28 December 2018 07: 37 & nbspUTC
December 28, 2018 at 07: 37 & nbspUTC
In our previous articles, we discussed the specifications of private currencies such as ZCash, Dash and Monero.
In fact, in the beginner's guide to Monero, we have also explained the concept of fungibility: the quality for which one currency can easily be exchanged for the other.
Now, bearing in mind all these aspects, there is another rather exciting cryptocurrency to consider: called the Komodo Criptovaluta.
In this article, you will learn about the Komodo cryptocurrency.
You can also read: The best Altcoin to invest in 2018
What is the Komodo cryptocurrency?
Komodo, with the KMD ticker symbol, is the native cryptocurrency associated with the Komodo platform.
It is a private currency that uses an ecosystem to achieve the objectives of high speed, great security and adequate decentralization.
Although Komodo developers usually prefer to stay out of the limelight, they have repeatedly stated that the Komodo currency was created with the idea of freedom, not just for users but for developers themselves.
The Komodo Cryptocurrency is a rebranding and an attempt to build on the already existing BitcoinDark program.
It is also closely associated with the ZCash project as it is essentially a fork of ZCash itself.
However, Komodo developers emphasize the fact that they took nothing more than the original ZCash open source code to build Komodo.
Komodo developers are developing a decentralized exchange called BarterDex.
You can also read: 10 differences between Ethereum and Ethereum Classic
How does Komodo work?
We know that the world's pioneering cryptocurrency, Bitcoin, uses a Proof of Work (PoW) system.
Since the PoW system complements the "longer system" approach to rule out the possibility of double spending, it also puts the system at risk of being detailed by miners with fast, heavy and expensive mining equipment that can run in front of the smaller miners and tamper with a blockade.
As the Komodo whitepaper processes, the Komodo currency does not work like that. Instead, use a delayed Proof of Work or dPoW system to ensure that this vulnerability is eliminated. To quote the Komodo White Paper in this regard:
"In a key difference that separates Komodo from regular proof-of-work (PoW) networks, our dPoW (delayed proof of work) consent mechanism does not recognize the longest chain rule for transactions prior to the most recent backup" Komodo blockchain … For conflicts that may arise that refer to transactions older than the most recent "backup", our consent mechanism looks at the backups in the chosen PoW. "
Where to buy the Komodo coin?
The currency of Komodo is available in some of the major exchanges of cryptocurrencies including Binance and Bittrex. In addition, even exchanges like HitBTC and Cryptopia allow you to buy it. Once purchased, you must store it carefully by following the different ways to protect your cryptographic portfolios.
Here are some other articles for you to read:
A beginner's guide to Litecoin
Beginner's Guide to Bitcoin Gold
A beginner's guide to Bitcoin money