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The blockchain revolution began with Bitcoin and has continued to produce other types of blockchain. While Bitcoin focuses on being a peer-to-peer currency, other blockchains like Ethereum focused on being a platform that allows contracts and utility purposes. Being a new technology and a decentralized model involves many challenges. While some are waiting for the main blockchain projects to optimize before using them, others are adopting new encrypted ones that seem to have innovative use cases and great potential for problem resolution.
One of the blockchain projects that was born to challenge the first blockchain projects is Komodo, a blockchain platform designed to serve blockchain entrepreneurs and the average investor of cryptocurrency. Komodo focuses on security (its security mechanisms are as strong as those of Bitcoin), scalability, interoperability and adaptability (to remain compatible with future improvements).
A noteworthy feature of Komodo is that it allows crypto-miners with average equipment to compete equally with those who have expensive and specialized equipment such as application-specific integrated circuits (ASICs) through its consent mechanism. Komodo is a fork of Zcash and Zcash is a fork of Bitcoin.
What does Komodo do?
Komodo is an interoperable privacy blockchain with an open source infrastructure that allows end-to-end blockchain solutions to developers and businesses. This means that developers can create their own blockchain (or independent blockchain) projects, crowdfund, launch and integration with other projects in the cryptography industry through decentralized exchange (via atomic swaps).
The Komodo platform allows:
- Offer of decentralized initial currency (DICO)
- Decentralized exchange – BarterDEX
Offer of decentralized initial currency (DICO)
One of the functions offered by the Komodo platform is the ability to launch new independent blockchains. This is easy to start, requiring only 2 Komodo commands. The new currency then exists on a separate chain that is "saved" on the main chain of Komodo.
With I SAYcoins are distributed on many knots of the Komodo blockchain, making it almost impossible to concentrate a large number of coins in the hands of a small number of people. DICO connects directly to the decentralized exchange, BarterDEX, to facilitate trading after crowdfunding. In addition, DICO participants can be anonymous via the privacy feature, Jumblr.
Komodo hosts one DICO at a time and the first project to use this service was Monaize, a mobile e-banking platform.
Decentralized exchange – BarterDEX
BarterDEX it is the decentralized exchange of Komodo and allows the trading of cryptocurrencies without counterparty risk. BarterDEX uses atomic exchanges instead of proxy tokens commonly used by centralized exchanges. Centralized exchanges involve counterparty risk, as transactions are based on the exchange that actually holds the currencies.
To solve the liquidity problem with which decentralized exchanges are often compared, BarterDEX has two distinct types of nodes that run the network. The first is a full-relay node that provides liquidity as a high volume trader, in exchange for being a trading hub on the network.
The other is the non-relay node that has all the trading options as a complete relay node, but is limited in the connections it can make with other users. There are incentives (like having a better chance of completing an exchange) that encourage you to become a complete relay node, since the network depends on them for liquidity.
BarterDEX supports coins based on the Bitcoin protocol, ERC-20 token and SPV Electrum-based coins.
Consent
The Komodo platform uses Retired work trial (dPOW) consent algorithm, developed by the Komodo developer team. It is connected to Bitcoin's Proof of Work protocol and Komodo's network transactions are "saved" on Bitcoin POW. Likewise, the independent blockchains in the Komodo ecosystem are supported by the Komodo mainchain. DPOW checks the "backed up" records on Bitcoin POW to resolve any conflicts for transactions prior to the most recent backup. So, it does not follow the Longer chain rule this basically says that the chain with the largest number of blocks wins the controversy.
The dPOW has 2 types of knots: notary and normal. Notary nodes make it possible to publish transactions on the "reserve" consensus chain (which in this case is Bitcoin blockchain). Normal nodes read and validate transactions on the dPOW chain.
The following diagram shows the delayed work trial architecture.
In order for an attack to be successfully executed on Komodo, the attacker must infiltrate the Bitcoin blockchain to succeed. This makes the block of Komodo, as well as all the chains based on Komodo, very safe.
Privacy function (Jumblr)
Jumblr, according to the Komodo white paper, is a technology that allows users to anonymize their cryptocurrencies. Users can use it to make their transactions anonymous.
In a simple form, Jumblr takes a non-private fund from a non-private address and sends it through a series of private and untraceable Zk-SNARK addresses. This disconnects the money track and makes the funds anonymous. The funds are then sent to the new transparent address of the user.
The average fare to use Jumblr is 0.3% (paid with KMD tokens). This feature can also be used on BarterDEX to make commercial transactions anonymous.
History of Komodo
The story of Komodo dates back to a project known as SuperNET. SuperNET was created in 2014 to create services on the Nxt blockchain. Unfortunately, its developers have made changes to the Nxt blockchain without taking the SuperNET team with them. This led to the 2016 event in which the main developer of SuperNET, James "Jl777" Lee, reneged on the Nxt blockchain.
Komodo started in 2016 with James "Jl777" Lee declaring independence from "every single blockchain" after an event that frustrated his project then, SuperNET. As a result of this experience, Komodo was founded on the principles of freedom and autonomy. The goal of the Komodo platform was to create an independent blockchain architecture without the imperfections of a single blockchain platform model.
Komodo is an evolution of BitcoinDark's cryptocurrency. The platform was initially forked by Zcash.
The Komodo team
The Komodo team it is made up of management, development, administration, support and marketing teams. The management team consists of Kadan Stadelmann (CTO), Ben Fairbank (General manager), Saddam Hossain (Support Manager), e Steve Lee (CMO). The development team is led by the founder, James "Jl777" Lee, working with 23 other developers and engineers.
Komodo has a team of 10 people in administration and support and 8 people in marketing. Komodo consultants include Michael J. Toutonghi (former vice president of Microsoft) e Dr. Sajib Datta.
Immediate results and developments
Since the launch of the platform in 2016, the team has worked diligently to ensure that the platform reflects its vision. In September 2018, the project reached an important milestone with the 1 millionth block extractedwith more exciting developments to come.
On December 15, 2018, Komodo Successfully forged more than 40 blockchains successfully at the same time without problems. This demonstrates the impact of technological improvements on the Komodo platform since it was launched. This Komodo update has been truly revolutionary and is hailed as the biggest single upgrade performed by a blockchain so far.
The Komodo platform has planned a rebranding, which is said to be available soon. The extension of rebranding is uncertain, but it will surely lead to a change in the website and we hope that Komodo will become a familiar name.
Other expected developments include Smart contracts based on UTXO, Delayed trial security service, smart cross-chain contracts, is resizing solution with the ability to process 1 million transactions in a second.
competitors
Komodo stands out because it deals with various blockchain problems such as privacy and the smart contract platform, all in a blockchain. As a platform for intelligent contracts, it competes with projects such as Ethereum and NEO. As a private currency, it is in competition with Zcash, Monero, is dash.
Komodo is the first platform to introduce a decentralized ICO. However, offering a DEX is a service that they share with other platforms such as Ethereum, BitShares and Waves.
The KMD token
The KMD token is the official cryptocurrency of the Komodo blockchain. It has a fixed stock of 200 million coins. Of these, 100 million were pre-extracted and distributed during ICO, with 90 million for investors and 10 million for platform development. The other 100 million are still extracted.
The ICO took place on October 15, 2016 and ended November 20, 2016, collecting approximately 2,639 bitcoins (which were worth about $ 1.98 million at the time).
KMD token holders receive up to 5% interest on the tokens they hold each month. All that is needed to trigger this interest is to send tokens from one address to another. It is necessary to keep the coins in a portfolio – not an exchange – to earn this interest. The interest premium will cease once the total number of coins has been extracted, which should take place in approximately 12 years.
KMD tokens can be purchased and exchanged Binance, Bittrex, Upbit, is many others. The token can also be stored on the Komodo wallet, Agama. The KMD token can also be stored on the Ledger Nano S.
Conclusion
The Komodo platform incorporates many great ideas into the blockchain space. The most interesting part of this is that the project seems to keep up with the bar it has set itself. Its robust security and decentralized structure make it desirable for projects that look to the blockchain move.
As the cryptic community expects to rise again after the 2018 bear market, valid projects that have made significant progress despite the downward trend should prosper in the future.
