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

[Big Naturals]

So 64 notary nodes share majority of mining rewards between them, and non notaries can mine kmd but at a disadvantage.

So consensus is PoW like bitcoin, but the notaries work together and share block reward equally like a cartel.

And notary cartel membership is voted on by coin holders, preventing cartel from misbehaving.

A very interesting combination, not fully decentralized, but much more structure than other crypto coins.

Trust in the notary cartel will depend on election process, very interested to see more details when available.

Yes, you have the basic concept right! However, a cartel is a bit harsh word!

The notary nodes have less power than currently believed. They cannot do a 51% mining attack. The worst they can do is stop bitcoin notarizations, which would result a less secure KMD network. They could also not include a transaction into a block, but would be noticed by everyone, and then any other node could include that tx in a future block. There is also a PAX price attack vector, but we will talk more about PAX later.

So if the notary nodes want to hurt KMD the best they could do is:
 - stop notarizing KMD hashes into bitcoin blockchain
 - exclude a valid transaction from a block

We will address this issue in our next article! Stay tuned! 

Sorry to use a harsh sounding word like cartel, I was focused on the closed membership aspect, did not mean anything negative by that word, I actually think having a closed system for notaries allows better coordination and long term planning, easier upgrades etc. I will look forward to next article. As a noobie to crypto I have been struck by how chaotic, unstable and amateurish many projects appear, but a few like komodo have noticeably more professional outlook.

[1714044724]

1714044724

[KomodoPlatform]

what is slack adress of komodo?

slackinvite.supernet.org

[gsxrboy]

@KomodoPlatform: i am also sorry, as described a few posts earlier i am using windows and trying full mode sync stops at 98,34% every time. Deleted and installed it several times. So the conclusion is to wait.....cheers.

And again a coin is live on exchanges without a proberly running wallet, so some lucky users are able to do with their coins what they want and others are waiting. For me its last ICO i invested  

Yes, there have been a lot more bugs than we hoped there would. The thing is that it is hard to find all the bugs without public beta. We underestimated the time to get the wallets ready, which was largely due to the need to have easy installers. Now the good thing is that we do have the installers, and a lot of hard work were put into getting them.

Looking back, maybe we should have delayed the launch even more, but then on the other hand we were already late and the pressure was growing. All in all, now that we have publicly released the Iguana we are able to find all the bugs quickly and get into a point in time where Iguana works without any major issues.

All I can say to you is that we are a long term project, and if you believe we can get all the things online as promised then the price will surely rise in long term. However, if there are unexpected delays or unforeseen problems then that could be reflected in KMD price. Nonetheless, we will keep going forward.

The price is now higher than ICO price with 0% bonus, so things are not so bad even though you weren't able to sell at the peak yesterday.

Let's be honest right, now Komodo in the current state is overly overpriced  ,  if this was 100% premined the price would have hit rock bottom by now.  Anyway as you told it's a long term project.

[btcrocks]

Is there a windows software to mine KMD?

[feriq2]

Is there a windows software to mine KMD?

you can find a link to Claymore Zminer on the main page of our pool www.komodopool.com

[dzarmush]

@KomodoPlatform: i am also sorry, as described a few posts earlier i am using windows and trying full mode sync stops at 98,34% every time. Deleted and installed it several times. So the conclusion is to wait.....cheers.

And again a coin is live on exchanges without a proberly running wallet, so some lucky users are able to do with their coins what they want and others are waiting. For me its last ICO i invested  

Yes, there have been a lot more bugs than we hoped there would. The thing is that it is hard to find all the bugs without public beta. We underestimated the time to get the wallets ready, which was largely due to the need to have easy installers. Now the good thing is that we do have the installers, and a lot of hard work were put into getting them.

Looking back, maybe we should have delayed the launch even more, but then on the other hand we were already late and the pressure was growing. All in all, now that we have publicly released the Iguana we are able to find all the bugs quickly and get into a point in time where Iguana works without any major issues.

All I can say to you is that we are a long term project, and if you believe we can get all the things online as promised then the price will surely rise in long term. However, if there are unexpected delays or unforeseen problems then that could be reflected in KMD price. Nonetheless, we will keep going forward.

The price is now higher than ICO price with 0% bonus, so things are not so bad even though you weren't able to sell at the peak yesterday.

"If you release the product and it has no bugs than you're late"

[Big Naturals]

So 64 notary nodes share majority of mining rewards between them, and non notaries can mine kmd but at a disadvantage.

So consensus is PoW like bitcoin, but the notaries work together and share block reward equally like a cartel.

And notary cartel membership is voted on by coin holders, preventing cartel from misbehaving.

A very interesting combination, not fully decentralized, but much more advantages from structure than other crypto coins.

Trust in the notary cartel will depend on election process, very interested to see more details when available.

non-notary miners are getting ~40% of blocks, here is a recent 65 block sample:

51 13 12 16 -1 -1 -1 38 -1 34 28 -1 -1 -1 50 49 -1 -1 1 -1 5 -1 -1 2 53 -1 -1 14 -1 17 -1 -1 42 20 10 56 -1 -1 55 -1 -1 4 15 60 -1 9 8 23 54 41 0 59 44 19 35 -1 -1 -1 37 47 29 -1 36 -1 -1  <- prev minerids from ht.187826 notary.1 gpucount.28 43.08%

Whether a block goes to a notary node or not is random. In exchange for the ability to mine at easy diff, the notary nodes provide high end servers for network services, like basilisk mode.

Notary nodes dont have the power to create transactions, nor do they ever control anybody's funds. they are elected based on a Proof of Stake election

So while the notary nodes are in a semi-trusted position, this trust is used for getting consensus on what checkpoint to write to the bitcoin blockchain, availability of network services and other things that otherwise would be unavailable or unreliable

The network is at the same time a PoW network and a cartel mining (as you call it) which are coexisting and seamlessly shifting between each other. The added randomness of which group will mine the next block makes it that much harder to conduct attacks as no matter how much hash power you bring, the notaries mining costs dont go up.

From the other side, if any group of notaries start misbehaving, then they are subject to not receiving subsidies or outright replacement and since any notary mined block must be signed by the notary, it is not possible to hide behind a brand new address

Thank you for this detail jl777! I am interested in governance aspects of crypto, what you have designed is very ingenious,  a good blend of decentralization but with elements of structure that allow stability and increased reliability. The other governance model of DAO looks promising too, but so far untested to run a sophisticated platform like komodo. I can't see any weakness in the notary setup for possible attacks, only problem might be human element, large number of capable candidates competing at elections, but that is a good problem to have.

[jl777]

So 64 notary nodes share majority of mining rewards between them, and non notaries can mine kmd but at a disadvantage.

So consensus is PoW like bitcoin, but the notaries work together and share block reward equally like a cartel.

And notary cartel membership is voted on by coin holders, preventing cartel from misbehaving.

A very interesting combination, not fully decentralized, but much more advantages from structure than other crypto coins.

Trust in the notary cartel will depend on election process, very interested to see more details when available.

non-notary miners are getting ~40% of blocks, here is a recent 65 block sample:

51 13 12 16 -1 -1 -1 38 -1 34 28 -1 -1 -1 50 49 -1 -1 1 -1 5 -1 -1 2 53 -1 -1 14 -1 17 -1 -1 42 20 10 56 -1 -1 55 -1 -1 4 15 60 -1 9 8 23 54 41 0 59 44 19 35 -1 -1 -1 37 47 29 -1 36 -1 -1  <- prev minerids from ht.187826 notary.1 gpucount.28 43.08%

Whether a block goes to a notary node or not is random. In exchange for the ability to mine at easy diff, the notary nodes provide high end servers for network services, like basilisk mode.

Notary nodes dont have the power to create transactions, nor do they ever control anybody's funds. they are elected based on a Proof of Stake election

So while the notary nodes are in a semi-trusted position, this trust is used for getting consensus on what checkpoint to write to the bitcoin blockchain, availability of network services and other things that otherwise would be unavailable or unreliable

The network is at the same time a PoW network and a cartel mining (as you call it) which are coexisting and seamlessly shifting between each other. The added randomness of which group will mine the next block makes it that much harder to conduct attacks as no matter how much hash power you bring, the notaries mining costs dont go up.

From the other side, if any group of notaries start misbehaving, then they are subject to not receiving subsidies or outright replacement and since any notary mined block must be signed by the notary, it is not possible to hide behind a brand new address

Thank you for this detail jl777! I am interested in governance aspects of crypto, what you have designed is very ingenious,  a good blend of decentralization but with elements of structure that allow stability and increased reliability. The other governance model of DAO looks promising too, but so far untested to run a sophisticated platform like komodo. I can't see any weakness in the notary setup for possible attacks, only problem might be human element, large number of capable candidates competing at elections, but that is a good problem to have.

It is a practical form of government that blends a pure democracy (external miners) with a republic (elected notaries that represent the KMD holders)

but even the notaries have strictly limited powers and complete transparency, which if only we could implement in the real world would eliminate a lot of issues that arise from non-transparent republics

[lupanar]

Hi, any calculator available yet?

[MuFaza]

Hi, any calculator available yet?

You mean mining calculator?

Did some testing yesterday and got about 0.5 KMD/hr/1ksol from the pool.

[Big Naturals]

So 64 notary nodes share majority of mining rewards between them, and non notaries can mine kmd but at a disadvantage.

So consensus is PoW like bitcoin, but the notaries work together and share block reward equally like a cartel.

And notary cartel membership is voted on by coin holders, preventing cartel from misbehaving.

A very interesting combination, not fully decentralized, but much more advantages from structure than other crypto coins.

Trust in the notary cartel will depend on election process, very interested to see more details when available.

non-notary miners are getting ~40% of blocks, here is a recent 65 block sample:

51 13 12 16 -1 -1 -1 38 -1 34 28 -1 -1 -1 50 49 -1 -1 1 -1 5 -1 -1 2 53 -1 -1 14 -1 17 -1 -1 42 20 10 56 -1 -1 55 -1 -1 4 15 60 -1 9 8 23 54 41 0 59 44 19 35 -1 -1 -1 37 47 29 -1 36 -1 -1  <- prev minerids from ht.187826 notary.1 gpucount.28 43.08%

Whether a block goes to a notary node or not is random. In exchange for the ability to mine at easy diff, the notary nodes provide high end servers for network services, like basilisk mode.

Notary nodes dont have the power to create transactions, nor do they ever control anybody's funds. they are elected based on a Proof of Stake election

So while the notary nodes are in a semi-trusted position, this trust is used for getting consensus on what checkpoint to write to the bitcoin blockchain, availability of network services and other things that otherwise would be unavailable or unreliable

The network is at the same time a PoW network and a cartel mining (as you call it) which are coexisting and seamlessly shifting between each other. The added randomness of which group will mine the next block makes it that much harder to conduct attacks as no matter how much hash power you bring, the notaries mining costs dont go up.

From the other side, if any group of notaries start misbehaving, then they are subject to not receiving subsidies or outright replacement and since any notary mined block must be signed by the notary, it is not possible to hide behind a brand new address

Thank you for this detail jl777! I am interested in governance aspects of crypto, what you have designed is very ingenious,  a good blend of decentralization but with elements of structure that allow stability and increased reliability. The other governance model of DAO looks promising too, but so far untested to run a sophisticated platform like komodo. I can't see any weakness in the notary setup for possible attacks, only problem might be human element, large number of capable candidates competing at elections, but that is a good problem to have.

It is a practical form of government that blends a pure democracy (external miners) with a republic (elected notaries that represent the KMD holders)

but even the notaries have strictly limited powers and complete transparency, which if only we could implement in the real world would eliminate a lot of issues that arise from non-transparent republics

Problem with real world governance is majority of power rests with the 'deep' state actors underneath elected officials who never stand in elections, they control what happens, and who can do what.

With komodo will the notaries make any strategic decisions collectively like a cabinet government, or board of directors in a company, or will they act more as service providers only? This would be something to clarify before next election.

[jl777]

So 64 notary nodes share majority of mining rewards between them, and non notaries can mine kmd but at a disadvantage.

So consensus is PoW like bitcoin, but the notaries work together and share block reward equally like a cartel.

And notary cartel membership is voted on by coin holders, preventing cartel from misbehaving.

A very interesting combination, not fully decentralized, but much more advantages from structure than other crypto coins.

Trust in the notary cartel will depend on election process, very interested to see more details when available.

non-notary miners are getting ~40% of blocks, here is a recent 65 block sample:

51 13 12 16 -1 -1 -1 38 -1 34 28 -1 -1 -1 50 49 -1 -1 1 -1 5 -1 -1 2 53 -1 -1 14 -1 17 -1 -1 42 20 10 56 -1 -1 55 -1 -1 4 15 60 -1 9 8 23 54 41 0 59 44 19 35 -1 -1 -1 37 47 29 -1 36 -1 -1  <- prev minerids from ht.187826 notary.1 gpucount.28 43.08%

Whether a block goes to a notary node or not is random. In exchange for the ability to mine at easy diff, the notary nodes provide high end servers for network services, like basilisk mode.

Notary nodes dont have the power to create transactions, nor do they ever control anybody's funds. they are elected based on a Proof of Stake election

So while the notary nodes are in a semi-trusted position, this trust is used for getting consensus on what checkpoint to write to the bitcoin blockchain, availability of network services and other things that otherwise would be unavailable or unreliable

The network is at the same time a PoW network and a cartel mining (as you call it) which are coexisting and seamlessly shifting between each other. The added randomness of which group will mine the next block makes it that much harder to conduct attacks as no matter how much hash power you bring, the notaries mining costs dont go up.

From the other side, if any group of notaries start misbehaving, then they are subject to not receiving subsidies or outright replacement and since any notary mined block must be signed by the notary, it is not possible to hide behind a brand new address

Thank you for this detail jl777! I am interested in governance aspects of crypto, what you have designed is very ingenious,  a good blend of decentralization but with elements of structure that allow stability and increased reliability. The other governance model of DAO looks promising too, but so far untested to run a sophisticated platform like komodo. I can't see any weakness in the notary setup for possible attacks, only problem might be human element, large number of capable candidates competing at elections, but that is a good problem to have.

It is a practical form of government that blends a pure democracy (external miners) with a republic (elected notaries that represent the KMD holders)

but even the notaries have strictly limited powers and complete transparency, which if only we could implement in the real world would eliminate a lot of issues that arise from non-transparent republics

Problem with real world governance is majority of power rests with the 'deep' state actors underneath elected officials who never stand in elections, they control what happens, and who can do what.

With komodo will the notaries make any strategic decisions collectively like a cabinet government, or board of directors in a company, or will they act more as service providers only? This would be something to clarify before next election.

'deep' state actors underneath is same as "non-transparent republic", we are saying the same thing, just different words.

The komodo ecosystem is designed to avoid most of the politics that can happen in crypto. Technical decisions are made by a benevolent dictator, deployment is suggested, but ultimately if the notary nodes dont deploy then it will split the network. so it is like a veto power in the event the dictator goes insane. Granted the independent miners are a third power in this, and three powers is usually more stable than just two.

As far as the typical disaster recovery scenarios, in komodo each separate project tries to have its own independent chain. So what happens on that chain only directly affects that chain. By using atomic swaps, each chain can interact with other chains. So if a DAO incident happens, the DAO chain dies, but only some temporary effect limited to the then pending atomic swaps.

[cryptosun]

Rules for future node elections have not been released by dev team afaik. Best for the devs to work on the software and network stability now, let things settle down after the launch, then I'm sure details for future elections will be made public.

One thing for certain though, many more candidates will run next time, notary nodes are in the words of j777 'money printing machines' at a price just higher than where we are today

Forgive noobie question, but why you say 'money printing machines'?

Because they get to mine most of the new coins .....while the rest of the world gets to mine the left overs


Cheers Jon 

So 64 notary nodes share majority of mining rewards between them, and non notaries can mine kmd but at a disadvantage.

So consensus is PoW like bitcoin, but the notaries work together and share block reward equally like a cartel.

And notary cartel membership is voted on by coin holders, preventing cartel from misbehaving.

A very interesting combination, not fully decentralized, but much more structure than other crypto coins.

Trust in the notary cartel will depend on election process, very interested to see more details when available.

Yes, you have the basic concept right! However, a cartel is a bit harsh word!

The notary nodes have less power than currently believed. They cannot do a 51% mining attack. The worst they can do is stop bitcoin notarizations, which would result a less secure KMD network. They could also not include a transaction into a block, but would be noticed by everyone, and then any other node could include that tx in a future block. There is also a PAX price attack vector, but we will talk more about PAX later.

So if the notary nodes want to hurt KMD the best they could do is:
 - stop notarizing KMD hashes into bitcoin blockchain
 - exclude a valid transaction from a block

We will address this issue in our next article! Stay tuned! 

HELLO ADMIN kindly help me, as I withdrawn all my KMD via my seed before 31 Jan and i see that my KMD has been sent to my Address mentioned in the ICO website but in my available balance its 0 KMD howz it possible? and where are my KMD?

[BitPotus]

hmmmm, was thinking of getting some KMD but after reading the numerous complaints about wallet and exchange issues, I will wait until things settle down........

[Fishdude1]

I want to request payout and see payout amount in Iguana.
However my default address in Iguana is of course different from the ICO address I was assigned.

How to proceed in the payout process? Or how to add that address to Iguana? thx

[etoque]

Hi, any calculator available yet?

You mean mining calculator?

Did some testing yesterday and got about 0.5 KMD/hr/1ksol from the pool.

yeah pretty much waste of energy mining kmd lol

[lupanar]

Hi, any calculator available yet?

You mean mining calculator?

Did some testing yesterday and got about 0.5 KMD/hr/1ksol from the pool.

Interesting numbers, thanks, but strange that KMD is not in Whattomine yet, very perspective coin I think.

[cryptohunter]

I have logged into the online komodo platform and see the komodo tokens.

Where do I see my REVS?

I didn't have a btcd address they were purchased on exchange a while back and sent to this online platform before snapshot deadline

[tclo]

I want to request payout and see payout amount in Iguana.
However my default address in Iguana is of course different from the ICO address I was assigned.

How to proceed in the payout process? Or how to add that address to Iguana? thx

Default address doesn't matter.  Enter your KMD seed for the payout address when you go into Iguana and should work.

[dragonchopper9]

There is information when trading on Bittrex will be open?