The clock is counting down for the first dICO (decentralized Initial Coin Offering), a milestone in cryptocurrency history. The Komodo platform will be hosting the Monaize dICO; Monaize being a new age banking platform that will allow companies and freelancers to manage all their banking needs on their mobile phone. Ahead of the dICO, the Komodo team has been at work preparing behind the scenes. As of yesterday, the very first atomic swap using the Monaize token was completed.
According to JL777, “The first MNZ atomic swap just completed. If you look at the timestamps, you will find out some interesting things.” The timestamps are available here. These atomic swaps will be the method in which users will invest in the dICO on November 10.
Polycryptoblog, Komodo’s community manager, had this to say about the first MNZ atomic swap:
“The Monaize dICO launched on the Komodo Platform revolutionizes many previously centralized features found in cryptocurrency, from decentralizing the exchange, allowing participants to get involved privately through a decentralized mixer and the use of cross chain atomic swaps to decentralize the liquidity offered to a new altcoin. The first atomic swap of MNZ is another milestone bringing us one step closer to the finishing line.”
After the first swap was made, other Komodo staff replicated the swap. While the speed of the swaps may differ with each user’s internet speed, the average is just over 30 seconds. Furthermore, JL777 also added code into the dICO that allows tokens purchased using KMD to get a discount at 20%. Centralized ICOs, hosted on a website, are usually sent to ICOs investors manually or distributed via Ethereum smart contracts. The difference here is that the discount for early bird investors is within the code for the atomic swaps itself.
According to JL777, lead developer of the Komodo project, the building blocks for the first dICO are on schedule. In fact, next week the Komodo team will be conducting a test dICO in order to ensure the dICO will run smoothly. In order to test the system, users will be encouraged to buy as much MNZ as possible. The idea behind this is to find and fix issues and ensure whale investors cannot game the system. The users that buy the most MNZ in the test dICO will receive 1 BTC for their efforts, collectively.
The biggest challenge, however, is the Graphic User Interface (GUI) which needs to be ready for the upcoming dICO. According to JL777, the current GUI is doing successful atomic swaps. The GUI for the test dICO will be available in the superNET slack once it is ready. While the GUI is set to be ready before the November 10, there are jobs still available within the Komodo camp for more GUI developers for other parts of the Komodo eco-system.
While there is still much work to be done before the deadline, the Komodo team are confident the dICO will be ready in time. If all is successful, we will see the very first dICO in cryptocurrency history. Even as a spectator, this is very exciting, for it may well give us a glimpse into the future of ICOs and cryptocurrencies in general.
— $KMD (@KomodoPlatform) October 3, 2017