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

[durerus]

hey badass! can i take the last remaining spot? i really like kmd and maintain the german thread. would love to be part of this

[BadAss.Sx]

Sure, just make sure you get elected. Follow the hints from jl777

https://bitcointalk.org/index.php?topic=1605144.msg16450895#msg16450895

[rnr]

Thanks a lot for your detailed answer.

As always, much appreciate your posts. Always clear and structured information.

Sorry, in case I have read over:

How´s the procedure of the candidacy for the node voting?

Just write an "letter of application" with a fact sheet about "myself" and the server within this thread?  

The most important is to run a testnet notary node

join #notarynode in the SuperNET slack, auto invite at slackinvite.supernet.org

there will be a simple website to provide information about candidate's qualification and ip location and hardware specs.

For now, announce candidacy here. Be active in #notarynode and mine testnet blocks with your notary pubkey. This prove's technical competency and when voting time arrives, a lot of voters will choose to pick a random candidate, so just by being technically qualified gives a good chance of being elected

What the electorate wants to avoid is a large number of notary nodes all controlled by a single entity. So by having a set of qualified nodes to randomly select from is one way to achieve this.

If you have no contacts with "insiders", that is an advantage. You dont have to know anybody, just have to know how to run command line unix. By design, the control of Komodo is being spread as far and wide as possible. It is to everybody's advantage to have no large concentration of control

Also I want to make clear that there are no "insiders" as everything is open. The source is open while I am debugging, bugs and all. The process is open in realtime via SuperNET slack and this thread. So anybody and everybody is welcome to participate. There is no large company that has any large position, even SuperNET which probably has the largest BTCD position is likely to end up with less than 5% and it is a decentralized project that is also open to anybody and can usually be purchased at about the NAV of its holdings.

Two more questions:

a) The testnet notary note can be any VPS/hardware, right?
b) Do you have a rough overview/estimation how many notary notes candidates will participate?

[jl777]

Thanks a lot for your detailed answer.

As always, much appreciate your posts. Always clear and structured information.

Sorry, in case I have read over:

How´s the procedure of the candidacy for the node voting?

Just write an "letter of application" with a fact sheet about "myself" and the server within this thread?  

The most important is to run a testnet notary node

join #notarynode in the SuperNET slack, auto invite at slackinvite.supernet.org

there will be a simple website to provide information about candidate's qualification and ip location and hardware specs.

For now, announce candidacy here. Be active in #notarynode and mine testnet blocks with your notary pubkey. This prove's technical competency and when voting time arrives, a lot of voters will choose to pick a random candidate, so just by being technically qualified gives a good chance of being elected

What the electorate wants to avoid is a large number of notary nodes all controlled by a single entity. So by having a set of qualified nodes to randomly select from is one way to achieve this.

If you have no contacts with "insiders", that is an advantage. You dont have to know anybody, just have to know how to run command line unix. By design, the control of Komodo is being spread as far and wide as possible. It is to everybody's advantage to have no large concentration of control

Also I want to make clear that there are no "insiders" as everything is open. The source is open while I am debugging, bugs and all. The process is open in realtime via SuperNET slack and this thread. So anybody and everybody is welcome to participate. There is no large company that has any large position, even SuperNET which probably has the largest BTCD position is likely to end up with less than 5% and it is a decentralized project that is also open to anybody and can usually be purchased at about the NAV of its holdings.

Two more questions:

a) The testnet notary note can be any VPS/hardware, right?
b) Do you have a rough overview/estimation how many notary notes candidates will participate?

a) you would need to be able to run komodo, iguana and bitcoind, but most VPS hardware can handle that. however if low end CPU blocks will be hard to mine and you will need more threads. 1 fast core will likely outperform 4 slow ones

b) i dont think we will have 64 total candidates at first, but some will be running multiple nodes. Since being an incumbent will have the inertial advantage, I encourage everyone who wants to be a notary to just run a testnet notary node. Odds are good you will get elected to be an official one.

As the price of KMD goes above the breakeven point of $500/mo, then we could start seeing a lot more people wanting to become a notary as really it is a license to mint KMD and has value in and of itself. The fact that it is being subsidized at first just makes it have a very low barrier to entry. Again this is to broaden the base of potential notaries as wide as possible.

After the initial official voting, I expect the notary nodes to be rather stable as it is a potentially lucrative position without much risk, other than the time needed to stay current. Other than a "notary gone bad" situation necessitating a replacement,  I think we might also have the lower percentile ranked notaries able to be challenged by new candidate. This will ensure that the notary nodes performance will be able to evolve with the market and not be tied to current specs forever.

While for now 64GB RAM + 500GB SSD might seem like a high end server, in 3 years it will probably be in tablets and phones. So if the notary operators arent keeping up, the a challenger could start an election against the lowest performing notary(s).

These are things that are not set in stone yet and I am definitely open to feedback. On the one hand we dont want to be changing notary nodes like socks, on the other hand we dont want to be stuck with the same set of notary nodes forever unless they have been doing a fantastic job.

While the fundamental requirement of majority of existing notary nodes or (one third + special signature) being required to approve a notary node is pretty much set, the details of how elections are done is not final. I want to get the basic system in place and working first before solving all the future elections details.

If anybody knows of an appropriate election system to use, please let me know. Most elections have low participation and that can easily lead to being manipulated.

One idea I have is for the voter to vote not for a specific candidate, but to be able to specify a ranking algorithm based on objective metrics. Then the election process can have a 100% participation without being random.

[rnr]

Do i understand it right, 500 USD per month are covered for sure? For how long?

[jl777]

Do i understand it right, 500 USD per month are covered for sure? For how long?

I want to calibrate the number of notary nodes based on 10 year coverage from ICO funds. As KMD price grows, the need for subsidy is reduced, at $1.25 per KMD price, all 64 notary nodes are fully paid for just from the mined KMD.

So anything over 5000 BTC raised (assuming BTC price stable) would provide this coverage, though it needs to be adjusted by the BTC transaction fees upward and by the value of KMD downward.

So I will just set the number of official notary nodes assuming 10 years of 100% subsidy. That will almost certainly be on the conservative side.

Now in about 14years or so, the block rewards will stop due to reaching maximum coin supply from the 5% APR interest. So the daily txfees will be needed to pay for the notary nodes + btc fees at that point.

Since KMD has 20x the tx capacity as BTC, assuming dPoW is adopted by other blockchains, then there should be plenty of txfees

[jl777]

to everybody that is sending me PM about translations, bounties, etc.

please dont.

I am not managing the ICO process, that is delegated out to the Komodo Platform team.

I am concentrating on the tech side

I will just ignore messages about such things.

Thanks for understanding.

[benthach]

this son of btich serial scammer have created many useless scam coins and then abandon, this crap Komodo(KMD) is no different. this mofo can't code, he's advertising the scam pretty juicy as you can see.
what happen to supernet, jl777hodl, bitcoindark....? all down the drainage and so is your hard earn money.

[BadAss.Sx]

this son of btich serial scammer have created many useless scam coins and then abandon, this crap Komodo(KMD) is no different. this mofo can't code, he's advertising the scam pretty juicy as you can see.
what happen to supernet, jl777hodl, bitcoindark....? all down the drainage.

So we have to trust you now?

[jl777]

{
    "version" : 1000000,
    "protocolversion" : 170002,
    "walletversion" : 60000,
    "balance" : 5310.00000000,
    "blocks" : 10219,
    "timeoffset" : -46,
    "connections" : 44,
    "proxy" : "",
    "difficulty" : 1.18325498,
    "testnet" : false,
    "keypoololdest" : 1475379350,
    "keypoolsize" : 101,
    "paytxfee" : 0.00000000,
    "relayfee" : 0.00005000,
    "errors" : "This is a pre-release test build - use at your own risk - do not use for mining or merchant applications"
}

Komodo testnet has sustained 1 minute blocks for over a day now! With the 2MB block limit, that means KMD can handle 20x the number of transparent tx that bitcoin can. The zcash tx are quite a bit bigger so the number would be about 5x smaller if measured in zcash tx.

Thanks to all that are running testnet nodes. If you have any decent type of server, it will be enough for testnet purposes and you can get a head start on being elected as an official notary node for the $500/mo payment

Being up to speed on the technical side is the most important part of running a notary node. There appear to be plenty of vendors that offer cost effective hardware and bandwidth with the needed requirements of 64GB RAM and 500GB SSD, 100mbit/sec+ bandwidth

[yassin54]

Five blockchain technologies you should be watching.

https://due.com/blog/five-blockchain-technologies-watching/

Tweet : https://twitter.com/KomodoPlatform/status/783350730744852480

[Rkana]

Please add me to the list, I have a good performance server to handle the testnet.
Also how many people will be elected as final notary node owners?

[jl777]

Please add me to the list, I have a good performance server to handle the testnet.
Also how many people will be elected as final notary node owners?

you need to join #notarynode in the supernet slack. autoinvite via slackinvite.supernet.org

The way to get added to the list is to get a testnet notary node running and get me your pubkey that you are mining with.

Max of 64 official notary node operators

[Rkana]

Please add me to the list, I have a good performance server to handle the testnet.
Also how many people will be elected as final notary node owners?

you need to join #notarynode in the supernet slack. autoinvite via slackinvite.supernet.org

The way to get added to the list is to get a testnet notary node running and get me your pubkey that you are mining with.

Max of 64 official notary node operators

Ok thank you, will join the slack channel.

[KomodoPlatform]

Are you looking for more information about Komodo?

We know a lot of extremely important information gets buried in this thread, and very few takes the time to read it all. We try to compress it into the Steemit articles. However we felt that is insufficient, so...

We now have an useresponse platform on komodoplatform.useresponse.com

It's still half complete, but we are adding more info there daily.

For example, if you are looking for info about notary node election process look this question.

[KomodoPlatform]

Looking for bounties?

Another Bounty!

We are creating a couple of a few minutes long Komodo videos. For them we need to find a voice-over!

Do you have a beautiful voice and a good microphone? Send a PM and the job could be yours!

We will pay 0.1 BTC bounty for this, paid in KMD after the ICO.


Still searching

We are still looking for a native Spanish speaker who could post and maintain a Spanish Komodo thread! The bounty is 0.05 BTC.

[BadAss.Sx]

For those paying attention...   run the numbers even for the case of 30k BTC being collected while keeping Zcash in mind the whole time...   please don't make me spell this one out for you...  


Disregard comment if you're a High Roller that has the ability to end up with a significant position in Zcash.

Zcash is just a hype. You do know that dev has GPU code to mine fast and that we have to do it with CPU code? I call that a scam, but who am i.

[Kashi]

I can run notary node in South Asia.

[BadAss.Sx]

I can run notary node in South Asia.

Read this to prepare yourself already for election

https://bitcointalk.org/index.php?topic=1605144.msg16450895#msg16450895

[yassin54]

Komodo Dev Blog: Komodo's capacity for transparent and private transactions.

https://komodoplatform.com/komodos-capacity-for-transparent-and-private-transactions/

Tweet : https://twitter.com/KomodoPlatform/status/783387211916013568

Reddit : https://www.reddit.com/r/komodoplatform/comments/55va4m/komodo_dev_blog_komodos_capacity_for_transparent/?ref=share&ref_source=link

Facebook : https://www.facebook.com/KomodoPlatform/posts/341120776234500

News SuperNET : http://news.supernet.org/posts/A88cKtTrnLZfX3bNL/komodo-dev-blog-komodo-s-capacity-for-transparent-and