Komodo found online at KomodoPlatform.com, is an end-to-end blockchain solution available for developers across industries. Find out more today in our review.
What Is Komodo?
Komodo is a customizable blockchain solution designed for developers of any level and any industry. The platform is designed to be simple yet powerful, offering customized blockchain solutions that are easy to deploy and can be configured to meet your needs.
The goal of Komodo Platform is to create a robust ecosystem of partners and developers working together to push the platform forward. The platform launched with the tagline, “Protecting your privacy with bitcoin’s hashrate.” It uses a fork of bitcoin’s blockchain (Zcash) with a new consensus algorithm called delayed proof of work. In other words, the Komodo Platform is a fork of a fork of the original bitcoin blockchain.
How Does the Komodo Platform Work?
When you develop on the Komodo Platform, you’re building an independent blockchain. You’re not building a fork, nor are you using Komodo Platform as a parent chain. Instead, you’re creating your own independent blockchain then connecting it to the Komodo ecosystem. Because the blockchain is entirely self-contained, the developer isn’t limited by the Komodo parent chain.
The Komodo Platform is also designed to be modular, which means developers can choose which Komodo technologies they want to enable. Like many other blockchain platforms, Komodo emphasizes security. The blockchain uses a delayed proof of work (dPoW) mechanism. Here’s how the official website explains it:
“Komodo’s innovative dPOW (delayed proof of work) provides a security layer that creates backups of your blockchain’s data and notarizes it to Bitcoin’s blockchain, providing even the smallest of blockchains with Bitcoin-level security.”
Essentially, Komodo is able to “recycle” bitcoin’s hashrate to ensure immutability on the Komodo blockchain.
Komodo will notarize blocks on the bitcoin blockchain using 64 pre-chosen “notary nodes”. This prevents attack attempts because attackers would also need to alter the bitcoin blockchain to tamper with Komodo – so as long as the bitcoin blockchain remains secure, the Komodo blockchain will remain secure as well.
Additionally, Komodo offers privacy protection through integration with zero knowledge proofs.
Ultimately, Komodo wants to give developers the freedom to create their own unique blockchain applications without forcing developers to actually build their own blockchain from the ground up. With Komodo, developers can accelerate blockchain development by focusing on their application while relying on Komodo’s technology, support, and services.
The Komodo Platform is based on Zcash, and Zcash is built on bitcoin’s blockchain. Zcash’s team originally forked bitcoin and developed zk-snarks privacy technology (zero knowledge proofs). Then, Komodo forked the Zcash blockchain and added the delayed proof of work consensus mechanism.
The Komodo (KMD) Token
Komodo’s token, the KMD token, launched in February 2017 at a price of around $0.10.
Today, the Komodo cryptocurrency has a market cap of $321,000,000 (as of late November 2017) along with a circulating supply of 103,634,266 KMD tokens. It’s priced at around $3 USD, and ranks in the top 35 cryptocurrencies by market cap.
Komodo and Decentralized ICOs (dICOs)
Komodo’s development team has also scheduled “the world’s first decentralized ICO”, or a “dICO”. That sale began on November 10 with Monaize’s token sale. Monaize is an e-banking platform that aims to expand the financial side of Komodo. Monaize is using Komodo to integrate blockchain payments into their banking application.
Komodo is advertising decentralized ICOs to development teams who want to launch a currency while enjoying the features of the Komodo Platform – like a full welcome package that includes a white-label wallet and block explorer, along with access to all technologies developed by Komodo.
Komodo Platform Projects
The core development team behind the Komodo Platform, SuperNET, has been developing a number of standalone projects. Those projects include Iguana, EasyDEX, and PAX, along with a built-in “tumbler” service called Jumblr:
Iguana Multi-Wallet is a GUI build that allows you to access Komodo tokens and other cryptocurrencies. You’ll be able to access the core functions of Komodo through this wallet, along with advanced features like private transactions. You can also use Iguana Multi-Wallet on other blockchains that don’t have GUI implementations.
EasyDEX is one of two exchanges built into the Iguana Multi-Wallet. EasyDEX, or Easy Decentralized Exchange, is a fully decentralized exchange for cryptocurrencies. It allows users to exchange cryptocurrencies without the need to entrust a third party service (with today’s centralized exchanges, you need to trust a centralized exchange to protect your private keys; you retain access to your keys at all times on a decentralized exchanges, and currencies are exchanged through atomic swaps).
Trades are performed directly on the coins held – not through proxy tokens. EasyDEX aims to differentiate itself from other decentralized exchanges in a crucial way – by providing speed and liquidity.
EasyDEX also allows users to access a decentralized coin mixing service for other cryptocurrencies. The exchange will mix cryptocurrencies through Komodo’s privacy protocol, then send them to the destination in the form of the original coin. This service is called Jumblr and it’s built directly into the EasyDEX platform.
PAX (Pegged Asset Exchange):
The PAX, or Pegged Asset Exchange, allows users to exchange national currencies in the form of assets issued on the Komodo network. These assets are protected by the same zero knowledge proofs as the original Komodo blockchain, which means they can be exchanged and transferred anonymously.
Who’s Behind Komodo?
The Komodo Platform project is led by JL777, listed as the founder and lead developer. Other key members of the team include CA333 (General Manager and CTO) and Fadedreamz (Developer). Dozens of other developers, administrators, and support personnel are listed on the Komodo “About” page.
Komodo Review Summary
Komodo is a unique end-to-end blockchain solution built as a fork of the Zcash blockchain. Komodo added a “delayed proof of work” consensus algorithm to Zcash’s existing zk-snark technology.
Today, Komodo is marketed as a complete blockchain solution with a variety of technologies available to meet the needs of developers. To learn more about the project, visit online today at KomodoPlatform.com.