Komodo ($KMD) is a privacy-focused decentralised cryptocurrency. Komodo claims to be a more efficient, security-focused privacy coin and with its own ecosystem.
Komodo really pushes privacy as one of its major features and uses ‘Zero Knowledge proofs’ and security through a ‘Delayed Proof of Work’ (dPOW) protocol. Originally Komodo was a fork of Zcash by a team of developers eager to see the original vision live through Komodo.
Let’s take a dive into Komodo and what the project is looking to achieve…
TITLE/TICKER : Komodo / $KMD
COMPANY ORIGIN : Global team
PLATFORM : Komodo
CONSENSUS ALGORITHM : dPOW (delayed proof of work)
PURPOSE : Privacy focused decentralised cryptocurrency and ecosystem
POINT OF DIFFERENCE : Private, BaaS, Assetchains and more.
WEBSITE : Komodo Website
POSITION/WHITE PAPER : Komodo Whitepaper
WORKING PRODUCT ? : Yes
TOKEN DISTRIBUTION/ALLOCATION :
CURRENT PRICE ACTION :
What problems is Komodo looking to solve?
Komodo is looking to target two major audiences including – “the blockchain entrepreneur, and the average cryptocurrency investor” – as per the Komodo Whitepaper. Komodo, as stated, is building their project around privacy and user security. While adding extra privacy and security the Komodo team states that they can deliver all at a fraction of the cost vs Bitcoin.
At the heart of Komodos platform and dedication to security is their decentralised platform with the ability to perform atomic swaps. Atomic swaps enable direct, P2P, instant transactions without having to go via a centralised exchange and thus exposing assets to risk.
Another major aspect of Komodo is the consensus algorithm which is a very different model vs the likes of the Bitcoin or Ethereum. Komodo uses dPOW (delayed proof-of-work). This is best explained by the team;
In a key difference separating Komodo from regular PoW (proof-of-work) networks, our dPoW (delayed proof-of-work) consensus mechanism does not recognise the Longest Chain Rule for any transactions that are older than the most recent ‘backup’ of the Komodo blockchain,” the developers stated. “For conflicts that may arise which refer to transactions that are older than the most recent ‘backup,’ our consensus mechanism looks to the backups in the chosen PoW.
What does the Komodo Coin do? Use-case?
Komodo Coin is a cryptocurrency which is used to trade and share value and is liquid to exchange.
One of Komodo’s major drawcards is their own Decentralised Exchange (DEX) or as Komodo has called it “Barter Dex”. The backbone of the DEX is ‘Atomic Swaps’ which allow the instant transfer and exchange of assets without having to pass a middleman or centralised risk.
White label Solutions
The Komodo platform will be providing an end-to-end white label solution and a range of blockchain services for Initial Coin Offerings (ICOs) and minting new cryptocurrencies. A few further features of Komodo’s white label solutions are;
Komodo offers the ability to integrate stable decentralised P2P payments directly into your project.
Payment (value transfer) channels
Due to Komodos fast transaction speeds and short block times, users are able to easily integrate micropayments with confidence.
Komodo offers a unique block explorer for your blockchain/service which can be branded to suit.
One of the most important factors for any blockchain/platform is its developers/dAPPS and in turn user adoption. Komodo is looking to become a attractive option for developers to build on.
Komodo vs Competitors
Komodo’s competitors are currently but not limited to, however Komodo is more than just a privacy coin, it’s a true ecosystem.
Komodos leaders are somewhat hidden and there is little to find out/discover at this point, staying true to their company mission and values e.g Privacy
See the full team here
Where can you purchase Komodo?
How to protect & store your Komodo?
We recommend downloading an approved wallet from the official Komodo Website and approved wallet list otherwise we always recommend using a Ledger Nano S or Trezor – where your private keys are never exposed online. Please refer to the Hardware wallet websites for an accepted, proven list of projects.
Outlook for Komodo?
Komodo is an interesting project in the fact it has forked from Zcash and has a somewhat undercover team – which is a strategy planned and follows the project’s vision of privacy. In terms of development, the Komodo platform has an array of features that will be competing with other great projects. For example, the DEX race is heating up with contenders such as Waves, Switcheo and many more. However, Komodo is much more than a DEX and its BaaS / Whitelabel solutions may drive adoption and attention to the project.
The final and biggest battle for Komodo will be how well their cryptocurrency gets adopted, with competitors making big moves such as Dash, Navcoin, Zcash, Monero and many more – this will be the largest battle for Komodo by far.
Reach out if you have questions about Komodo or need help with any topic.
Disclaimer: None of our Analysts are holding Komodo $KMD at the time of writing this article. All content is research, opinions and personal view points from our Analysts. This is not financial advice and should not be treated as such. If you have any queries please contact [email protected]