What Is Komodo?
The blockchain era began when Bitcoin came after that the developers and businesses produced other kinds of blockchain like Ethereum which would be dedicated to being a platform providing smart contracts and utility purposes, while Bitcoin was a P2P currency. This new technology was decentralized in nature and had to face many challenges.
The crypto market expanded, and speculators, risk-takers, and investors are active. Some want the leading blockchains to optimize the crypto before they actively start using it, while some others adopt new cryptos for the sake of their innovative structure and considerable problem-solving abilities.
One such innovative, new blockchain project which is challenging the top blockchain ventures in the market is Komodo. It is designed to benefit blockchain businesses and cryptocurrency investors. Komodo is security-oriented, and it comes with features like adaptability, scalability, and interoperability.
Crypto miners with Komodo platform are equally competent to others who are leveraging expensive equipment like ASIC. In fact, Komodo is a fork of Zcash, and Bitcoin’s fork is Zcash.
Komodo is an open-source structure which comes with an interoperable privacy blockchain enabling developers and businesses with end-to-end blockchain solutions. Using Komodo, developers can build their own blockchains, can undertake crowdfunding round, and integrate with other projects in the crypto industry via atomic swaps.
ICO, BarterDEX, and DICO are the features enabled on the Komodo platform.
One of the features available on the Komodo platform is permission to develop one’s own blockchains. This is made simple to launch and demands only 2 Komodo commands. Here, a new coin comes into existence that is supported by the prime Komodo chain.
DICO helps in connecting directly to the decentralized exchange named BarterDex for the simplicity of trading after crowdfunding. Additionally, members in the DICO can be anonymous thanks to the privacy feature called Jumblr. This blockchain platform can host only a single DICO at a time, and its first-ever hosted DICO was Monaize which was a mobile e-banking application.
BarterDEX is a decentralized exchange and it enables the cryptocurrencies tradings without the risk of counterparties. The exchange does it via atomic swaps.
To deal with the issue of liquidity, BarterDEX takes the help of 2 separate types of nodes available on the platform. The first is a full-relay node which enables liquidity in exchange for acting as a trading hub. And the second is the non-relay node which is similar to the earlier type of node, but it can make a limited connection with others.
The BarterDEX supports Bitcoin, ERC-20, and SPV Electrum-based coins.
Each blockchain platform works on a certain kind of consensus. Here, Komodo platform runs on the Delayed Proof-of-Work (dPOW) consensus which is an in-house creation. Transactions made on Komodo are backed up on Bitcoin POW. However, independent blockchains developed in the Komodo network are backed up on the Komodo mainchain.
The dPOW comes with two types of nodes; one is a notary, and the other is normal. Notary nodes help in publishing transactions on the secondary consensus chain; in Komodo’s case, it is Bitcoin blockchain. On the other hand, normal nodes approve transactions on the dPOW chain.
Privacy Feature (Jumblr) :
As claimed by Komodo, it is a technology that helps users to add a feature of anonymity to their cryptocurrencies. This has been made possible by using non-traceable zk-SNARK addresses. This hides the transaction trail and anonymizes the funds.
Birth and journey of Komodo :
It all started from SuperNET in 2014 and its failures. After the failure, its developer James JI777 Lee announced its independent blockchain in 2016. This lead to the foundation of Komodo.
Since its launch in 2016, the development team of Komodo has been working hard to reflect their vision. Last year, the project helped to mine 1 millionth blocks. In the same year, it hard-forked over 40 blockchains successfully.
It’s Competitors :
Komodo competes with projects like Ethereum and NEO, Zcash, and Dash. It is also the first blockchain platform to undertake a decentralized ICO. It has an official cryptocurrency of its own, named KMD. KMD was offered in 2016 through ICO.