Komodo ICO: Questions and Answers
What is the BTCD/KMD exchange rate?
In order to simplify the BTCD to KMD swap, a fixed exchange rate of 1.0 BTCD to 0.00532074 BTC was established, meaning that if you send one BTCD you will receive 0.00532074 BTC worth of Komodo.
The BTCD to KMD exchange rate depends on how much money the ICO raises in BTC. Thus the exchange rate can be calculated only after the ICO is over.
How was the BTC/BTCD exchange rate calculated?
This exchange rate was determined by adding a 50% bonus to the daily closing price average of August. That is the previously mentioned 0.00532074 BTC per BTCD.
However, because of the way ICO is structured, it would be profitable to sell your BTCD at the 0.0053 rate in order to take advantage of the early bird bonus (for example, 25% in the first day). Thus the BTCD/BTC exchange rate will probably be lower at the start of the ICO then it will at the end.
The following was calculated based on the BTC bonus:
- Oct. 15 - 25% bonus = 0.00425 BTC/BTCD
- Oct. 16-22 - 20% bonus = 0.00443 BTC/BTCD
- Oct. 23-29 - 15% bonus = 0.00462 BTC/BTCD
- Oct. 30-Nov 5 - 10% bonus = 0.00483 BTC/BTCD
- Nov 6-12 - 5% bonus = 0.00506 BTC/BTCD
- Nov 13-20 - 0% bonus = 0.00532 BTC/BTCD
Of course, with these prices the revenue asset is not priced in, as its value is subjective. This will probably cause some small price fluctuations as it seeks a fair value under the free market. However, it is safe to say that the prices above are the ‘floor’ and anything below them would grant you a bigger ICO bonus than the actual bonus you would get from BTC.
When does the swap begin?
The swapping process will take place two weeks after the ICO ends. The BTCD coins can be swapped over the course of one full year.
What is the ‘revenue asset’?
For BitcoinDark a certain revenue share was promised from the various projects that compose the overall SuperNET ecosystem. Those revenue shares won’t migrate to Komodo. Instead, the BTCD holders will get an extra asset that will inherit those revenue streams.
The asset is entitled to these revenue streams:
- 5% of InstantDEX profits
- 5% of SuperNET profits
- 5% of crypto777 profits
After the ICO is over, a snapshot of the BTCD blockchain will be taken. Then after the Komodo blockchain supports assetchains that information will be used to create a new asset. A BTCD private key will be required to prove that you had BTCD during the snapshot.
Where do I have to hold BTCD to get the revenue asset?
As you may know, there are currently three places where you could store your BTCD:
- in your own BitcoinDark address,
- in your own NXT address as SuperBTCD (because of the MultiGateway),
- in an exchange (like Poloniex).
We urge you to hold your BTCD’s in a wallet under your full control, meaning that you have the privatekey. The snapshot will happen ~1 week after the ICO ends.
The snapshot itself is automatic. After the snapshot is taken — and you have the privatekeys in safe place — there is nothing else to do. One day there will be a new assetchain that you have coins in. However, gaining an access requires your BTCD privatekey.
- Do not hold your BTCD in a NXT wallet!
- Do not hold your BTCD in an exchange!
- Keep your privatekey safe!
Where do I have to send my BTCD to get KMD after the ICO?
The swapping process will begin two weeks after the ICO ends — or one week after the snapshot has been taken. We will post a redeem address to send in the BTCD.
We urge you to hold your BTCD’s in a wallet under your full control, meaning that you have the privatekey.
- Do not hold your BTCD in a NXT wallet!
- Do not hold your BTCD in an exchange!
- Keep your privatekey safe!
Do I get both: the revenue asset and Komodo coins?
Yes, every BTCD holder will get both Komodo and the revenue asset.
One week after the snapshot the swapping will begin. It is not even possible to do the swap before the snapshot.
When will the mainnet launch? When can I trade KMD?
The mainnet will be launched two weeks after the ICO ends. You are able to swap your BTCD before the mainnet launches. We will ensure that everyone will have their KMD ready at the launch.
Might there be more asset dividends for NXTventure from new projects, or an allocation of KMD for NXTventure?
The thinking is the latter, but only up to a small percentage of the amount raised. If the Komodo ICO is a success, then it won't be a big deal due to the relatively small value of NXTventure.
If not enough funding comes in, then at least there could be a liquidation distribution of its contents, or maybe it can stay on the shelf and be resurrected if we get the resources to manage it.
So, what's the future of BTCD?
Because jl777 will be focusing on Komodo development, the BTCD will have no developers left. jl777 joined the project in midway and it currently has no funding.
So we could say BTCD becomes Komodo, but technically the BTCD chain will remain intact (as this is not a fork).
Everyone is encouraged to swap to Komodo. Komodo is the BTCD 2.0!
Why did we not start Komodo coin with snapshots just like NXT did?
If we would have done that, then the BTCD price would have huge price volatility, and at the end of the snapshot the BTCD price would be close to zero. It would give nice profits to the day traders, but the casual BTCD holder would probably not be too happy.
We want a stable price for the ICO and an equal chance for everyone to participate. With a swap, there is also enough time for everyone to get the Komodo tokens as they have one full year to redeem.
Why 30 000 max BTC? Why couldn't we make it lower so BTCD holders are not diluted so much?
In order to limit dilution, a cap was established. The more funds are raised, the more Komodo is able to achieve. If we reach the goal of 30 000 BTC the platform will also have enough funding to ensure future development and promotion.
In order to fund the notary nodes, Komodo will need initial funding. If BTCD was swapped and no funds were gathered, Komodo would have no funds to launch its new consensus system. We are allowing our community to grow and for new investor to enter the scene, which adds value to the cryptocurrency itself.
The primary use of funds is for the dPoW consensus system implementation. In order to secure Komodo blockchain, the Bitcoin transaction fees must be paid. Capital is also needed to ensure there are enough high capacity nodes around the world. Eventually, the system will become self-sustaining, as other coins will use Komodo to get the benefits of dPoW.
Ideally we can recruit half a dozen high caliber C devs for continued enhancement of the tech, along with a similar number of GUI devs. We will of course manage with less, and we probably have to. Meeting the funding goals would allow us to do rapid development beyond the features we have announced.
What is the timeline again?
Oct. 15 - 25% bonus for BTC investors
Oct. 16-22 - 20% bonus for BTC investors
Oct. 23-29 - 15% bonus for BTC investors
Oct. 30-Nov 5 - 10% bonus for BTC investors
Nov 6-12 - 5% bonus for BTC investors
Nov 13-20 - 0% bonus for BTC investors
ICO IS OVER - no more BTC can be invested
Week 1 - BTCD Snapshot
Week 2 - BTCD to KMD swapping begins
Week 2 - Mainnet launches
2017 - after one full year, no more BTCD’s can be swapped
How do I send my BTCD to a local wallet?
A complete guide will be published soon.
Anyone else having issues registering at the site for the ICO? I registered and confirmed my email, but when I go back to login, it says... "Email Not Registered" ... any insight?
Nevermind, I see the ICO ended... :(
Thank you for confirming and providing further details on the Komodo project and the BTCD swap! :)
No problem! We will do our best :)
Is the btcd still continue recieving the
5% of InstantDEX profits
5% of SuperNET profits
5% of crypto777 profits
If they stay with btcd not doing the swap?
If you hold BTCD at the time of the snapshot, it doesn't matter what you do with your BTCD afterwards - you still get the asset.
That means that even if you don't swap to KMD (although we highly recommend you to do so) you will receive the new asset.
The new revenue asset will receive all those revenues, while BTCD or Komodo will receive nothing.
This is wonderful information but I still need to know after I deposit BTCD to my BTCD wallet how long does it take to turn into KMD after its deposited, and will that KMD appear in my BTCD wallet?
Komodo is now available at CoinSwitch. It can be purchased from https://www.coinswitch.co/exchange/btc/kmd/0.1
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