
Merit: 1000
This might be helpful to some BTCD holders.

Average price in Aug = 0.00354716 = 0.00532074 btc/btcd with 1.5x multiplier.

Oct. 15 -           25% bonus  = 0.00425 BTC/BTCD
Oct. 16-22 -      20% bonus  = 0.00443 BTC/BTCD
Oct. 23-29 -      15% bonus  = 0.00462 BTC/BTCD
Oct. 30-Nov 5 - 10% bonus = 0.00483 BTC/BTCD
Nov 6-12 -         5% bonus   = 0.00506 BTC/BTCD
Nov 13-20 -       0% bonus   = 0.00532 BTC/BTCD
hero member
Activity: 491
Merit: 500
I'm investing heavily in Sebulba
legendary
Activity: 3262
Merit: 3675
Top Crypto Casino
Hey. Bounty for the translation topics to other languages?

A lot of people have asked about translation bounties.

You all just have to wait patiently until we publish the information regarding them. Smiley

Thank you for the response) will be a necessity send me a PM. Smiley
sr. member
Activity: 784
Merit: 253
Set Your Ideas Free
Hey. Bounty for the translation topics to other languages?

A lot of people have asked about translation bounties.

You all just have to wait patiently until we publish the information regarding them. Smiley
legendary
Activity: 3262
Merit: 3675
Top Crypto Casino
Hey. Bounty for the translation topics to other languages?
legendary
Activity: 1176
Merit: 1134
Thanks, this another awesome feature that wasn't clear enough!

I didnt have a chance to explain all the other iguana enabled features, but it is best I dont as if I do, then all the trolls will start screaming that I never get anything done. It seems they would be happier if I didnt work on more than one thing at a time and I should just wait while the testing, documentation, installers, etc are completed

hero member
Activity: 515
Merit: 502
Thanks, this another awesome feature that wasn't clear enough!
legendary
Activity: 1176
Merit: 1134
Quote
other proof of stake (PoS) cryptocurrencies [..] can secure their blockchain with Bitcoin’s mining power. The difference is that instead of dealing with Bitcoin directly – like Komodo does – they will instead send their information to the Komodo blockchain.

Question: what advantages other PoS coins have to use Komodo as a service rather than making their own dPoS system? If it's more convenient to piggyback on Komodo then it becomes even more interesting but it's not clear why that would be the case

Remember the bitcoin fees?
It is expected that komodo price will be below 1BTC for a while, so that means komodo txfee will cost a lot less than bitcoin.

Additionally, for bitcoin compatible coins, iguana is able to directly be a peer, which means instead of the third party coin (PoS, PoW, PoAnything) just as to add handling for a "notarized" network message and a small change to their consensus reorg loop. Adding support for a new network message is one of the easier mods to a bitcoin protocol coin as it usually doesnt interact with anything else and you just need to make it do what it is supposed to.

In this case:

if ( message is "notarized" )
   remember notarizedhash

Then in the consensus code where it pops off blocks, a check is added to prevent going past block that has a stored notarizedhash

The komodo notary nodes do all the rest, including monitoring the chain for new blocks, creating a komodo tx that is group signed and record it, monitoring BTC chain (it already is doing this) and detecting a notarizedhash and sending the "notarized" message

So the advantage is not only are bitcoin fees not needed, just komodo fees, the communication is flowing just one direction, from komodo to the third party coin. It wont need to know about any other blockchain. For those familiar with all the edge cases doing cross chain operations, this simplification is a very significant thing. In the event the komodo notary message doesnt arrive, the bitcoin protection is just delayed a bit. the dPoW protection is enhancing whatever existing consensus method is used. So it is either the same if for whatever reason the notarized message doesnt arrive, or it arrives an the "write protect" flag is set for the notarized block

Some reasonable komodo fee paid to the notary nodes will be all that it takes to provide continuous notary services and it also gets a full node for that coin into the ecosystem, which in turn will enable basilisk lite node services. but that is for a different day

There would only be a limited number of coins that could be actively supported like this and once we get the first one integrated, it will be possible to make it a streamlined process for the next one. iguana compatibility is a requirement though.
sr. member
Activity: 784
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Set Your Ideas Free
Quote
other proof of stake (PoS) cryptocurrencies [..] can secure their blockchain with Bitcoin’s mining power. The difference is that instead of dealing with Bitcoin directly – like Komodo does – they will instead send their information to the Komodo blockchain.

Question: what advantages other PoS coins have to use Komodo as a service rather than making their own dPoS system? If it's more convenient to piggyback on Komodo then it becomes even more interesting but it's not clear why that would be the case


Good question!

It costs a lot to make the constant transactions to the bitcoin blockchain. It is a lot cheaper to do those transactions to the Komodo blockchain, as Komodo is a PoS coin with a lot lower tx fees.

So it makes sense for all the other coins to use Komodo instead of directly using Bitcoin.

As Komodo is the first one to implement this it will become the standard gateway for dPoW! Other coins will start using Komodo to secure their own blockchain, then it will create a lot of transactions fees for Komodo. Those transaction fees will be used to pay for the bitcoin transaction fees, and the system becomes self-sustaining.
hero member
Activity: 515
Merit: 502
Quote
other proof of stake (PoS) cryptocurrencies [..] can secure their blockchain with Bitcoin’s mining power. The difference is that instead of dealing with Bitcoin directly – like Komodo does – they will instead send their information to the Komodo blockchain.

Question: what advantages other PoS coins have to use Komodo as a service rather than making their own dPoS system? If it's more convenient to piggyback on Komodo then it becomes even more interesting but it's not clear why that would be the case
legendary
Activity: 1176
Merit: 1134
Thank you for useful questions!

1. Has Supernet generated any revenues? (Props to you for keeping the price at near beginning level)
- yes there have been some assets, but those didn't really give any revenues
- the funds supernet has, have been used for trading, have any of those profits been given back to the hodlers?
Unfortunately, other than trading gains, which arent revenues, there hasnt been anything that generates positive cashflow. Now there is no way I can responsibly even think about dividending out the trading gains while we are below the original NAV. Things got pretty bad for a while, but I seem to have made up almost 2000 BTC worth this year. However past performance cannot be guaranteed to confirm and I did hit a good run of picks.

As komodo is the anchor piece that gets a stable set of notary nodes, they will not only perform notary duties, I will use them for other useful tasks in the ecosystem where a set of high availability services are needed. mostly just simple directory and "bulletin board" low bandwidth services, but still very useful for things like a list of all active coins in the networks, current active peers, DEX trading pairs, etc.

Getting the DEX fully stocked LP (liquidity provider) nodes is one of the charter's for komodo funds (after the blockchain critical things are paid for)

Quote
2. What role will Btcd play in iguana?
-Before it was needed as the grease for iguana transactions? Now what is the grease for iguana, komodo?
where it makes sense what would have been btcd fees will be komodo fees, as komodo is btcd 2.0. However, maybe there is a miscommunication, even before komodo if an iguana node is performing say LTC services for a basilisk, it would have charged LTC. Ah, ok I think I understand. For the multicurrency fees coming in to the revenue streams, they will be converted to the komodo and act like a pool that is converting the various mined currencies to the destination currency. But, the coin fees an iguana node would get from a basilisk node wont be autoconverted, that would be something that the one running the node would have to do

So grease is not the right analogy... I dont want there to be any needless barriers to adoption, so whenever possible it will be denominated in the most appropriate currency, whatever that is. The reinforcement effect will come from the required conversion into komodo

Quote
3. You said that you will never build on a platform you have no control on (ie: nxt) but is not btc and zcash outof your control
-what happens if btc transaction fees become large
-or btc changes in a way that is disasterous to your project
The bitcoin protocol is documented and not anything that can just be changed by one dev declaring it changed, like happened in NXT. The often contentious BTC world has the advantage that change is much slower.

Fee increases are factored in and why this ICO, but even at the lower end of funds raised, I can reduce the costs by increasing the delay. There is a parameter of "Delay Minutes", which determines how long after a new BTC block comes in that the notary transaction is submitted. The smaller this, is the more frequently we get notarized, which reduces the delay for BTC protection, but increases the cost.

So the fallback plan is to increase Delay Minutes to fit within the budgeted amount.

Now if some blackswan event makes bitcoin go insane and unusable, well, there is always other very strong chains, so I would find the most stable and secure one and use it for the notarization recording.

As far as zcash goes, it is a large open source project with a lot of very good devs. Having interacted with them during the alpha stage I dont see them making changes other than what is required for security reasons and if that is the case, komodo is well served to adopt it.

Another point to note is that iguana now works with over a dozen coins. natively, doing parallel sync with them. zcash is one of these and it is a key component for komodo, but iguana is still the platform. So the dPoW layer will be built on top of iguana API (custom extensions I will create) and the iguana will interface with the bitcoin and zcashd components.

I know from the outside it is really hard to discern these type of things, so I am glad you are asking such good questions
Quote
-or z cash fails to deliver a working product, or zcash delays their launch, or zcash who can read this thread sees you as a competitor and seeks to throw a monkey wrench in your launch somehow.
zcash already has a working product! Granted it is being security reviewed for flaws, but it is working. Of course for the GUI purists it is totally unfinished as it wont have a GUI for a while, but I speak of the zkp (zero knowledge proof) logic and having it mapped to the bitcoin transaction model. Quite an achievement already. Of course a delay is possible, but I dont expect there to be any prolonged delay.

Now I certainly hope zcash doesnt view komodo as a competitor. It is an open source project and we will be doing a GUI that I hope the zcash team can use. Also, ZEC is a mined coin, komodo is dPoW so I really dont see how there is much overlap between the two from a non-technical point. I estimate the market price for ZEC to be very high compared to komodo, so it will be similar to LTC's silver to BTC's gold situation. komodo price will be in sub-dollar range. ZEC price I have to imagine will be $10 to $100+, especially at first.

If komodo is a massive success that will give zcash a lot of exposure by necessity. I was also in discussions about donating the 5% staking by the zkp funds to the zcash devs, as I couldnt figure out a way how to get anymore than aggregate amounts in the zkp form, it is that strong a privacy. So if the zcash team would accept this, then we wouldnt just be a project that forked zcash, we would be contributing back GUI, publicity and also some komodo
sr. member
Activity: 784
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Set Your Ideas Free
Do not buy into this ICO! jl777 is an evil reptilian. It doesn't take a genius to see this, using names such as Iguana and now Komodo exposes their draconian agenda.

There are even more lizards! Be aware!  Grin

https://www.youtube.com/watch?v=h14wr4pXZFk
legendary
Activity: 1540
Merit: 1000
Do not buy into this ICO! jl777 is ................
Plz stop troll!!  Grin
legendary
Activity: 2114
Merit: 1015
Do not buy into this ICO! jl777 is an evil reptilian. It doesn't take a genius to see this, using names such as Iguana and now Komodo exposes their draconian agenda. Unlike mammals they have no sense of empathy. Did jl777 think of BTCDholders feelings when launching a new coin? Hell no! Only a lizardman would not have empathy for their investors like that. But what really grinds my gears is the fact that jl777 hides their identity while asking for such a large amount of new capital. Neither Ethereum nor Waves ICO were launched by an anonymous person and they both got 30k BTC investments. Now jl777 also wants 30k but does not want to tell us their real name.
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