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

[polycryptoblog]

As a happy user of the MGW   I can for sure say it is fully operational.   James has been working tirelessly on the Iguana project for a long time now and its finally coming to fruition.  I even had the joy of running  the GUI version of it  and  by all accounts it is arguably the best piece of crypto software since Bitcoin itself.   Projects of this scale  take time,  and it definitely has been worth the wait.

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[jd1959]

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  

[PondSea]

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.

[jl777]

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  

The problem is that the NXT AE's liquidity has really dried up due to circumstances beyond my control. So instead of trading at some reasonable price that reflects the true value of its holdings, it doesnt really trade at all. I warned them. I made a lot of noise about this. I predicted this would happen if they went ahead with their splitting the coin plan, but I was ignored. And I could no longer justify spending my time enhancing NXT.

The split with NXT is what convinced me that I had to create my own platform that I can trust to not be changing beneath my feet if it suits the interests of the primary coin holders. Derived crypto has no protection against the hardfork attack where the devs and large stakeholders agree to transfer value from the addons, like assets.

To solve this I am making assetchains, a blockchain secured by itself using PoS of itself. Now before you start accusing me of starting another project, this one was forced onto me by the NXT situation and I designed a solution that fits into the SuperNET roadmap.

Now the problem with a PoS chain with very few nodes is that it will be very weak and I would not feel it secure enough. So what is needed is a way to enhance the security of assetchains.

Hence dPoW

Before any trolls try to say I did the same thing to BTCD, I remind them that NXT assets had literally millions of dollars worth trading on it before they changed the fundamental future value of what assets are denominated in and without any way to get back onto the main value coin. Of course they are nice enough to support a slave chain at the mercy of the mainchain if you pay a 50% tax. This would be similar to the NASDAQ saying that instead of trading in USD, they are changing to the Argentine peso, except for a while it will trade as it if was (half EUR + YEN), except for the time where it is ...

All NXT asset holders had to become like advanced forex traders and instead of highly predictable currencies like the USD, GBP, lira, peso, they would be denominated in an ever changing base value whose price had no history and was totally unpredictable. It didnt take a genius to realized that to properly price assets in such chaos would be beyond the skills of most the existing assetholders. All they would see is crazy overnight 4x revaluations and 80% drops and that is if the prices did the logical thing! If nobody is trading something and it revalues, then it cant help but be mispriced. And globally mispricing all assets in the market and saying that its the assets fault if they stay mispriced. They are causing financial harm to basically everyone that invested in my assets and I couldnt do anything about it. I just couldnt deal with it anymore and left NXT.

There are no assets denominated in BTCD. Also, even if there was, I would have allowed assets to become denominated in KMD. It matters what currency you trade against.

Oh, the true native DEX will allow trading of all the assetchains directly against BTC, and each other.

So that is what is happening with jl777hodl and many other assets.

I can also talk about why InstantDEX is not yet. Originally I designed it based on NXT, then all the blockchain messages became temporary which is not good for financial records that I wanted to use it for. The permanent messages costs went up 5x and what was already on the high side for fees of 5 NXT due to the number of transactions, would have cost 25NXT. That is more than the cost of using bitcoin!

Rather than release it with an nonviable pricing, I decided to wait to port it on top of iguana. Of course, to get some product release pump, I could have released it, but that is not who I am. If the non-technical aspects of the tech make it non-viable, I wont release it just to be able to say I released it.

[CryptoSporidium]

I know jl777 is a famous developer. But can someone summarize how many ICOs he launched and how many he delivered? I read somewhere that he likes to abandon projects.

Please don't fall for the usual fud, there is expecially one notorious troll Icebreaker that continues making stuff up. He sounds retarded if you know the facts. The only past Ico was Supernet and the first release of its core component Iguana is around the corner. No project has been abandoned, James is working very hard but the to-do list is long. By January with both Iguana and Komodo released the future will look pretty good.

A year ago, I predicted BTCD would be abandoned before being completed, and that's exactly what happened.

My fears were well-founded.  My uncertainty based on the fact ICOscam777 has left dozens of unfinished project in his wake.  My doubt turned out to be the correct assumption.

I'm not the only one who says this; many victims of these ICO scams have spoken out.

EG:

Many of those assets were dividends, however the case of cryptocard is very disappointing. Jl777 launched that fundraiser on the btcd thread, collected 10k btcd from memory when it was worth a lot more, but now he says that was coinomat project. Jl777 converted all his cryptocard assets into WAVES, then sasha mentions after the waves ico ends that coinomat business will likely be sold (who would buy coinomat?), and definitely not part of WAVES.

The cryptocard asset was a fail, and jl777 raised considerable funds, and dumped his own assets, probably knowing sasha's intentions to abandon it.

Jl777 started cryptocard, raised the funds, subcontracted sasha and coinomat, then adandoned the project and bailed to waves, probably with insider knowledge, leaving bagholders still thinking an anon debit card is still being worked on.

No project has been abandoned?



can't find the server at www.jl777hodl.com

https://isitup.org/www.jl777hodl.com
---->
Oh no! www.jl777hodl.com seems to be down!

 

#REKT

Jl777 addressed my concerns about cryptocard up thread. I believe him when he says he didn't convert all his cryptocard assets based on insider information that sasha from  WAVES plans to abandon cryptocard anon debit card project. If jl777 still intends to argue on behalf of cryptocard investors to sasha that crytocard and other coinomat assets be incorporated into WAVES and not abandoned, then my complaint has been addressed, and I withdraw my earlier statement that iCEBREAKER quoted. Jl777 can still advocate for cryptocard even if he converted his own into WAVES. I believe he will do this.

[Maicol792]

I want reserve italian traslation Thanks

[jd1959]

Hi  James
Thank you for your explanation, I might even grab a few more while there still cheap as chips. I'll hurry up and wait for you to sort it so I can remove everything from my NXT wallet, then close the bastard for good.

Cheers Jon 

[Breasal]

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.

[KomodoPlatform]

The Silent Progress of Deep Tech

https://steemit.com/iguana/@komodoplatform/the-silent-progress-of-deep-tech

[MagicOne]

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.

[windjc]

(  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.

[criptix]

(  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.

It might be reverse fud and the truth is he has a lot of btcd or/and wants as much komodo as possible.
Everything is possible here.

[PondSea]

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.

[PondSea]

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.

[PondSea]

(  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 

[AltcoinScamfinder]

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.

[PondSea]

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.....

[MoveCrypto]

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.

[iCEBREAKER]

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!   

[windjc]

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!   

Does your old body realize that you are just making this "exit scam" more popular?