How Komodo (KMD) Works & Its Decentralizing Features

The cryptocurrency world has been booming and it’s almost unavoidable to notice that recently there are over 1,500 altcoins in the crypto market. Each and every day new cryptocurrencies are being invented and introduced to the market making it even harder to know which one of them will crumble or even pick the front line in the future. All in all, we can’t lack a few that seem to have a promising road map. Komodo (KMD) is one of the few.

Komodo is an ambitious crypto coin which has made it to the top 50 in the crypto currencies listings by market cap. In the previous months, let’s say 6 months, the prices of Komodo have suddenly increased by 2200%.  With that brief insight on what Komodo really is, this article will be based in its history, founders, its future, wallets and compatible exchanges. This is all to enhance your understanding on Komodo crypto coin.

History and Founders of Komodo

The leading developer of Komodo is James (known as JL777) who is also the founder of this blockchain. The development team on the other hand consists of 9 team members. Other additional team members include advisers, support team and marketing team.

Komodo is a platform based on blockchain and aims at offering ultimate security measures as well as decentralized blockchain hosting. More to that, it contains multiple wallets which are pegged in to assets. That being the case, let’s talk about how it came to be.

Komodo has been in the market for some time now. It is one of those projects from 2014 which were founded from SuperNET. The fact that the originality of Komodo dictates a privacy protocol, this might be a breakthrough to the desired future.

When the blockchains were first introduced, it was so easy to identify and analyse the transactions of a user of specific wallet because the blockchains were public. To take care of this, Komodo has come up with a way to provide its users with complete solutions to the privacy issue. Although it seems quite simple, it has powerful ambitions that can be configured and deployed to meet the needs of crypto investors.

Through notarized nodes, Komodo enhances on the initial developments which were pioneered by SuperNET. The Initial Coin Offering of Komodo (ICO) was complete by 20th November 2016. This ICO was geared to raise funds for further developments of projects. The blockchain used by Komodo allows its developers and users to be able to share information and use it on their own platforms.

Komodo is a recent project pioneered by SuperNet which is a way larger blockchain that allows for smaller creations of the whole blockchain system, using multi wallets, atomic swaps and pegged assets. By addition Komodo to the SuperNET which is actually the only crypto coin in SuperNET, this gives the other systems in this blockchain a chance to enhance their anonymity in technological fields, enhancing their security and transaction privacy. This can be made possible through the Delegated Proof of Work algorithm.

Understanding Komodo

Komodo has so much in common with Zcash. If you are already wondering how, let me break it down for you. Bitcoin which is one of the former crypto coins is characterized by secure properties of trading and processes. By virtue of the code used by Bitcoin which was based on privacy and anonymity of data transacted, ZCach was created. Later the Zcash came up ZeroCash protocol which was aimed to be an implementation for enhanced protocols.

More to that, Komodo uses similar security parameters as Zcash hence the transaction security and privacy level is enhanced. Both have no direct linking. JL777 who was Komodo’s leading developer had participated in the former protocol designs which were carved out to bring birth to Zcash. This being the case, JL777 has a better understanding of the components in forming and running Zcash.

The only difference between the two is that while Zcash mining uses Proof of Work, Komodo’s uses a consensus mechanism which is known as dPoW (delayed Proof of Work). This increases the level of security per every blockchain.

Features of Komodo

Security protocols – The security protocols of Komodo are set in place then achieved through two main features. These features are dPoW (delayed Proof of Work) and Notarized nodes. The dPoW ensures that every transaction of the Komodo achieves the same security level which is way better that the one offered in Bitcoin blockchain.

The notarized nodes on the other hand ensures that there is reduced difficulty in mining but still tapping on great security levels. This means that the notarized nodes are the foundation of this Komodo blockchain. Without them the whole project will be bound to collapse.

Multi-wallets – Wallets are the platforms used by people to store their digital assets or cryptocurrencies. Komodo has a variety of wallets which it offers to its users as well as developers. They include; Desktop wallets- compatible with Android, Linux and Apple OS.

Atomic Swaps – Komodo tries to answer the question of risk-free transactions. The fact that it has a variety of desktop wallets and paper wallets, funds could be transferred from one wallet to the other or between two different cryptocurrencies without any glitches. This leaves no security risks and an atomic swap is performed.

Pegged Assets – Komodo is a platform that gives its developers and users opportunities to add their trade assets to certain fiat currencies and stable currencies. This includes Euros and U.S. Dollars. This pegging process of assets on stable currencies could be a breakthrough to the price volatility issue of cryptocurrencies.

Komodo Decentralization

This is the most attractive part of Komodo. Their platform being decentralized means that the developers and users are not dependent on ecosystem services from a single point. Instead, the platform depends on the input the users have towards the development of this blockchain. Since the users have independent blockchains, they are able to choose the technology they would like to move ahead with and what they would like to eliminate.

In conclusion, Komodo is not only trying to diversify the crypto world but also enhancing investment, trades and storage with incomparable security measures by the help of notarized nodes. This platform is growing and we are expecting more advanced innovations to this blockchain in the near future.

Noor Najam

Contributes guest posts to BlockPublisher with industry analysis & news in the blockchain space. Email: editor.opinions@blockpublisher.com

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