Small guide to Supernet - v0.9

"In Crypto, the competition is not each other, it is fiat. If any Crypto does well, we all benefit."
--Jl777

What is Supernet?

Supernet is a decentralized platform that acts as a middleman between different cryptocurrencies. It offers seamless and smooth interoperability and a common framework of development between several blockchain technologies. As a user you have access to all their innovations from one place.

Is Supernet a coin?

No, it isn’t a coin but it also includes a coin, Komodo, among its many components.

Does Supernet want to replace Bitcoin?

No! Supernet doesn’t want to replace Bitcoin or any other coin. Quite the contrary, Bitcoin plays an essential part both as the main crypto unit of account and for securing the whole system with its hashrate. Supernet helps Bitcoin and the whole crypto ecosystem by uniting them in a common framework that leverages each other strength and specialization. Any supported coin can easily make use of each other features or use additional services built on top of the platform.

What are the goals of Supernet?

The first goal is to to unite the fragmented crypto ecosystem against its true enemy: fiat money. The second one is to solve the main bottlenecks of crypto: scalability, speed, privacy and price stability.

How does Supernet achieve such goals?

With a combination of features that create a decentralized platform like no other:

• Supernet uses Bitcoin hashrate to protect less secure coins, thanks to the delayed-PoW consensus mechanism of Komodo. Bitcoin is by far the strongest and most secure coin, but it’s slow to evolve. dPoW allows Bitcoin to continue its slow pace, while allowing an entire ecosystem of innovative crypto solutions to benefit from its PoW expenditures.

• Supernet, thanks to dPoW and Iguana, creates a network of Bitcoin-secured chains that can do atomic swaps with each other. This allows anonymous, instant, decentralized exchange between all supported coins/assets against any other supported coins/assets. “Liquidity Provider” nodes further reduce the friction of these cross chain swaps and they can also interface with centralized exchanges.

• Supernet uses Komodo to allow 100% untreaceble transactions with Z-Cash Zero Knowledge proofs. This is the best possible technology to protect people from losing all their privacy. Transactions are fully secured by Bitcoin hashrate thanks to dPoW.

• Supernet will use Pax, a decentralized pegged assets system without counterparty risk. Assets can be pegged to the main fiat currencies, commodities and stock market indexes. Pax enables locking funds to avoid price volatility or betting on short term market movements or longer term investing.

• Supernet will remove the problem of blockchain bloat thanks to a very effective pruning technology, called Lchains, that makes pruned nodes secure and as 100% verifiable as full nodes.

• Supernet will include a decentralized poker game that uses provable random numbers and also a decentralized betting systems that allows individuals to make escrowed bets directly between each other. It will be designed to support P2P sports betting and casino games.

• Supernet allows for developers to build more services on top of it, like datachains, smartchains, privatechains, plugins, AI technology, games, marketplaces… many different solutions and specializations can be handled by the common framework.

What is Iguana?

Iguana is a new Bitcoin and multicoin wallet that serves as unified codebase for the Supernet platform. It has been written from scratch in C and it’s the first multicoin parallel syncing bitcoin protocol daemon, including RPC, that compiles to 2MB. It can synchronize at the max speed allowed by your internet connection and run 10+ coins all at the same time. Full Bitcoin synching (75GB) takes about one hour on top end machines. Coins can also be run in lite mode (basilisk mode) without blockchain download. Iguana will be available natively for all OS systems and in lite version for mobile or Chrome app.

How many coins does Iguana support?

The first release will support Bitcoin, Bitcoindark and many bitcoin rpc compatible coins. At this time Anoncoin, Bitmark, Carboncoin, Digibyte, Dogecoin, Earthcoin, Franko, Gamecredits, Komodo, Litecoin, Mazacoin, Namecoin, Syscoin, Unobtanium, Viacoin, VPNcoin, Zcash and Zetacoin are either working or in testing. More will probably be added before release. Coins that made substantial changes from Bitcoin and coins based on original code will require specific tweaks and will be added in next versions.

What is Bitcoindark?

Bitcoindark is a privacy centered coin that was expected to be used by Supernet for some important features. Bitcoindark will still be included in the first release of Iguana but it’s going to be gradually phased out and fully replaced by Komodo. Thus references to Btcd in Supernet related articles must be considered as pertaining to Komodo for the same purpose.

What is Komodo?

Komodo is the successor coin of Bitcoindark. It is a privacy centered coin with Zcash technology and a new delayed-proof-of-stake (dPoW) consensus mechanism that uses Bitcoin hashrate to secure itself and other coins. Like its predecessor, Komodo will also serve as basis for the pegged asset system and all other Supernet features that were previously relying on Bitcoindark. The Ico for Komodo starts on october 15.

When is Supernet going to be released?

After two years of tireless work a minimal version of Iguana is expected to be released by october 2016. This is a basic version with just send/receive functions. Komodo is probably going mainet a few weeks after the end of the Ico, in december.

What is the timeline for the release of a fully featured Supernet?

This is a huge project with many long term goals and it’s hard to make predictions. James (jl777) has written over 100k lines of code in the course two years and he had also to overcome many external obstacles while doing so. By far the greatest work has been the creation of a new optimized bitcoind implementation in C that is now Iguana. The other features have been coded at least at alpha stage, now they will need to be revised, updated, implemented and debugged for good. After Iguana release the focus will move on the integration of Komodo and on the decentralized exchange. Then it will probably be the turn of Pax. Then poker and betting. Some features need that others be implemented first. While other features are less a priority. At the same time more coins will be added and some will require dedicated work. The funds collected by the Ico of Komodo will be used to hire more C developers. With help available the development is expected to greatly accelerate in the course of 2017 and James will be able to focus on deep issues and new features.

Who is James?

James, known as jl777, is the anonymous mind behind the Supernet project, an extremely gifted C developer with financial experience and a clear vision for the future of crypto. His advices are often sought after from other crypto projects and he has collaborated, among others, with Nxt, Iota and Waves.

There is a coin that I’d like to see supported by Supernet, what can I do?

You should ask the coin dev to get in touch with the Supernet community and test if the coin api work with the current code. Theoretically all bitcoin compatibles should work, other coins may require minor tweaks in the code and developers are encouraged to test and look for appropriate solutions. Coins with original codebase will require further improvements.

Ok, how do I invest in it?

The first way to invest is buying Komodo by partecipating in the Ico that starts on october 15. Komodo is the Zcash based coin of Supernet that protects other coins with Bitcoin hashrate. Beside its uselfuness, Komodo could enjoy more price pressure by its usage in many Supernet features and especially the pegged assets system that require temporary “burning” of an equal value. Komodo holders will also enjoy a 5% yearly stake revenue untill it reaches the max supply of 200 million units.
Another way of investing is buying the assets related to specific Supernet features. Like “Supernet”, “SupernetX2”, “InstantDex”, “Crypto777”, “Pangea”, “Privatebets”, "jl777hodl", etc... Assets can be bought on the Nxt Asset Exchange or with OTC trading. “Supernet” asset is also available on Poloniex under the name “Unity”. Nxt was an essential component of the original Supernet project but strong disagreements led them to part ways in 2015. Assets are expected to be moved to their own assetchains on top of Supernet as soon as this feature will be available. Assets will probably take more time and volume of usage before they pay steady revenue but they are also cheap from the point of view of longer term investing. This infographic explains the relationship between them. Some assets like “mmbtcd”, “mynxt”, “freemarket”, “cryptocard”, “skynet” are third party projects that use Supernet and need further due diligence.

Useful links?

The best way to stay updated with latest developments is by joining the Supernet Slack, channels #iguana #btcd

http://slackinvite.supernet.org/
http://www.supernet.org
http://coremedia.info/index.php/supernet

Komodo
https://komodoplatform.com/
https://bitcointalk.org/index.php?topic=1605144.0
https://github.com/jl777/komodo

Code&documentation
https://github.com/jl777/SuperNET
http://docs.supernet.org/