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

[Nivir]

Based on the level of funding that we have gotten so far, we wont be able to fund 64 nodes, so it is likely that we will end up with 32 notary nodes.

While it is possible the last days will bring in more funds, if to estimate the likely level, it is safer to assume 32 notary nodes

But I guess it will be updated to 64 nodes once Komodo will more than double its value soon.  I am hoping big for this project. This should be part of my Christmas gift. 

[1715061550]

1715061550

[1715061550]

1715061550

[1715061550]

1715061550

[1715061550]

1715061550

[jl777]

Based on the level of funding that we have gotten so far, we wont be able to fund 64 nodes, so it is likely that we will end up with 32 notary nodes.

While it is possible the last days will bring in more funds, if to estimate the likely level, it is safer to assume 32 notary nodes

But I guess it will be updated to 64 nodes once Komodo will more than double its value soon.  I am hoping big for this project. This should be part of my Christmas gift. 

There is intense discussion in #elections channel about this topic.
everybody is welcome to join.

with KMD market price not knowable until trading starts, I dont want to rely on appreciation in KMD price to fund the notary nodes. There should be enough to fund the subsidized nodes for a predetermined time, regardless of marketprice.

of course if the market price sustains at above 25 cents, then there is no problem for indefinite subsidy

[KomodoPlatform]

Warning to notary node operators

If you are thinking about setting up a notary node, there are some financial risks involved. There are two issues, 1) no one can guarantee you will get elected, 2) the final notary node number depends on our budget

We will setup 32, 49, or 64 notary nodes, depending on how much money we raise. As jl777 has explained before, 5000 BTC would allow us to setup the full 64 notary nodes.

The development team is very grateful for those who have invested their own money and time in notary node testing. Those who have actively participated in testing will receive a substitute for their efforts if they for some reason wouldn't get elected. This promise doesn't cover those who are just now setting up their notary nodes or planning to do so. If you are spending considerable amount of money, please understand that there is a risk that you won't get elected.

***

We are planning to add a field for percentage of subsidy required. That means that each notary node candidate can decide how much guaranteed subsidy they require per node. This is expected to bring down our costs on areas where it is cheaper to run a node.

The vote is what counts though, so a candidate with no subsidy requirements could still not get elected. As a voter you should also consider the candidates technical skills and the hardware specs.

Because some node operators won't require $500/month subsidy the average subsidy amount will be lower than $500/month. Thus we need to reserve less capital for the 10 year buffer.

This thing is probably only relevant for the EU region, where we currently have more notary node candidates than there are spots (even with 64 notary nodes). Also the server costs are a lot lower in EU than they are in other parts of the world. We expect the subsidy to stay around 100% at the other parts of the world. The choice is made by the notary node candidates who set up that percentage (0 - 100 %) and the voters who elect the candidates.

We certainly hope that we can setup all 64 notary nodes. We are working hard to raise the remaining funds during the last week.

How the elections will happen

When you redeem your KMD after the ICO, you will have to vote. In other words the first voting process is embedded to our ICO. After we know our notary nodes and they are running, the network will officially launch and we distribute the coins. There will be enough time reserved for the voting, that even the BTCD investors get a chance to do the swap and vote.

The next elections

If you have paid attention, you have noticed that we haven't talked about the other elections at all... that is because the election process beyond the initial one is still wide open.

We won't make any decision until later, as this is not the development priority. However we have speculated about different possibilities, and the most prominent one is to have periodical elections where some of the candidates are voted out for a re-election. This would drop out the bottom performers and incentivise the notary nodes to perform.

[farl4web]

Thanks for this update. It's good that people are warned before they invest time and money in setting up and maintaining a notary node. 

So forget about American presidents and vote for Notary Nodes!!   

[feriq2]

This looks like a very promising project!

However, is there any point of investing BTC in the project at the moment instead of just investing in BTCD? I'm talking about 5% early bird BTC bonus vs 0.00412 BTCD/BTC current exchange rate.

[KLONE]

Warning to notary node operators

If you are thinking about setting up a notary node, there are some financial risks involved. There are two issues, 1) no one can guarantee you will get elected, 2) the final notary node number depends on our budget

We will setup 32, 49, or 64 notary nodes, depending on how much money we raise. As jl777 has explained before, 5000 BTC would allow us to setup the full 64 notary nodes.

The development team is very grateful for those who have invested their own money and time in notary node testing. Those who have actively participated in testing will receive a substitute for their efforts if they for some reason wouldn't get elected. This promise doesn't cover those who are just now setting up their notary nodes or planning to do so. If you are spending considerable amount of money, please understand that there is a risk that you won't get elected.

***

We are planning to add a field for percentage of subsidy required. That means that each notary node candidate can decide how much guaranteed subsidy they require per node. This is expected to bring down our costs on areas where it is cheaper to run a node.

The vote is what counts though, so a candidate with no subsidy requirements could still not get elected. As a voter you should also consider the candidates technical skills and the hardware specs.

Because some node operators won't require $500/month subsidy the average subsidy amount will be lower than $500/month. Thus we need to reserve less capital for the 10 year buffer.

This thing is probably only relevant for the EU region, where we currently have more notary node candidates than there are spots (even with 64 notary nodes). Also the server costs are a lot lower in EU than they are in other parts of the world. We expect the subsidy to stay around 100% at the other parts of the world. The choice is made by the notary node candidates who set up that percentage (0 - 100 %) and the voters who elect the candidates.

We certainly hope that we can setup all 64 notary nodes. We are working hard to raise the remaining funds during the last week.

How the elections will happen

When you redeem your KMD after the ICO, you will have to vote. In other words the first voting process is embedded to our ICO. After we know our notary nodes and they are running, the network will officially launch and we distribute the coins. There will be enough time reserved for the voting, that even the BTCD investors get a change to do the swap and vote.

The next elections

If you have paid attention, you have noticed that we haven't talked about the other elections at all... that is because the election process beyond the initial one is still wide open.

We won't make any decision until later, as this is not the development priority. However we have speculated about different possibilities, and the most prominent one is to have periodical elections where some of the candidates are voted out for a re-election. This would drop out the bottom performers and incentivise the notary nodes to perform.

The sensible thing to do is not setup an expensive node until AFTER the election

[cebb]

This looks like a very promising project!

However, is there any point of investing BTC in the project at the moment instead of just investing in BTCD? I'm talking about 5% early bird BTC bonus vs 0.00412 BTCD/BTC current exchange rate.

Invest with BTCD. Not only you get better cost benefit, but you can also bail out of the ICO anytime (i.e. before KMD is launched and is on exchange) by just selling BTCD again. It is like buying in a refundable ICO.

[KLONE]

This looks like a very promising project!

However, is there any point of investing BTC in the project at the moment instead of just investing in BTCD? I'm talking about 5% early bird BTC bonus vs 0.00412 BTCD/BTC current exchange rate.

Invest with BTCD. Not only you get better cost benefit, but you can also bail out of the ICO anytime (i.e. before KMD is launched and is on exchange) by just selling BTCD again. It is like buying in a refundable ICO.

Be careful, after the rev share snapshot is taken BTCD will be worth less

[cebb]

This looks like a very promising project!

However, is there any point of investing BTC in the project at the moment instead of just investing in BTCD? I'm talking about 5% early bird BTC bonus vs 0.00412 BTCD/BTC current exchange rate.

Invest with BTCD. Not only you get better cost benefit, but you can also bail out of the ICO anytime (i.e. before KMD is launched and is on exchange) by just selling BTCD again. It is like buying in a refundable ICO.

Be careful, after the rev share snapshot is taken BTCD will be worth less

Nope. Get your facts right. BTCD can be swapped to KMD (anytime at a fixed rate) from the launch of KMD till 1 year.

[MoveCrypto]

SuperNET has made roughly 600+ BTC profit in 2016 from just 3 ico investments: Iota, Waves, Stratis

Heat investment will be profitable as well, it was a real sleeper ico with only ~1000 BTC equivalent raised.

Komodo is the next winner in the winning streak.

 - Zcash anon tech secured by Bitcoin's hashrate

-  Powerful notary nodes that all act as full nodes for several coins and assets (including BTC) provide infrastructure to support decentralized exchange

Imagine decentralized poloniex with zsnark anonymity that is secured by bitcoin's hashrate.

KMD will be very valuable as the fuel for this system.

[BadAss.Sx]

=====BadAss TRUMP STYLE=======

I know one thing...I WILL get elected. If you are active on the testnet and update your node every time james is asking you to do, then we are the ONLY ones who can secure the Komodo network in the future. A Komodo network with inactive nodes/admins is useless and a one big security cheese.  

I can eat, read, sleep and shit James his code. I am not a coder, but i know what the output is telling me on the screen. I know how to handle problems and have 24/7 access to my network.

So I don't mind anymore, I sit back, relax and update my node when James is asking me to do so and at the end i will automatically see how I get elected
Because if I dont get elected, it will be a total farce..the komodo network

Let's make SuperNET GREAT again!!

=====BadAss TRUMP STYLE OUT=======

[MoveCrypto]

=====TRUMP STYLE=======

I know one thing...I WILL get elected. If you are active on the testnet and update your node every time james is asking you to do, then we are the ONLY ones who can secure the Komodo network in the future. A Komodo network with inactive nodes/admins is useless and a one big security cheese. 

I can eat, read, sleep and shit James his code. I am not a coder, but i know what the output is telling me on the screen. I know how to handle problems and have 24/7 access to my network.

So I don't mind anymore, I sit back, relax and update my node when James is asking me to do so and at the end i will automatically see how I get elected
Because if I dont get elected, it will be a total farce..the komodo network :wink:

Let's make SuperNET GREAT again!!

=====TRUMP STYLE OUT=======

I'm voting for BadAss because I know he will grab his servers by the PCB

[BadAss.Sx]

I'm voting for BadAss because I know he will grab his servers by the PCB

If PCB is a good thing, then you are welcome in the BadAss Komodo Movement

Let's make SuperNET GREAT again!!

[BTC-BTC-BTC]

Great to see the project is coming along.

[KLONE]

This looks like a very promising project!

However, is there any point of investing BTC in the project at the moment instead of just investing in BTCD? I'm talking about 5% early bird BTC bonus vs 0.00412 BTCD/BTC current exchange rate.

Invest with BTCD. Not only you get better cost benefit, but you can also bail out of the ICO anytime (i.e. before KMD is launched and is on exchange) by just selling BTCD again. It is like buying in a refundable ICO.

Be careful, after the rev share snapshot is taken BTCD will be worth less

Nope. Get your facts right. BTCD can be swapped to KMD (anytime at a fixed rate) from the launch of KMD till 1 year.

Are you saying BTCD bought after the revshare snapshot & then swapped at the fixed rate has equal value to BTCD swapped at fixed rate but WITH revshare entitlement? You don't understand

[tjmaruy]

i will vote for a badass

[cebb]

This looks like a very promising project!

However, is there any point of investing BTC in the project at the moment instead of just investing in BTCD? I'm talking about 5% early bird BTC bonus vs 0.00412 BTCD/BTC current exchange rate.

Invest with BTCD. Not only you get better cost benefit, but you can also bail out of the ICO anytime (i.e. before KMD is launched and is on exchange) by just selling BTCD again. It is like buying in a refundable ICO.

Be careful, after the rev share snapshot is taken BTCD will be worth less

Nope. Get your facts right. BTCD can be swapped to KMD (anytime at a fixed rate) from the launch of KMD till 1 year.

Are you saying BTCD bought after the revshare snapshot & then swapped at the fixed rate has equal value to BTCD swapped at fixed rate but WITH revshare entitlement? You don't understand

I understand it very well. You don't get it. So as per your thinking after 5% dividend APPLE's share will be worth less?

It will be worth 5% less because you already got the remainder 5% as dividend.

So BTCD price may drop few percent after the revshare dividend but the drop should makeup for it by getting paid the dividend.  

[KLONE]

This looks like a very promising project!

However, is there any point of investing BTC in the project at the moment instead of just investing in BTCD? I'm talking about 5% early bird BTC bonus vs 0.00412 BTCD/BTC current exchange rate.

Invest with BTCD. Not only you get better cost benefit, but you can also bail out of the ICO anytime (i.e. before KMD is launched and is on exchange) by just selling BTCD again. It is like buying in a refundable ICO.

Be careful, after the rev share snapshot is taken BTCD will be worth less

Nope. Get your facts right. BTCD can be swapped to KMD (anytime at a fixed rate) from the launch of KMD till 1 year.

Are you saying BTCD bought after the revshare snapshot & then swapped at the fixed rate has equal value to BTCD swapped at fixed rate but WITH revshare entitlement? You don't understand

I understand it very well. You don't get it. So as per your thinking after 5% dividend APPLE's share will be worth less?

It will be worth 5% less because you already got the remainder 5% as dividend.

So BTCD price may drop few percent after the revshare dividend but the drop should makeup for it by getting paid the dividend.  

You're not making sense now (Yes, an APPLE share sold without dividend entitlement is worth zero), I said after the revshare snapshot BTCD will be worth less than before (i.e. before snapshot it's worth the fixed rate plus whatever the revshare is worth, after the snapshot it's only worth the fixed rate). That is a fact! What BTCD actually trades for after the snapshot is anyone's guess - I'm talking about 'value' or as I said "worth"

[anewafresh]

Through how many after the ICO, the coin will be released on the exchange?

We will distribute the coins ~ 2 weeks after the ICO. We don't know when the exchanges will list us, you will have to ask them about it!

How much time will be allowed for the BTCD swap after the ICO? Since distribution is planned within 2 weeks of the ICO, all BTCD swaps should be completed before that right?

You will be able to swap to get the coins at the same time as everyone else.

We will reserve enough KMD so we are able to swap every BTCD. The BTCD can be swapped at any time for one full year.

Thanks for the reply. Obviously not all of the BTCD will be swapped since some will be lost etc. So what would happen to the remaining KMD supply reserved for BTCD swaps?

They would be used as working capital for development.

I'm all for more development capital as I'm sure a big budget can mean better development and marketing. However, I do hope the number of BTCD that is not swapped wont be too high. If I have my calculations right, if 20% of the BTCD is not swapped, that could mean an extra 12% with the devs (above the already reserved 10%) which means ICO investors are only investing in only 78% of the supply which is a bit concerning to me as an investor.

The thing is nobody knows how many BTCD will not be swapped. It might be too low or too high. In the second case you are right, it will affect the ICO supply. Maybe a part of the capital could be given to ICO investors, if its too high? Just a thought.

Ideally, that should be the case, yes. The KMD team should announce a cap on reserved KMD that will go to the devs.

[cebb]

This looks like a very promising project!

However, is there any point of investing BTC in the project at the moment instead of just investing in BTCD? I'm talking about 5% early bird BTC bonus vs 0.00412 BTCD/BTC current exchange rate.

Invest with BTCD. Not only you get better cost benefit, but you can also bail out of the ICO anytime (i.e. before KMD is launched and is on exchange) by just selling BTCD again. It is like buying in a refundable ICO.

Be careful, after the rev share snapshot is taken BTCD will be worth less

Nope. Get your facts right. BTCD can be swapped to KMD (anytime at a fixed rate) from the launch of KMD till 1 year.

Are you saying BTCD bought after the revshare snapshot & then swapped at the fixed rate has equal value to BTCD swapped at fixed rate but WITH revshare entitlement? You don't understand

I understand it very well. You don't get it. So as per your thinking after 5% dividend APPLE's share will be worth less?

It will be worth 5% less because you already got the remainder 5% as dividend.

So BTCD price may drop few percent after the revshare dividend but the drop should makeup for it by getting paid the dividend.  

You're not making sense now (Yes, an APPLE share sold without dividend entitlement is worth zero), I said after the revshare snapshot BTCD will be worth less than before (i.e. before snapshot it's worth the fixed rate plus whatever the revshare is worth, after the snapshot it's only worth the fixed rate). That is a fact! What BTCD actually trades for after the snapshot is anyone's guess - I'm talking about 'value' or as I said "worth"

I am not going to argue with you anymore. This is my last explanation. If you still cant understand it, I feel sorry for you.
Here is the conversation details for BTCD to KMD swap

-----------------------------

In order to simplify the BTCD to KMD swap, a fixed exchange rate of 1.0 BTCD to 0.00532074 BTC was established. 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 ends.

Average price in Aug = 0.00354716 BTC/BTCD
BTCD exchange rate =  0.00354716 * 1.5 = 0.00532074 BTC/BTCD
-> BTCD's are worth ~6846 BTC in the ICO [1 286 654 BTCD × 0.00532074 BTC/BTCD]




Oct. 15 -           25% bonus
Oct. 16-22 -      20% bonus
Oct. 23-29 -      15% bonus
Oct. 30-Nov 5 - 10% bonus
Nov 6-12 -         5% bonus
Nov 13-20 -       0% bonus

------------------

So as of today with 5% Bonus available for anyone participating in ICO, BTCD to BTC fair rate should be 0.00532074 *1/1.05 = 0.00506 BTC/BTCD

Anyone wishing to participate in ICO can either pay
- 1 BTC or;
- Buy 1 BTC worth of BTCD at current exchange rate of  0.0042 and participate in ICO indirectly by just holding BTCD and get >15% Bonus instead of 5% you get with BTC

By buying BTCD instead of investing BTC in ICO ,not only you get the last of revshare dividend (whatever % it may be) you are also entitled to convert your BTCD to KMD in the next year. So even if there wont be any dividend on BTCD after this last one there is inherent value in BTCD. You can convert it to KMD at a fixed rate at any time in next year.

I dont know the exact percentage of revshare dividend but lets say it is 5%. then BTCD price may drop 5% after the dividend but that drop is irrelevant as you will have your 5% dividend instead. your remaining 95% BTCD worth is not based on any future dividend gains but solely on your right to convert it into KMD.