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

[KomodoPlatform]

The ICO swap backend is finished & tested. Now we must wait for it to get integrated into the ICO website itself. As soon as this is done we will make the announcement.


There are many questions about the BTCD swap still, so here's the complete answer to all the questions.

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]

i think if you are not day trading but just want to invest long term with privacy, decentralized exchange is great for you, only problem is liquidity & volume.

Indeed, and the good news is that we have solved the liquidity problem. Our solution is liquidity provider nodes (LP-nodes), which will also connect to a centralized exchange where they can balance the trade. So for example could sell KMD through DEX while doing the opposite in a central exchange:

DEX: KMD -> BTC
CEX: BTC -> KMD

Our DEX is different

We already created a decentralized exchange two years ago, it was based on proxy tokens. It is called MGW and it is still functional. A lot of people have used it to easily store BTC and BTCD (+other supported coins) in a decentralized environment. It was built on top of Nxt, which also meant that businesses could pay their dividends in BTC. However, there were several problems and because of those this DEX never got much adoption.

Most if not all of the current decentralize exchange solutions we have on the market today (or in development) use the same concept of proxy tokens. Our assessment is that it will never get adoption as it cannot beat the convenience and speed of a centralized exchange. So when we developed our DEX 2.0 we knew that decentralization in itself is not enough. We need to also have speed, liquidity, and the convenience of a central exchange.

With our new DEX (called EasyDEX & InstantDEX) we don't use proxy tokens. Rather we use an atomic cross chain protocol to directly swap the coins. The trading can be done from the same place you keep your coins, i.e. Iguana desktop app. And finally we ensure liquidity through the liquidity provider nodes as explained earlier.

For more detailed explanation read our DEX whitepaper!

[KomodoPlatform]

oh right, totally forgot about the REV asset. I was wondering if REV asset is a one time payment for BTCD revenue sharing before conversion to KMD or is REV going to be somehow bought back increasing its value. Will there be ongoing payment for KMD holders or REV holders? Also do i get any passive income by holding KMD, like i did with BTCD with staking and revenue sharing?

KMD is a coin, it doesn't receive any dividends. However it does have 5% APR built into it, which means you will automatically receive new coins. The 5% APR stops after we reach the maximum supply in 14 years or so.

[tclo]

BTCD is up 15% today on Poloniex. It looks like people are trying to get in before the snapshot and swap begins.

[PondSea]

Ok I am intrigued by KMD and going to get onboard.  I should probably read and research more about it, but I like the concepts behind it and sounds like a competent team of developers.  I like anonymous cryptocurrencies and have a little XMR and ZEC as well and KMD could be their successor and take more of the market.

That is only half of the tech. KMD will be protected by the hashing power of Bitcoin and all altchains/smartchains of KMD will have the ability to do so also. I wont go into more details as too much tech at 5am is not good for anyone 

[PondSea]

One think that people may not know but to get the 5% you have to spend you KMD, even if it is back to your own wallet.

The more often you spend, the more compound interest you will get. This will promote tx's within the network and fees to the nodes. (bloat will not be a problem) 

[tclo]

BTCD is now up 21% today.  Nice technical bounce on the chart too, but volume is still pretty low on Poloniex.

But when the swap is about to start, can see BTCD really surging in price, so probably a good time to buy some now.

[animalroam]

BTCD is now up 21% today.  Nice technical bounce on the chart too, but volume is still pretty low on Poloniex.

But when the swap is about to start, can see BTCD really surging in price, so probably a good time to buy some now.

What's the disadvantage of buying now? Why are people waiting until the swap?

[gbdesai]

BTCD is now up 21% today.  Nice technical bounce on the chart too, but volume is still pretty low on Poloniex.

But when the swap is about to start, can see BTCD really surging in price, so probably a good time to buy some now.

What's the disadvantage of buying now? Why are people waiting until the swap?

There is none. I've been buying the dip all week. It's been crazy cheap if you buy slowly so as not to drive the market up to fast.

I'm flabbergasted that people don't take 15 minutes or even 5 to read about the swap process. If they did they'd realize they stand to make 100% gains right from the get go if KMD maintains its intrinsic price.

[CryptoNick]

Will we be able to trade our KMD bought on ICO on january? Delay on development may harm price when KMD get indexed in exchange platform. I am eagerly waiting to trade my KMD.

My opinion on this is , as long as it does not hit on exchanges , the price of KMD remains @ 0.00012909 btc. Considering the rising value of bitcoin, we should be glad 😁

Why not 0.00012908? Is it too low for u to not lose ur temper? Would u go all in on an ultimate short if it crosses 0.00012907?

This is what startles me the most.

There are about 30 people working very close to KMD now including PondSea, mr_e, ludom, James, twin and a rest of not so poor gang coming from NXT. Why is BTCD price is sooo low now? Are you guys dumping them on us to have them back in 2-3 weeks? Or maybe you're out of BTC as the rest of fully loaded us? Or you guys have no trust in your own coin? 200 BTC is not a lot? Well, buy them up.

I am not trying to fud here, but it just does not click. I keep buying as much BTCD as I can and the price only goes lower every day. How is that even possible without huge daily dumps? And who in their right mind would dump when switch is so close? I am probably too paranoid, or too frustrated with what is happening on the pre-KMD market. What do you guys think?

EDIT:  BTW, BTCD price is nearing pre-KMD announcement ...

The BTCD price drop is no body fault...because all alcoins including eth are suffering the same price drop daily when Bitcoin price rise.
This happen because Bitcoin price is rising, so all alcoins price are dropping when Bitcoin rise.

This is not new, this same trend happen last year and previous years...when Bitcoin price rise, all alcoins price will drop.
I guess it because all exchanges depending on Bitcoin to trade for alcoins & fiat, thus all alcoins price will get effected when Bitcoin rise.

Hopefully Bitcoin price will stop rising early next year, then alcoins price including BTCD price will rise again.
So for now just be patience and just wait till it Bitcoin price cool down...

Better to ask why BitCoin price is going up. Bitcoin may do a soft fork to Lightning Network and Smart Contracts even allowing ACCT.

[tclo]

I'm flabbergasted that people don't take 15 minutes or even 5 to read about the swap process. If they did they'd realize they stand to make 100% gains right from the get go if KMD maintains its intrinsic price.

What is your math for 100% gain?  KMD doesn't really have an intrinsic price right now, does it?   Except valued off the 50:1 KMD:BTCD swap value.   

I agree with you though that it's a good calculated risk here to buy BTCD at these prices.  If KMD is going to be 1/10th as successful as many of us think it will, then will definitely be a good investment for those of us who didn't get in on the ICO.

[gbdesai]

I'm flabbergasted that people don't take 15 minutes or even 5 to read about the swap process. If they did they'd realize they stand to make 100% gains right from the get go if KMD maintains its intrinsic price.

What is your math for 100% gain?  KMD doesn't really have an intrinsic price right now, does it?   Except valued off the 50:1 KMD:BTCD swap value.   

I agree with you though that it's a good calculated risk here to buy BTCD at these prices.  If KMD is going to be 1/10th as successful as many of us think it will, then will definitely be a good investment for those of us who didn't get in on the ICO.

Yeah, you're right. I was basing that on the established BTC to KMD ICO price. 1 BTC worth of BTCD would buy you twice the KMD that 1 BTC did during ICO.

[gbdesai]

Will we be able to trade our KMD bought on ICO on january? Delay on development may harm price when KMD get indexed in exchange platform. I am eagerly waiting to trade my KMD.

My opinion on this is , as long as it does not hit on exchanges , the price of KMD remains @ 0.00012909 btc. Considering the rising value of bitcoin, we should be glad 😁

Why not 0.00012908? Is it too low for u to not lose ur temper? Would u go all in on an ultimate short if it crosses 0.00012907?

This is what startles me the most.

There are about 30 people working very close to KMD now including PondSea, mr_e, ludom, James, twin and a rest of not so poor gang coming from NXT. Why is BTCD price is sooo low now? Are you guys dumping them on us to have them back in 2-3 weeks? Or maybe you're out of BTC as the rest of fully loaded us? Or you guys have no trust in your own coin? 200 BTC is not a lot? Well, buy them up.

I am not trying to fud here, but it just does not click. I keep buying as much BTCD as I can and the price only goes lower every day. How is that even possible without huge daily dumps? And who in their right mind would dump when switch is so close? I am probably too paranoid, or too frustrated with what is happening on the pre-KMD market. What do you guys think?

EDIT:  BTW, BTCD price is nearing pre-KMD announcement ...

The BTCD price drop is no body fault...because all alcoins including eth are suffering the same price drop daily when Bitcoin price rise.
This happen because Bitcoin price is rising, so all alcoins price are dropping when Bitcoin rise.

This is not new, this same trend happen last year and previous years...when Bitcoin price rise, all alcoins price will drop.
I guess it because all exchanges depending on Bitcoin to trade for alcoins & fiat, thus all alcoins price will get effected when Bitcoin rise.

Hopefully Bitcoin price will stop rising early next year, then alcoins price including BTCD price will rise again.
So for now just be patience and just wait till it Bitcoin price cool down...

Better to ask why BitCoin price is going up. Bitcoin may do a soft fork to Lightning Network and Smart Contracts even allowing ACCT.

Lightning is a bolt on, no soft fork needed, same with things like RISK for smart contracts. Soft fork will be needed for SegWit if it ever gets support. Not looking good today.

[sambiohazard]

i think if you are not day trading but just want to invest long term with privacy, decentralized exchange is great for you, only problem is liquidity & volume.

Up until this point there exists only one decentralized exchange. U know what its called.

I believe its called bitsquare. I know these exchange like NXT, WAVES etc dont trade the real coins but a token representing a crypto or fiat.

[sambiohazard]

oh right, totally forgot about the REV asset. I was wondering if REV asset is a one time payment for BTCD revenue sharing before conversion to KMD or is REV going to be somehow bought back increasing its value. Will there be ongoing payment for KMD holders or REV holders? Also do i get any passive income by holding KMD, like i did with BTCD with staking and revenue sharing?

KMD is a coin, it doesn't receive any dividends. However it does have 5% APR built into it, which means you will automatically receive new coins. The 5% APR stops after we reach the maximum supply in 14 years or so.

5% seems like a nice return for spending to yourself, now i have to see how much value will REV assets hold.

[cryptohunter]

 - 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

so by what date exactly do you need to move your btcd to the ico site to get revs?

[FruitBucket]

BTCD rising quiet a bit. I guess that is a good sign for KMD investors. Might also be related to the ZEC uptick.

[sambiohazard]

- 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

so by what date exactly do you need to move your btcd to the ico site to get revs?

Get all BTCD you have in either ICO site or an address you have private key to, within 7 days of when ICO site is open for BTCD deposits. On 7th day dont move your BTCD as snapshot will be taken that day.

[cryptohunter]

- 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

so by what date exactly do you need to move your btcd to the ico site to get revs?

Get all BTCD you have in either ICO site or an address you have private key to, within 7 days of when ICO site is open for BTCD deposits. On 7th day dont move your BTCD as snapshot will be taken that day.

So need to check when ICO site can accept btcd I see. I will check periodically. thanks.

[sambiohazard]

- 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

so by what date exactly do you need to move your btcd to the ico site to get revs?

Get all BTCD you have in either ICO site or an address you have private key to, within 7 days of when ICO site is open for BTCD deposits. On 7th day dont move your BTCD as snapshot will be taken that day.

So need to check when ICO site can accept btcd I see. I will check periodically. thanks.

I think it will be announced in this thread, so we can just keep checking this thread, that is what i do at least.