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

[airsekui]

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.

[airsekui]

[...] James has no obligations to you nor BTCD holders in general, and is free to leave at any time like any other open source project. What people need to remember is James did not start this coin but has helped it become relevant.

If he wants to just make Komodo without a BTCD swap he is free to. How would that work out for you holdings?

Thats right, but he pushed BTCD with his statements, that the coin will be a core part of supernet. Thats the reason why the people bought it. Thats the basement of the price. Nobody would believe him anything in the future if he would say now: "Sry guys i will use another coin for supernet" The swap is absolutely necessary. Dont sell it as his good will.

And now the stakes of these buyers get diluted without any discussions or warnings.

I have only a few BTCD which i have bought over a year ago because of james's announcements. Now i feel a little bit.. pranked.

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.

[bitkokos2]

I am following BTCD before even became available 26 months ago.
It is the first day I post negative comments.
What I have seen so far is things that never complete, promises that went into thin air, and plenty of blah blah blah.
Now, I see the same people I believed 2 years ago, trying to raise 30,000 BTC (that's around $20,000,000)
How can I believe they are not going to disappear in a month?

I have no reason to believe anything and anyone anymore.

And, yes, I know! I have seen the movie plenty of times. I am free to leave if I don't like it.

[KomodoPlatform]

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.

[bitkokos2]

Where is the promised Anonymous Card?

[flyer88]

Can you explain why the project needs THAT much Money? Is there any plan what will happen with the budget?

[bitkokos2]

my body is ready! but, only one developer? if smth. happens who will support ?

The only support I have seen here so far is if you have problems with syncing your wallet.

[KomodoPlatform]

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.

[bitkokos2]

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?

[KomodoPlatform]

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)

[KomodoPlatform]

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

[flyer88]

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

[bitkokos2]

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

Honestly, I don't really remember when/where I saw that. It was meant to be more secure than BTC

[metropolia]

What kind of campaign you will offer? Let us know, for example, twitter, facebook, signature and so on. Thanks

[cryptospreader]

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

Honestly, I don't really remember when/where I saw that. It was meant to be more secure than BTC

None of the coins can secure other coin(s). They're just speculations that are likely used to spoof people to get into their favorable coin.

[KomodoPlatform]

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.

[KomodoPlatform]

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! 

[solix]

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-born

Core 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-bitcoin

More will come!  

How are you guys managing the toxic waste from the "trusted setup"?

From: http://weuse.cash/2016/06/09/btc-xmr-zcash/

"Another problem ZCash faces is the “trusted setup”, the so called cryptographic “toxic waste” problem. This is some data that is needed when the initial parameters of ZCash are created, but needs to be deleted afterwards. If somehow someone gains access to this “toxic waste”, this entity can create coins out of thin air without anyone noticing. This is a serious problem because this makes a malicious backdoor in ZCash a real possibility.

The fact that ZCash is a US-based company, doesn’t really help with building confidence in this cryptocurrency. It’s not unthinkable some agency will require the ZCash team to make a copy of this “toxic waste” and hand it over to them. Just google what the US government did to the owners of e-gold, Liberty Reserve and the Liberty Dollar, and you’ll understand what kind of pressure they can exert on the owners of the ZCash company. If coins can be created at will, the inflation will diminish the value of the coin."

[flyer88]

Komodo is coded almost entirely by jl777. With the funds we raise in the ICO will able us to hire more developers.

Okay. But how many? Iam sure your team made some calculations about the needed manpower according to expenditure in the preperation phase before the ICO-Announcement.

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.

Its operational then. But when is it ready with all planned features? If you only need 2 weeks for coding, you dont need new developers..

We will be publishing a detailed ICO FAQ later today. The information will be there.

I Try to be patient  

thank you

[Cassius]

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?