Did you know that this cryptocurrency can help you save transaction fees on bitcoin? Not only that it can also allow you to create your blockchain on the internet. Stay tuned to if you want to know more about it.
Hello everyone and welcome back to Coingyan the place to be for your crypto coins related info. .
Alright, are we guys( Coingyan and you ) ready to know about the cryptocurrency that could help you save a lot of money in transaction fees on Bitcoin. Yes. What did you say? Yes. I didn’t hear you? Yesssssssss. Awesome and the answer is Komodo. Ding ding ding.
Moving on let’s explore Komodo for today.
What is Komodo
Komodo is a cryptocurrency that offers privacy and safety to its users through its unique zero-knowledge proofs and Delayed Proof of Work (dPoW) protocol. It has been developed by the SuperNET team and is a fork of Zcash. It’s also known as the progression of the cryptocurrency BitcoinDark.
The SuperNET team has also developed a little group of individual tools to aid Komodo in building a complete ecosystem with sophisticated features like decentralized purchasing, selling and mixing.
Furthermore, the Komodo System relies on “we’ve got the technology developed by the Zcash team,” Zero Understanding Proofs.
Moving on. Komodo holders also receive 5% APR revenue on their holdings. Every single KMD holder will automatically receive it provided that they have a minimum of 10 KMD in their wallet and have successfully moved their funds at least once a year. Also, the FivePercent APR will remain as long as the method of getting 200M KMD( mining, trading, etc) is attained. However, only R-address balances may acquire the apr.
In addition to that, Fraxel treatments allow the dealings within the Komodo blockchain to be 100% private and in line with the privacy requirements of just about every scenario.
As a result, when the transactions are made private, nobody can just visit the site and begin viewing the total amount or the volume of transactions happening all across the blockchain. This is vital for maintaining member secrecy within the platform.
Although, miners can still validate if it’s accurate i.e. whether or not double-spending has happened. After this, the moment the transactions are made apparent, they end up being a typical Bitcoin transaction.
In conclusion, one of the most fundamental requirements pertaining to pretty much any kind of currency is maintaining confidential transactions, not only to shield consumer privacy but also to ensure that every one of the coins stays fungible.
A bit more on how the Komodo platform functions:
Now to comprehend how the Komodo platform functions on a routine basis you first need to understand these three fundamental elements.
1). Zcash – An open cryptocurrency venture which utilizes the zk-SNARK protocol. It also has the new cryptographic zero-knowledge proof protocol which assures confidentiality, anonymity, and fungibility of any cryptocurrency. So what does this have to do with Komodo? Komodo is also employing an identical protocol to make transactions on its platform independent and undisclosed. This is being done to enhance user experience regarding safety and privacy in my opinion. Drop your comments with your views on this second last sentence of this paragraph.
2). Delayed Proof of Work (dPOW): This protocol is fresh out of the oven and is developed by Komodo developers. It is a consensus mechanism that exploits the formal proof of work protocol like Bitcoin but does this in a distinctive way.
The dPoW protocol consists of a system which verifies the blocks on the blockchain, thus, ascertaining complete immutability and giving the transactions being made a dual sheet of security and safety. A group of 64 pre-selected notary nodes is responsible for performing this work of notarizing blocks and ultimately abating the risk of immutability. This implies that if certain hacker/s intend/s to change a Komodo transaction, then he/she must first, modify the Bitcoin blockchain, that everybody is already aware of is next to impossible.
You can read the white-paper here.
3). SuperNET: A decentralized organization looking to build open-source and decentralized tools for the cryptocurrency market, like multi-coin wallets, decentralized exchanges, and price stability products. This is the team responsible for developing the Komodo Platform.
Here are a couple of reasons why they decided to do this in the first place:
- They want to build the best privacy software in the market for all us cryptocurrency users.
- They intend to use dpow ( delegated proof of work ) for securing their asset chains.
- Their ecosystem is in need of an infrastructure coin- a blockchain that other supernet technologies can leverage.
So if you understand how these things function then you’ll easily be able to understand most of the activities happening on the Komodo platform.
And with that ends this segment of exploring the routine functionality of the Komodo cryptocurrency.
So far so good and we are having so much fun. If not let me know in the comments section below. I’ll try my level best to make it more interesting next time around.
Problems solved by Komodo:
1). Transaction fees:- Through komodo, you can access the bitcoin blockchain through other chains and thus save yourself a lot of money in transaction fees as it’s a lot cheaper on komodo as compared to other blockchains.
2). Privacy and safety:- It offers privacy and anonymity to its users through its unique zero-knowledge proofs and Delayed Proof of Work (dPoW) protocol.
3). Speed and liquidity:- It seems to be the only cryptocurrency offering this feature of speed and liquidity through its EasyDEX feature. A vital component that is missing in almost any cryptocurrency exchange on the market.
A couple of Komodo Features and Services:
The Komodo team has also set up a decentralized exchange powered by the new tech of atomic swaps. It’s because of this (atomic swaps) that I consider them a stride forward than other decentralized exchanges available in the market. Various other decentralized exchanges like bittrex, poloniex , etc, make use of proxy tokens or the practice of having pegged assets to allow trades to happen on their platform.
However, BarterDex circumvents these workarounds with atomic swaps. Also, on virtually all decentralized exchanges that you may get involved with ( best of luck for that ), swapping currencies is only possible if you have Btc as an intermediary. They also don’t have decentralized order matching and settlements.
But on BarterDex there are no such constraints.
Until now BarterDex has powered beyond 50,000 atomic swaps and has in excess of 80 cryptocurrencies incorporated on their DEX ( Decentralized Exchange ).
An unsubstantial GUI version is readily accessible for advanced users on the platform. However, a little more user-friendly exchange with improved UI may get launched this year.
dICO, as the name suggests, is a decentralized form of ICOs or token sale run by the Komodo network. In the shadows, i.e. privately, the dICO model makes use of the BarterDex and Atomic swap technologies to attain an overall decentralized and private issuance and circulation of coins/tokens via their dICO model.
The idea is being improved continuously in order to make it more user-friendly to ensure that several ICOs could be carried out using this model. It will probably be a fascinating aspect to witness due to the fact nobody else is centering on this field/sector and with the sight of nations prohibiting/regulating ICOs(India for example), this could turn out to be the highly awaited thing.
Jumblr is a coin mixer or rather a decentralized coin mixer which operates as a decentralized anonymizer. It is superior to centralized mixers due to the zero-knowledge proofs it employs which provide total secrecy, plus the fee of 0.3% is nominal in comparison with other services. The attributes of Jumblr could be levied from the Agama wallet.
The Komodo platform offers modularity by letting many projects build their very own independent blockchain which is associated with the Komodo platform. However, even though they’re saddled with Komodo it doesn’t imply that they may be confined to Komodo’s blockchain. These types of blockchain are classified as peerchains within this ecosystem.
These peerchains may or may not achieve any future enhancements but can still remain associated with Komodos platform.
Moreover, it is to be noted that steady enhancement regarding this peerchain feature is being made.
Finally, these solutions aren’t an ideal thing as of now, however, Komodo is trying to steer it’s platform in an unchartered terrain so some trials are expected but in general, the path looks serene and optimistic. So let’s hope for the best.
Alright, now let’s take a look at the security measures.
Komodo uses a unique approach to handling security. At its roots, Komodo leverages a Proof of Work algorithm with periodic mining. However, it also possesses a Delayed Proof of Work methodology, one that has the ability to “recycle” Bitcoin’s hash-rate to ascertain Komodo’s immutability.
Via 64 pre-selected notary nodes which get voted on by the community, Komodo manages to validate its blocks within the Bitcoin blockchain, assuring that practically any attempt at hacking the blockchain is diminished because an attacker would likewise have to alter the Bitcoin blockchain to rig Komodo.
Furthermore, the block data coming from Komodo is presented in Bitcoin through personalized transactions forged by the notary nodes who are linked to each of these blockchains. Any disparity on either of the blockchains (bitcoin or komodo) will most likely be spotted by these nodes.
This consensus mechanism can also be utilized by any cryptocurrency that intends to improve its security mechanism. By means of Komodo, additional blockchains can connect to Bitcoin, thus, saving on the costs of the transaction fees as they are a lot cheaper on Komodo in comparison to Bitcoin.
You can read the Delayed Proof of Work white paper here.
Iguana, EasyDEX, PAX
The SuperNET team has been planning several standalone ventures which will collude with the Komodo Network. These ventures are expected to boost, not only Komodo but also the cryptocurrency community in its entirety, like the Delayed Proof of Work process which may be applied by numerous blockchains.
Amongst these projects stands the Iguana Multi-wallet, GUI based application where individual people can access Komodo and other cryptocurrencies. Individual users can access all of the necessary features of Komodo, besides the advanced attributes such as private transactions. Iguana could be used by several other blockchains which do not have GUI implementation.
Iguana multi-wallet comprises of two decentralized exchanges, EasyDEX and PAX.
EasyDEX (Easy Decentralized Exchange) is a decentralized exchange of cryptocurrencies. It permits its members to trade cryptocurrencies with no need to entrust an arbitrator service. Trades are performed entirely on the coins deposited, and not via proxy tokens.
EasyDEX stands apart from other types of decentralized exchanges regarding the offering of speed and liquidity, a key aspect which has been missing from just about every centralized exchange present in the marketplace.
Via EasyDEX, end users could also have access to a decentralized coin mixing solution for several other cryptocurrencies, as these bad boys could be traded for Komodo in privacy, which could then be passed on to their target destination as the original coin. This service is known as Jumblr.
The PAX (Pegged Asset Exchange) lets its end users exchange nationalized currencies through assets distributed on the Komodo platform. These assets are secured by the same zero-knowledge proofs as Komodo, meaning that they could be traded anonymously.
Total supply of Komodo
The total amount of Komodo coins is fixated at 200 Million. 100 million of these coins have already been pre-mined and distributed during its ICO in October 2016. The split up of this 100 Million goes like this:
Investors: 90 Million.
Platform: 10 Million for marketing, etc.
Now for the remaining 100 Million, they’re currently being mined using the proof-of-work algorithm.
Alright, that is it regarding the split-up of the 200 Million Coins on the Komodo Platform.
Time to meet #Team Komodo.
Team behind Komodo
Click here to learn more.
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