Komodo cryptocurrency is a platform that focuses on providing anonymity through zero-knowledge proof and new security technologies. It is based on blockchain technology and uses the new Delayed Proof of Work (dPoW) protocol. Its native cryptocurrency, Komodo (KMD, Komodo), is traded on many exchanges.
Development history and Komodo team
Komodo was developed by a team of programmers led by an unknown person with the pseudonym jl777. He is the lead author of the project and is developing the Zcash protocol. Komodo is a fork of the Zcash network by the SuperNET team and an evolution of the BitcoinDark cryptocurrency.
The list of key project participants includes:
- James "JL777" Lee (head and founder of the project);
- Kadan Stadelmann (Chief Technical Officer);
- Ben Fairbank (Chief Executive Officer);
- Steve Lee (Head of Marketing);
- Mikhail Fedorov (system administrator, IT expert);
- Pbca26 (front-end developer);
- Ahmad Puladzade (Head of Testing Department).
Official website: komodoplatform.com.
Where to store cryptocurrency
The Agama wallet is used to store Komodo. Download it on the official website of the currency in the “Wallets” section. There are versions for 64-bit Windows, MacOS or 64-bit Linux.
Run the downloaded installer, select the appropriate one from the available interface languages. Continue the installation following the wizard's prompts. This shouldn't cause any difficulties.
Follow a few more simple steps:
- Launch Agama and click Create New Wallet.
- For the currency we are interested in, select the first wallet option.
- Copy the Wallet Seed that appears on the screen to a safe place. This set of words is necessary in order to gain access to your wallet in the future. Then copy the same text into the Confirm Wallet Seed field and click Register. Confirm that you have saved your code by clicking the Yes button.
The wallet is multifunctional - it has a built-in exchange, an anonymizer and support for different types of coins.
Description of the goals of the Komodo project
The SuperNET team has also developed a set of custom tools that will be used within the Komodo platform. This will create a full-fledged ecosystem with features such as decentralized trading and mixing.
Essentially, Komodo is a descendant of Bitcoin’s block technology, its second generation. It focuses on providing anonymity through zero-knowledge proof (zkSNARK) and security through the Delayed Proof of Work (dPoW) protocol. The latter takes advantage of the hashing power of the Bitcoin blockchain.
The platform also allows you to run your blockchain-based platform with ease. It has five key components integrated into it, making it the best choice for developers.
Agama
Multi-letter wallet for cryptocurrencies. It is currently under development and will have many unique features. Agama Wallet will allow users to send and receive a variety of digital coins with the ability to switch between security modes.
It plans to integrate tools such as DEX (decentralized liquid cryptocurrency exchange) and PAX (pegged asset exchange) for digital currencies. Cryptocurrency exchanges will be able to carry out atomic swaps.
Barterdex
A decentralized exchange on the Komodo platform that implements atomic swaps on SPV (Simplified Payment Verification) and its own (standard) client. The authors of the project claim that this will make their platform the best in terms of functionality for the decentralized exchange of altcoins and other digital assets.
Jumblr
Uses the anonymous functions of zkSNARK to provide a service that is more efficient than similar centralized services. It does not require users to trust any intermediary with their coins. It is built into Komodo and does not require a centralized server to operate.
Assetchains
These tokens are used as cryptocurrencies, including for storing data on the blockchain. They are different from the intermediary token system used by other platforms and are independent block assets.
Chips
This is an internal component of the Komodo project. The chips are considered the only coin that enables Segwit and the Lightning Network (LN).
Description
Komodo appeared on the Zcash platform after a fork of the Bitcoin network. The platform's main focus is to provide top-notch privacy and better security to the decentralized network.
The project was built to correct the shortcomings of previous cryptocurrencies such as Bitcoin and Zcash. It is an open source platform that allows for fungible, transparent and private transactions.
The vision of the platform is to create a healthy ecosystem of users to design a healthy environment that would facilitate easy understanding and access to the blockchain.
The coin uses the Delayed Proof of Work algorithm to support its security network. This algorithm is the reason why the platform is more secure than many other platforms as the transaction is secured.
By using the zero-knowledge protocol, which is a product of the Zcash network, privacy is ensured as it gives users the ability to choose whether to display their transaction details or not.
Komodo offers users a platform to distribute, market or showcase whatever they want as the platform preaches freedom.
This freedom is the reason why the platform is easy to use. This allows entrepreneurs and blockchain investors to freely use this cryptocurrency.
This feature has made it a proven project to invest in. Investors can trade cryptocurrencies using a decentralized exchange - that is, trading cryptocurrency with another person. This exchange depends solely on atomic swap.
Creation of decentralized applications is possible on the Komodo blockchain. The platform also provides users with a decentralized initial coin offering protocol that allows crypto experts and developers to create an ICO that is highly transparent and private at the same time.
Investor profiles can be hidden for privacy purposes, allowing coins to be distributed and issued without the intervention of any third party.
The Komodo Whitepaper states the following:
Komodo Platform has developed a new scaling solution that delivers more transactions per second (tps) than any other existing blockchain project. We have developed an innovative solution that has already achieved over 20,000 tps. In the first public test on May 16, 2020, it withstood an average of 19,500 tps for 14 minutes. Komodo's scalability technology can handle much more. It is theoretically possible to achieve 1 million tps or more with the appropriate infrastructure. We are currently working to obtain the equipment needed to conduct a large-scale test. Komodo is on its way to 1 million.
Project partners
Amazon Web Services (AWS) partner
Komodo and AWS are collaborating to demonstrate the ability to process 1 million transactions per second.
Overview of the features and benefits of the Komodo ecosystem
The Komodo platform has a number of advantages and unique features that distinguish it from other cryptocurrency projects.
Safety
Security in Komodo is achieved through the dPoW (deferred Proof-of-Work) protocol and verified nodes. At Komodo, every transaction receives the same level of security. An additional level of security is provided by network nodes that are elected by KMD token holders through voting. This node ensures that the chain attached to Komodo remains intact and also helps reduce mining difficulty.
Atomic swaps
Komodo
Komodo (KMD) is secure and private money with a built-in gateway to 32 independent Komodo currencies. The platform will provide smart contracts and blockchain-based solutions for the cryptocurrency industry.
Komodo is not a part of Zcash (ZEC).
The project is a fork of Zcash. The dPoW (Delayed Proof of Work) consensus was built on top of the open source Zcash project to protect third-party chains by notarizing data on the Bitcoin blockchain.
Rate as of 08/14/2020
- Rate:
0.825565 USD - Symbol:
KMD - Rating (CMC):
104
Algorithm
In this post, however, we intend to focus on Zcash. In order for you to understand how Komodo can change the nature of cryptocurrencies, we should first introduce you to its parent coin.
What is dPoW?
Delayed Proof of Work is a hybrid of two consensus-forming systems. Komodo has two mining levels and two separate proofs of work (PoW). To form dPoW, you can combine Proof of Stake (PoS) and PoW.
In conventional cryptocurrency mining, such as Bitcoin mining, the security of the blockchain is verified and ensured by nodes on the same peer-to-peer network. However, each level of Komodo has its own unique network with its own set of nodes.
The first network consists of what can be called ordinary nodes. They collect transactions and record them on the Komodo blockchain through Proof of Work consensus. The second network has 64 nodes, which we call notary nodes.
Notary nodes, in addition to finding blocks and recording transactions on the Komodo blockchain, take verified blocks on the Komodo blockchain and, as their name suggests, notarize or imprint them on the Bitcoin blockchain. This provides the coin with a second level of security.
By using PoW as the initial consensus mechanism, it is easy to ensure that if notary nodes malfunction, the network can make a smooth transition from dPoW to decentralized block creation via PoW.
Confidentiality
With Komodo you can choose between transparent and anonymous transactions. The technology, called zk-SNARKs, hides the sender, recipient, and amount of the transaction.
Safety
Komodo has Bitcoin level security. Through our new consensus mechanism, all Komodo transactions will be confirmed by the Bitcoin hashrate after each new Bitcoin block is found.
Stability
Komodo is the gateway to 32 stable Komodo currencies. Each participating currency has its own independent blockchain and is tied to the local fiat currency.
Agama Wallet (first beta version)
An advanced wallet with built-in multi-coin support, a decentralized exchange and a cryptocurrency anonymizer. For now, only the first beta version is available. For daily KMD transactions, we recommend using the Komodo Swing wallet.
Swing wallet Komodo
Regular Komodo wallet. Does not include advanced technologies and is therefore currently more secure than the Agama wallet. Recommended for use until work on the Agama wallet is completed. Don't forget to backup your wallet.dat file.
The Komodo platform will help the cryptocurrency space evolve and thrive by providing security to third-party blockchains, empowering applications with privacy features, and providing the means to achieve price stability in peer-to-peer payment services.
With zk-SNARK, Komodo makes anonymous transactions possible.
Privacy built-in
Anonymous transactions will be encrypted on the blockchain using zero-knowledge proof. No one will be able to know who sent the transaction to whom, and what its value is. Transaction metadata is encrypted and a zero-knowledge proof construct called zk-SNARK is used to prove that there are no double costs.
Blockchain Security
The Komodo blockchain achieves Bitcoin-level security through an innovation called delayed Proof of Work (dPoW). The Komodo platform notarizes its blockchains on the Bitcoin blockchain. In addition, the Komodo platform can provide the same level of security to any other third-party blockchain. In this case, notarization is carried out on the Komodo blockchain.
Komodo currencies
Komodo coins can be converted into 32 different Komodo currencies. These currencies are pegged to local fiat currencies and thus maintain a stable value. Each currency has its own blockchain, and in this regard behaves like any other cryptocurrency. Komodo currencies easily integrate into existing blockchain infrastructure and can serve as an entry point into the world of cryptocurrencies.
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Komodo makes it easy to transfer funds between user wallets without any security risks.
Related assets
The platform allows developers to connect their trading assets to fiat money to stabilize them. Purchasing assets with stable currencies reduces the volatility of their exchange rates.
Multiwallets
The Komodo platform offers a variety of wallets to its users and developers. These wallets can be downloaded on every available operating system. In addition to desktop wallets, Komodo also provides a paper wallet with offline encryption functionality. It is compatible with hardware and software wallets.
Komodo's main goal is to decentralize tokens, their issuance, exchange and distribution. The platform is also a platform for decentralized applications and corporate blockchain solutions.
Komodo cryptocurrency
The Komodo project was launched not so long ago, but has already managed to show its reliability and promise. A distinctive feature of this digital money is the Delayed Proof of Work protocol. With its help, notary nodes are created that secure information about Komodo blocks in the Bitcoin blockchain.
In this context, many call the cryptocurrency a fusion of Zcash and Bitcoin, but such a comparison is not entirely correct. This digital money is powered by the Equihash algorithm and uses zero-knowledge privacy technology. It is connected with Bitcoin only by the notarization of the blockchain and the general principles of cryptocurrency money.
Analyzing Komodo, experts highlight the following advantages of digital money data:
- a high level of reliability and security of the system, which has no analogues - taking into account notarized confirmation through the Bitcoin blockchain, entering incorrect data will require hacking both platforms at the same time;
- stable operation of the system with high performance - many, however, associate this aspect with the youth of the project and its low workload;
- accessibility of use, allowing you to work with Komodo from desktop PCs or mobile devices;
- anonymity and confidentiality - the use of one of the most promising mechanisms in protecting user privacy;
- Potential – Komodo cryptocurrency is positioned as a means of payment for purchases, but the platform can easily adapt to the introduction of new ideas and technologies.
Key Features
Against the background of general characteristics, three main technologies should be highlighted that make Komodo a promising and, to a certain extent, unique development:
- improved Zcash algorithm - the developers not only borrowed the source code, but also improved it in certain areas, eliminating a number of vulnerabilities and adapting it for their own development;
- Delayed Proof of Work protocol – 64 notary nodes are created, each of which not only participates in mining and confirming Komodo blocks, but also enters information about them into the current Bitcoin blockchain;
- development of the SuperNET project.
The last aspect should be discussed in more detail. The developers point out that Komodo is part of the developing SuperNET platform. This system held an ICO back in 2014, defining its main goal as providing free and secure access to the Internet. The developers of this project set themselves the following tasks:
- creating a multi-currency wallet that supports both this digital money and other cryptocurrencies;
- ensuring direct money trading by eliminating intermediaries and risks;
- mechanisms for stabilizing the rate of cryptocurrencies through their assignment to fiat money.
The introduction of SuperNET will ensure the anonymity of user presence on the network. At the same time, the functionality for using Komodo and many other cryptocurrencies is also expanding, creating safe conditions for their exchange and interaction.
Where to buy Komodo
The KMD token is traded on a large number of exchanges, including:
- Bittrex;
- Binance;
- Upbit;
- BarterDEX;
- Vebitcoin.
At the time of writing, the KMD exchange rate to the dollar was $2.88, to the ruble - 162.21 RUR, and the market capitalization exceeded $299 million. The token occupied 45th place in the cryptocurrency market.
Where to buy KMD
The main option for purchasing KMD is through the Binance exchange, where the token has the largest trading volume - almost $200K. KMD is available for purchase with BTC and ETH.
KMD can also be purchased on the following exchanges:
- Bittrex (KMD paired with BTC);
- Upbit (KMD paired with KRW);
- Cryptopia (KMD paired with BTC);
- HitBTC (KMD paired with ETH).
Where to store Komodo
Different digital currencies have their own compatible wallets, and some wallets can support multiple cryptocurrencies. The list of wallets compatible with KMD includes:
- Ledger Nano;
- Agama Wallet (official);
- Komodo wallet.
The official wallet, developed by the Komodo team, has a built-in exchange service and supports other digital coins. It is available for Windows, Mac and Linux operating systems.
A paper wallet allows you to print your KMD address and private keys for a more secure way to store your funds.
Agama is the official komodo wallet
The Agama multi-currency wallet is available for download on the official Komodo website. It is adapted to all computer operating systems – Windows, Linux and MacOS. During the installation process, you can select Russian as the application language.
Figure 8. Download Komodo wallet
For cold storage, the developers offer a “paper” wallet. It is an undeniable fact that all offline wallets are the safest way to store cryptocurrency. When choosing a paper wallet to store Komodo, you need to take care of the safety of your private keys, because an attacker will be able to spend them after gaining access to them.
How to mine Komodo
Storing KMD tokens in a wallet brings an income of 5% per year. The advantage of this approach to cryptocurrency mining is that the user does not need to constantly keep the wallet active or turn off the computer in order to receive a reward. All you need to do is use your account at least once after activating it.
This reward feature is implemented thanks to the new dPoW algorithm. To receive a reward, it is enough to have more than 10 KMD in your wallet. The recommended wallet in this case is Agama Wallet.
Features and Specifications
Komodo is the first cryptocurrency to emerge from the Delayed Proof-of-Work protocol. It has become an important component of the system and is notable for the fact that it operates thanks to a notary node, selected based on voting results. DPoW transfers information from the PoW blockchain to the BTC blockchain. This makes the platform as secure as possible.
The authors of the project explained why they preferred the Delayed Proof-of-Work technology. They reported that they chose this protocol because it:
- Increases the overall level of system security;
- Helps optimize the network, making it suitable for working with various altcoins;
- Compatible with SuperNET technology.
It was already mentioned above that notary nodes are used to carry out operations. They not only protect the platform from possible hacker attacks, but also affect mining to a certain extent. In this case, the mining of crypto coins is cyclical, which eliminates strong competition between miners and keeps commission fees to a minimum.
A reliable security system is the key to anonymous transactions. The process of transferring tokens uses the Zero-knowledge proof algorithm, which is an integral part of the ZCash platform. The data it transmits must be approved by the Bitcoin blockchain. When this happens, the transaction is completed successfully.
The Komodo network is designed in such a way that users can directly exchange KMD for BitcoinDark. To make this function popular, the developers made the BTCD rate fixed.
Forecast and prospects for 2020
There are many reasons to be positive about Komodo and the platform's signature token, KMD. The idea of the project’s authors looks solid and purposeful, and the fulfillment of the stated goals indicates the seriousness of their intentions.
While the coin is currently undervalued as an investment asset, it could subsequently rise significantly in price, despite its relatively low market capitalization and the current slow pace of change in the market. Subsequently, its slow movement may give way to active growth, but in the short term this is unlikely to happen.
Source:
https://www.theglobalmail.org/
https://usethebitcoin.com/
https://komodoplatform.com/
Editor: BlockChainWiki Team
History and team
The Komodo developers chose to remain anonymous. What is known is that the author of the project is a user under the nickname jl777. The team also included:
- Web GUI developer pbca26;
- Web designer antonleogsky;
- Programmers kashifali, oxarbitrage, mr_e and usamir;
- Financial consultant TwinWinNerD;
- Content Manager John;
- Audo Community Manager;
- System administrator vanbreuk;
- SMM specialist Yassin;
- Grewalsatinder Technical Expert;
- Marketer mx;
- Columnist Cassius;
- Gooddaysir consultant.
The launch of the project based on BitcoinDark took place in September 2016. Essentially, Komodo is a fork of Zcash created by the developers of BTCD. This altcoin performs all the functions of electronic money, and its platform allows users to remain anonymous.
The team working on Komodo puts a lot of effort into ensuring that the digital coin they create is superior to its analogues in certain respects. It is for this reason that programmers decided to use SuperNET technology. Its implementation made it possible to significantly improve the security system, modernize asset chains and change the network infrastructure by adding new subsections to it. The technology was integrated into the system at the initial stage of its development, so users were able to not only use KMD as a means of investment, but also conduct transactions.
