Komodo is a blockchain-based digital currency and network that aims to provide more security and privacy than first-generation digital currencies such as Bitcoin. Komodo software platforms rely on technologies known as zero knowledge proof.
It has been almost 12 years since Satoshi Nakamoto introduced Bitcoin to the world. Since then, the digital currency market has flourished and we see new currency emerging every day. Some of these currencies are merely clones of Bitcoin and mimic it, while others have identified specific market corners and applications and have been created with the same uses in mind. In this article with the help an essay From CoinSutra, we give you detailed information about one of the most popular digital currencies, the Komodo digital currency with the acronym KMD.
According to Coin Market Cap, there are thousands of digital currencies on the market that traders trade with. Isn’t it wonderful? There are many digital currencies on the market that you can choose the one you like best. However, always keep this famous phrase in the corner of your mind:
The more options there are, the harder and more confusing the choice.
Exactly. Choosing the right digital currency from thousands of different currencies raises a lot of questions and confuses us:
- Which currency should I invest in?
- Which currency is really trying to solve a problem?
- Which new currencies are a better option?
- Which of these currencies are scams?
- How do I get started with these coins?
- Where should I store them?
To solve these confusions, in this article, you will get acquainted with Komodo digital currency to make a better and easier decision about working with this digital currency.
What is Komodo?
As mentioned, Komodo is a digital currency with a focus on security and privacy. Komodo can be considered as the “second part” of the digital currency revolution. Komodo’s Blockchain platform uses Komodo’s open source digital currency to perform transparent, anonymous, confidential and exchangeable transactions. Using the Bitcoin blockchain, the platform provides exceptional security for transactions through the Delayed Proof of Work (dPoW) protocol. (We will explain about this protocol in the next section.)
Komodo digital currency in a short time was able to open its place among the top 50 currencies in terms of market value and within six months its price grew by more than 2,200%. Of course, it is currently ranked 129 in the market with a price of $ 0.56.
The Komodo platform will contribute to the development and flourishing of the digital currency space in three ways:
- By providing security to third-party blockchain
- By providing privacy features to apps to enhance them
- By providing tools to achieve price stability in peer-to-peer payment services.
The Komodo currency is also the official currency of the SuperNET ecosystem. (We will explain about Suprent in the next section.)
What are the features of Komodo platform?
To understand the Komodo platform, you first need to know about the cache, the latency proof protocol, and the supernatant ecosystem:
ZeeCash is an open digital currency project that uses the zk-SNARK protocol, a new type of zero-proof encryption protocol that ensures the privacy, anonymity, and interchangeability of any digital currency. Komodo uses the same protocol to perform private and anonymous transactions.
Proof of delayed work
This new protocol was created by Komodo developers. In fact, it is the consensus mechanism that uses the proof of work protocol (just like Bitcoin), except that it has another mechanism that validates blocks in the blockchain and makes sure they are not tampered with. This adds a second layer of security to the transactions.
64 pre-defined nodes perform this validation and eliminate the risk of blocking the blocks. So if attackers want to manipulate the history of Komodo transactions, they must first change the bitcoin blockchain, which we know is impossible. If you want to read the white paper in this link You will find it.
Supernet is a decentralized organization that creates decentralized and open source tools for this digital currency. These include multipurpose wallets that support multiple coins, decentralized exchanges, and price stabilization tools. Some of these tools are listed below:
BarterDex is a decentralized exchange developed by the Komodo team. It uses the latest Atomic Swaps technology, which is why we consider it one step ahead of other decentralized exchanges. Other decentralized exchanges use proxy tokens to enable barter on their platforms, but Barterdex solves this problem with the help of atomic barter.
In addition, in almost all decentralized exchanges, you need to have some bitcoin as a guarantee to exchange currencies. Because most of these exchanges do not provide the possibility of coordination of order and settlement in a decentralized manner. While in Barterdex there is no such restriction.
Barterdex has conducted more than 50,000 nuclear exchanges so far, and more than 80 digital currencies have been merged with this decentralized exchange.
Users are currently using the GUI version of the exchange, which is not very user-friendly and easy to use, but a new version of the exchange with an improved user interface will be released soon, which is much easier to use.
As the name implies, dICO or “decentralized initial coin offering” is the coin offering (ICO) that the Komodo platform allows to hold in a decentralized manner. dICO uses Barterdex and Atomic Exchange Technology to distribute and issue tokens / coins in a completely decentralized and anonymous manner.
The Komodo team is working to make this feature more user-friendly so that many early releases can be done with this model. It is an interesting model; On the one hand, no one has paid attention to this issue so far, and on the other hand, given the prohibitions and laws that apply to initial public offerings, the existence of such a model seems necessary.
Jumbler is a decentralized “Coin Mixer” that can disguise your identity. Jumblers are better than centralized mixers, as they provide complete confidentiality of individuals’ identities by using zero proof of knowledge, and at a 0.3% fee, they are really cheap compared to other services. To use this Jumbler feature, you must have an Agama wallet.
The Komodo platform allows various projects to create their own independent blockchain, which of course depends on Komodo. The dependence of these blockchains does not mean that they are limited to the Komodo blockchain. Such block folds in this ecosystem are called peerchains. These blockchains can, if they wish, inherit features from future Komodo upgrades; But this does not undermine their dependence on the Komodo platform.
The Komodo team is constantly working to improve and improve all of these areas. It is true that these solutions are not yet complete, but they remind you that Komodo is still in progress, and if there are any interruptions or problems, it is because the area is still unknown. However, the overall direction of the route looks good and positive and Komodo is moving forward.
Almost everyone on the Komodo team cares about privacy and therefore uses nicknames. JL777, the main developer, and CA333, Komodo’s chief technology officer, are a few examples of these nicknames. This makes many people think that this project is dubious and vague, when it is not.
Total Komodo constant supply
The total inventory of Komodo for supply is 200 million coins and fixed. They already extracted 100 million and sold it in the initial public offering. Of the $ 100 million, 90 million were distributed to investors, with the remaining $ 10 million set aside for future development of the platform and its marketing costs.
The initial release period of Komodo lasted from October 15, 2016 to November 20, 2016. About 2,639 bitcoins were attracted during this initial offering, which is worth about $ 48 million today.
100 million unearthed coins can be mined using the proof of work algorithm.
The Komodo team estimated that a total of 200 million coins would be mined in about 14 years. Holders who hold a Komodo and whose Komodo wallet address begins with the letter R receive a 5% annual interest rate (APR) until the total of 200 million coins are mined.
Komodo market value
According to Quinn Market Cap, the total Komodo inventory is 122.9 million KMD and the current price per unit is $ 0.56. Thus, the market value of Komodo is approximately $ 69 million at the time of writing.
How to buy Komodo currency
It is somewhat difficult to buy Komodo in Fiat currency directly. Alternatively, you can easily exchange other currencies, such as Bitcoin, Litecoin, or Ether, for Komodo tokens in Shift. The process is very simple.
You need two things to buy Komodo:
1. Commodo wallet address to store Commodo tokens
۲. Some bitcoins or altcoins to exchange with Komodo
Some of the digital currency exchanges that list Komodo are:
- Binance: Supports Komodo / Bitcoin, Komodo / Ether and Komodo / Tetra currency pairs.
- Beatrice: Supports Komodo / Bitcoin currency pairs.
- Appit: Supports Komodo / Bitcoin and Komodo / KRW currency pairs, which is South Korean Won.
The most popular Komodo wallets
1. Ledger Nano S: Ledger NanoS is the safest way to save Komodo currency, because you will never lose your private keys. You can buy Komodo from anywhere and transfer it to Ledger wallet address.
Of course, the downside of this wallet is that it does not allow users to directly receive the 5% interest we talked about earlier. Of course, there are tricks to this.
۲. Agama Wallet: This wallet, designed by the developers of Komodo, is installed on the desktop and is in fact the official Komodo wallet.
Agama has an in-house exchange, is a multi-purpose wallet, and in addition to KMD, it also supports Komodo-accepted digital currencies. This wallet has a very important privacy feature called Jumbler, which we talked about earlier. Of course, this wallet still has many bugs, but the team is trying to solve these problems, and each version of it is better than the previous one.
You can use this wallet to share KMD for 5% annual profit. This desktop wallet is available for Windows, Mac and Linux operating systems and can be downloaded from the official Komodo website download.
3. Komodo Paper Wallet: This wallet is a piece of paper on which a public and private key is printed. If you are comfortable with paper wallets, you can do this link Visit and print one for yourself.
The future of Komodo
From the point of view of investing in digital currencies, Komodo has offered significant profits to investors since its initial launch. This high profit can continue as long as the Komodo team works to improve and strengthen the digital currency.
In addition, the Komodo platform is developing a number of tools that will benefit the decentralized digital currency industry. The more advanced tools and features such as dICO, Bartredex and Old China, the more users will accept them, and so good things will happen to the Komodo community, one of which is the increase in the price of this currency.
When we compare the Komodo platform with its counterparts, we see that its growth rate is relatively higher than others. At present, Komodo can no longer be considered merely an anonymous digital currency, but must be seen as a great solution for a decentralized economy. The image below shows some of the key differences between Komodo, Zee Cash, Dash and Monroe:
This image also compares Komodo’s Bartredex to several other centralized and decentralized exchanges:
Now we want you to tell us:
Have you invested in Komodo?
Do you use Bartredex?
What features do you like in this project and which features do you dislike?
What do you think will happen to Suprent?
Please share your views with us.