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

[kjadB]

Don't misunderstand me, I'm jealous as hell, and think guys like you have a target on your back in this election ... I want what you have bro

Guys like @polycryptoblog do a lot of good work for the community, if you think you can do the same or better then 'do it', and try and get elected yourself, nothing stopping you is there. If competition for notaries makes komodo community more active it benefits everyone, just play the ball, not the man.

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[Big Naturals]

Don't misunderstand me, I'm jealous as hell, and think guys like you have a target on your back in this election ... I want what you have bro

Guys like @polycryptoblog do a lot of good work for the community, if you think you can do the same or better then 'do it', and try and get elected yourself, nothing stopping you is there. If competition for notaries makes komodo community more active it benefits everyone, just play the ball, not the man.

Oh, I agree 100%, play the ball, this should not get into personal atracks. We are all free to run in the election, it's a good system, time will weed out the leeches so eventually all notary profits will go either to people doing good work for Komodo, or based on some hybrid form of PoS pools like P-Trump is arguing for.

[MoneyJ]

Notary election is going to be important. And possible the increase of notary servers would further secure the dPoW operation. Node opearators are the guardians of Blockchain , so for us to participate on election is a privilege .

[BTC-BTC-BTC]

Where can I find out more information about the election and the system requestment to run a notary node?

[polycryptoblog]

I am one of the notaries who pays to have his node maintained.  My rationale behind this is,  my service provider has much more experience in network adminstration and infosec than i do and has demonstrated that he can keep up with updates, notarizations and respond in an attack scenario, which he did during the coin creation attack early in komodo's history.

The Notary Node funds that have been produced by my node have been used for many different Komodo related things including:

-Coinpayments.net integration

-Having a Komodo Book written for us:  https://www.amazon.co.uk/Komodo-Fuel-SuperNET-Concise-History/dp/1981831452

-Conference materials

-Advertising

-Giveaways

Additionally, due to my inability to get a sweepstakes website up and running ( legal issues not technical ),  I am planning to use the remaining funds of the notary year to establish masternodes in various BarterDEX enabled coins, the proceeds of which will be sold at discount on BarterDEX to encourage use of our DEX to many communities.


I wanted to point this out,   as there is there are misconceptions about  some of us notaries that aren't tech gurus, that we just leech the funds for solely personal profit.

It's good that your using some of your notary profit to help komodo, but I think there are many guys with no tech skills who would like to take your place, I'm one of them!

1500 KMD @ 3.90 = 5850 USD at todays prices, and this is AFTER recent crash .... and another guy does the work. Even if you paid that guy 2K USD a month, you're making ~1000 USD a week - who reading wouldn't want this deal? No risk, no stake, no (compulsory) work.

Don't misunderstand me, I'm jealous as hell, and think guys like you have a target on your back in this election ... I want what you have bro

Fortunately I was in the top half of notaries this cycle, so my single node is safe for another year.  

Erroneous to assume that I havent taken risk or have stake.  I do have significant stake in KMD , and take the same risk with my votes as everyone else does.  I follow the notarynode channel and participate in the discussions on scaling komodo, and was a testnet operator and do know how to keep my node updated ( Just not that proficient ).  Having someone more experienced manage my node, doesn't mean that I can slack on knowing what is going on.  

From my perspective,  a few veteran network admins / cybersecurity experts can maintain all the notary nodes if necessary.  Having a decent variety of node operators distributed across the world, with unique perspectives and skillsets is necessary,  however  its easier ensure that all the nodes are updated and maintained when you have to wrangle up a number of operators that is less than the maximum.  A happy middle I think can be obtained,  if it appears to be too centralized for peoples taste then they will vote for unique operators.  

The issue with security that concerns me is from political bickerings rather than on the tech side.  Currently this is not an issue with Komodo,  but as we have seen in other coins ( Bitcoin/Ethereum)  politics can make even simple solutions  arduous tasks.    


@BigNaturals   Good Luck next election if you decide to run!

[Big Naturals]

Fortunately I was in the top half of notaries this cycle, so my single node is safe for another year.  

Erroneous to assume that I havent taken risk or have stake.  I do have significant stake in KMD , and take the same risk with my votes as everyone else does.  I follow the notarynode channel and participate in the discussions on scaling komodo, and was a testnet operator and do know how to keep my node updated ( Just not that proficient ).  Having someone more experienced manage my node, doesn't mean that I can slack on knowing what is going on.  

From my perspective,  a few veteran network admins / cybersecurity experts can maintain all the notary nodes if necessary.  Having a decent variety of node operators distributed across the world, with unique perspectives and skillsets is necessary,  however  its easier ensure that all the nodes are updated and maintained when you have to wrangle up a number of operators that is less than the maximum.  A happy middle I think can be obtained,  if it appears to be too centralized for peoples taste then they will vote for unique operators.  

The issue with security that concerns me is from political bickerings rather than on the tech side.  Currently this is not an issue with Komodo,  but as we have seen in other coins ( Bitcoin/Ethereum)  politics can make even simple solutions  arduous tasks.    

I don't begrudge early adopters getting rewarded for joining crypto projects before they took off (but I do feel envious). You used your time wisely to stay informed about what was going on in the early stages, and you had good community reputation to get elected, but I disagree that you actually took on much 'risk'. That's not to say you don't have a large stake in kmd too, but unless you're a mega whale who got in on your own votes only, your risk was only proportional to your personal stake, e.g if 10% of your vote quota came from yourself, then your 'stake' risk was 10%, and the other 90% stake risk came from those who voted for you.

It's nobodies business what your stake is, and maybe your personal vote did put you over the line, but your personal 'risk' was only proportional to your own stake.

I see a big difference with other coins like DASH or STRATIS that have similar monopoly restrictions on masternodes etc, as in those cases to get a privileged node with extra earning potential you need to upfront a lot of coins, well over 1mil USD now for STRATIS. I see a clear difference in the risk/reward calculation for KMD and those other coins, and for other PoS coins where earnings are 100% correlated with the size of your stake.

I actually think the KMD system is better than those other coins, because it gives active people with no funds a chance to get involved - convert enthisiasm, time, talent - into coins. You can't do that in other communities, but you can in Komodo, and looks like that might be what you did so far. Other guys maybe not, possible a few guys slipped through last election who do very little for komodo, but still get a great risk free monthly bonus, especially the ones paying other guys to run their nodes. Hopefully the election process reveals who those guys are (if they exist), and the community votes them out in favor of productive people and/or spreads the profits to KMD holders through pools.

@BigNaturals   Good Luck next election if you decide to run!

I'll definitely consider running, but I'm not a linux user, so would have to hire someone now, have the node up and running in case I won, and then get elected. There's some significant risk there for a small player like me, the node cost is certain, but getting elected is definitely not. If it was possible to get elected, and then have a grace period to organise the node then yes, I will run, but if not, then I will hope to join a pool with my KMD. I do like the idea that some notary profits should go to KMD holders, that would add dividends to the KMD mix, and that would increase value of KMD.

[jcity]

P-Trump withdraws as a candidate in the node election!
I've come to a mutually beneficial arrangement with one of the current testnet node operators, so I wont be running in the election myself. Please withdraw my name from the election site.

My KMD is currently 'unattached' for the upcoming notary election.

I haven't sold a single coin since the last election, so with interest my stake should be about the same (2.7%).

If you're considering running in the notary election for one of the available spots, and you want to discuss options that may secure one of the lucrative notary node positions let me know.

My previous arrangement has expired.

P-Trump lets talk about a potential arrangement.

[hoanghai101296]

Sure, we all know that Android monkey is a racket. Roll Eyes

[jezabel]

Where can I find out more information about the election and the system requestment to run a notary node?

I found these:

https://github.com/SuperNETorg/komodo/wiki/Setup-Komodo-Notary-Node

https://support.supernet.org/support/solutions/articles/29000010574-notary-node-elections

[cudjex]

On February 9, 2018, the global digital currency code update rate is the first, KMD coin.

[Zeehenk]

On February 9, 2018, the global digital currency code update rate is the first, KMD coin.

....what....?

Try again in English please..? No idea what you're saying.

[viennavtc]

and what sort of payouts will Unity/Supernet receive vs DEX?  Even less?  I am having a hard time understanding the value of Supernet after the migration to Komodo. 

SuperNET will get approx 50% of the payout that DEX gets

SuperNET paid out almost a million dollars worth in December, it gets revshares from not just DEX, but also JUMBLR, CRYPTO and the other assets that should start revenues later

Not sure why you feel SuperNET had more value when it was a NXT asset

All I meant was 'today' - should have said that vs 'after the migration'... in what form are these 'payouts' to SuperNET holders?  

[jl777B]

and what sort of payouts will Unity/Supernet receive vs DEX?  Even less?  I am having a hard time understanding the value of Supernet after the migration to Komodo. 

SuperNET will get approx 50% of the payout that DEX gets

SuperNET paid out almost a million dollars worth in December, it gets revshares from not just DEX, but also JUMBLR, CRYPTO and the other assets that should start revenues later

Not sure why you feel SuperNET had more value when it was a NXT asset

All I meant was 'today' - should have said that vs 'after the migration'... in what form are these 'payouts' to SuperNET holders?  

KMD

[jcity]

P-Trump lets talk about a potential arrangement.

Thanks for your offer!

My goal is to help make Komodo stronger, and that means doing things that help:

- create a reliable notary node network
- fund active people
- add value to owning KMD

IMO the best way to do that in "election 2" is by trying to help kick-start some independent community based notary pools, so every single KMD holder has a a chance to share in the monopoly profits generated by running a notary node, and not just big holders like myself, or early adopters from "election 1"

Early creation of pools is good for decentralisation of notaries, and it'll get more people participating and getting involved in supporting KMD, even if all they do is join a pool by voting. I'd love to see a +75% turn out in this election if possible, and having one or more community pools running would help achieve that.

I'm also a self interested capitalist, and I'd like a share in the notary profits myself, as I believe the rightful part owners of the monopoly profits are the KMD holders themselves, but I believe in co-operative capitalism, and I'm going for a win:win outcome in every deal if possible, and that means I want notary operators to feel they got a good deal, AND, KMD holders to think the same, even the small holders.

If small KMD holders get a chance to join a notary pool in election 2 it's a win:win for everyone, and that'll make my KMD worth more if it makes holding KMD more valuable to other guys. So notary pools are the right thing to do, and they're the smart thing to do.

The issue now is how best to create them, and do we have enough time before "election 2". Maybe this is a goal for "election 3", and we stick with the Jedi Council model for notaries for another year.

If it looks like community pools are too hard to establish this time, then I'll try and work something out for myself, so we can maybe talk then. Either way, my personal goal is to get another slice of the notary profits (last year it made a big difference to my budget), but I'll try and do it in a constructive way, coz that's obviously in my own self interest, plus I love what jl777 is trying to do here.

I agree and I think your logic makes sense.

Optimally I would like to have a year of experience running a notary under my belt before having to take on the responsibility of managing the "community" aspect of a community-based node. I would ideally like to have that portion automated - for example, determine the community members (people that voted for my node) and distribute profits to them at some scheduled interval. In that world, I'd like to have a little web interface that exposed stats about the node (members, how many blocks the node has mined, when the last payout was made and how much, etc..)

I'm already working on an alternative to BarterDEX and maintaining my first notary in addition to my "real world" job as a Software Engineer so I wouldn't be able to commit to having all the above done by this next election.

Let me know if you're interested in discussing details further. If you're in the KMD slack you can also ping me there to have a higher bandwidth conversation. My slack handle is also jcity

[ComputerGenie]

...I'm already working on an alternative to BarterDEX and maintaining my first notary...

And you don't find those to be morally conflicting?

[boomboom]

1500 KMD @ 3.90 = 5850 USD at todays prices, and this is AFTER recent crash .... and another guy does the work. Even if you paid that guy 2K USD a month, you're making ~1000 USD a week - who reading wouldn't want this deal? No risk, no stake, no (compulsory) work.

Don't underestimate the effort required to keep a notary up and running, and it's only going to increase as more assetchains come online with dICO's. We need reliable nodes, and if you pay peanuts you get monkeys. I hope the pendulum doesn't swing too far the other way, Yes, there are some guys sitting back making good money today who pay a manager to run their node, but early adopters always get those amazing deals, like mining bitcoins in 2010-11.

If we drive down compensation for running notaries too far, and break things, it's actually worse than having a few early adopter fat cats creaming off the profits.

[boboi]

What is the situation for BTCD holders? How is this not abandonment?

[jcity]

...I'm already working on an alternative to BarterDEX and maintaining my first notary...

And you don't find those to be morally conflicting?

I'm not seeing the moral conflict of developing a new front-end application to interact with the marketmaker daemon and running a notary node.

A more user friendly way to use marketmaker should only increase adoption (and thus increase demand) of KMD.

Whats the concern there?

[Jabba the Hodl]

1500 KMD @ 3.90 = 5850 USD at todays prices, and this is AFTER recent crash .... and another guy does the work. Even if you paid that guy 2K USD a month, you're making ~1000 USD a week - who reading wouldn't want this deal? No risk, no stake, no (compulsory) work.

Don't underestimate the effort required to keep a notary up and running, and it's only going to increase as more assetchains come online with dICO's. We need reliable nodes, and if you pay peanuts you get monkeys. I hope the pendulum doesn't swing too far the other way, Yes, there are some guys sitting back making good money today who pay a manager to run their node, but early adopters always get those amazing deals, like mining bitcoins in 2010-11.

If we drive down compensation for running notaries too far, and break things, it's actually worse than having a few early adopter fat cats creaming off the profits.

Power is in the hands of KMD owners, guys running nodes for other people will just stand for election themselves now, only whales can afford to pay a node manager, everyone else needs to win votes by doing good deeds and campaigning. Inactive early adopter who aren't whales have no future, maybe one last year for top 30 who don't run this time.

When KMD make next ATH @ +10$ notary earnings are +15k per month, that attracts a lot of attention, running a node isn't coding, just server admin.

[boomboom]

Power is in the hands of KMD owners, guys running nodes for other people will just stand for election themselves now, only whales can afford to pay a node manager, everyone else needs to win votes by doing good deeds and campaigning. Inactive early adopter who aren't whales have no future, maybe one last year for top 30 who don't run this time.

When KMD make next ATH @ +10$ notary earnings are +15k per month, that attracts a lot of attention, running a node isn't coding, just server admin.

I agree, just saying if we go down the route of pools and such they should distribute profits after expenses and fair compensation for the server admin