Hi James, there is any minimum amount of KMD that needs to be held in order to get stakes? Or any amount is good? (i.e. even 1 token)
What is required instead, in order to become a node? If it is a minimum amount of tokens, how many?
Cheers
There will be two independent ways of staking. The peercoin utxo based and the chances of winning a block depends on the amount of KMD in each utxo along with its coinage. The older it is, the higher chance it has to win, so eventually even small amounts will be able to win a block. Of course, a 1 satoshi utxo will probably never win a block, regardless of how old it is. The issue of the utxo based staking is that you need to have many utxo if you have a large balance and this creates bloat and starts taking a fair amount of resources to stake. However, it is the time tested way for a decentralized staking and I prefer to use such time tested methods. The other method is the NXT style that is based on total effective balance. That is the method the notary nodes will use and it wont matter how many utxo you have, though if you are spending them and it is not old enough, it wont have the staking power. There will be a bundle boundary balance that serves as a maximum possible and it is adjusted by any balance changes. This avoids attacks based on moving funds all around to addresses that would win a block. Also after an address gets a payout, it will need to "recharge". This will allow smaller addresses to win blocks. With approx 1440 blocks per day, 1/1440'th total supply will on average win 1 block per day. So a balance of approx 2000 KMD should get staked once per month. And however long it takes, all the interest will then be paid out. Anyway, the exact details are still subject to change, but I am working to allow people to passively earn 5% per year without having to do anything, but if so inclined would be able to proactively stake on their node. So with the first method, would it be more advantageous to have smaller balances across multiple addresses? In the second method, it looks like it would be best to have everything in one wallet. How long does it take to "recharge"? |
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Hi James, there is any minimum amount of KMD that needs to be held in order to get stakes? Or any amount is good? (i.e. even 1 token)
What is required instead, in order to become a node? If it is a minimum amount of tokens, how many?
Cheers
I dont think there will be a minimum number of KMD to stake via the nodes. Now if you want to stake directly, James will need to answer. If we get sufficient funding, we would be running 64 global nodes. These nodes dont need a minimum threshold of KMD like Dash masternodes, but they will need to have sufficient hardware requirements (8 core/64gb ram likely) and very reliable connectivity. They will also need to be voted in by the KMD community. |
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I have a new question about the 5% inflation of Komodo: do only the notary nodes earn this staking revenue? Or anyone that participate in the network? Though the latters don't help confirming blocks.
Everyone that holds KMD, will automatically get staked. Great!  keep in mind the protected funds (zero knowledge) wont be able to be staked as there is no way to know the balances for those funds. I am working on a way where people can stake as normal so they can make sure they will earn staking under their control, or they can just let the notary nodes stake for them. Keep in mind, if your total balance is low then it could be that you wont get many blocks at all, regardless if your node is staking directly or you let notaries do it. The advantage to this dual nature is that even in the unlikely event that something happens to all the notary nodes, the network will still be able to generate blocks. That way we get a fully decentralized node by node staking, with the elected notary nodes staking as an overlay. Not sure I can get both to play nice with each other yet, but so far it is looking promising James do you need to move funds into and out of a protected funds wallet/address? Is that how it will work? |
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I have a new question about the 5% inflation of Komodo: do only the notary nodes earn this staking revenue? Or anyone that participate in the network? Though the latters don't help confirming blocks.
Everyone that holds KMD, will automatically get staked. |
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There is no rule which told me that says that I cant paste your post.IF signature campaign admin told me that I cant do that I will stop do that.
4. No spam, flaming, single word (or image), short sentence, bump, “me too”, “thanks”, other forum(off-topic,meta, Politics & Society, Beginners & Help,Archival) or other obviously crappy posts, - these posts will not be paid.
Coping and pasting a post by me as if it was your own, so you get paid, is very unethical. |
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I have been in contact with Azeh and BTCDdev on and off for the last 2 years for btcd and supernet. Most recently BTCDdev sent me cryptos worth a lot of money that he was holding for me, to say these guys are trustworthy is a understatement.
Care to explain why you copied what i posted? Reported to sig thread.... |
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this is the biggest fallout JL could do...his only supporters, the BTCD crowd, i.e. the same people who invested in SN, and apart from the handful of buy-in fans that pre-arranged this fiasco, are so pissed off now that they will march against this ICO rendering it an utter failure. He may be smart but to screw over his only supporters was a fatal mistake. Please keep posting bitkokos2 (and others who JL made so many promises)...this Komodo coin must not get beyond it's own shit in the cage...because it is disgusting.
edit: I suggest JL come up with a better plan to support the BTCD investors or Komodo will fail.
1. create, hype, and pump BTCD 2. unofficially abandon incomplete BTCD project 3. work on random other ICOs for two years 4. officially abandon incomplete BTCD project 5. Good News Everyone! Your BTCD investment is being diluted to almost nothing because the dev wants MOAR money 6.  7. Profit Seems Legit. What could go wrong? When you FUD, i guess accurate information is not really important. James did not create, hype or pump BTCD. He has not abandoned any project He has been working on Supernet for the last 2 years |
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I investigate altcoins as part of the same long term interest in computer science and particularly liberation technology which led me to Bitcoin. Bitcoin is barely ready to accommodate "an investor." The Winklevoss ETF process is a barometer of that immaturity. No altcoin is ready for anything beyond the wildest, wooliest-eyed get-rich-quick speculation. You're here for the pump and dump, and don't care about the tech even if you understood it.I'm here primarily for intellectual pursuits; intramurals such as trolling scams like BTCD and KoMoDo are just a nice diversion. Case in point: you guys are having waaay more fun ganging up on me than discussing the (shared) point that "no one is exactly banging down the door to use BTCD."You really think you are "investing" in BTCD and its convoluted consequent exit scam? You millennials are so cute sometimes!  When you assume you look like an ass. Oh wow, never heard that one before. Such original wit! Did your sophomore English teacher introduce you that devastating zinger? A year ago, I assumed BTCD would be abandoned like ICOscam777's dozens of other unregistered investment schemes. That assumption was correct. You are salty AF because your bags of "Bitcoin" Dark are going to be diluted to homeopathic levels.... I love how you selectively quote me. You ASSUMED that we were here for the pump and dump, which i pointed out was not correct. So you move to another angle and proclaim your assumption to be correct. I just dont understand the logic here? What is your motivation? Go troll one coin? |
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I investigate altcoins as part of the same long term interest in computer science and particularly liberation technology which led me to Bitcoin. Bitcoin is barely ready to accommodate "an investor." The Winklevoss ETF process is a barometer of that immaturity. No altcoin is ready for anything beyond the wildest, wooliest-eyed get-rich-quick speculation. You're here for the pump and dump, and don't care about the tech even if you understood it.I'm here primarily for intellectual pursuits; intramurals such as trolling scams like BTCD and KoMoDo are just a nice diversion. Case in point: you guys are having waaay more fun ganging up on me than discussing the (shared) point that "no one is exactly banging down the door to use BTCD."You really think you are "investing" in BTCD and its convoluted consequent exit scam? You millennials are so cute sometimes! When you assume you look like an ass. Oh wow, never heard that one before. Such original wit! Did your sophomore English teacher introduce you that devastating zinger? A year ago, I assumed BTCD would be abandoned like ICOscam777's dozens of other unregistered investment schemes. That assumption was correct. You are salty AF because your bags of "Bitcoin" Dark are going to be diluted to homeopathic levels.... You forgot to quote the other bits. Will BTCD be all converted into this one? Or will they coexist? What's the point of switching to Komodo if BTCD has so much more potential?
Komodo is BTCD 2.0 why you will be able to swap your BTCD at a bonus. Komodo includes all of BTCD's potential and more. Because I have never heard of Komodo being in the center of Supernet, Iguana and other connected projects ... All projects that were going to use BTCD in their tech, will now use Komodo. As Komodo is BTCD 2.0. There better be a far greater argument than that, cause no one is exactly banging down the door to use BTCD. So far the most compelling reason to support Komodo is that Icebreaker hates it.  Well that is a valid reason, but then again he hates anything that he isnt a bag holder in so..... I like to think he's an investor or was at some point. From a time is money standpoint, it's not logical for someone to spend hours reading and making posts over the years about a project if they are not invested. Having some trolls is good for every ico thread, in my opinion. He bumps the thread and sparks banter/discussion. This last response shows exactly why you moon children have it all wrong. I investigate altcoins as part of the same long term interest in computer science and particularly liberation technology which led me to Bitcoin. Bitcoin is barely ready to accommodate "an investor." The Winklevoss ETF process is a barometer of that immaturity. No altcoin is ready for anything beyond the wildest, wooliest-eyed get-rich-quick speculation. You're here for the pump and dump, and don't care about the tech even if you understood it.I'm here primarily for intellectual pursuits; intramurals such as trolling scams like BTCD and KoMoDo are just a nice diversion. Case in point: you guys are having waaay more fun ganging up on me than discussing the (shared) point that "no one is exactly banging down the door to use BTCD."You really think you are "investing" in BTCD and its convoluted consequent exit scam? You millennials are so cute sometimes! When you assume you look like an ass. The majority of the investors that have held the coin for the last 2 years have been investing for the tech and I was one of them. I would also not be telling others about waiting for a pump and dump when you favorite coin has gone 10x on what? If you need someone to talk to when the DUMP happens, we are always here for you.
You are not here for intellectual pursuits, if you were, you would take off them Monero shades and actually evaluate the only thing that matters in this crypto world, the code. But you are here to spread FUD and just show how unintelligent you are.You are salty AF because your bags of "Bitcoin" Dark are going to be diluted to homeopathic levels.... That is where you are wrong. I am all for it because i know this is the best move going forward and because to be able to realise the dPoW vision it is needed. Come back to me when Monero gets obsoleted and we will see who is salty AF |
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So I still have not gotten a clear answer on this:
What is proposed to happen to the BTCD that has been swapped for Komodo?
Nothing will happen to it. Currently BTCD is used by Iguana, so the network will continue running to make sure nothing breaks. However, over time everything will be moving to Komodo blockchain, and at the end BTCD will have no role left in the SuperNET ecosystem. Komodo is the new BTCD, it just got an upgrade to the privacy technology and a new consensus method dPoW. Does this answer to your question? No you didn't really answer the question I was asking at all. The issue here is that the BTCD chain will continue...for at least another year and several months. So some people will swap and others wont...staking will continue and those swapped coins will most likely be a huge pot of coins.....BTCD are still transferable, tradable, stakeable, and of value, possibly to pump and dumper whales, during the transfer period...which is full year and really a lifetime in crypto. So when I ask what will happen to the swapped coins, I am asking who will manage the coins and what exactly will be done with the account holding these coins...will they be sent to genesis, burned, or what? Not simply, oh, they will eventually fade away. There was some discussion about potentially air dropped to kmd holders after a year but that hasnt really been decided yet. Also people that leave it toll 1 year to swap will lose 5% as they would have staked that amount. Thanks for attempting to answer PondSea but there is still clarification. This should be decided asap and before the ICO begins IMO. I dont understand why is this important to know before ICO begins? In a perfect world everyone will swap across asap so the BTCD 1.0 chain will be valueless. |
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Will BTCD be all converted into this one? Or will they coexist? What's the point of switching to Komodo if BTCD has so much more potential?
Komodo is BTCD 2.0 why you will be able to swap your BTCD at a bonus. Komodo includes all of BTCD's potential and more. Because I have never heard of Komodo being in the center of Supernet, Iguana and other connected projects ... All projects that were going to use BTCD in their tech, will now use Komodo. As Komodo is BTCD 2.0. There better be a far greater argument than that, cause no one is exactly banging down the door to use BTCD. So far the most compelling reason to support Komodo is that Icebreaker hates it. Well that is a valid reason, but then again he hates anything that he isnt a bag holder in so..... I like to think he's an investor or was at some point. From a time is money standpoint, it's not logical for someone to spend hours reading and making posts over the years about a project if they are not invested. Having some trolls is good for every ico thread, in my opinion. He bumps the thread and sparks banter/discussion. This last response shows exactly why you moon children have it all wrong. I investigate altcoins as part of the same long term interest in computer science and particularly liberation technology which led me to Bitcoin. Bitcoin is barely ready to accommodate "an investor." The Winklevoss ETF process is a barometer of that immaturity. No altcoin is ready for anything beyond the wildest, wooliest-eyed get-rich-quick speculation. You're here for the pump and dump, and don't care about the tech even if you understood it.I'm here primarily for intellectual pursuits; intramurals such as trolling scams like BTCD and KoMoDo are just a nice diversion. Case in point: you guys are having waaay more fun ganging up on me than discussing the (shared) point that "no one is exactly banging down the door to use BTCD."You really think you are "investing" in BTCD and its convoluted consequent exit scam? You millennials are so cute sometimes! When you assume you look like an ass. The majority of the investors that have held the coin for the last 2 years have been investing for the tech and I was one of them. I would also not be telling others about waiting for a pump and dump when you favorite coin has gone 10x on what? If you need someone to talk to when the DUMP happens, we are always here for you. You are not here for intellectual pursuits, if you were, you would take off them Monero shades and actually evaluate the only thing that matters in this crypto world, the code. But you are here to spread FUD and just show how unintelligent you are. |
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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. I still think on top of the holders bonus, staker's bonus would help a lot too. In the end, not holders secured BTCD's blockchain for two years. I am pretty sure exchanges and MGW addresses are well known. I am not talking about some huge number of wallets, just pick some reasonable number with highest transaction count. What, the community is against rewarding biggest stakers who secured the network for years with their own electricity? Or maybe none of the team members staked all this time? That would explain a lot. Besides, isn't stakers bonus is much much easier to implement based on the number of stakes? There is also no need to worry about people gaming the rule, take a snapshot before the KMD news came out, give each wallet extra 1% for 10000 transaction or so and you have very simple and efficient algorithm ready. I can say i was probably the biggest staker on the network for the last 2 years potentially so it is not that. We need to find a solution that people are happy with and is fair to everyone. What you proposed may be doable, will let James know. |
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Will BTCD be all converted into this one? Or will they coexist? What's the point of switching to Komodo if BTCD has so much more potential?
Komodo is BTCD 2.0 why you will be able to swap your BTCD at a bonus. Komodo includes all of BTCD's potential and more. Because I have never heard of Komodo being in the center of Supernet, Iguana and other connected projects ... All projects that were going to use BTCD in their tech, will now use Komodo. As Komodo is BTCD 2.0. There better be a far greater argument than that, cause no one is exactly banging down the door to use BTCD. So far the most compelling reason to support Komodo is that Icebreaker hates it. Well that is a valid reason, but then again he hates anything that he isnt a bag holder in so..... |
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( I'm not sure of the logic of the above poster, but offering a swap is hardly abandonment)( maybe this person can go harass nxt community about abandoning nxt1.0) So I still have not gotten a clear answer on this:
What is proposed to happen to the BTCD that has been swapped for Komodo?
Nothing will happen to it. Currently BTCD is used by Iguana, so the network will continue running to make sure nothing breaks. However, over time everything will be moving to Komodo blockchain, and at the end BTCD will have no role left in the SuperNET ecosystem. Komodo is the new BTCD, it just got an upgrade to the privacy technology and a new consensus method dPoW. Does this answer to your question? Is it possible that a new role could be made for btcd once things move to komodo? I like how you dishonestly use the word "swap" to imply a 1-to-1 trade of BTCD for Komodo, when in fact what actually happening is massive dilution of BTCD bagholders' equity. And now you and ICOscam777 will continue to bog down and confuse the conversation with pages of tedious hand waving garbage dithering over exactly what and how and when dilution will occur. Characterizing scam busting as "harassment" is equally precious. Oh poor you! Leave James Alone!  The irony of this thread so far is the Icebreaker, in his attempts to discredit James, is actually creating a huge FAQS thread that is only making James and his projects look better and more robust. Lol. To an outside observer, Icebreaker is helping James make the case for Komodo. This is one of those rare times on Bitcointalk where reality is doing exactly the opposite than a troll intends. For all we know he might be a BTCD whale |
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To counter the dilution the BTC bonus system would have for BTCD investors a similar system was established. The bonus is calculated by applying the average bonus the BTC investors got to the swap rate.
Example: Lets say 10000 BTC are collected and 1000 BTC in early investor bonus was taken. That means the average bonus is 10%. This brings the BTCD swap rate to 0.005852.
KMD coin distribution
10 million Komodo coins are reserved for development, advisers and bounties.
90 million Komodo coins will be distributed to those who participated in the ICO either with BTC or later with BTCD via the swap procedure. In other words, some percentage will go to those who invested with BTC and the remaining portion to those who will swap their BTCD to KMD after the ICO.
I am having trouble understanding this exactly. There are 90 million Komodo that will be distributed. Will the BTC ICO be fixed price? Is there a reserved percentage of the initial 90 million Komodo for BTCD holders. Current supply of BTCD = 1285692 × 0.00532074 = 6840 BTC So is there only 30,000 - 6840 = 23160 BTC worth of Komodo available to BTC investors? Maybe I am missing something. But would have been good, and saved everyone some time, if this was clear from the start. No the amount per KMD is not fixed. There is also no fixed supply set aside for the btcd holder swap. Basically whatever the total amount of BTC investment is at the end, including the roughly 7k btc worth of BTCD, that figure will be used to distribute the 90m KMD. The max is 30k BTC excluding the BTCD swap. |
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So I still have not gotten a clear answer on this:
What is proposed to happen to the BTCD that has been swapped for Komodo?
Nothing will happen to it. Currently BTCD is used by Iguana, so the network will continue running to make sure nothing breaks. However, over time everything will be moving to Komodo blockchain, and at the end BTCD will have no role left in the SuperNET ecosystem. Komodo is the new BTCD, it just got an upgrade to the privacy technology and a new consensus method dPoW. Does this answer to your question? No you didn't really answer the question I was asking at all. The issue here is that the BTCD chain will continue...for at least another year and several months. So some people will swap and others wont...staking will continue and those swapped coins will most likely be a huge pot of coins.....BTCD are still transferable, tradable, stakeable, and of value, possibly to pump and dumper whales, during the transfer period...which is full year and really a lifetime in crypto. So when I ask what will happen to the swapped coins, I am asking who will manage the coins and what exactly will be done with the account holding these coins...will they be sent to genesis, burned, or what? Not simply, oh, they will eventually fade away. There was some discussion about potentially air dropped to kmd holders after a year but that hasnt really been decided yet. Also people that leave it toll 1 year to swap will lose 5% as they would have staked that amount. |
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Hi James I see mention of jl777hodl. I own a few hundred but I don't really get it so to speak they have a current value of between 3/4 nxt, which is bugger all. Can you give any heads up about what's happening with this asset Cheers Jon  Not much has happened with it. Currently it is a steal when factoring in the siafunds it contains. |
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Hi BadAss.Sx,
There was some proposal about rewarding BTCD holders for the length they have held it for as a additional bonus.
But someone will need to work out how to figure this out for James and we as a group need to decide on that.
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Another question.
What does BTCD has to do with ICO?
If someone who does not have any BTCD and wishes to buy KMD during ICO, will he have to buy BTCD and swap it for KMD?
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
Komodo is basically BTCD 2.0 and it is created by the same team (jl777). BTCD has a role to play in Iguana (a SuperNET technology), but in the future Komodo will take over that role. Everything will be moving to Komodo. You can invest with BTC if you want to, but we also offer a fixed rate of 0.00532 BTC/BTCD for the BTCD holders. We tried to include all ICO info in detail here: https://steemit.com/komodo/@komodoplatform/komodo-ico-questions-and-answersI am sorry, I might have not been clear. I didn't ask about what KDM is and not for people who already have BTCD and what to swap. I have asked about the role of BTCD here e.g. Oct. 15 - 25% bonus = 0.00425 BTC/ BTCDAs this is not for BTCD holders, it's for new buyers who want to buy KMD. What's the purpose of BTCD there? Is just a typo, It should be BTC/KMD on all those lines. No it is not a typo. That table above shows you the BTCD price levels that you need to buy at to get the same amount of KMD as a person investing into the ICO with BTC that that day. If you can buy the BTCD under that rate then you would be getting more bonus |
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