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

[KomodoPlatform]

There was a question in the BTCD thread, so I though I should post it here also as there might be new info to some!

Can you tell me more about the new Komodo technology

Sure!

I'll explain the privacy side, which should be the most interesting part for BTCD investors.

We concluded that Zcash's privacy technology is superior to any other solution, even to our own (teleport/telepathy technology). As we needed the best technology for our platform we decided to fork Zcash. However, making a fork is not really that exciting, but rather the way we use the technology in our own platform.

Privacy for other cryptocurrencies
We can make bitcoin (or any other coin) private transactions a reality. However, doing that requires the other technologies SuperNET has been building, mainly Iguana. In short, Iguana allows blockchains to talk to each other which allowed us to develop an atomic cross-chain protocol (see our whitepaper).

We can destroy bitcoin's transaction track record the following way:
BTC -> KMD -> KMD Z-Tx -> BTC

The whole process will be automaticed:
1. BTC is exchanged to KMD through our decentralized exchange
2. The KMD is sent to a new KMD address through a Z-transaction (the anonymous transaction)
3. KMD is exchanged back to BTC

Any user could manually do that, however we can make it automatic through an app called Jumblr. Thus a user could simply use our BTC wallet which could have a "Private payment" button. The end user would only have to insert the BTC address where he wants to send his bitcoins to, and then the the whole process would happen behind the scenes.

Anonymous fiat transactions
We also have a thing called 'assetchains', which basically allow anyone to create new Zcash forks in seconds. Those forks are compatible to our other services, such as DEX. We have already created 32 special coins, which we developed a bit further. These are called PAX fiat assets, and their value is tied to local currencies (USD, EUR,...).

Because they are Zcash forks we can actually do the same anonymous transactions with them. We believe our way to tie the coin to fiat value is superior to the other current solutions. The anonymous transactions are really a cherry on the top. Of course these too are compatible to our other services, so you could store them in the same place you store your BTC (our Iguana wallet).

More info
I recommend to start with these three articles:
Where Hope Lies for Privacy, Anonymity, and Fungibility in Cryptocurrency
Komodo’s dPoW Provides Double-Layered Security and Cuts Costs
Komodo: the Native Currency of the SuperNET Ecosystem


Thanks for the question!

[1715166635]

1715166635

[1715166635]

1715166635

[farl4web]

Since it's almost time to vote for the notary nodes operators. I though I will present my self too. Here we go!  

My name is Peter Farla and I live in the Netherlands. Since 2013 I am involved in blockchain tech. I have been mining LTC and altcoins in the first year. After that I joined Nxt and also Supernet. I am an active member in the Nxt/Ardor community, I am global moderator on Nxtforum.org and running Nxt.org. Regarding running nodes, I have been running almost a dozen Nxt nodes for years.

People may know me by the nickname farl4web/farl4bit or from the FARLAWEB Assets which I launched on Nxt Asset Exchange.

Trust your Node Operator
I am not an anonymous person, I have a face and a name. It’s important to know who is running Notary Nodes. You can trust me to run the Notary Nodes. Trust is an important factor in crypto-world and especially in being a Komodo Notary Node Operator.

100% Online and up-to-date
One of the most important factors of Notary Nodes is that they are always online and up-to-date. My nodes have almost 100% uptime (check Komodometrics.com) and I am on the Slack-channels available for updates. I have been active in the testnet for 2 months now, helping and testing Komodo.

Backup Operators
Continuity of the Notary Nodes is important for the Komodo Network. In case something happens to me or I am not available for urgent updates, I assigned a backup operator for each of my nodes. For my farl4web_EU Node I have Baddass as backup operator and for my farl4web_SH Node I have Pondsea as backup operator.
My goal is to support the Komodo network.

I hope you will support me.  

https://www.komodoelection.com/candidates/farl4bit/

[gbdesai]

There was a question in the BTCD thread, so I though I should post it here also as there might be new info to some!

Can you tell me more about the new Komodo technology

Sure!

I'll explain the privacy side, which should be the most interesting part for BTCD investors.

We concluded that Zcash's privacy technology is superior to any other solution, even to our own (teleport/telepathy technology). As we needed the best technology for our platform we decided to fork Zcash. However, making a fork is not really that exciting, but rather the way we use the technology in our own platform.

Privacy for other cryptocurrencies
We can make bitcoin (or any other coin) private transactions a reality. However, doing that requires the other technologies SuperNET has been building, mainly Iguana. In short, Iguana allows blockchains to talk to each other which allowed us to develop an atomic cross-chain protocol (see our whitepaper).

We can destroy bitcoin's transaction track record the following way:
BTC -> KMD -> KMD Z-Tx -> BTC

The whole process will be automaticed:
1. BTC is exchanged to KMD through our decentralized exchange
2. The KMD is sent to a new KMD address through a Z-transaction (the anonymous transaction)
3. KMD is exchanged back to BTC

Any user could manually do that, however we can make it automatic through an app called Jumblr. Thus a user could simply use our BTC wallet which could have a "Private payment" button. The end user would only have to insert the BTC address where he wants to send his bitcoins to, and then the the whole process would happen behind the scenes.

Anonymous fiat transactions
We also have a thing called 'assetchains', which basically allow anyone to create new Zcash forks in seconds. Those forks are compatible to our other services, such as DEX. We have already created 32 special coins, which we developed a bit further. These are called PAX fiat assets, and their value is tied to local currencies (USD, EUR,...).

Because they are Zcash forks we can actually do the same anonymous transactions with them. We believe our way to tie the coin to fiat value is superior to the other current solutions. The anonymous transactions are really a cherry on the top. Of course these too are compatible to our other services, so you could store them in the same place you store your BTC (our Iguana wallet).

More info
I recommend to start with these three articles:
Where Hope Lies for Privacy, Anonymity, and Fungibility in Cryptocurrency
Komodo’s dPoW Provides Double-Layered Security and Cuts Costs
Komodo: the Native Currency of the SuperNET Ecosystem


Thanks for the question!

I'm super jazzed about this project, so please don't take my question as criticism, but genuine curiosity. What you describe is KMD acting as a passthrough coin to secure the privacy of other coins, like BTC. I understand it can also be used directly, but if it does have a big role as a passthrough what gives the coin value in the long term. Will KMD act as fuel or be consumed for doing things in the larger ecosystem?

[KomodoPlatform]

I'm super jazzed about this project, so please don't take my question as criticism, but genuine curiosity. What you describe is KMD acting as a passthrough coin to secure the privacy of other coins, like BTC. I understand it can also be used directly, but if it does have a big role as a passthrough what gives the coin value in the long term. Will KMD act as fuel or be consumed for doing things in the larger ecosystem?

You will need to buy/hold KMD in many cases, like
 - BTC private payment
 - dPoW protection
 - PAX fiat assets

All those create demand for KMD. Of course it can be used as money too. When we offer these services / apps many people will find KMD, and likely they will buy & hold some.

We are building a development framework / platform for blockchain applications. Those could / will use KMD to gain certain functionality, like a built in privacy features. For example, we are planning to develop a 'payroll' app that would allow international businesses pay their employees in fiat.

Like many things, also this Payroll app would require KMD. The idea is that the business could pay in BTC, and behind the scenes it would be turned into PAX fiat (BTC -> KMD -> PAX fiat). This creates demand for KMD, but it is also possible that at some point the business would start using KMD instead of BTC (to remove one extra hop).

At the very least, it is a lot cheaper to send private KMD transactions than it would to send private BTC transactions. While making a private BTC transaction there are many fees to pay & coin conversions to do.

These plans are not for the immediate future however. Our first priority is to get the EasyDEX & PAX1 online, then we move to InstantDEX & PAX2, and other things like Pangea, Jumblr, and Payroll app.

One of the least understood things however is how PAX works. It could end up being the number one driver for KMD price. Let me explain.

If you want to convert your money to any PAX fiat you will have to first buy KMD and then lock that KMD inside PAX. In other words, the more used the PAX fiats are, the more wealth will be locked inside PAX.
 -> less supply
 -> more demand

However, don't get too excited as the initial PAX1 version will have some limits placed on it. With PAX2 we can remove those limitations as well as allow some advanced features such as shorting. PAX2 will effectively create a decentralized forex market.

With PAX1 we will have 40k exposure limit for the first 10 fiats, and 10k limit for the other 22 fiats. That means that, for example, the paxUSD is capped at $40,000 market cap.

Here were the main points I could think of right now.

If anyone wants to help KMD price, maybe they could join our Slack and start developing some other killer app with the help of our platform

[gbdesai]

I'm super jazzed about this project, so please don't take my question as criticism, but genuine curiosity. What you describe is KMD acting as a passthrough coin to secure the privacy of other coins, like BTC. I understand it can also be used directly, but if it does have a big role as a passthrough what gives the coin value in the long term. Will KMD act as fuel or be consumed for doing things in the larger ecosystem?

You will need to buy/hold KMD in many cases, like
 - BTC private payment
 - dPoW protection
 - PAX fiat assets

All those create demand for KMD. Of course it can be used as money too. When we offer these services / apps many people will find KMD, and likely they will buy & hold some.

We are building a development framework / platform for blockchain applications. Those could / will use KMD to gain certain functionality, like a built in privacy features. For example, we are planning to develop a 'payroll' app that would allow international businesses pay their employees in fiat.

Like many things, also this Payroll app would require KMD. The idea is that the business could pay in BTC, and behind the scenes it would be turned into PAX fiat (BTC -> KMD -> PAX fiat). This creates demand for KMD, but it is also possible that at some point the business would start using KMD instead of BTC (to remove one extra hop).

At the very least, it is a lot cheaper to send private KMD transactions than it would to send private BTC transactions. While making a private BTC transaction there are many fees to pay & coin conversions to do.

These plans are not for the immediate future however. Our first priority is to get the EasyDEX & PAX1 online, then we move to InstantDEX & PAX2, and other things like Pangea, Jumblr, and Payroll app.

One of the least understood things however is how PAX works. It could end up being the number one driver for KMD price. Let me explain.

If you want to convert your money to any PAX fiat you will have to first buy KMD and then lock that KMD inside PAX. In other words, the more used the PAX fiats are, the more wealth will be locked inside PAX.
 -> less supply
 -> more demand

However, don't get too excited as the initial PAX1 version will have some limits placed on it. With PAX2 we can remove those limitations as well as allow some advanced features such as shorting. PAX2 will effectively create a decentralized forex market.

With PAX1 we will have 40k exposure limit for the first 10 fiats, and 10k limit for the other 22 fiats. That means that, for example, the paxUSD is capped at $40,000 market cap.

Here were the main points I could think of right now.

If anyone wants to help KMD price, maybe they could join our Slack and start developing some other killer app with the help of our platform

A most excellent and complete answer. Thanks for the insight. What I really appreciate about this project, from the very start, is that there has been thorough and extensive thinking about how things will work and there has been transparency in presenting this information. Glad to be onboard.

[kryptopojken]

I find it very weird that the ICO gathered so much interest, and now all of a sudden people don't want to buy BTCD at this extreme discount to get KMD? What's going on?

[gbdesai]

I find it very weird that the ICO gathered so much interest, and now all of a sudden people don't want to buy BTCD at this extreme discount to get KMD? What's going on?

Frankly I think people are out of funds. Also many of the recent ICOs have stalled hard and people can't get money out of them due to lack of exchanges listings or below ICO level valuation.

[JoelKatz]

I find it very weird that the ICO gathered so much interest, and now all of a sudden people don't want to buy BTCD at this extreme discount to get KMD? What's going on?

I've spoken to several people who will not buy BTCD specifically because they are unsure about the mechanics of the swap. Wasn't there supposed to have already been a snapshot? If so, BTCD bought now *won't* be swapable. Or is there going to be no snapshot and you'll have to transfer your BTCD somewhere to get KMD? People are uncertain.

[Tempest8]

From skimming through the last couple of pages, I'm come to the conclusion that the snapshot will still occur, but it's just been pushed back to the near future. Is this correct, or did I miss something? As for when the snapshot does occur, it might be prudent to give at least a couple of days notice for people to get everything in order, and so people won't be caught out buying BTCD too late.

[johnnythunder]

Does komodo have blockchain explorer?

[gbdesai]

From skimming through the last couple of pages, I'm come to the conclusion that the snapshot will still occur, but it's just been pushed back to the near future. Is this correct, or did I miss something? As for when the snapshot does occur, it might be prudent to give at least a couple of days notice for people to get everything in order, and so people won't be caught out buying BTCD too late.

Yes, snapshot will happen roughly one week after the ICO site is configured to send your BTCD in case you don't have the full wallet installed. Mainly for people that have BTCD held on Exchanges. I bought more today at the dip. 50% discount if KMD holds its ICO price.

[cyrixcer]

For those who have every candicate place in every region, like badass and kris, do they have many servers in different countries?

[yassin54]

What is SuperNET? A Simple Explanation.

http://coremedia.info/index.php/blockchain-news/item/362-what-is-supernet-a-simple-explanation

Tweet : https://twitter.com/coremedia_info/status/808451521604186113

Reddit : https://www.reddit.com/r/komodoplatform/comments/5i0i86/what_is_supernet_a_simple_explanation/

Facebook : https://www.facebook.com/KomodoPlatform/photos/a.330322533980991.1073741828.321638648182713/379256655754245/?type=3&theater

News SuperNET : http://news.supernet.org/posts/3LNqqKmeAxMcLrWB4/what-is-supernet-a-simple-explanation

[CryptoSporidium]

Will we be able to send BTCD to the ICO site from an exchange?  Or does it have to be from a wallet we control?

We have delayed things a bit to accomodate a way to go from BTCD on an exchange into the ICO site. Then we can snapshot for the REVS and after that convert to KMD, vote, and distribute out the KMD.

Not sure if we will be able to support distributing the KMD to an exchange address, so far nobody has asked for it

Fyi

[ptytrader]

Hi guys!
My name is Christopher Gonzalez.

I'm PTYTrader from the Komodo Notary testnet team. I have read some negative things about the amount of time it is taking for the SuperNET to get Komodo ready. However, when compared to other Cryptos, the Komodo project is very transparent. You can see our progress on Slack and through daily updates thanks to Yassin and the rest of the marketing team.

I'm one of the candidtates for SH and NA nodes. Also I currently run one notary node on the testnet and another as a regular miner.
Every day, the entire team is online working-out the kinks to get the show on the road. In any case, just like the rest of you, I am eagerly waiting for Komodo's release.

Remember, your vote is important for us Notary Nodes. If you haven't already, you should check out the notary candidate website. If you are planning on participating in the BTCD-KMD swap or if you own KMD, check out my proposal.

Election profile: www.komodoelection.com/candidates/ptytrader

Your participation is important to us. I ask that you review your candidate's profile and ask questions. Don't vote for the hell of it.
Even though the first elections might not seem as much, it is the beginning of a revolution in our crypto-community.

See you guys at elections soon!

Sincerely,

PTYTrader

[globalbtc21]

when the wallet will release ?

[KomodoPlatform]

I find it very weird that the ICO gathered so much interest, and now all of a sudden people don't want to buy BTCD at this extreme discount to get KMD? What's going on?

I've spoken to several people who will not buy BTCD specifically because they are unsure about the mechanics of the swap. Wasn't there supposed to have already been a snapshot? If so, BTCD bought now *won't* be swapable. Or is there going to be no snapshot and you'll have to transfer your BTCD somewhere to get KMD? People are uncertain.

I'll try to clear out all the uncertainty & misunderstandings

We try to swap all BTCD there exist throughout 1 full year. If someone has BTCD it can be swapped, no matter when it is bought. You could buy BTCD 6 months from now and swap it for KMD.

BTCD Snapshot to get REVS

 - The snapshot is not related to BTCD swap.
 - The snapshot is to get an additional asset called REVS.
 - The privatekeys are used to redeem the asset.
 - The snapshot has not happened yet!
 - to participate the BTCD can be stored either in a BTCD address under your control, or in our ICO site

BTCD Swap to get KMD

 - has nothing to do with the snapshot
 - is done through the ICO site
 - lasts 1 full year
 - swapped BTCD ends up to our account, where it is publicly visible (nothing will happen to the swapped BTCD)
 - hopefully every single BTCD coin will get swapped during the year

Schedule

 - ICO site accepts BTCD
 - 7 days after that BTCD snapshot happens & the swapping begins
 - Elections begin, and last 2 weeks
 - Elections are over, elected notary nodes will get ratified, KMD will be distributed

The conclusion

If you buy BTCD it can be swapped at any time. To also receive the REVS asset you need to have a privatekey that contained BTCD during the snapshot. BTCD swap and snapshot are two separate things.

During the year BTCD can be swapped for KMD with the exchange rate we announced: 1 BTCD = 50.448 KMD (However the exchange rate decreases slightly throughout the year because BTCD staking expands the supply)

[KomodoPlatform]

Does komodo have blockchain explorer?

Yes

Komodo Explorer Komodo Platform eXchange (KPX) https://kpx.io/

Komodo USD explorer http://148.251.56.52/

[ERossin]

when is the KMD election launched for all members investing to this project?
and when is the distribution available? I do not still see any news about this.

[rnr]

when is the KMD election launched for all members investing to this project?
and when is the distribution available? I do not still see any news about this.

Please patience, devs are working hard to integrate the function to receive BTCD at the ICO page.