Komodo is a privacy oriented and centric cryptocurrency.
It promises a faster, harmless and of course decentralized cryptocurrency with its own established ecosystem.
Komodo’s very isolated development team puts a strain on the concept of autonomy with its platform from the point of view of both users and developers, so that access to Komodo receives special attention.
The system of this currency allows crypto users with average equipment to compete with expensive, specialized devices such as Application-Specific Integrated Circuits (ASICs).
What is Komodo?
Some people say that Komodo is merely a further development of the similarly focused Bitcoin Dark. So they think a renaming makes sense. A name change, however, would mean major changes to the product website, logo, and other identifying information.
This crypto currency is relatively new on the market. It was released from 15 October 2016 to 20 November as part of an ICO. 100 million coins were sold during the ICO. Another 100 million coins will be distributed through mining with a proof of work algorithm.
The Komodo platform will continue to be the bridge between Ethereum and Bitcoin after the implementation of Etomic.
How does Komodo work?
There are several features that explain in detail how Komodo actually works today. Every second the team focuses on expanding it to increase the gaps between the blockchains, so here are some of the explanations about it to better understand it.
Privacy and security are the foundational features of the Komodo platform. At the first beginning, the project inherited ZK-Snarks privacy from Zcash (ZEC). Then, Komodo’s founder James has developed its security solution, the ´Delayed Proof-of-Work´ (DPoW) algorithm, which essentially takes snapshots of the Komodo Blockchain and inserts them into Bitcoin’s chain every 10 minutes.
Thanks to the recorded snapshots, the Komodo blockchain can be restored at any time. It is considered a successful counter on the KMD blockchain, requiring simultaneous overloading of BTC and KMD chains. Such a standard represents the highest level of security in the industry.
Komodo gives developers an unprecedented level of autonomy and control. It provides a completely independent blockchain with its own infrastructure that can remain unaffected by events on the Komodo main chain. This is achieved by parallel chains that function through a separate copy of the Komodo blockchain.
All new parallel chains are secured with the same PoW consensus mechanism. To break Komodo’s parallel chain, an attacker must completely overwhelm the Bitcoin network, Komodo’s chain, and the parallel chain. This allows developers to take advantage of an independent blockchain with its common and dedicated network and predictable performance without additional risk.
Komodo is currently developing its own decentralized exchange called Barter DEX. The exchange is operated by ´Atomic Swaps´, of which it has already concluded over 100,000 successful swaps, the exchange offers the following:
- Liquidity multiplier
Place several orders simultaneously for many different coins with the same means.
- Light Swaps
Electrum servers are used, so no blockchain download is required to use our Exchange.
- Decentralized order placement
Orders are placed via a secure and decentralised order matching order book.
- Atomic Swaps
The Atomic Swaps allows you to trade crypto currencies directly in your own private wallet.
Komodo’s decentralized exchange Barter DEX is basically located at the center of the ecosystem, serving as an intersection between all chains. Unlike other DEX’s that use proxy tokens, BarterDEX is operated by Atomic Swaps. The goal of the exchange is to create the largest Atomic Swap network that includes the parallel chains in the Komodo network and all external block chains.
According to the project developers at the time, they had previously successfully connected 95% of all block chains, including most projects based on the Bitcoin and Ethereum protocols.
Since the decentralized platform offers many functions, here are some of the best known use cases:
- Decentralized Initial Coin Offering (dICO)
The Komodo ecosystem is the decentralized Initial Coin Offering (dICO) that solves known problems and even opens up new opportunities for the crypto currency market. The decentralized nature of the dICO allows the entrepreneur to publish a blockchain product outside the reach of a malicious third-party vendor.
Furthermore, through decentralized exchange, the dICO enables BarterDEX, an entrepreneur, to release his product in a way that mitigates and even eliminates many of the problems related to whales, hackers and human error.
Jumblr is a Komodo technology that allows users to make their cryptos anonymous, at the basic level that Jumblr does not take private funds from a transparent (not private) address, but moves the funds through a set of private and untraceable zk-SNARK addresses that interrupt the currency path and make the funds anonymous, so that the funds are returned to a new transparent address of the user’s choice.
Through a networked Komodo technology, BarterDEX, Jumblr can offer this service not only for Komodos native coins, KMD, but also for any crypto currency associated with the Komodo ecosystem.
- Komodo Technology
The Komodo Blockchain network is based on Atomic Swap technology. It allows users to exchange any crypto currency connected to BarterDEX (Komodo’s decentralized exchange) for secure peer-to-peer transactions. Entrepreneurs can create new independent blockchains through the Iguana Core by entering two simple commands into their computer’s command prompt, so they can even encode new rules within their new blockchain.
Delayed Proof of Work (dPOW) is Komodo’s consensus mechanism that notarizes the blocks of the block chain, and this is done by changing the regular protocol to Proof of Work, which ensures total immutability. The transactions are secured by the authentication of 64 pre-selected notary nodes, which extends the security layer by preventing an attack with modification of the Komodo transaction, since this Bitcoin blockchain must be modified, which is impossible.
Advantages and disadvantages of Komodo?
Komodo offers stability when it comes to crypto currencies: although it may not have the same appeal as Bitcoin, it has a large number of users who are willing to promote and support it.
- The code
With its delayed proof-of-work protocol, which improves the Zcash code, Komodo is virtually invulnerable to even the most persistent hacker attacks.
Even if other crypto currencies distance themselves from the ideals of decentralization, Komodo remains true to the principles of digital currencies, and changes within the Komodo platform can only take place if the entire community is on board.
The disadvantages of the Komodo network are among others:
There are several projects that compete with the various aspects of the Komodo platform: Many of Komodo’s competitors are well known in the crypto currency market and will make it a challenge for the coin to gain market share.
Marketing for Komodo is not as strong as for other crypto currencies: Komodo could gain more traction and acceptance in the market if it could market itself and its functions better.
All in all, Komodo offers a strong platform designed to withstand hacker attacks. In combination with the decentralized approach of its platform, it is an interesting platform for developers and users. Komodo needs to intensify its marketing game to attract these users.
Despite all the similarities that some users mention about Bitcoin Dark, the Komodo team is successfully realizing reality as the main component of what they offer the public, considering the speed and security the crypt promises.
However, there is still a long and greater effort to promote the most popular cryptos on the market, and their supporters firmly believe that this year can make huge strides through the coming events, all depending on how the public in general will deal with it.
What is Komodo?
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