Komodo Notary Node Candidacy from Marmara Chain Community

Komodo has a very nice and innovative technology developed to secure any blockchain against 51% attacks. It is called delayed Proof of Work, shortly dPoW.

Komodo’s delayed Proof of Work (dPoW) mechanism recycles the hashrate of the Bitcoin network to protect all integrated blockchains an equal level of security. This is made possible by storing backups of individual blocks onto the decentralized ledgers of other blockchains, including Bitcoin itself.

This process of storing backups of individual blocks onto another blockchain’s ledger is called notarization. Komodo’s decentralized network of 64 Notary Nodes carries out the technical work required to successfully complete notarizations. Each year, the 32 top-performing Notary Nodes are automatically re-elected to reward diligence and ensure continuity in the peer to peer network. The other 32 Notary Node positions are decided at the ballot by the Komodo community in an annual stake-weighted election.

As Marmara Chain Community, we have decided to be one of the candidates in the other 32 Notary Node positions. We will be applying from the Blue (AR) region shown in Figure 1.

Komodo Notary Node (NN) Proposal

I propose our candidacy as Notary Node (NN) on behalf of Marmara Community. We are planning to manage Notary position in or nearby a Technopark either Marmara University or Technopark Istanbul for which we had already signed a protocol to establish Komodo offices.

We intend to spread end-to-end solutions of Komodo technologies to a very large audience and make Marmara Region a blockchain hub not only in Turkey but also in the middle-east region.

Our adventure with Komodo started more than 2 years ago when we started seeking the best technology to solve the greatest problem in post-dated cheques and promissory notes which are simply analog blockchain existing as papers in Turkish economy. This problem is known as non-redemption.
They both do not only comprise nearly the half of GDP in Turkey but also in economies such as India, Middle East, etc where trust is a common culture in the society.

We form a community called Marmara taking the name from Marmara Region which alone makes up approximately 40% of GDP in country.
It took more than 1 year to develop the ideas on how to setup a blockchain version of sysytem that solves the the greatest problem, i.e. non-redemption and we know that without Komodo technologies and of course legendary leader James Lee those could not be implemented at all.
We made the first PoC’s with the codes developed by JL777 himself and tested among hundreds of students and some blockchain enthusiasts.
After so many tests we started the mainnet for Marmara Credit Loops Version 1 on 17th January 2020 as an event at Marmara University.

Why Candidacy for Notary Node?

The complexity and nature of Marmara Credit Loops requires our Marmara community get involved in many parts of end-to-end solutions in Komodo technologies including hardware and software. We need to integrate many services into Marmara such as Pegs requiring use of stable coins. These will require us to establish an educational center for developing Komodo way of Smart Contracts known as Crypto Conditions.

We strongly believe that Marmara community should and will be competent and strong to get involved in many potential projects in the near future by having talented people in Crypto Conditions, Smart Contracts by Komodo.
We want to establish a center for teaching Komodo way of developing smart contracts by using CC Technologies for this purpose. Notarization is one of the key services for Komodo. Therefore, we feel that our community should be involved in this technology so that we can provide benefits of dPoW to other projects in region.

Of course, all these will be possible if we can get enough votes from Komodo community. We believe that we will get support as before since otherwise would not be possible for us to initate a huge project named Marmara Credit Loops (MCL), involving trillion USD economy in the World.

Prof. Dr. B. Gültekin Çetiner
Marmara University
Faculty of Engineering
Industrial Engineering Department
Founder of Marmara Chain (Marmara Credit Loops)
Komodo Regional Director