Komodo – A Secure Platform for Blockchain Products
The Komodo Platform is a decentralised, open-source cryptocurrency which was launched in September 2016. The platform employs Komodo’s open-source cryptocurrency for conducting transparent, anonymous, and private transactions. These transactions are then made super-safe by using Bitcoin’s blockchain via a Delayed Proof of Work protocol.
As put forward by their team, the aim of the Komodo Platform is to help the cryptocurrency space develop and flourish by providing security to third-party blockchains, power applications with privacy features, and provide the means to achieve price stability in peer-to-peer payment services.”
Understanding the Komodo Platform
In order to understand the Komodo platform completely, one needs to be acquainted with the following terms:
- Zcash: a new, open cryptocurrency project with a zero-knowledge protocol that ensures anonymity, privacy, and transparency of any transaction carried out in any cryptocurrency. The Komodo Platform is employing the same protocol for ensuring the anonymity of all its transactions.
- Delayed Proof of Work: a new protocol developed by the Komodo developers that employ the regular proof of work protocol differently. The dPOW mechanism will notarise each block on the blockchain to ensure no changes are made to the data and give it an additional security layer.
That is to say that in case there was a hacker trying to alter the data stored under a Komodo transaction, he/she would be required to first alter the Bitcoin blockchain which, we by now know, cannot be achieved.
- SuperNET: the SuperNET can be understood as a decentralised organisation that has been working on developing multiple components needed for creating an end-to-end cryptocurrency ecosystem. The Komodo’s cryptocurrency runs on the SuperNET platform and is the official cryptocurrency of the SuperNET.
The Komodo project is focused on revolutionising the blockchain technology by providing users a Freedom in the ecosystem. The project is working with its main aim of the security which it wishes to accomplish via the dPOW and its innovative method of trading cryptocurrencies directly from one individual to another. Named the decentralised exchange by the team, this new method eliminates any and all escrow, vouchers, and middlemen services.
The transactions will rely on a concept called the atomic swap which apparently serves both the blockchain investor and the blockchain entrepreneur.
The investors have the freedom to the trade cryptocurrencies without having to undergo any registration, without a central party, without the use of a voucher or an escrow service, and without any intermediator coin. The project appears to impose no withdrawal limits and currently features almost one hundred blockchain coins for trading with the aim to scale into thousands.
For the entrepreneurs, the decentralised exchange makes it possible to release the new products to the audience without the interference of any middlemen. Also, projects built on the projects external to the Komodo ecosystem can be easily featured on their decentralised exchange given they have all the required security elements embedded in the blockchain code.
Komodo stands on a total fixed supply of 200 million coins of which 100 million were pre-mined and distributed in its initial coin offering. From these 100 million, 90 million were given to investors and the remaining 10 million was kept aside for upcoming marketing and development.
The other 100 million is being mined via the POW protocol. The total circulating supply of Komodo is 103,377,563 KMD currently trading at $5.64.
The KMD currency can be stored in wallets like the Ledger Nano S, Agama Wallet, and the Komodo Paper Wallet.
What does the future of Komodo look like?
Considering the investors’ point-of-view, Komodo has yielded a high return to its investors since its ICO in 2016. At present, there is no reason to believe that this high return won’t continue similarly.
The fact that Komodo holders receive an annual 5% rate revenue is a good reason for long-term investors to make this investment.
Another feature that works in the project’s favour is the privacy it has to offer to the users. The Komodo Platform works on the Zero Knowledge Proofs protocol thus allowing for complete anonymity and transparency of transactions. The private transactions can remain private and can still be verified by the miners so authenticity is also taken care of.
Moreover, the Komodo Platform has been working on developing several tools such as dICO, Peerchain, and BarterDex for bringing innovations in the decentralised cryptocurrency industry.
Komodo appears to be a full-fledged solution for developing a decentralised economy and once its tools witness mass adoption, things will only boom for the project.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.