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

[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.

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

Yes, if we find plan B that is technically possible we could go with it. I asked today if it's possible, but my impression is that all in all the ICO site is pretty close to be finished, and we will go with the plan A.

Making last minute changes regarding the snapshot is not good, as we have promised people they could send their BTCD's to the ICO site. Installing and running the BTCD client is a bit difficult, and the syncing takes days.

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[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.

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.

Thanks for answering my questions.  I didn't realize there could be that big of a cut in terms of candidates.  I was looking at the Komodo election website and saw that there were only 33 candidates currently registered and remembered that there could be up to 64 spots available, so I came to the conclusion that most, if not all the candidates will likely get elected.  After all, isn't it in Komodo's best interest to have as many running nodes as possible?

[durerus]

Most of the 33 candidates are running nodes in more than one region. So we have enough nodes. I myself am running only one node, for example. But I am the exception.

[RichardT]

Most of the 33 candidates are running nodes in more than one region. So we have enough nodes. I myself am running only one node, for example. But I am the exception.

Gotcha.  I'm still just having trouble grasping why there might need to be such a big cut down on the number of elected individuals as KomodoPlatform mentioned.  Especially when the number of candidates is significantly less than the number of available spots.  And as you mentioned, some individual candidates are even running nodes in different regions to have those regions covered. 

[tclo]

Installing and running the BTCD client is a bit difficult, and the syncing takes days.

It seems like it took it about 24 hrs to sync when I installed it on a couple of my devices.  It was fairly straightforward, but I've used Bitcoin QT before, so had some experience with the basic interface.

The "Console" part of it is perhaps the most confusing, but also critical to me, because I extract the private keys of all my public addresses and save those safely separately. I don't trust the wallet.dat file to not get get corrupted or whatever else could go wrong.

But I read that BTCD was one of the best performing crypto coins in 2016, as far as percentage increase in market price, so should be a nice springboard for KMD to take it even higher in a number of ways.

[Titomanereal]

Most of the 33 candidates are running nodes in more than one region. So we have enough nodes. I myself am running only one node, for example. But I am the exception.

Gotcha.  I'm still just having trouble grasping why there might need to be such a big cut down on the number of elected individuals as KomodoPlatform mentioned.  Especially when the number of candidates is significantly less than the number of available spots.  And as you mentioned, some individual candidates are even running nodes in different regions to have those regions covered.  

There are currently more nodes than spots. www.komodoelection.com/regions/
Each operator can configure 1 node per region. Then they will be elected in the voting.  Deadline ended weeks ago. Regions with more than 16 nodes EU & NA


                                           www.komodoelection.com/candidates/titomane/

[NotMyFarm]

I do not understand why u go through all the hustle of reviving an old broken coin as BTCD to implement into your ICO page
i know u wanna get the funds but still
isnt that asking for a ton of trouble
(dealing with some other coin and blockchain - keeping that alive)
specially as u said 1 year open for exchange to KMD

honestly this totally sucks for ICO investors , as i invested in KMD and NOT in BTCD

and then with that BTCD deal - ICO BTC investors are getting screwed as the BTCD exchange rate is better by now than the initial KMD ico with BTC

can i please get some clarifications
tx

[polycryptoblog]

I do not understand why u go through all the hustle of reviving an old broken coin as BTCD to implement into your ICO page
i know u wanna get the funds but still
isnt that asking for a ton of trouble
(dealing with some other coin and blockchain - keeping that alive)
specially as u said 1 year open for exchange to KMD

honestly this totally sucks for ICO investors , as i invested in KMD and NOT in BTCD

and then with that BTCD deal - ICO BTC investors are getting screwed as the BTCD exchange rate is better by now than the initial KMD ico with BTC

can i please get some clarifications
tx

BTCD was originally to be the backbone coin of the SuperNET ecosystem,  however it was decided to create a new coin  by forking Zcash thereby creating Komodo.   In fairness to the BTCD investors who were backing the project for years a swap rate based on an average monthly high was devised and BTCD was pegged to that,    Revshare promised to BTCD holders would passthrough to Komodo  and an additional bonus based on BTC raised was to be added to final swap price.

Who this system favored more was based on the amount raised in the ICO.    If the amount of BTC raised during the ICO was greater than BTCD's market cap,  then BTC would have been the better way to invest.   Since the amount raised though was substantially less than BTCD's market cap ,  BTCD is the better option to invest.


KEEP IN MIND:    There is approximately  1% of the BTCD supply available for sale  under the Komodo swap rate with a value of approximately 60BTC.   Even if someone bought all that was available on the market they still would have less than 1% of the KMD coin supply.   The available BTCD on exchanges is great for smaller investors and also allows people who missed the ICO to participate.    In no way though can the available BTCD on market provide someone who did not already invest during/pre-ICO   a substantial amount of coins.

It will also be interesting to see how much that is listed for sale now gets pulled when the BTCD swap is ready.

Most of the BTCD we expect to be swapped  shortly after the BTCD swap is live,   there will be no problem in keeping the blockchain up and running as no new development will be done on it. basically as long as people are running the qt  it will be live.

[tomsmith26]

How about the distribution and elections for KMD?
I'm waiting for nearly 2 months but there isn't any notice about this?
Please tell me when KMD can be distributed or elected? do not say it will or it's possible..
Thank you.

[tclo]

How about the distribution and elections for KMD?
I'm waiting for nearly 2 months but there isn't any notice about this?
Please tell me when KMD can be distributed or elected? do not say it will or it's possible..
Thank you.

Just read the last 3 or 4 pages of this thread and your question has been answered 10 times.

[tclo]

So I bought some BTCD in anticipation of the upcoming KMD swap and I installed the BitcoinDark QT wallet. 

I noticed a few days ago on 12/30 that I had some additional BTCD in my transaction history that says were mined.   I didn't even know I was mining BTCD and is this something that is done when BitcoinDark QT wallet is open and running or is it just done automatically and the wallet doesn't have to be open?   Thanks for any help and answers.

[yassin54]

So I bought some BTCD in anticipation of the upcoming KMD swap and I installed the BitcoinDark QT wallet.  

I noticed a few days ago on 12/30 that I had some additional BTCD in my transaction history that says were mined.   I didn't even know I was mining BTCD and is this something that is done when BitcoinDark QT wallet is open and running or is it just done automatically and the wallet doesn't have to be open?   Thanks for any help and answers.

BTCD is also proof of stake!!  
Your extraction Btcd depend how much stack you have!!

[digitalmontreal]

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.

make sure Komodo coin i a Great success...

1. Make sure the platform easy to use and as a professional look.

i personnaly think front-end is important as much as the technical part of the coding...
Really for cryptocoins it is really important !!!
2. it's not only about coding, most of people don't even know what bitcoin is...
3. Even for people that invest in bitcoin Crypto universe...
 most of people still don't know how to mine coins...
4. Make sure it work in all the languages... so use website tool like google translator a currency is really an international thing...
5. do a great wallet page like ethereum. myetherwallet
6. fix all the glitches and bugs before the launch
after all the stresstest...
7 make it easy to mine... for anyone who is new to Crypto also release a video how to mine even if it look like it easy show your really deploy

When Done...it will make a strong currency,fast and efficient.
8.try to release 3 videos:

Promotions video with main Features for new crypto newbie,educationnal,and also one with technical with statistics...for Crypto enthusiast

a all the advantage of Komodo coin.
b how to mine the komodo coins
c how tu use the coins properly:backup wallet,security features etc.

when all this checklist is done...
9.One final thing hire independant company and consult imminent cryptographs to test and give bounty to people that can find Bugs

10.Finally to show ur really a Big competitor to Zcash launch the coin with 10 days countdown like they did on Poloniex.
Launch on many exchanges at the same time like Poloniex,Bittrex,a chinese exchange and 1 major exchange like bitfinex or gemini or coinbase

Martin B.

[Tarz]

Komodo has been a botch made by a scamartist and it does not deserve to continue living. What could be worse than this?

[rnr]

Simple answer: You!

[xtrembash]

When will it be possible to deposit some btcd on komodo ico website ?!

[polycryptoblog]

When will it be possible to deposit some btcd on komodo ico website ?!

When everything is ready we will make an announcement here   as well as  on various other channels  like Twitter and FB as well as in our newsletter.

[RJF19]

Komodo has been a botch made by a scamartist and it does not deserve to continue living. What could be worse than this?

Answer: Tarz

[tclo]

BTCD is also proof of stake!!  
Your extraction Btcd depend how much stack you have!!

Ok that's what I was thinking.  So how often is the "mining" distribution done and do I need to keep the wallet open or no?

[kurniajim]

When distribution this coin?