Why do you expect people to buy KMD at 0.00425 - 0.0053 during that month where they can buy BTCD for cheaper and exchange that as 0.0053 ?
Also, if BTCD price goes down lets say in 6 months 0.001 people will be buying btcd and exchange it with KMD for 0.0053
Have you considered that?
Hey, The Steemit post should clear everything for everyone regarding the ICO. Whoever would sell BTCD under those rates would be giving away money. Hopefully no one will do that. If you have any further questions let us know! |
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BTCD Valuation for the swap
In order to simplify the BTCD to KMD swap, a fixed exchange rate of 1.0 BTCD to 0.00532074 BTC was established, meaning that if you send one BTCD you will receive 0.00532074 BTC worth of Komodo. This exchange rate was determined by adding a 50% bonus to the daily closing price average of August. The swapping process will take place after the ICO and detailed information will be posted soon.
Average price in Aug = 0.00354716 BTC/BTCD
BTCD exchange rate = 0.00354716 * 1.5 = 0.00532074 BTC/BTCD
When we take into account the bonuses during ICO, we get:
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
Has more detailed information been posted about this yet? The swapping process will take place after ICO but will still take into account the timing of the bonuses during ICO? We will post a detailed ICO FAQ later today. Those bonuses are for the BTC investments. BTCD has a 50 % bonus already priced in. It will all be in the ICO FAQ! |
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What kind of campaign you will offer? Let us know, for example, twitter, facebook, signature and so on. Thanks
We will have a signature campaign, translations, and so on. We are still working on the details and the signatures are being designed. We won't publish any info until we are sure about the plan. Sit tight!  |
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The project seeks to raise funds to operate dPoW as well as pay for continued development and promotion. In order to use the Bitcoin blockchain tx fees must be paid, and that requires capital. Other usage is to ensure there are enough high capacity nodes around the world. Eventually the system will become self-sustaining, as other coins will use Komodo to get the benefits of dPoW.
Okay. I have some more questions. Maybe you can answer them too. How many developers will work on that project? How long will development last until its finished? Any time frame? How many nodes will the network need to work? I guess most nodes will be private ones, as in other crypto-currencies. Why should they be paid with ICO-Funds? Isnt it a decentralised concept? Can you complete the BTCD-Swap/asset thing in the first post? There are some posts of James where he wrote something about an asset. Dont see anything in the description. In order to simplify the BTCD to KMD swap, a fixed exchange rate of 1.0 BTCD to 0.00532074 BTC was established, meaning that if you send one BTCD you will receive 0.00532074 BTC worth of Komodo. I dont understand that. I will get Komodo to a fixed exchange rate, although Komodo has no price now. So i dont know how much i will get, right? Thank you Certainly! How many developers will work on that project?
Komodo is coded almost entirely by jl777. With the funds we raise in the ICO will able us to hire more developers. There is also a GUI team that is working for other SuperNET related projects, and who will also be working for Komodo. How long will development last until its finished? Any time frame?
Very quickly: Komodo testnet with working dPoW is expected during the ICO and mainnet launch with anonymous transactions (Zcash) within two weeks after ICO ends. How many nodes will the network need to work?
The plan is to get 64 notary nodes working worldwide, but if we don't rise enough funds that number would have to be revisited. 64 nodes would be optimal. The block rewards for nodes including txfees are expected to pay for costs after the initial startup period. Why should they be paid with ICO-Funds? Isnt it a decentralised concept?
There are some requirements to be a notary node: 1) To run a notary node you will have to be voted in by the Komodo stakeholders. That is done via a voting mechanism. 2) The notary nodes have to meet certain hardware requirements. Earlier jl777 estimated: 64 GB RAM, 300GB SSD is enough this year, ddos protection via second node, good bandwidth. These nodes have to be paid from the capital until the system becomes self-sustaining Can you complete the BTCD-Swap/asset thing in the first post? There are some posts of James where he wrote something about an asset.
We will be publishing a detailed ICO FAQ later today. The information will be there. |
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A few months ago BTCD was going to secure Bitcoin. Now I see Bitcoin is going to secure Komodo aka BTCD 2.0
How come?
Hey! What are you meaning with "secure"? BTCD was never going to secure Bitcoin in the same way Bitcoin will secure Komodo through dPoW. Please elaborate |
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About the lack of development
The only credible criticism I have heard so far is the lack of project completion. There have been reasons given for the delays, but iguana is about as done as any large scale project can be done. So it is time to package it up into nice GUI with installers and that process has begun.
For people that want to evaluate at the command line level on your own you can via my github.com/jl777/SuperNET repo. You might get a head start on the others that wait. I am constantly updating the repo but I do try to stabilize it as quickly as possible. production versions are made from a snapshot during stable times and go through a test procedure.
By necessity I am not personally involved in this testing, as the coder cant be the production tester of his own work. At this point I am still working in the iguana codebase, but at the higher levels of abstraction and rarely making any changes to the lower level code.
I took a few days off to code up a steemit liquidity awards bot, which worked and earned ~$10K in rewards in the week that it ran before the awards were stopped. To my knowledge my bot was the first one other than the insider's bots that earned the liquidity reward multiple times. My experiences about this are well documented. What does it mean? It shows that in one week I created a real money handling bot that competed against all the existing bots and managed to win awards. Something that few if any other outsider's bots did.
Does that count as a finished release? I did it on personal time one weekend.
Anyway, the question you need to answer is if I can actually code or not. I have my opinion, others have their opinion. If you are not a coder, ask around to find out how much work it is to write an entire bitcoin protocol from network wire protocol, script processing, secp signatures to RPC layer, from scratch without using external libraries. And if 9 months is a horribly long time to achieve this.
github.com/jl777/SuperNET docs.supernet.org (a list of iguana API)
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Where is the promised Anonymous Card?
It's was developed by Coinomat. The cards are issued & project finished, but the outcome didn't turn into a big success due to some problems which I'm not the right person to explain. Apparently some regulatory changes happened... Can you explain why the project needs THAT much Money? Is there any plan what will happen with the budget?
The project seeks to raise funds to operate dPoW as well as pay for continued development and promotion. In order to use the Bitcoin blockchain tx fees must be paid, and that requires capital. Other usage is to ensure there are enough high capacity nodes around the world. Eventually the system will become self-sustaining, as other coins will use Komodo to get the benefits of dPoW. |
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In any case you are free to swap or not swap. If you dont swap you will still have the BTCD you have now.
You are so wring here....because of the decision made by you and the Komodo team, we are "forced" to swap and buy into this ICO. Don't you get it???!!! You are ok with market control and dictatorship? Maybe because you are on the inside and will scrape from the 10% premine! This really irks me how you can laze-faire this whole issue. No one is forced to swap as there will be plenty of people willing to buy BTCD. BTCD investors can make an exit, cash out with BTC. When the ICO starts there's no reason for anyone to participate with BTC if buying BTCD is cheaper, thus the BTC/BTCD rate will be fixed. 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 Yes Flyer88..I feel punked too. This is another bait and switch by JL and his buy-ins. Komodo is a tech that will not get finished....look into it more. It will turn out in 1-3 years, near the deadline to swap BTCD, that another swap will come...to fund development of a different reptilian coin. Shameful...I am committed to saving others' BTC investments.
The same fallacy about nothing getting finished is repeated over and over again. There is progress, and this will get finished. This statement is backed by open source code found from Github and the conversations happening in Slack every day. The claim that there is no progress is only backed by a missing GUI and release. There will be a release with a GUI before the Komodo ICO starts. |
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I was looking at the block explorer recently and what I see is a handful of wallets with tens of thousands of transactions. As I understand these are the wallets which were staking from 2014 when no-one was even thinking about dividends. Considering how much electricity those people burned for these years to keep the blockchain secure I would give those wallets some preferable conversation rate if I were you. That would kill couple or rabbits with one stone. I am pretty sure you have a lot of those stakers complaining now, plus that would show future investors the team is actually care about long time commitment. Which ever number of stakes you choose does not matter (for me at least, I've got only handful), just choose how many wallets you want to reward and get that stake number. In the big picture those would not matter.
Let us know what you think of that.
Looks like entire "team" is ignoring your question. I don't think they would do anything like that, in the end this would lead to much less BTC for the project I guess. If those addresses are constantly making transactions, they are probably part of Iguana or MultiGateway. Giving special benefits to some addresses would not be seen desirable to some investors. We want to keep this simple. |
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When is it expected KMD to enter an exchange like bittrex? Just after ICO period ends?
Thank you
We will launch mainnet after the Zcash final release, which should happen within 2 weeks after ICO. The certainty of this timeline will be double-checked after we move closer to the ICO. For example, Zcash testnet beta should begin tomorrow! This is a huge project, and with any huge projects delays are possible. Delays could come from our end or from Zcash. However, jl777 is confident that the Zcash team is doing great job and will stay in schedule. At this point, there are no reasons to suspect any delays.
If anyone says that they will pay you Zcash before October 28, 2016, then there must be some mistake, because Zcash will not exist until then. This previous statement was copied from the ZCASH website ( https://z.cash/) Thank you Jon for pointing this out! There is a misunderstanding here. Here is the timeline: September 7 - Zcash testnet beta October 15 - Komodo ICO starts October 28 - Zcash blockchain launch Nov 20 - Komodo ICO ends -> Komodo mainnet launch (current estimation is within 2 weeks after ICO) It's important to understand that we are not Zcash and you will not receive Zcash (the coin), you will recieve our own coin: Komodo. In other words, we are not promising to pay Zcash to anyone, at any date! Instead we will use the Zcash open source technology, together with our own additions, to create Komodo. You can expect to get Komodo coins someday after our ICO ends, in November-December. I hope this cleared everything! best regards! |
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sorry guys, I do not understand what is Komodo? Is it Zcash fork?
Hey, no problem! Yes we use the Zcash technology, all credit to them! However, we are not a simple fork as we have added our own technology on top of it. We use NXT style PoS along with a new consensus method called dPoW. The dPoW is an innovation of our own, which will secure Komodo with bitcoin's hashrate (and other coins can secure their blockchains via Komodo). Another big component is Iguana, which is another project that is in its finish line. We haven't really talked about it yet, but Iguana and Komodo will complement each other. We will be explaining everything, so sign up for our newsletter and you won't miss anything!
https://komodoplatform.com/Here is our first article, describing a little bit about dPoW https://steemit.com/bitcoin/@komodoplatform/komodo-has-been-bornCore Media wrote a great article about Komodo, check it out too! http://coremedia.info/index.php/blockchain-news/item/303-komodo-zero-knowledge-privacy-secured-by-bitcoin/303-komodo-zero-knowledge-privacy-secured-by-bitcoinMore will come!  |
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They cant finish it...if you go to the Slack Supernet BTCD channel and read the state of affairs...jl does not know how to manage this or any project. maybe he can code but the project is a mess...multiple people getting paid to do the same task...gui, no coordination, no launch plan...it's a mess and really a sign of what's to come for Komodo...sad state of affairs actually. JL does not know how to use git! How can he manage komodo development with more than himself if he can't use git! Komodo will never launch.
You are exaggerating things! At this point all the major obstacles are behind us. The hardest part is done, which took 1-2 years of intensive coding. jl777 has himself stated multible times that what he does best is the backend coding. He also does an outstanding job discussing and answering all the questions anyone has, meaning he is very active on Slack and on the forums. Yesterday he said that he cannot be a project manager and focus to the deep tech side at the same time. Which should be very understandable. Now we just need someone to step up and bring this technology to the finish line. Based on the yesterday's conversations we might have one! One person cannot do all, but in this case one person has carried the whole project this far, which is an enormous achievement. You cannot argue with the point that he is working really hard. We will have something to show for. Just sit tight! So for BTCD-Holders that ICO means, that their stack will be diluted because the project needs new money for development, right? Why you didnt go the nxt-way without any ICO? Seems fairer to me to the people which still hold BTCD.
And if BTCD is a core segment of supernet, why will no funds of the supernet ico used for BTCD development?
The BTCD development had no funding, James was donating his time and joined midway to the project. The overall SuperNET project is very large and ambitious, solving some complex problems. At the same time Komodo's implementation (especially dPoW) needs some funding. This cannot be provided from the other projects, and doing that would make those investors very unhappy. Each project has to rise its own funds, especially when they are at this scale. |
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Here's a thought:
If Iguana is so close to being finished for the first release and its development is independent of this new ICO, why not just finish it, then do the ICO? Perhaps this would build more trust and more people (especially long time BTCD supporters) would support the ICO. Iguana seems to be the one thing that development has been focused on for a good part of the year and many have been anticipating its release. So to all of a sudden announce a new tech that is still being developed and will require yet even more extensive testing/debugging, is pretty ridiculous. I understand this new tech is promising and could change everything, but it could wait.
The most terrible thing about multitasking is that it tends to leave a lot of tasks unfinished. Focus on one thing at a time and get it done right. Why is that so hard?
Iguana is very close to the finish line. There will be something to show for (visually) before the Komodo ICO begins. If you are comfortable reviewing code there is a lot to show already! It's all open source and available from Github. You can also follow the developments from our Slack, channel #Iguana Currently there are only few bugs to fix from the backend. The GUI team posts updates regularly to the channel. So in short, we will have something to show for! News about (translation) bounties?
Not yet |
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what are the dividends based off of
Are you referring to the BTCD divs paid for stakers? Those come from a nxt asset called 'MMBTCD'. It is a trading bot that offers liquidity in the BTCD markets. Profits are shared with asset holders and BTCD stakers. For those who have connection issues, use the recent peers, see this post: https://bitcointalk.org/index.php?topic=684090.msg16108496#msg16108496 |
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The Swap is fixed at 0.00532 and you dont get the 25% bonus
So the Swaptime BTCD--> Komodo begins exactly when? And ends when? The swap begins at the end of the ICO, and you have one full year to do the swap. |
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I don't get it how
25% bonus = 0.00425 BTC/BTCD
0% bonus = 0.00532 BTC/BTCD
It should be the oposite
Right now BTCD price is fixed to bitcoin (because we promise it to be worth 0.00532 BTC in the Komodo ICO) Thus the BitcoinDark marketcap is 6835 BTC ( 0.00532074 BTC/BTCD × 1284606 BTCD = 6835 BTC ) But we don't yet know how many KMD coins you will receive, because we don't know how many bitcoins the ICO will raise. You should think of your BTCD holdings as if it were BTC that would be "invested" in the ICO at the last day of the ICO. When the ICO ends an exchange rate between BTCD and KMD is calculated, and then you can swap your BTCD to KMD during one year period. Who are the devs for komodo besides jl?
Komodo is coded almost entirely by jl777. With the funds we raise in the ICO will able us to hire more developers. There is also a GUI team that is working for other SuperNET related projects, and who will also be working for Komodo. You can see a full list of our team from the Komodo website: https://komodoplatform.com/ |
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Do I need to have a nxt-wallet to maintain the asset I will get with the swap?
Thanks for the questions! There are three places where you could keep the BTCD: 1) your own BitcoinDark address, 2) your own NXT address (because of MultiGateway), 3) in an exchange. In the case of: 1) you will for sure receive the new asset 2) if this is technically possible, but we will have to talk with jl777 and revisit this later 3) we would have to collaborate with an exchange, if this is possible we will provide information later There is still plenty of time before the end of ICO, we will provide a detailed description regarding this before that! Hi So my understanding on the futur changes Look great but 1btcd will == 1 komodo? and will it be change automaticly on the exchange The BTCD to Komodo exchange rate depends on how much money the ICO rases. You see, the BTCD is counted as an investment towards the ICO. We promise a rate of 0.00532 BTC/BTCD for the ICO. This is the announcement we made in the Komodo thread: BTCD Valuation for the swap
In order to simplify the BTCD to KMD swap, a fixed exchange rate of 1.0 BTCD to 0.00532074 BTC was established, meaning that if you send one BTCD you will receive 0.00532074 BTC worth of Komodo. This exchange rate was determined by adding a 50% bonus to the daily closing price average of August. The swapping process will take place after the ICO and detailed information will be posted soon.
Average price in Aug = 0.00354716 BTC/BTCD
BTCD exchange rate = 0.00354716 * 1.5 = 0.00532074 BTC/BTCD
When we take into account the bonuses during ICO, we get:
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
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Hello!
There has been many questions from the BTCD holders. We have tried to address them all, and will continue to do so.
We are now gathering the most asked questions and will then put them into a FAQ that is dedicated to the BTCD community.
We hope to create a document that will address all the questions that might rise about the upcoming Komodo ICO!
We have already answered many questions in the Komodo ICO thread, but if you feel something is still unclear this is a perfect opportunity to ask them!
Submit your questions below!
Best regards,
Komodo Team
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