As users know, the more transactions there are on a blockchain the more difficult it is to conduct timing analysis. Over the past year, we have measured the need for even more active movement in order to better support the KMD privacy mechanism. To implement this, the annual time limit on the growing of 5% will be changed to monthly cap of 5%/12. What this means is that you will need to actively use all your funds every month to maximize your rewards for contributing to the activity of the KMD ecosystem. The good news is that compounding will get you rewards of 5.1% over a year. For users that do it just 4 times, it will end up a bit less than 2%. Your contribution to the privacy ecosystem will be more closely linked to your reward.
What is the difference between addresses that start with “t” and addresses that start with “z”?
Komodo Platform is built upon and extends the Bitcoin protocol. It also uses zero knowledge technology.
Addresses which start with “t” behave exactly like Bitcoin, including their globally public properties and we refer to these as “transparent addresses”. Addresses which start with “z” include the privacy enhancements provided by zero-knowledge proofs and we refer to these as “shielded addresses”. It is possible to send KMD between these two address types.
What is an Atomic Swap?
What is an atomic swap? Put simply, an atomic swap is a peer-to-peer trade of cryptocurrencies. It is a decentralized and completely trustless method of exchange. An atomic swap is made directly from one user to another, wallet-to-wallet and blockchain-to-blockchain.
An atomic swap does not require any form of centralization. There are no proxy tokens, escrow services, or other third parties. This allows traders to retain control of their private keys during the entire exchange process.
As a result of these benefits, atomic swap trading is far more secure and far less expensive than trading on centralized exchanges.
How do you become a Notary Node?
If you are interested in running one of the notary nodes then you need to start “campaigning” to get the votes of the investors.
I am not talking about the normal politics campaign, but this is about running the backbone of dPoW. So what will matter is your experience in running serious servers.
We can also use the testnet KMD as one metric in evaluating a notary node. Clearly if you are mining testnet KMD, you are running a node, which is a prerequisite.
So, post your handle, the geographic region of where your server will be hosted, how much testnet KMD you have mined, relevant experience and whatever other info you feel is helpful for the electorate to know. The vast majority of the 3KMD per block reward is expected to go to the notary nodes and if the market price of the 1/64th share is less than $500/mo, the BTC from ICO will be used to make up the difference.
Before voting begins, we will have a notary node certification results that will also be included on the ballot.
Server specs are a min. of 64GB RAM, 1TB SSD, 100mbps bandwidth, and a quad-core CPU. More is better. Notary nodes will do more than just pure notary services and you can also run LP nodes and other services to further enhance your revenues.
We have arbitrarily segregated the world into 4 regions: North America, Europe, Asia, Southern Hemisphere
I know this is not exact, but it is approx distribution of overall internet usage with some debate over eastern europe as to whether it should be in the Europe region or Asia region. I will let the electorate decide on such distinctions. A single notary node operator can run a max of 1 node per region, for a total of 4. However, each notary node needs to be elected in its region, eg be one of the top 16 vote getters per region.
One of the requirements to running a notary node is to monitor the #notarynode channel in the SuperNET slack. That is where realtime updates and issues will be communicated
If there is someone that can create a simple website for notary node candidates to post their info, I can probable get some sort of bounty for it. ANYBODY can be a notary node candidate, but all notary nodes must be elected with sufficient stakeholder power to win a spot. This is a crucial aspect and one of the reasons for a large ICO, so that we get as broad of an investor base as possible to make obtaining a 51% control as difficult as possible.
What is Komodo Platform?
A cryptocurrency project that focuses on providing anonymity through zero knowledge proofs and security through a novel Delayed Proof of Work (dPoW) protocol.
The ecosystem consists of 5 key components that are native components of the platform.
Komodo Core: The ecosystem’s cryptocurrency (KMD) Assetchains: Tokenization and white-glove blockchain solutions. These tokens can be used as cryptocurrencies or to store data on the blockchain. Jumblr: Zero Knowledge coin agnostic mixer BarterDEX: Decentralized exchange that performs atomic swaps on native and SPV clients. It allows users to trade blockchain-to-blockchain without giving up their privatekeys. Agama: Multi Wallet for all cryptocurrencies.
Objectives and accomplishments
The project’s primary goal is to decentralize token issuance, exchange, and distribution. However, they also provide a framework for dapps (decentralized apps) and corporate blockchain solutions. They have accomplished this by introducing one of the most complete and trustless ecosystems in cryptocurrency.
- Komodo Platform is the first cryptocurrency project to provide decentralized atomic swaps with automatic order matching.
- The first project to create a private ICO participation mechanism and distribution by leveraging Jumblr and BarterDEX technology (dICO).
- Recently, the project realized the first Atomic Swaps on SPV (electrum) clients. It allows users to swap atomically without having to download the entire blockchain.
- One of the first cryptocurrencies to partner with a Fintech e-banking platform (Monaize). The same fintech company will launch the first dICO in history using Komodo Platform’s technology.
dICO: Decentralized ICO. It is the first ICO mechanism that uses Jumblr technolgy to protect the privacy of investors. Dapps: Decentralized applications that are blockchain based. Zero Knowledge proofs: In cryptography a zero-knowledge proof or zero-knowledge protocol is a method by which one party (the prover) can prove to another party (the verifier) that a given statement is true, without conveying any information apart from the fact that the statement is indeed true. Atomic Swaps: Allows users to conduct trustless, cross-chain, over-the-counter (“OTC”) trades without a third party.SPV: Simplified Payment Verification mode, named after the section of Satoshi’s paper that describes it, clients connect to an arbitrary full node and download only the block headers. In other words, it’s a lite client that does not require the user to download the entire blockchain. Mixer/Tumbler: A cryptocurrency anonymizer.
Can I still swap BTCD for KMD?
No, the period for swaps lasted for over one year and ended in January of 2018. The BTCD chain is no longer usable nor reliable. We cannot entertain any further requests.
To whom do I turn for media inquiries?
Please reach out on our Slack channel to @n2okpride and @benohanlon, the head of our marketing team and the head of social-media, respectively.
Is it possible to white label and customise Komodo’s software on a per-coin or per-dICO basis?
All of our products are open-source. Therefore, anyone can already fork our software and adapt it for customized use. As the user base grows, we may also automate the creation of white-labeled software.
Will Komodo be Lightning Network compatible?
Our variation of Lightning Network technology, CHIPS, is in active development.
When finished, CHIPS will provide similar micropayment channels and features, comparable to Bitcoin’s proposed Lightning Network.
What is Komodo’s opinion on the risks involved with the Zcash parameters? How does that relate to the Monero project’s ring-based mixing method?
To provide users with privacy, the Komodo coin (KMD) relies on the Zcash parameters, as put forth by the Zcash team.
The Zcash parameters are a “zero-knowledge” form of technology, also called “zk-SNARK.” This is a powerful form of privacy, and arguably superior to other forms as it is effectively permanent.
Relying on the Zcash parameters allows us to turn our creative resources to other blockchain-technology challenges, while still empowering members of the Komodo ecosystem with the option of privacy.
To create the Zcash parameters, the original Zcash developers had to create a series of keys that, when combined, created a master key that could unlock and lock the parameters. After using the master key to create the parameters, the team destroyed every individual key. The team conducted this endeavor in a public manner. We encourage interested readers to view the Zcash Ceremony explanation on YouTube, and to search for other viewpoints as well.
To briefly summarize the security measures, the Zcash team used several layers of protection including: multi-party computation, air-gapped compute nodes, hard-copy evidence trails, a uniquely crafted distribution of the Linux operating system, and the physical destruction of each piece of hardware that held an individual key. The resulting layers of defense would be of the highest level of difficulty for an outsider to penetrate. Furthermore, the method of creation and destruction ensured that the internal security of the project was faultless, so long as at least one member of the entire Zcash team was honest.
By our observation, the team performed this endeavor with sufficient competence and due diligence. Furthermore, given the nature of the project, the longstanding reputation of the Zcash developers, and the modus operandi of their lives’ work, we believe they were properly motivated to perform the creation and destruction in a capable and honest manner.
Nevertheless, there are privacy advocates in the cryptocurrency industry who maintain a degree of suspicion over any project that requires an element of human trust. This suspicion extends to the Zcash parameters. These observers continually scrutinize the Zcash project, searching for more and more processes by which the creation ceremony could have failed. Yet, while various theories have been put forth, no actual failure in the Zcash parameters has been discovered.
In adopting the Zcash parameters, we receive frequent questions regarding how they affect the Komodo coin. The answer is that the privacy in the Komodo ecosystem is effectively permanent, regardless of any potential fault by the Zcash team. Furthermore, we can adopt any updates the Zcash team releases to the parameters.
In the unlikely event that someone was able to retain a complete copy of the master key, the only power the holder would have, would be the ability to create new private money in our system. This holder could then trade that for transparent, spendable money. This could negatively impact the Komodo coin, and we would be required to adapt our platform. If a fault in the Zcash parameters were to be discovered, the Komodo team has various contingency methods at our disposal to remove the Zcash parameters and replace them with a new set of parameters.
Though in Komodo we do not see this as a realistic threat, we nevertheless include the information to provide complete transparency for any user who seeks to invest their resources in the Komodo project.
Having acknowledged this fact, we should also point out that there is no coin in existence that offers both 100% privacy and 0% human trust. Anyone who is telling you otherwise is misinformed.
Some cryptocurrencies support mixing as a part of the normal transaction process out of a desire to provide constant privacy. Varying methods for randomizing these transaction-mixing patterns exist among the many different brands. The most popular of these coins is Monero (for whom we have great respect).
There is a problem underlying these mixing patterns: regardless of the amount of mixing, people who use those cryptocurrencies leave a data trail in the public domain for computers to analyze later. As computer-processing power grows, transactions that were formerly private can become transparent once computer power surpasses the necessary threshold. Therefore, this method of privacy suffers from a lack of permanence.
You either have to place a small amount of trust in the initial developers to be honest (the Zcash route), or you have to take the mixing/tumbling/obfuscating route (such as Monero). Both paths have pros and cons.
And furthermore, if privacy is important to you, you should still be careful.
The former route (Zcash’s method) will always receive some skepticism, because there will always be people who choose to believe that the original creators may have hoodwinked their audience.
The latter route (Monero) will always suffer, because as anti-privacy computer endeavors continue to increase in processing power, they will find ever new ways of unraveling the pathway that those mixing methods take. Blockchain projects that take the latter route end up spending endless energy fighting this nameless pursuer, always unraveling their privacy.
By way of example of the struggles that Monero has faced, we point out that their previous privacy was compromised, which led to the creation of their current ring-based technology. This also has points of failure that might potentially be unravelled in the future, as computing power continues to increase.
There are some who are claiming that there is now a superior privacy solution, called zk-STARK technology. (Not Zcash’s zk-SNARK technology, with an “N,” but zk-STARK, with a “T.”) The claim that zk-STARK theoreticians are making is that they can essentially create 100% privacy while maintaining 0% human trust in the foundation of a blockchain. This might, just might, solve everything regarding both the Monero/Zcash differing routes. It’s an intriguing claim, and if true, would certainly be highly notable in the blockchain sphere. We are watching with interest.
We have no details of its viability yet, as no one but the theoreticians making the claim know what specifically they are claiming. They will have to release the math and code publicly, so that we can all agree that it would work, and then they will have to create the new parameters. Since everyone will know everything about how the zk-STARK initiation is performed (otherwise, how could anyone trust it?), every privacy-centric coin will have the option of attempting to implement their own versions of it.
Readers may note that because we are working with Zcash parameters, we are already operating with zk-SNARKs. These are in the same vein of mathematical theory as zk-STARKs. If the zk-STARK solution proves to be viable, then we will, like other privacy-centric projects, adapt our platform as necessary to keep up with the latest technology. In the meantime, we will simply keep our attention focused on building out the Komodo platform and ecosystem.