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

[TwinWinNerD]

Look interesting but why anonymous?

Most of the team is not anonymous, only the main developer is famously anonymous!

[1714051347]

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[1714051347]

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[1714051347]

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[1714051347]

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[PondSea]

For the small investors, BTCD is advantageous even now.

What will the ratio of profit distribution assets distributed between BTCD holder be?

At first do you distribute it for NXT assets?

There is no dilution of rev share for BTCD holders. So whatever % of BTCD you hold vs the total, that is how many % of assets in the new asset chain.

There is no official asset, but maybe 3rd parties will setup KMD asset on NXT.

[jl777]

The following was automatically generated by a pair of test notary nodes:

KMD ht 17747 0x4553
014f222c02ae2560aae7e33245701ab7049a9f148386980ffc1569c22fdb4488

BTC: https://blockexplorer.com/tx/d203681d4bf82039b74dabcdbd93add3fc7d931a2a40ad996eba9ac3151155a3
01000000021835e9a5332e4c7e32489d187972b268f8e0b63b6fd8bba5b8664a7f7709727b07000 000484730440220217e5c849004e5e66b3bee2736d093a12f9dc9a85ddba47e47afc661cf97d652 022042f4578df9393ef94aacb03dd0efc69822aa02d9f3bb54cd95e011263af83b3201ffffffffc 5a4bab5145a1eeb52ad86ed43b1ecea0e52b80d81c15f374419a3a1b9e7a8240700000048473044 022038a057d362ac241f8ee73dddfd566eb2ccd3e9603b81e67a74013fb5532c6de8022034333c8 5d1f7f97421fdc093dcb5ca2de812585607a7699d175310924a82ef3b01ffffffff021027000000 0000002321020e46e79a2a8d12b9b5d12c7a91adb4e454edfae43c0a0cb805427d2ac7613fd9ac0 000000000000000266a248844db2fc26915fc0f988683149f9a04b71a704532e3e7aa6025ae022c 224f015345000000000000

above has:
OP_RETURN 8844db2fc26915fc0f988683149f9a04b71a704532e3e7aa6025ae022c224f0153450000

notice the OP_RETURN data has the KMD blockhash and height (byte reversed) and it is in the BTC blockchain

KMD: http://148.251.57.148:3001/tx/5ff868ddb2a5ded1853fa00ca22265031dc9b767f745c38727faa0021a41e198
0100000002387a235d003629f2d85692b73b98a93f4d29c944068637e6ac4cde3375b04b7101000 00049483045022100cabfcd9227b407ffd2f7042b4fb58baa62f61dc46467d78fc670f0eee811dc b10220724f8156c6291a8d0f29aa3b9f0ecada3297e468ac3b199dc9a7ae6bb69a5df501fffffff faf441f814ba95a0f01df2fa235ea8de4be8afb4fff321ad25ba25d109b37be9b02000000484730 440220076ca32fc5445924e4f6369305310a6823d38f2aa1df26911908d206d45016ba02205b82e 57bc3ab5fde2a6e8652d6c9f6ff615a0d6f75edff0fba1e0db3b11be3fd01ffffffff0210270000 000000002321020e46e79a2a8d12b9b5d12c7a91adb4e454edfae43c0a0cb805427d2ac7613fd9a c00000000000000004a6a488844db2fc26915fc0f988683149f9a04b71a704532e3e7aa6025ae02 2c224f0153450000a3551115c39aba6e99ad402a1a937dfcd3ad93bdcdab4db73920f84b1d6803d 24b4d440000000000

OP_RETURN 8844db2fc26915fc0f988683149f9a04b71a704532e3e7aa6025ae022c224f0153450000a355111 5c39aba6e99ad402a1a937dfcd3ad93bdcdab4db73920f84b1d6803d24b4d4400

In the corresponding KMD confirmation of the BTC notarization, the OP_RETURN has the same data as the BTC tx and also has the BTC txid and name of source coin.

Both the notary transactions use inputs originating from the pubkey of the notary node and since it is a SIGHASH_ALL transaction, it means all signers have validated the data, which in this case is the OP_RETURN data.

The next step is to verify that the dPoW notary tx creation works with more than 2 notary nodes at a time. I coded it in a way that uses "numnotaries" and numnotaries/2+1 as the key thresholds. Over the weekend, the testnet notary operators have been busy getting their rigs up to speed and we have over half a dozen ready to go.

Once we can get a steady stream BTC notarized KMD blocks, then it is the home stretch to use this data to modify the consensus algorithm to avoid/prevent overwriting any block at or before the highest notarized height.

tl:dr dPoW notarized data is automatically being written to BTC blockchain
https://blockchain.info/address/1P3rU1Nk1pmc2BiWC8dEy9bZa1ZbMp5jfg can be used to track these notarized tx

 

[CryptoNick]

I am sitting this one out. I am sure the ICO will go just fine. It would have been ideal if there were just a swap of BTCD and allow Notary Nodes to start mining blocks with dPoW. Then the Notary Nodes get paid by selling their coins or they keep them and speculate. Now would be the time to rethink using an ICO. The swap of BTCD would make the value the same to start or cause buying in the market right now raising the price, and at that point if you want 200M coins you raise the Block reward. I just don't see why KMD needs so many coins. Since the devs need payment, instead of an ICO just have a premine for the 10%.  Then miners have incentive to mine the rest and support the network and the original BTCD holders don't get diluted initially 1.2M to 100M-200M even with the 25% it makes them a fraction of the new network. Transactions would have tx's fees to pay the BTC fees etc.

[jahl]

Announcement! Komodo welcomes pre-ICO angel investors!

We will accept investments from angel investors before the ICO starts.

PreICO Angel Investors Terms:

Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.

The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.

Contact TwinWinNerD to take advantage of this deal, it is a manual process.

Best regards,
Komodo Team

WOW, this is beneficial to whales actually.

You are going to scare away a lot of small investors. Very few investors are going to invest 250 BTC with anonymous Team

This is exactly what we have taken a stand against. Greed.

lol everyone in crypto is greedy, don't be silly.

I for one welcome pre ICO whales, the bigger the investors the better the potential rollercoaster will be

[TwinWinNerD]

I am sitting this one out. I am sure the ICO will go just fine. It would have been ideal if there were just a swap of BTCD and allow Notary Nodes to start mining blocks with dPoW. Then the Notary Nodes get paid by selling their coins or they keep them and speculate. Now would be the time to rethink using an ICO. The swap of BTCD would make the value the same to start or cause buying in the market right now raising the price, and at that point if you want 200M coins you raise the Block reward. I just don't see why KMD needs so many coins. Since the devs need payment, instead of an ICO just have a premine for the 10%.  Then miners have incentive to mine the rest and support the network and the original BTCD holders don't get diluted initially 1.2M to 100M-200M even with the 25% it makes them a fraction of the new network. Transactions would have tx's fees to pay the BTC fees etc.

Please read the post that james wrote on why the ICO fundraiser is neccessary. If it was that easy it would have been done.

[mbuk81]

how does this work are u able to say 100% that bitcoin you sent cant be traced back to you ?

[jl777]

how does this work are u able to say 100% that bitcoin you sent cant be traced back to you ?

zcash tech is indeed pretty cool
the bitcoin that is sent is in transparent mode, so it can be traced
however, once it is in KMD, then you can protect it by converting it to a zero knowledge proof. And then transact with it in that form

https://github.com/zcash/zcash/wiki/specification

[chris_nor]

Looks like an interesting coin. Wondering if I should join the campaign. But I'm a little iffy over the fact that it needs Bitcoins to work. I know it will be a while, but what happens once thouse Bitcoins run out?

[Mokuton]

Announcement! Komodo welcomes pre-ICO angel investors!

We will accept investments from angel investors before the ICO starts.

PreICO Angel Investors Terms:

Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.

The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.

Contact TwinWinNerD to take advantage of this deal, it is a manual process.

Best regards,
Komodo Team

WOW, this is beneficial to whales actually.

You are going to scare away a lot of small investors. Very few investors are going to invest 250 BTC with anonymous Team

This is exactly what we have taken a stand against. Greed.

lol everyone in crypto is greedy, don't be silly.

I for one welcome pre ICO whales, the bigger the investors the better the potential rollercoaster will be

But you got to admit the max greed on this one. dev gets ICO plus 10% of the supply, plus whoever bought into his unfinished projects in the past. You all just a bunch of sheeps in a grand scheme of things lol don't be blinded

[Rkana]

Announcement! Komodo welcomes pre-ICO angel investors!

We will accept investments from angel investors before the ICO starts.

PreICO Angel Investors Terms:

Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.

The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.

Contact TwinWinNerD to take advantage of this deal, it is a manual process.

Best regards,
Komodo Team

With this announcement, I think I will pass Komodo ICO and just mine ZCash. What is the rush to get 5000BTC up front?
Good luck with your project.

[CryptoMrM]

Announcement! Komodo welcomes pre-ICO angel investors!

We will accept investments from angel investors before the ICO starts.

PreICO Angel Investors Terms:

Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.

The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.

Contact TwinWinNerD to take advantage of this deal, it is a manual process.

Best regards,
Komodo Team

Whilst I don't really like these sort of things it's important to note that people using BTCD to 'buy-in' to the ico will benefit from this as they get the averaged ico bonus which would include these higher %'s.

[CryptoNick]

I am sitting this one out. I am sure the ICO will go just fine. It would have been ideal if there were just a swap of BTCD and allow Notary Nodes to start mining blocks with dPoW. Then the Notary Nodes get paid by selling their coins or they keep them and speculate. Now would be the time to rethink using an ICO. The swap of BTCD would make the value the same to start or cause buying in the market right now raising the price, and at that point if you want 200M coins you raise the Block reward. I just don't see why KMD needs so many coins. Since the devs need payment, instead of an ICO just have a premine for the 10%.  Then miners have incentive to mine the rest and support the network and the original BTCD holders don't get diluted initially 1.2M to 100M-200M even with the 25% it makes them a fraction of the new network. Transactions would have tx's fees to pay the BTC fees etc.

Please read the post that james wrote on why the ICO fundraiser is neccessary. If it was that easy it would have been done.

What happens if no one sends BitCoin in for the ICO? What is the minimum to start the coin?

[CryptoSporidium]

Did the dev team ever consider using Zcoin over Zcash?

[jl777]

Did the dev team ever consider using Zcoin over Zcash?

you must be kidding.

why would we choose an obsolete 3 year old libzerocoin implementation that has significant bloat issues?

it would be like choosing an Intel 8080 CPU over Xeon

so no, never considered zcoin

[jl777]

I am sitting this one out. I am sure the ICO will go just fine. It would have been ideal if there were just a swap of BTCD and allow Notary Nodes to start mining blocks with dPoW. Then the Notary Nodes get paid by selling their coins or they keep them and speculate. Now would be the time to rethink using an ICO. The swap of BTCD would make the value the same to start or cause buying in the market right now raising the price, and at that point if you want 200M coins you raise the Block reward. I just don't see why KMD needs so many coins. Since the devs need payment, instead of an ICO just have a premine for the 10%.  Then miners have incentive to mine the rest and support the network and the original BTCD holders don't get diluted initially 1.2M to 100M-200M even with the 25% it makes them a fraction of the new network. Transactions would have tx's fees to pay the BTC fees etc.

Please read the post that james wrote on why the ICO fundraiser is neccessary. If it was that easy it would have been done.

What happens if no one sends BitCoin in for the ICO? What is the minimum to start the coin?

Angel investors appear to have provided enough for the minimum already, so no worries on this

[jl777]

Announcement! Komodo welcomes pre-ICO angel investors!

We will accept investments from angel investors before the ICO starts.

PreICO Angel Investors Terms:

Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.

The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.

Contact TwinWinNerD to take advantage of this deal, it is a manual process.

Best regards,
Komodo Team

With this announcement, I think I will pass Komodo ICO and just mine ZCash. What is the rush to get 5000BTC up front?
Good luck with your project.

I dont know why everybody assumes that the max specified amount is anything other than the maximum.

We had to pick some limit to prevent whales from buying up the entire ICO, 16% does not seem like an unreasonable maximum, especially since the actual amount coming in will likely be a lot less. it cannot be more, it will most likely be a lot less.

there is no rush for 5000btc. angel investors proactively approached us and made a reasonable request to get a slightly bigger bonus. we accomodated and made the identical offer available to everybody else.

if you criticize us for working with investors to secure funds, then maybe the fact that we are conducting an ICO to raise funds has been overlooked? is the criticism that we should have rejected the funds?

If you criticize us for offering the same deal to everyone, instead of keeping it secret and/or closed to public like most other projects, does that mean you prefer that we keep secrets about this or dont offer it globally?

[jl777]

Looks like an interesting coin. Wondering if I should join the campaign. But I'm a little iffy over the fact that it needs Bitcoins to work. I know it will be a while, but what happens once thouse Bitcoins run out?

At 25 cents per KMD the mined amount will cover the costs of the notary nodes, so the subsidy is not expected to last forever.

The BTC txfee costs will be less than the costs for the notary nodes.

I want to have at least a 10 year buffer, so for all that are complaining that we are raising funds or it is some sort of greed, they need to realize that it costs BTC to pay continuous BTC fees and to have many high end servers.

Once it is in place, it becomes a barrier to entry. Granted anybody else could fork the code, but still the entire notary nodes have to be reproduced and the BTC for txfees would be needed. Also, once KMD is live, people can just use KMD and obtain the benefits of being secured by BTC (indirectly) at a fraction of the cost.

Each user of KMD will create demand for KMD, usually on a continuous basis, and that will provide a base of demand. We will be migrating the various NXT assets to assetchains, which will use dPoW so there will be some reference cases available. By using KMD to secure the assetchains, for a minimal cost, each asset will obtain BTC level security for its transactions and not be a derivative crypto at the mercy of some master chain. the txfees for users would be denominated in that asset and the asset issuer would just need to purchase enough KMD to pay for the service.

Beyond assetchains, there will be smart chains which are special purpose blockchains that implement a dapp. think of it like an ASIC that does one thing and only one thing, vs a CPU that is running and OS and doing many things at once. We expect this to be a very popular way to utilize blockchain tech and the isolation it provides combined with efficiency that is further secured by dPoW will hopefully make a good demand for KMD.

[jd1959]

Please tell me that I've got it wrong

1) to mine BTCD I just need some BTCD in my wallet online, unlocked for staking

2)To mine BTCD2/Komodo I need to run 1of 64 notary nodes

Cheers Jon

[jl777]

Please tell me that I've got it wrong

1) to mine BTCD I just need some BTCD in my wallet online, unlocked for staking

2)To mine BTCD2/Komodo I need to run 1of 64 notary nodes

Cheers Jon

you have it wrong