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

[cryptoncrunch]

I would like to get into my account, however since today my 2fa keeps on getting an error, is there a way anyone from the staff could help me with getting 2fa reset or disable it for my account or get in working  again, the 2fa was kind of glitchy to begin with on the the ico site,I'm using my 2fa for dozens of other websites without issues.

Thx

[KomodoPlatform]

I was a signature participants and I opt for KMD payment, can I participate in voting? as far as I know signature participants are not going to get their tokens any soon,does it mean we would not be able to vote?

The KMD bounties and payments will be done after the election, so you cannot vote with them. This includes the KMD salary/bounty payments our team members will receive, which means the elections are decided by the investors.

Why do we need 2 weeks for notary node elections?  This is the first election and as it appears, all the candidates are very likely going to get elected. So what's the point in making the process that long?

The elections are important, and we must give enough time for everyone to participate. No ninja elections

We understand that everyone would like to see KMD on the markets, but basically there's no real rush to do this. We want to make sure we get a good network up with quality notary noes, thus 2 week elections.

Can one of the leaders give some more detailed information about the Snapshot stuff

Certainly!

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]

There was a Iguana Desktop app update from Satinder!

Fixed some Iguana Desktop issues in latest github commits:
- iguana daemon now starts via _Shepherd API_ which will be playing the role of daemon master to control daemons like `iguana` and `komodod`. It’s development came out of need to manage `komodod` process which will allow running Assetchains, PAX Fiatchains. It’ll also allow users to easily create Assetchains via GUI with just few clicks etc. once _Shepherd API_ is complete, which is not so far.
- _Shepherd API_ fixed some previous known issues of Iguana Desktop app acting frozen after some time, as `iguana` daemon uses max open files limit and the previous implementation wasn’t handling it as well as this new approach.
- iguana daemon gracefully exits when the app quits/exit.
- User’s in previous version could not copy/paste etc to Iguana Desktop App. In latest updates made common desktop app menu items visible and this allows users to copy/paste passphrase to/from production desktop app.
- EasyDEX-GUI now uses ONLY secure API calls to interact with iguana daemon. Means the previous possible attack vectors won’t be possible with latest updated app.

New bugs to fix:
- I still found some bugs on Linux Machine when running a production version. The app kinda goes into loop, closing loading window and opening a new instances of loading windows, which then again open further main windows, and this loop eventually ends up freezing whole Linux OS. Working on it right now to fix and troubleshoot the issue. In dev environment this issue doesn’t even occur and the app runs smooth as. On OS X I haven’t seen this issue either in dev or production version. Yet to test Windows production app, and observe it’s behaviour.

Next tasks to do:
- Enable native komodod for OS X and Linux machines. That will allow running native komodod making possible for users to do both Private and Transparent transactions in Komodo.
- Check the conf file settings and fix them automatically if the required settings are not there, like server=1, rpcuser, rpcpassword etc for komodo.conf and for any Assetchain or PAXFiat chain conf files.
- Modify EasyDEX-GUI’s Login screen to allow user to select the options between Native Komodo mode (which runs via komodod daemon), Full mode& Basilisk mode (which runs via iguana). And condition this to show only for OS X and Linux for now.

[tclo]

I have been watching and trading BTCD lately, and I view it as obviously the only way to buy/trade KMD at the moment.  Because of course one can trade 1 BTC for 50.4488 KMD.  So current market price of KMD right now is effectively  .000069357 BTC or $0.07117.    Of course when KMD itself hits the exchanges, it won't be exactly that price, but this is the best we can do right now.

The only exchange trading BTCD with any volume at all is Poloniex.  The price has moved up on there recently in USD terms, but fallen a bit in BTC terms. 

Right now there are a couple of sell walls at about .0036 BTC and will be interesting to see if those are pulled or eaten away. I hope they are still there when BTCD swap date is announced exactly to see what happens at that point.  There isn't that much bid support for BTCD at Polo, but can't see that it will drop much more, considering that would just make for some bargain KMD that would get bought up and price would rise again.

Anyway, looking forward to KMD launch, but would rather the Devs take their time and do it right than rush out something that isn't ready.

[b.c4mp3ll]

nice coin, i am watching it, happy new year 

[Sincere_]

Is there a specific eta for when Komodo will be released I seen maybe 3 weeks just seeing is there a specific date announced?

There isn't yet. The situation has been the same: we are waiting for the ICO website to support BTCD deposit, so we can take the snapshot, start the swap, and then start the elections. This delay has given time for jl777 to code DEX features into KMD/notary nodes, so now it looks like there's no need for any hardforks after we have launched.

Thanks for the update just wanted to know will I'm not in no rush just hope on launch everything runs smooth with it being this long for release

[bircoin]

2017's project will be .

[KomodoPlatform]

There are a lot of cool conversations happening on our Slack. Please join if you haven't already. I'll copy paste one here, that happened/is happening on #trading channel.

Polycryptoblog
the one question that has been bothering me about komodo,   is that is it possible to drive enough demand without  it resorting to be a currency? I know certain things will cause limited supply (investors holding for their 5%, coins locked up  in paxfiat conversions. coins on exchanges ) but  im not convinced its a stable enough foundation.   Definitely an awesome start to a foundation  but  we need more things that komodo can be used for or else there needs to be an economy developed.

jl777
"resorting to be a currency"? KMD is a currency, not sure what you mean by resort to
even if you dont hold pax fiat and just use it short term, you need KMD
also services will require KMD
compare KMD capabilities with any other crypto, its unique abilities will drive usage
when we add easy to use jumblr anonymization, then the zcash aspect also kicks in from an actual use standpoint

polycryptoblog
i meant by that, is that  external players   ( outside of SN projects and crypto exchanges )  have to accept KMD as a medium of exchange. That is an uphill battle.     Komodo through different services, like PAX and Jumblr and DPOW  provides something that people can exchange their coins for,  which is exactly what we need. But the other part of an economy,     coin -->physical goods   needs to be developed as well as 3rd parties to accept it for  other services.
 
i guess another way of phrasing it is:    How can we increase demand for KMD?

audo
I think we can say Komodo has two price drivers whereas many other coins have one of the two:
1) Komodo as a service
2) Komodo as money

We start with the service part and create some basic demand, and then the currency adoption will follow. It will take much longer to get adopted as a currency. However any bitcoin user will be buying some KMD if they want to erase the track-record of their bitcoin transactions (jumblr), and then slowly they might start using KMD as a currency too.

I would assume we can get a relatively stable market with the basic demand we get through the services. In that case as a cryptocurrency user I would treat BTC like a gold in a vault, and KMD as the currency of payment.

Maybe we could do some flexible KMD wallet where the user could send KMD anonymously to a bitcoin address (and then the KMD -> BTC conversion is done behind the scenes). That would be a bit cheaper than sending BTC -> BTC anonymously, as there would be one less conversion. That would encourage people to use KMD as money, kind of like a spending account.

[tclo]

I finally took the time to look at a chart of BTCD in USD and actually has been trending upwards since the dip at the beginning of August.   But the price is actually the highest it has been since October of 2014...so a 27 month high.

https://imgur.com/a/bia4u

I think I'm buying some more.

[jl777]

I finally took the time to look at a chart of BTCD in USD and actually has been trending upwards since the dip at the beginning of August.   But the price is actually the highest it has been since October of 2014...so a 27 month high.

https://imgur.com/a/bia4u

I think I'm buying some more.

it does look like quite a bullish pattern in terms of USD.

considering BTC is up to $1000+ from a low below $200 and BTCD price in BTC is still close to historical average is quite a strong sign.

While we all (myself included) patiently wait for the snapshot, elections, swap to begin, the komodod has reached a point of feature complete and in the validation stage. With the dPoW, assetchains, pax and DEX features it is quite a list to complete, but I am optimistic it will be achieved before the end of elections.

I am now coding LP node features, which are not a komodod hardfork even if it needs to be changed, so out of the territory that would incur delays for mainnet.

Which means I seem to be out of the critical path and am able to reduce my hours from the 16 hours per day * 7 days per week marathon in 2017. It has been a long stretch of nonstop coding and there is still work to be done, but the overall solution is in place and further work is about enhancing the basic system.

This reduction of reliance on me is a good thing, both for me and for komodo and SuperNET. After mainnet release, I might even take a short vacation.

If you want to track our usage of ICO funds, just follow the ICO BTC address. So far we have withdrawn a bit more than 60 BTC for monthly expenses. Our monthly expenses will be higher at first due to the development costs that are frontloaded and also without a KMD market, we need to spend the BTC instead of using KMD or pax fiat. As we get a KMD market, the pressure on our BTC expenditures will lessen as most of our expenses are denominated in fiat and if we can use pax fiat for that, it wont consume BTC.

[Roselop]

I finally took the time to look at a chart of BTCD in USD and actually has been trending upwards since the dip at the beginning of August.   But the price is actually the highest it has been since October of 2014...so a 27 month high.

https://imgur.com/a/bia4u

I think I'm buying some more.

it does look like quite a bullish pattern in terms of USD.

considering BTC is up to $1000+ from a low below $200 and BTCD price in BTC is still close to historical average is quite a strong sign.

While we all (myself included) patiently wait for the snapshot, elections, swap to begin, the komodod has reached a point of feature complete and in the validation stage. With the dPoW, assetchains, pax and DEX features it is quite a list to complete, but I am optimistic it will be achieved before the end of elections.

I am now coding LP node features, which are not a komodod hardfork even if it needs to be changed, so out of the territory that would incur delays for mainnet.

Which means I seem to be out of the critical path and am able to reduce my hours from the 16 hours per day * 7 days per week marathon in 2017. It has been a long stretch of nonstop coding and there is still work to be done, but the overall solution is in place and further work is about enhancing the basic system.

This reduction of reliance on me is a good thing, both for me and for komodo and SuperNET. After mainnet release, I might even take a short vacation.

If you want to track our usage of ICO funds, just follow the ICO BTC address. So far we have withdrawn a bit more than 60 BTC for monthly expenses. Our monthly expenses will be higher at first due to the development costs that are frontloaded and also without a KMD market, we need to spend the BTC instead of using KMD or pax fiat. As we get a KMD market, the pressure on our BTC expenditures will lessen as most of our expenses are denominated in fiat and if we can use pax fiat for that, it wont consume BTC.

That is good news. I'm very impressive with your works and I understand you are working very hard to complete the election and distribution.
New Year has come already. I expect all your works will has been done fully and  fastly in january, 2017. Happy New Year to you.

[stereotype]

I finally took the time to look at a chart of BTCD in USD and actually has been trending upwards since the dip at the beginning of August.   But the price is actually the highest it has been since October of 2014...so a 27 month high.

https://imgur.com/a/bia4u

I think I'm buying some more.

it does look like quite a bullish pattern in terms of USD.

considering BTC is up to $1000+ from a low below $200 and BTCD price in BTC is still close to historical average is quite a strong sign.

Can see the effect on a basket of 20 alts, here....  http://altindex.io/

[milonite]

how fast komodo will be? If has to write on the bitcoin blockchain will be at least as slow as BTC (?)

[durerus]

how fast komodo will be? If has to write on the bitcoin blockchain will be at least as slow as BTC (?)

Bitcoin grade security of Komodo will be as fast as Bitcoin. But we also have our own consensus which has faster blocktimes.

[milonite]

how fast komodo will be? If has to write on the bitcoin blockchain will be at least as slow as BTC (?)

Bitcoin grade security of Komodo will be as fast as Bitcoin. But we also have our own consensus which has faster blocktimes.

So KMD will be a a bit slower ?

[durerus]

how fast komodo will be? If has to write on the bitcoin blockchain will be at least as slow as BTC (?)

Bitcoin grade security of Komodo will be as fast as Bitcoin. But we also have our own consensus which has faster blocktimes.

So KMD will be a a bit slower ?

No. Faster. Maybe read again, what i actually posted.

[RichardT]

Why do we need 2 weeks for notary node elections?  This is the first election and as it appears, all the candidates are very likely going to get elected. So what's the point in making the process that long?

The elections are important, and we must give enough time for everyone to participate. No ninja elections

We understand that everyone would like to see KMD on the markets, but basically there's no real rush to do this. We want to make sure we get a good network up with quality notary noes, thus 2 week elections.

That's kind of my point.  I thought everyone who would have participated already has.  The deadline to announce candidacy is over is it not?  And it seems that pretty much all the current candidates will get elected as notary nodes.  So at this point, it doesn't make sense to have a two-week long election when everyone running is going to get elected anyway.  Would make more sense later on when there are more candidates running to vote for.  Maybe there's something I'm missing that you can point out.

[jl777]

Why do we need 2 weeks for notary node elections?  This is the first election and as it appears, all the candidates are very likely going to get elected. So what's the point in making the process that long?

The elections are important, and we must give enough time for everyone to participate. No ninja elections

We understand that everyone would like to see KMD on the markets, but basically there's no real rush to do this. We want to make sure we get a good network up with quality notary noes, thus 2 week elections.

That's kind of my point.  I thought everyone who would have participated already has.  The deadline to announce candidacy is over is it not?  And it seems that pretty much all the current candidates will get elected as notary nodes.  So at this point, it doesn't make sense to have a two-week long election when everyone running is going to get elected anyway.  Would make more sense later on when there are more candidates running to vote for.  Maybe there's something I'm missing that you can point out.

"that pretty much all the current candidates will get elected as notary nodes"

but not 100%, so who will arbitrarily determine which contested slots are assigned to which notary nodes? We need to have all the notary nodes determined, so if even a single region is contested, we need to have elections.

Now, if there are no contested spots anywhere, we can just short circuit the election process, but I do not believe that is the case, especially in EU region.

As some context, during some testnet ratification tests, some existing nodes were dropped and the outcry was quite loud. That was for testnet.

[KomodoPlatform]

Why do we need 2 weeks for notary node elections?  This is the first election and as it appears, all the candidates are very likely going to get elected. So what's the point in making the process that long?

The elections are important, and we must give enough time for everyone to participate. No ninja elections

We understand that everyone would like to see KMD on the markets, but basically there's no real rush to do this. We want to make sure we get a good network up with quality notary noes, thus 2 week elections.

That's kind of my point.  I thought everyone who would have participated already has.  The deadline to announce candidacy is over is it not?  And it seems that pretty much all the current candidates will get elected as notary nodes.  So at this point, it doesn't make sense to have a two-week long election when everyone running is going to get elected anyway.  Would make more sense later on when there are more candidates running to vote for.  Maybe there's something I'm missing that you can point out.

Mathematically 8 nodes will not get elected, no matter what happens. It could be more though, and probably is. We do not guarantee funding for 64 nodes, but for 32. In the absolute worst case scenario 36 nodes would not be elected, but that would require every candidate to run with 100% subsidy requirement (which is not going to happen). At this point we only know that the number is somewhere between 8 and 36.

A realistic guess would be that ~15-20 nodes will not get elected. That's enough to take these elections seriously, and as you can see many candidates do. Some have already invested considerable amount of money into this as they have been running the nodes for months.

The current situation is definitely not nice for the candidates, as some of them have to continue to pay money to keep their nodes online, and there is still no guarantee that they get elected. We did warn about the financial risk the candidates are taking, but we try our best to short this out and get the elections started. As far as I can tell the ICO site is very close to get finished, although it has taken a lot longer than we all hoped and thought it would.

We cannot delay this thing forever, and I think we should consider alternatives options if necessary.

[gbdesai]

Why do we need 2 weeks for notary node elections?  This is the first election and as it appears, all the candidates are very likely going to get elected. So what's the point in making the process that long?

The elections are important, and we must give enough time for everyone to participate. No ninja elections

We understand that everyone would like to see KMD on the markets, but basically there's no real rush to do this. We want to make sure we get a good network up with quality notary noes, thus 2 week elections.

That's kind of my point.  I thought everyone who would have participated already has.  The deadline to announce candidacy is over is it not?  And it seems that pretty much all the current candidates will get elected as notary nodes.  So at this point, it doesn't make sense to have a two-week long election when everyone running is going to get elected anyway.  Would make more sense later on when there are more candidates running to vote for.  Maybe there's something I'm missing that you can point out.

Mathematically 8 nodes will not get elected, no matter what happens. It could be more though, and probably is. We do not guarantee funding for 64 nodes, but for 32. In the absolute worst case scenario 36 nodes would not be elected, but that would require every candidate to run with 100% subsidy requirement (which is not going to happen). At this point we only know that the number is somewhere between 8 and 36.

A realistic guess would be that ~15-20 nodes will not get elected. That's enough to take these elections seriously, and as you can see many candidates do. Some have already invested considerable amount of money into this as they have been running the nodes for months.

The current situation is definitely not nice for the candidates, as some of them have to continue to pay money to keep their nodes online, and there is still no guarantee that they get elected. We did warn about the financial risk the candidates are taking, but we try our best to short this out and get the elections started. As far as I can tell the ICO site is very close to get finished, although it has taken a lot longer than we all hoped and thought it would.

We cannot delay this thing forever, and I think we should consider alternatives options if necessary.

Have you guys considered a deadline for Plan A? Like if site is ready by Monday go with Plan A, if not.do Plan B.

To elaborate, I think it's clear that the extra time has been useful to shore up and continue development on a number of fronts, and if that needs to continue, I think that's time well spent.  But in case all that we're waiting on is the ability for the ICO site to accept BTCD transfers for those that don't hold a wallet, it may be worth calling a deadline date so things don't stretch out longer than anyone wants.

I can't imagine the revenue assets will add so much value that people will lose out so much if they can't manage to install the BTCD wallet themselves (vs. leaving on an exchange).  That being said I've installed the client, so maybe this is a selfish argument