Token Review: Komodo (KMD)
Today we are going to introduce a new cryptocurrency: Komodo (KMD)!
OVERVIEW
Komodo is a secure, stable and inter-operable blockchain platform and ecosystem that provides end-to-end blockchain solutions for developers in any industry. Komodo was born as an offspring of Bitcoin Dark (BTCD), which is one of its key platform projects as it is geared towards solving Bitcoin's privacy issues. The official birth of the Komodo platform is said to be on February 21, 2016, when project leader James Lee announced the "Declaration of Independence" from the bitcoin blockchain, which resulted in the development of a specific blockchain, jointly developed on cross-chain atomic asset transfers. Like most privacy coins, the Komodo team remained anonymous for a while. However, as the project gained momentum, many of the team members chose to reveal their identities.
Designed to complete transactions while maintaining anonymity, Komodo was the first cryptocurrency to use a delayed Proof-of-Work (dPoW). The Komodo platform uses blockchain technology that aids in the flexible, secure, inter-operable and scalable creation of business solutions designed on blockchain.
Komodo is a fork of Zcash, which is itself a fork of Bitcoin, also focused on privacy. This means that features that characterize Zcash are also present in the Komodo platform, such as the zero knowledge proof protocol.
What are the peculiarities of Komodo?
What sets Komodo apart is in fact the way it addresses the principles of security, scalability, adaptability and interoperability and below we will look in detail at each of them!
Security: is the most critical aspect of any blockchain project. Komodo uses the delayed Proof-of-Work (dPoW) consensus algorithm that protects the platform with the hashing power of the Bitcoin (BTC) network. With dPoW, attackers would need to overwhelm the KMD and BTC blockchains simultaneously, which is rather impossible.
Scalability: unlike other enterprise solutions, Komodo allows each project to have its own dedicated infrastructure and blockchain. All projects in the Komodo ecosystem can scale at any time and add additional blockchains to improve performance.
Adaptability: Komodo is an open source project recognized for its innovations and new features. Any project built with Komodo can create custom solutions that work for any situation and need.
Interoperability: It uses blockchain federation technology that provides the means for seamless cross-chain interoperability with federated chains. Moreover, Komodo blockchains can use atomic swaps to connect to other chains outside the federation.
Thus, we can say that the Komodo platform is a perfect fit for innovative developers, blockchain technology-based startups, and existing companies with complete end-to-end blockchain solutions!
DEEPENING
Komodo was born as an offspring of Bitcoin Dark (BTCD), which is one of its key platform projects as it is geared towards solving Bitcoin's privacy issues. Komodo is a fork of Zcash, which is itself a fork of Bitcoin, also focused on privacy. This means that features that characterize Zcash are also present in the Komodo platform, such as the zero knowledge proof protocol.
If you missed the article you can recover it here before to continue this one.
How does Komodo work?
The Blockchain Platform: Komodo grants developers unprecedented levels of autonomy and control. Its platform offers a blockchain with its own infrastructure, on Komodo's main chain. This technology is achieved by using parallel chains, which work by creating a separate copy of the Komodo blockchain. All new parallel chains are secured with the same dPoW consensus mechanism. Thus, developers can reap the benefits of an independent blockchain with its own shared/dedicated network and predictable performance without additional risk.
Secure Privacy Coin: Privacy and security are the key features of the Komodo platform. At first, the project inherited the privacy of Zcash (ZEC). Later, Komodo's founder, James, developed his own security solution, the dPoW algorithm, which essentially takes snapshots of Komodo's blockchain and inserts them into the Bitcoin chain every 10 minutes. Thanks to these snapshots, the Komodo blockchain can be restored at any time.
Decentralized Exchange (DEX): Komodo's decentralized exchange BarterDEX is at the center of the ecosystem. It serves as the intersection between all chains. Unlike other DEXs that employ proxy tokens, BarterDEX is powered by atomic swaps. The goal of the exchange is to create the largest atomic swap network, which includes parallel chains on the Komodo network and all external blockchains.
What about the KMD coin?
Komodo coin can be used for instant zero-confirmation exchanges on Komodo DEX, can be used as an intermediary in transactions involving tokens that do not have direct pairing on BarterDEX, is used to pay for Komodo's Blockchain security service. Powers UTXO-based smart contracts. Is used for dICO crowdfunding launched on the Komodo platform. Anyone owning at least 10 KMDs can earn 5% active user rewards.
Komodo Technology
Komodo uses the Delayed Proof-of-Work (dPoW) mechanism to protect its entire ecosystem and as a service to protect other more vulnerable blockchains. Any blockchain, regardless of its consensus mechanism or hashing algorithm, can adopt dPoW consensus. The Komodo platform's dPoW system is connected to Bitcoin's Proof-of-Work network. Third-party chains that are connected to the dPoW chain enjoy the benefits of the Komodo network as they receive Bitcoin-level security but do not pay the associated Bitcoin network fees for notary transactions. Additionally, the security provided by the dPoW has as an advantage the ability to restore the network to its previous stage using snapshots.
The Komodo project is an extensive and ambitious large-scale project that aims to solve many issues that centralization of cryptocurrencies and blockchains face.
With this article about Komodo we have discovered new things about this project! I would like to know your opinion about KMD!
Next Sunday I’ll introduce you a new cryptocurrency!
So, be sure to follow my profile for receive the notification of my next articles on Hive.Blog!
Suggest me with a comment some crypto you would like to see analyzed!