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The Monaize dICO Delay is Only Temporary

/ komodo, ico, bitcoin, blockchain, monaize, dico

We’re working hard to get the countdown ticking once again, and it shouldn’t be long.

An Ongoing Journey

We are in the midst of a years-long journey to bring a new form of decentralized technology to The People. For those just tuning in to the Komodo story, the technology we have created is called a “decentralized initial coin offering” (dICO), and we’ve explained it in detail in this earlier blog post.

The ultimate realization of the dICO dream is just around the corner, and last week, together with our partners, Monaize, we had hoped to launch the world’s first dICO.

Progress of this nature rarely comes without its barriers, and such was the case for us at the last moment. During the final few tests, we discovered technical inconsistencies in the simpler aspects of our system. Because we want our dICO launch to be a pleasant user experience, we pressed the pause button on the countdown timer, as we explained in this announcement here.

Monaize dICO

The delay is only temporary, and we are working around the clock with our partners to resume the launch.

For a simple explanation of the delay, simply continue reading below. On the other hand, for a more technical analysis, you may follow this link to the transparency report provided by the technical support team.

The Frontend and the Backend of Internet-based Technology

Before going further, we need to explain two aspects of how technology works over The Internet, just in general.

For the most part, any programming interaction that takes place over The Internet (be it code, or software, or even a blockchain project like Komodo) has a “front end,” and a “back end.”

The “front end” is the stuff that the average user sees — for instance, with Facebook, it’s your grandma clicking the “Like” button on her photos.

The “back end” is the stuff that IT nerds (like us) goof around with — we’re the guys playing with Linux servers in the basement of your corporate headquarters.

In developer circles, the division between the two separate aspects of Internet-based technology has become so commonplace that we’ve made the words “frontend” and “backend” into unofficial nouns and adjectives.

Visualizing The Vehicle That Is “The dICO”

In creating the world’s first dICO, we likewise have a frontend and a backend to our technology.

To visualize these two aspects, it’s easy to think of the backend of the dICO as being something like the engine of a car — you know, when you pop the hood and you see a ton of wires, gears, and other machinery.

Monaize dICO frontend

The frontend could be like the body of the car — with bright red doors, seats, and even cup holders.

You can just take a bare car engine by itself, hook it up to a rough set of wheels, screw on a steering mechanism, and drive off just fine.

In actual practice, if you’re going to build a car that you’d like someone else to use, it’s typical to have the whole thing assembled before you give the “thumbs up.”

In this sense, the process of creating the dICO and turning it over to the public is a bit like creating a car.

Except, unlike a car, a dICO has never been done before.

So, we’re going to modify this simile just a bit, and instead call it a spaceship.

In fact, it’s a highly experimental spaceship at that.

The Engine Runs Just Fine, But the Body Still Needs Polishing

The Monaize dICO is a spaceship we are working with our partners to build, and it’s almost ready for you to take for yourself, and blast off from the Komodo Platform.

But it’s truly a far more technically challenging endeavor than just building a car.

Building the world’s first dICO is complex; things can go wrong, and we want to make sure that the users who take it for a ride will have a pleasant experience.

The engine (or backend) of our spaceship is fully functional. In fact, it’s really working like a charm.

Our engine is fueled by the atomic-swap protocols that the Komodo Platform has pioneered since 2014. This groundbreaking technology is what enables us to remove every single middleman from the trading process.

This technology is the most complex part of what we’re trying to achieve, and it’s already working. They say the “proof is in the pudding,” and so for those technical aficionados out there, you can see for yourself how our backend engine is performing thousands of atomic swaps by observing this Komodo blockchain explorer address. Every transaction you see there is performed by a fully realized atomic swap.

Monaize dICO Swap Nodes

Every transaction is performed by a fully realized atomic swap.

In our opinion, that means that we’re basically in close range of performing a successful dICO.

This backend engine is in fact stable enough that we have tech-savvy community members right now who are freely hooking up their own set of wings and zipping around.

But for the average user — the type of person for whom we’re actually building the Monaize spaceship — the idea of hooking up your own wings is entirely impractical.

Therefore, we also need to create the frontend “body of the spaceship,” and while in theory it’s a lot easier, we’re just not quite ready yet to hand over the keys.

While the frontend was in the process of undergoing some additional testing (performed with the help of our amazing volunteer community), we discovered that a few seats were missing, so to say.

Thank You For Your Patience; We Should Resume Shortly

Naturally, we expect that some people will be frustrated by the delay, and we can empathize with how you feel; to those who have been inconvenienced, we sincerely apologize. We hope you know that we are taking our current course of action because we want to provide you with the best possible experience.

There are also those of you in the community who are long-time supporters of the Komodo team, even in the endeavors that precede Komodo itself; many of you know that unexpected turns such as this are just a natural part of the creative process. We are grateful to you for the incredible loyalty and support you so kindly provide.

Likewise, we have provided and are continuing to provide lucrative bounties (now more so than ever) to community members who are the most active and engaged in helping us to get our dICO launch through these last few steps, so that we can get that countdown ticking once again.

Please reach out to us on Slack if this interests you.

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