[ANN][KMD][dPoW] Komodo - An Open, Composable Smart Chain Platform, Secured by B

[jl777]

Does it mean UNITY is now kind of abandoned - second grade project?
And you focus solely on ICO as you smell money?

UNITY is not abandoned: http://www.supernet.org/nav.php

please see my prior response

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[jl777]

I'm so over ICO's  .............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.

[open82buy]

The process is put in email then Subscribe. Then go to email, check spam section if you dont see the email and click link to verify.

Found mine in the spam section as well, worked with a click. 

[KomodoPlatform]

Nice project, I like it!

However, you'll compete with Z.CASH, what do you think about them?

jl777 has been very active on the Zcash slack during the alpha stages, and tried to help in all possible ways. The vision James has about making crypto go mainstream includes anonymity, so the overall project needs this kind of anonymous technology.

Before BitcoinDark was going to fill this role with teleport and telepathy technology, but Zcash is superior to that technology, and we want to use the best technology. Thus Komodo.

jl777 has great respect for the Zcash team and is impressed by their technology! I don't think they will be directly competing.

All the cryptocurrencies are competing against fiat! It's like a new industry that is gaining attraction. Every project will help each other, and as a whole all projects will benefit.

The thing is this also not build much trust... Year later you can do another "ico/cwap" as you need more money....

Is there any proof that after ICO price will go up? No. So BTCD holder may be screwed...

Also think about those who bought and kept BTCD for 1-2 year when price was higher... Or maybe there is not any like that?

Also I see market CAP is prices closed to WAVES. WAVES also collected big amounts, and after 3 months they reach the lowet price. No reason thinking BTCD holder will gain from that? Thay just "loose" the long waited 5x-6x gains. 50% bonus does not replace that.

Yeah James I fully understand you. You're doing the correct thing.

It's just that we all were waiting for 1000%-2000% profits with BTCD and iguana and now we'll have to go for a 100-200% profits, sharing with new investors who didn't even know you.

Nevertheless, I insist, you're doing the best for the project, and that gives me even more confidence with you.

I'll invest hard in your ICO, even if I have to go for a simple 100% profit.

With Komodo we are thinking long term. Of course no one can guarantee a profit from any ICO. The vision of BTCD was never to make a quick buck with a bump, and neither it is for Komodo.

In other words, we want to solve the major problems crypto has and help it go mainstream.

Does it mean UNITY is now kind of abandoned - second grade project?
And you focus solely on ICO as you smell money?

Absolutely not! All the technology james is building will tie together, as some parts are required for the other parts to work.

I'm so over ICO's  .............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

- Swaping BTCD's to Komodo is a lot simpler than doing a hard fork. We also wanted to be able to create the new revenue asset for the BTCD holders.
- Komodo needs funding to get the dPoW running, and eventually self-sustaining itself.

I can assure you that James is working hard every day, and many of the projects get a lot closer to the finish line every day.

Please join our slack to see what we are up to

[jl777]

Ok I tihnk I figure this out

If anyone of team saying they also suffer from BTCD swap the same - that would be true if the owned 80% of BTCD. Do they?

Guess not.

So actually what they do is the "pause" for BTCD investors where:

1) BTCD investors have no gains in the pauss, just empty jump to new project (new ICO - many things can go wrong, big unknown)
2) team takes all the gain as switching to new project - Komodo, where 80% of money are fresh BTC (little things can go wrong there - at least they will have 30k BTC! so what so ever!)

The pause is literally - take all the 5x gains from BTCD investors in form of fresh BTC (if all goas as planned).

If they had at least 80% of BTCD - they wouldn do it.

Summary - it's smart grabbing 5x BTCD gains from ALL investors if plan works

This is 100% relevant situation what is happening right now. So if someone calls a money grab, is completely justified.

Please see the explanations above on the need for capital. The primary use for the capital will be to pay for the bitcoin txfees, which due to the size of the notary transaction will be on the expensive side. Depending on if there will be a fee market or not, will change the required btc fees. A blockchain must first and foremost ensure its continued survival and dPoW is unlike any other.

Also, there needs to be enough value in the block reward to pay the notary nodes. The estimated monthly reward will be $500 per month per notary for 64 notary nodes. While it is possible to run with less than 64 notary nodes and we will if we dont raise enough funds, I feel that 64 is the right range of notary nodes to have. Mathematically being N*N number is useful and fitting that many bits into a uint64_t makes 64 the natural choice.

We will be setting up a way for people to campaign to run up to 4 notary nodes, 1 in each of the geographic regions. North America, Europe, Asia/East europe and Southern Hemisphere. I want to make sure the stakeholders are able to easily find qualified notary operators of they dont plan to vote for themselves. It is entirely possible for anybody to invest in the ICO and vote themselves in as a notary node. The voting will be limited to one vote per region though so the most nodes any investor can vote for is 4. The most notary nodes that can be run by one operator is 4. Of course it is possible for someone to attempt to pretend to be multiple people, but that is the purpose of the election process, to make sure we have a solid set of geographically diverse notary nodes at all the major data centers.

There is no guarantee that we will raise the maximum amount, it is a maximum amount after all. So the guarantee is that we wont raise any more than that. There was some possibility of some crazy amount coming in due to the combination of technology and market forces and beyond the max amount there is diminishing returns.

So, given that all the bitcoin fees and notary nodes are paid for the next priority is to fund liquidity for all the DEX trading pairs. iguana DEX is a true DEX being direct wallet to wallet and already over a dozen coins are supported. I expect dozens more coins added to the list of supported coins, so it will take some liquidity to make sure all the supported coins are DEX'able without waiting forever for someone to take the other side. Having a liquid true wallet to wallet DEX is something crypto needs, before the next big exchange goes down in flames.

At the high end of funding, there will still be funds available and while for some high ROI situations, funds might be directly used, I like the SuperNET approach of making investment gains and then using the profits to fund non-mission critical things, like new projects, marketing, etc. While I know many view marketing as mission critical, my usage of this is in the context that the blokchain continue on securely.

Also, based on the vociferous complaints from the BTCD crowd, it should be clear that BTCD peoples are not getting any massive sweetheart deal, they are given a bit of a premium and I hope they can understand that this is in return for the 10 week pause in price action. After the ICO closes, a new BTCD called komodo will rise up and the price also will hopefully continue on its upward journey with the dPoW, zcash and iguana tech all combined and backed by a high performance notary backbone. So while BTCD holders get a sideways move for 10 weeks, it is not as if this is the end of the line for them, it is the beginning after the ICO. I think much worse things have happened than a 10 week period of low price volatility in exchange for becoming the first dPoW coin with cutting edge privacy and DEX technology integrated

Also note, we are not doing this in stealth mode at all! It is open to everybody and anybody has a chance to be a ground floor stakeholder and/or a notary node operator. We estimate the cost to pay for full price notary node services via corporate vendors at approx $500/mo per notary node. However if you have skills to run a dedicated server for less, then the difference can be your profit, up to 4x. So if you want to be part of the dPoW revolution, you can help by running notary nodes and make a bit of money doing it.

We want and need as diverse of a stakeholder base as possible to ensure a maximally diverse set of 64 notary nodes. I want to make sure there are no complaints about people saying they didnt know they could run a notary node and get paid for it.

I hope my track record of SuperNET funds management is an appropriate resume for my ability to manage millions of dollars in investment funds. If there is anybody else who wants to step up for this role and can be approved by the stakeholders, I do not insist that I be the one. However, I dont know many crypto investors who have a deep tech understanding at my level who also has a trading sense who will also work without any big salary. If you know of anyone like that, please let me know. I am trying to reduce my workload year by year, I hope to get by with 12 hour days next year

[jd1959]

I'm so over ICO's  .............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   
 

[jl777]

I'm so over ICO's  .............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   
 

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

[akhavr]

30,000 BTC ICO

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

[jl777]

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?

[Mrboot]

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.

[jl777]

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

[luey]

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?

[PondSea]

Im sure it can be migrated to another chain for pow protection if btc were to die.

[Scofield]

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...

[jl777]

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

[mixtaman]

A previous question was not answered how many ICO, coins, projects has jl777 launched in recent years and what is their success rate?

[jl777]

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.

[jl777]

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://bitcointalk.org/index.php?topic=1605144.msg16119953#msg16119953

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.

[GreenMatrix]

Hi Team:
I´m globalwork365 on slack.If you need some help on the Spanish translation I´m here.
Àlex.

[mixtaman]

How many Komodos are needed to run a node ?