How we‘re using Komodos technology to create our Asset Chain.
By: Ø Crypto Union
Tags: Ethereum, Blockchain, Komodo, Assetchain, 51 Attacks

“If you want to build a decentralized Uber and Lyft on top of an unscalable Ethereum, you are screwed. Full stop.” Vitalik Buterin

Why Komodo? How we get there?

A series of events which include a memorable failed demo of our Platform build to finance SME in front of Ivory Coast Gov. officials, convinced us of the scalability issues of the Ethereum network, thanks to the Crypto kitties.

Not too long later, during the summer 2018, @ludom from Indénodes, investor and board member of OCU took the time to sit down with us and initiate us to Komodo, its history, community and features.

Fall 2018, Adli, our partner and Chief Strategic officer, forecast that 2019 would be a year of painful 51% network attack.

This is when we decided to make the change to Komodo Platform.

What is OUR?

OUR is a Security token representing the ownership of Ø Crypto Union (Genevieve & Cie LLC). A financial establishment building Financial solutions, products, and insurance using blockchains features and capabilities.

Asset Chain configuration

The chain will have an initial supply (AC_SUPPLY) of 100M, equivalent to our current chain on Ethereum: GXE.

We will use it partially in Proof-of-Stake to reward loyal shareholders. (ideally 92.3% POS and 7.77% POW thanks to the AC_STAKED function). The rewards will be 14.78310502 OUR per block, which corresponds for the first year to 7.77% interest.

We will also reserve part of the money creation (0.077% via AC_PERC) for our development fund, which may eventually become a community fund in the future.

Crypto-Conditions

It’s “a mechanism that allows smart contracts to be developed on top of Bitcoin-protocol-based blockchains”. There are several CC* (Crypto-Conditions) that can be used on Komodo. We will focus here on the two that we‘re planning to use.

CC-TOKENS: “It enables core-asset support for the on-chain creation of colored coins, also called tokens. The functionality is facilitated by utxo technology. Tokens can be generated on any chain where the ac_cc is enabled.” It will potentially be used to create other assets on top of OUR.

The CC-ORACLES is useful for making off-chain data available on-chain. So it could be used to make conditional transactions for example.

Problems encountered and resolution

To begin, we would like to thank a lot Metaphilibert that helped us create the asset chain and understand all the different technology concepts that composed Komodo platform. From the beginning, we had an iterative approach with Metaphilibert by testing the chains and making sure to use as many features as possible that could be useful to us (in the short, but also in the long term). It allows us to see strengths and limitations of Komodo (and then going up to allow Komodo to improve 🙂)

We’ve noticed several things. Initially, we wanted to make a constant increase of 7.77% per year, but we didn’t find the possibility to do halving that increase rewards. We noticed this with a client error.

Recently we’ve also noticed a bug that doesn’t allow us to use AC_PERC, because AC_PERC is linked to AC_PUBKEY, and this argument was buggy. (Alrighttt is fixing this.)

The overall experience was quite good and we encourage project that aims to find a secured, scalable and open source project to build their projects on to seriously consider Komodo Platform and share our very pleasant journey and experience, we are very proud to call ØCU Home.

Thank you JL.

About Ø Crypto Union:

Join us and find more information on ocryptounion.io and its Komodo Stable coin KSB

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