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

[jl777]

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."

The zcash devs are not very likely to be doing any funny business and I think their mechanism to create the parameters requires only one participant to be honest to avoid the problem. Also, the process to create these parameters has been quite carefully thought through:

http://diyhpl.us/~bryan/papers2/bitcoin/snarks/Secure%20sampling%20of%20public%20parameters%20for%20succinct%20zero%20knowledge%20proofs.pdf

If you read the paper you will quickly realize the highest caliber mathematics that permeates the entire zcash project. Considering the level of scrutiny and care that will be used to create the zcash parameters, I do not see being able to do any better (or come close).

I have confirmed that zcash forks will be able to use the same parameters as zcash and that is the plan. The alternative is to generate our own parameters but that will create a set of issues that even if solved, it wont create any better set of parameters. It is simpler to use the same parameters.

James

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[barbierir]

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

In a related question are Btcd tech like teleport/telepod still relevant to Komodo? That is are they used in combination with ZCash? Or are they no longer necessary because it achieves the same results and better?

[jl777]

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

Ideally we can recruit half a dozen high caliber C devs for continued enhancement of the tech, along with a similar number of GUI devs. We probably dont need quite so many and this is the high end scenario.

2 weeks after the end of ICO is still 3 months away and I expect that we will be able to hire a couple of devs to help me, but even without additional help I expect to be able to complete the dPoW in time.

[jl777]

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

In a related question are Btcd tech like teleport/telepod still relevant to Komodo? That is are they used in combination with ZCash? Or are they no longer necessary because it achieves the same results and better?

zcash zkp replaces telepods as it is better tech.

teleport is network level and it is what is evolved into notary nodes.

Also, after initial release it will be possible to add an IP level mixing to shield IP addresses within a closed system, ie no exit nodes to worry about. With telepods, the teleport level protection would have been very critical, but with zkp tech the importance is less, so while it is a nice enhancement, the DEX to me is a higher priority

[KomodoPlatform]

BTCD Valuation for the swap

In order to simplify the BTCD to KMD swap, a fixed exchange rate of 1.0 BTCD to 0.00532074 BTC was established, meaning that if you send one BTCD you will receive 0.00532074 BTC worth of Komodo. This exchange rate was determined by adding a 50% bonus to the daily closing price average of August. The swapping process will take place after the ICO and detailed information will be posted soon.

Average price in Aug = 0.00354716 BTC/BTCD
BTCD exchange rate =  0.00354716 * 1.5 = 0.00532074 BTC/BTCD

When we take into account the bonuses during ICO, we get:

Oct. 15 -           25% bonus  = 0.00425 BTC/BTCD
Oct. 16-22 -      20% bonus  = 0.00443 BTC/BTCD
Oct. 23-29 -      15% bonus  = 0.00462 BTC/BTCD
Oct. 30-Nov 5 - 10% bonus = 0.00483 BTC/BTCD
Nov 6-12 -         5% bonus   = 0.00506 BTC/BTCD
Nov 13-20 -       0% bonus   = 0.00532 BTC/BTCD

Has more detailed information been posted about this yet?
The swapping process will take place after ICO but will still take into account the timing of the bonuses during ICO?

We will post a detailed ICO FAQ later today.

Those bonuses are for the BTC investments. BTCD has a 50 % bonus already priced in. It will all be in the ICO FAQ!

[bitkokos2]

Why do you expect people to buy KMD at 0.00425 - 0.0053 during that month where they can buy BTCD for cheaper and exchange that as 0.0053 ?

Also, if BTCD price goes down lets say in 6 months 0.001 people will be buying btcd and exchange it with KMD for 0.0053

Have you considered that?

[deadlock1]

If you need any German translation:

I'm a native German speaker and would be very happy if I could help!

[mladen00]

reserved

great dev

[BitcoinOnFire]

Don't know what to say pondsea, you seem mostly ridiculous to me.

FUD is missinformation.

Your posts suit that purpose better then mine.

I'm just sharing my opinion + repost if someone describes sth better then me.

Readers will judge.

BitcoinOnFire why dont you man up and show up with your main account and not this puppet account?

20 months between posting and we are the target of your FUD is too obvious.

[yassin54]

Komodo ICO: Questions and Answers

https://steemit.com/komodo/@komodoplatform/komodo-ico-questions-and-answers

https://twitter.com/KomodoPlatform/status/773246430253285376

[KomodoPlatform]

Why do you expect people to buy KMD at 0.00425 - 0.0053 during that month where they can buy BTCD for cheaper and exchange that as 0.0053 ?

Also, if BTCD price goes down lets say in 6 months 0.001 people will be buying btcd and exchange it with KMD for 0.0053

Have you considered that?

Hey,

The Steemit post should clear everything for everyone regarding the ICO.

Whoever would sell BTCD under those rates would be giving away money. Hopefully no one will do that.

If you have any further questions let us know!

[BadAss.Sx]

I have read the whole fucking thread and i'm still confused what's going on. First, i like James. I have had personal contact with him and i did some stuff for the Supernet network and he seems to be an honest guy full of ideas and devoted to build something.

But i don't know about this. The idea is perfect, but i can fully understand that there are people who are shouting that he didn't finished one of his projects. Maybe he did, i don't know really. I have a lot of BTCD's and maybe i'm gonna dump them or maybe i'm gonna switch them....i don't know. Personally i would like to see something real....and that was not an attack to James, but to all devs out there. ICO this, ICO that, pump here, dump there. ETH completely failing after a promising start (don't get me wrong, i did not invest in it).

The whole crypto currency world is too shady now a days. Hopefully James or any other dev can show us some real thing like Satoshi did in 2009.

[PilotofBTC]

I am disappointed too. I was waiting for this coin to at least get back to the price bought it for 2 years ago, and now you priced it at 0.0053
Just give BTCD holders fixed % of 100 mil KMD.

This.

Atleast it could have been a 50% bonus on the last known price before the announcement. BTCD investors getting the D.

It is a balance. If the terms were too much biased for BTCD, then it is against the ICO investors.

So we could have said 10x the last BTCD price and gotten 5 BTC raised
Somehow I think you will be happier to have raised more and benefit from the added liquidity, development and marketing such funds can achieve

If komodo is BTCD, then why an ICO? Shouldn't BTCD be swapped for komodo sort of the way NXT is being swapped for Ardor? If people want Komodo then they buy BTCD.

[chivaki]

I'm fully agree with bitkokos2 and similiar opinions.
There is no FUD that's opinions and true.
Yes you can pretent that nothing happen it's just fud from group of fools and idiot's (...and you do it)

For people fallowing/reading  BTCD thread since months things are just too obvious and any statement from KOMODO "team" will not change that.

[PilotofBTC]

Just one sincere thing James:

I understand that you cannot value BTCD at X10 of current prices for the ico, but the value of 0.0053 seems to me too low. Lots of people have trust in you all this time, buying lots of BTCD upper that level, and I think they deserve a bigger reward from you.

I'm not telling to value BTCD at X10, but the current valuation is too low.

Always remember the ones who have been loyal and benefit them, that's a key rule in finance man...

but why would anyone invest in btc than?

I think you can look at the age of the input. Anything in an address older than the swap announce gets the higher rate. The believers.

It's certainly possible to do this. Not that anyone is really owed anything. Investing in crypto coin is a 100% at risk endeavor.

[Amalgamus]

Hopefully some will dump their coins It's cheaper to get them at this rate than even buying from ICO the first day.

[Cassius]

Thank you for the FAQ. To confirm: BTCD submitted for swap will be credited as Komodo IN THE ICO USER ACCOUNT area, for withdrawal as normal afterwards?
If this is the case, BTCD holders will need to open an account before the ICO is over, or else ICO account creation will need to continue after funds are no longer being collected.
Just useful to clarify these points, thanks.

[criptix]

Hi guys i got a question. Will komodo use the btc blockchain similar to factom?

[visual111]

I have read the whole fucking thread and i'm still confused what's going on. First, i like James. I have had personal contact with him and i did some stuff for the Supernet network and he seems to be an honest guy full of ideas and devoted to build something.

But i don't know about this. The idea is perfect, but i can fully understand that there are people who are shouting that he didn't finished one of his projects. Maybe he did, i don't know really. I have a lot of BTCD's and maybe i'm gonna dump them or maybe i'm gonna switch them....i don't know. Personally i would like to see something real....and that was not an attack to James, but to all devs out there. ICO this, ICO that, pump here, dump there. ETH completely failing after a promising start (don't get me wrong, i did not invest in it).

The whole crypto currency world is too shady now a days. Hopefully James or any other dev can show us some real thing like Satoshi did in 2009.

throughout the thread it was hinted at that there would be a working something before the start of ICO. don't know what post though - it was the original poster who said it somewhere.

that would be ideal - the project would probably get a lot more funds raised if something noob friendly was usable before ICO.

[jl777]

Why do you expect people to buy KMD at 0.00425 - 0.0053 during that month where they can buy BTCD for cheaper and exchange that as 0.0053 ?

Also, if BTCD price goes down lets say in 6 months 0.001 people will be buying btcd and exchange it with KMD for 0.0053

Have you considered that?

yes

With the 1 year conversion right, which in and of itself has value, the appropriate price for BTCD would be the black and scholes options valuation of a 1 year call option with a strike price of 0.

It becomes like a warrant or a deep in the money long term call option.

Since BTCD can be converted to komodo, the komodo price will determine the BTCD price, but not the other way around as nobody is forced to sell their komodo at the BTCD price (put option).

It is a financial diode, only flows in one direction