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Author Topic: [ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B  (Read 1146678 times)
KomodoPlatform
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December 28, 2016, 04:44:53 PM
 #3281

Is komodo going to keep all BB, Byteball, for themselves or are they going to give it partially back to the community who generously made this all avaialable? Lisk and Waves seems to be doing the last thing..


is it true that komodo funds have been used to participate in the byteball distribution? if so, will we see some of that?
Byteball looks like a promising technology and we consider it as a long term investment. We will use the byteballs for working capital.

So why does Komodo keep their BB share and Why do Lisk and Waves give it back to the community, is this the mindset we can expect for the road ahead?

This made me curious, what is the hourly wage The komodo team counts for it self? 100 dollar per hour?

Why is no one asking these questions? Is everyone in a Bliss?

We want to finish our platform and all the things we are building on top. To make sure that happens we want to get all the funding we can get. There are a lot of uncertainty still, as KMD is not even trading and we have promised a minimum revenue for these expensive notary nodes.

During the ICO jl777 was asked what we do with the byteballs we get. The answer was that we very well could distribute them to investors in a high end scenario where we raise 5000 - 10 000 BTC. We raised 2600 BTC and thus we will keep the byteballs as an investment.

The SuperNET organization has been here a long time, and its history has invelved a lot of up & downs. A lot of our capital was in NXT, which has lost a lot of value. Basically the development has continued under bear market conditions, and yet we are here! And through this whole time we have stayed loyal to our investors, and we will continue to do so.

We are really happy what we got during the ICO, and it is enough to make our vision happen. With more funding we could have hired more people though, so if these byteballs become worth something we could increase our burn-rate and get faster development. Right now we are working with what we got, and we will continue to operate under a strict budget that will ensure development long into the future.

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December 28, 2016, 05:34:49 PM
 #3282

Is komodo going to keep all BB, Byteball, for themselves or are they going to give it partially back to the community who generously made this all avaialable? Lisk and Waves seems to be doing the last thing..


is it true that komodo funds have been used to participate in the byteball distribution? if so, will we see some of that?
Byteball looks like a promising technology and we consider it as a long term investment. We will use the byteballs for working capital.

So why does Komodo keep their BB share and Why do Lisk and Waves give it back to the community, is this the mindset we can expect for the road ahead?

This made me curious, what is the hourly wage The komodo team counts for it self? 100 dollar per hour?

Why is no one asking these questions? Is everyone in a Bliss?

We want to finish our platform and all the things we are building on top. To make sure that happens we want to get all the funding we can get. There are a lot of uncertainty still, as KMD is not even trading and we have promised a minimum revenue for these expensive notary nodes.

During the ICO jl777 was asked what we do with the byteballs we get. The answer was that we very well could distribute them to investors in a high end scenario where we raise 5000 - 10 000 BTC. We raised 2600 BTC and thus we will keep the byteballs as an investment.

The SuperNET organization has been here a long time, and its history has invelved a lot of up & downs. A lot of our capital was in NXT, which has lost a lot of value. Basically the development has continued under bear market conditions, and yet we are here! And through this whole time we have stayed loyal to our investors, and we will continue to do so.

We are really happy what we got during the ICO, and it is enough to make our vision happen. With more funding we could have hired more people though, so if these byteballs become worth something we could increase our burn-rate and get faster development. Right now we are working with what we got, and we will continue to operate under a strict budget that will ensure development long into the future.
i agree and support all of you.
keep doing good job and we wait  good news for next years . 2017 will be grate start Smiley
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December 28, 2016, 05:51:34 PM
 #3283

I was reading this page:

https://moneroforcash.com/monero-vs-dash-vs-zcash-vs-bitcoinmixers.php

And one of the drawback of Zcash was described as: 

"Zcash requires a Trusted Setup. This means that you have to trust that the Zcash system was set up without any backdoors, potential for eavsdropping or monitoring of your transactions, or any other nefarious purposes. As we've seen with virtually all large software companies, such as Microsoft, Apple, and even governments, they can't be trusted. Trusting people you don't know in those positions makes no sense. Trusting in only math is better.

A Trusted Setup system also means that the Zcash developers could produce more Zcash at any time without anyone knowing, thus inflating the Zcash economy while making themselves rich. If a hacker gained access to the system, he could do the same thing...and nobody would necessarily know."

Will Komodo have these same flaws???


Here is a piece I wrote earlier on the subject:

Quote
Komodo uses the same zkSNARK parameters as Zcash.  We have not generated them, we are using what the Zcash team has created.   Genesis Block creation  is different than zkSNARK creation.     

As of this time we have no reason to doubt that the Zcash team performed its parameter generation without collusion towards the end of "creating money out of thin air".    What people seem to forget is that the Zcash team is a legitimate company and many who are on their team are well-respected professionals.  If collusion did happen between the participants of the parameter generating ceremony, the company would be in a hell of a lot of legal trouble  not to mention many of the individuals careers would be over.   The consequences of being caught combined with the limited amounts of gains from collusion  ( only profitable if amount of transparent coins is under the amount of coin supply ) makes the likelihood of the toxic waste having been reassembled very minuscule.

In addition the extensive "ceremony" used in parameter generation makes it very unlikely that an outside party would have compromised them.


As to why we do not generate our own parameters and have our own ceremony

1)  We could not accomplish the same degree of security and procedure that the Zcash team had for the ceremony.
2)  Having our own ceremony would do nothing to alleviate the constant FUD surrounding the infintismal likelihood of the "toxic waste" being reassembled, and would in fact just bring in more illegitimate criticisms because we would not have done an extensive ceremony as Zcash did or rumors that the Komodo team was somehow colluding.

By using their parameters we rid ourselves of that headache.

This answer can now be found from our useresponse website: https://komodoplatform.useresponse.com/knowledge-base/article/how-will-komodo-solve-the-trusted-setup-problem-of-zcash

We have answered this question quite many times, here's a couple more answers:
https://bitcointalk.org/index.php?topic=1605144.msg16257692#msg16257692
https://bitcointalk.org/index.php?topic=1605144.msg16352842#msg16352842
https://bitcointalk.org/index.php?topic=1605144.msg16636554#msg16636554

Wink

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December 28, 2016, 06:22:24 PM
 #3284

Is there a specific eta for when Komodo will be released I seen maybe 3 weeks just seeing is there a specific date announced?
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December 28, 2016, 07:31:36 PM
 #3285

Is there a specific eta for when Komodo will be released I seen maybe 3 weeks just seeing is there a specific date announced?

There isn't yet. The situation has been the same: we are waiting for the ICO website to support BTCD deposit, so we can take the snapshot, start the swap, and then start the elections. This delay has given time for jl777 to code DEX features into KMD/notary nodes, so now it looks like there's no need for any hardforks after we have launched.

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December 28, 2016, 07:44:52 PM
 #3286

Is komodo going to keep all BB, Byteball, for themselves or are they going to give it partially back to the community who generously made this all avaialable? Lisk and Waves seems to be doing the last thing..

Please point me to a source that suggests LISK and WAVES might give Byteballs to their ICO users. I have invested in both of them and see no such evidence. Komodo is doing the right thing by keeping the Byteballs for development.

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December 28, 2016, 08:35:44 PM
 #3287

Is there a specific eta for when Komodo will be released I seen maybe 3 weeks just seeing is there a specific date announced?

2 weeks after the end of ICO

Cheers Jon  Grin

Edit: please note timeline may alter after we collect BTC

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December 28, 2016, 08:55:12 PM
 #3288

Is there a specific eta for when Komodo will be released I seen maybe 3 weeks just seeing is there a specific date announced?

2 weeks after the end of ICO

Cheers Jon  Grin

Edit: please note timeline may alter after we collect BTC

You are more than welcome to help test.  We have been posting the github for it all throughout the ICO.   But if you need a granny-version  then you are going to have to wait a bit more. 
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December 28, 2016, 10:56:27 PM
 #3289

BTCD has a lower rate now compare that to 2 weeks ago. Maybe its time to buy some as to increase my stake and wait for the snapshot to gain more revshares Smiley
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December 29, 2016, 02:53:06 AM
 #3290

been out of the loop...

all i need to know is:

where do i go to get my komodo when ready
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December 29, 2016, 03:19:34 AM
 #3291

I was reading this page:

https://moneroforcash.com/monero-vs-dash-vs-zcash-vs-bitcoinmixers.php

And one of the drawback of Zcash was described as: 

"Zcash requires a Trusted Setup. This means that you have to trust that the Zcash system was set up without any backdoors, potential for eavsdropping or monitoring of your transactions, or any other nefarious purposes. As we've seen with virtually all large software companies, such as Microsoft, Apple, and even governments, they can't be trusted. Trusting people you don't know in those positions makes no sense. Trusting in only math is better.

A Trusted Setup system also means that the Zcash developers could produce more Zcash at any time without anyone knowing, thus inflating the Zcash economy while making themselves rich. If a hacker gained access to the system, he could do the same thing...and nobody would necessarily know."

Will Komodo have these same flaws???

Why would they create a backdoor when you already came in through the frontdoor? The coin is already created out of thin air... They would shoot themselves in the foot by allowing a hacker or themselves to create more. Meantime they can manipulate the markets since they can own majority shares. A group of angel investors can buy their own decentralized exchange coins to create fake volume or trap people buying in.
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December 29, 2016, 03:30:28 AM
 #3292

BTCD has a lower rate now compare that to 2 weeks ago. Maybe its time to buy some as to increase my stake and wait for the snapshot to gain more revshares Smiley

Well remember that BTC has increased a lot, so BTCD is not really much lower, if at all, in USD terms, than it was 2 weeks ago.
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December 29, 2016, 03:34:09 AM
 #3293


Meantime they can manipulate the markets since they can own majority shares.

They won't own the majority.   They will own 10%.
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December 29, 2016, 04:54:09 AM
 #3294

Komodo ICO is also a trustable project . This project is a flexible combination from many resources of advanced technology .
They have worked on this project with a big developing team. I hope KMD will creat many advanced differences for this project.


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December 29, 2016, 06:40:38 AM
 #3295


Meantime they can manipulate the markets since they can own majority shares.

They won't own the majority.   They will own 10%.

They can still buy their own ICO... I thought some investor group owns 500 BTC of the KMD ICO at 35%. How much went to a group you won't really know for sure.
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December 29, 2016, 08:33:36 AM
 #3296

I had the same thought about byteball, if Komodo can't run itself on the bitcoin that we all put up for this project, then it should have refunded every one of us and said "sorry guys, we can't make this thing fly". It shouldn't have to rely on the byteballs. Giving them back to the komodo investors would have been an awesome loyalty move that has been missed. Now a lot of Komodo investors are (rightly or wrongly) thinking "f*ck you komodo, can't wait to dump my tokens as soon as I can.

Let's not forget the yes, nodes are expensive but btc has just taken a huge hike in value. JL777 is no fool when it comes to crypto trading and I assume he's moving them about for optimum profit and to maximise the budget.

I just think the BB cost nothing so wouldn't cost anything to give them away.

I write this as someone who linked a large amount of btc to the BB project so I'm holding long term. I'm not writing this as someone who missed out on that unique project.

I'm not expecting this post to be addressed by the team as it's been dealt with previously, I just wanted to express my thoughts on the matter.

 
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December 29, 2016, 09:59:45 AM
 #3297

cash is cash still in the dumps but soon to be retrieved

reality ? you fell to Scammers after being in an ICO , IPO
(more like any other stock and index in the world ICO or not got your portfolio down 25 % or 85 %)
Now  SEC is helping you getting back up your lost money maybe....
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December 29, 2016, 10:09:23 AM
 #3298

How to claim newsletter bounty?
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December 29, 2016, 10:17:25 AM
 #3299

been out of the loop...

all i need to know is:

where do i go to get my komodo when ready

All can be done through our ICO site.
 - if you invested with BTC you will get your KMD coins there
 - you can vote through the ICO site
 - soon you will be able to deposit BTCD's that will be automatically swapped for KMD
 - if you deposit the BTCD before the snapshot is taken, then you will also get the REVS asset

The only thing you MUST do is secure your passphrase/seed. We don't have it, so make sure you got the right one somewhere safe. You can check that the public KMD address matches with the seed you got through the ICO site.

After the KMD is distributed there is no way to recover any KMD without the passphrase/seed, and we don't have those!

How to claim newsletter bounty?

We sent an email to every winner. To claim you had to reply and include your KMD address. If you did that then it's all good!

The bounty will be send at the same time we distribute the KMD.

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December 29, 2016, 04:52:28 PM
Last edit: December 29, 2016, 05:47:46 PM by jl777
 #3300

I had the same thought about byteball, if Komodo can't run itself on the bitcoin that we all put up for this project, then it should have refunded every one of us and said "sorry guys, we can't make this thing fly". It shouldn't have to rely on the byteballs. Giving them back to the komodo investors would have been an awesome loyalty move that has been missed. Now a lot of Komodo investors are (rightly or wrongly) thinking "f*ck you komodo, can't wait to dump my tokens as soon as I can.

Let's not forget the yes, nodes are expensive but btc has just taken a huge hike in value. JL777 is no fool when it comes to crypto trading and I assume he's moving them about for optimum profit and to maximise the budget.

I just think the BB cost nothing so wouldn't cost anything to give them away.

I write this as someone who linked a large amount of btc to the BB project so I'm holding long term. I'm not writing this as someone who missed out on that unique project.

I'm not expecting this post to be addressed by the team as it's been dealt with previously, I just wanted to express my thoughts on the matter.

 
There are a few assumptions here that I am not sure are correct.

First of all, the assumption that it wont cost anything to distribute the BB is incorrect as I am not aware of any built in BB dividend function that can take a snapshot of KMD balance and allocate some amount of BB to it

which means somebody would have to code this. there arent exactly a long line of volunteers who are prepared to create a production usable BB dividend mechanism.

which means it would take time and cost money and also necessarily delay core komodo functionality as it is likely that the staffing needed to do this are already on critical paths. So there would definitely be direct costs and an indeterminate amount of indefinite costs.

Now, I am not sure what market value the KMD's BB stake will be worth. If the value of the BB is 10 to 50 BTC, then after netting out the cost for running the dividend, there wont be that much left over, ie 10 BTC / 100 million -> 10 satoshis per KMD.

So for every 10 BTC of BB value, it is a whopping extra 10 satoshis per KMD. To put this into perspective, if you have 10 million KMD, it will be worth 1 BTC. If you have 1 BTC worth of KMD, it will be worth about .001 BTC

Now, whatever value the BB has it will go toward enhancing KMD, so investors are getting value from it. Based on my estimates the costs for doing the distribution will be in the same order as the value. The only way I would do it is if I had promised that I would and it was an obligation to do so. However, I said that we had to raise the higher end of the ICO for us to do the BB distribution.

What we raised was not sufficient to qualify as the higher end of ICO and we have already had to reduce the notary node subsidies due to this. So it is not like we are swimming in so much money that we can take time and effort away from the main KMD work, to send out money that we would have been be able to use.

Anyway, this question has been asked and answered. Events turned out to not trigger any BB dividend. There are costs associated with doing a dividend and even if I didnt already say that I wouldnt do it, given the current information I have, I still wouldnt do it.

My obligation is to the KMD investors, which means increasing the value of KMD and not spending time and effort distributing out funds that we could very well use in future years. Also, what many seem to forget/ignore is that I stated what conditions were needed to trigger the BB distribution DURING the ICO. To me, that means that people invested in the ICO with the assumption that I would do what I said. If I change that, then it breaks trust with the investors.

Please do not ask me to break trust with the investors. I simply cannot consider it.





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