What is Komodo Coin (KMD)?
KMD Coin Price
What is the Komodo Platform | A Quick Overview
Komodo coin is a decentralized platform that helps anyone create independent blockchains and launch decentralized, independent coin offerings (dICOs) easily.
They provide end-to-end blockchain solutions for developers of any level.
Their goal is to “build a robust ecosystem of partners and developers, where together we create an environment that accelerates anyone’s journey into blockchain technology(1.)”
The History of Komodo Coin
Komodo started as a fork of Zcash that launched in September 2016.
Being an autonomous decentralized application split from Zcash with the intention of keeping the privacy, the team is a bit mysterious.
JL777 - Lead Developer - Founder
This is all of the information on their site for their founder.
Granted, on Bitcointalk he was a significant contributor and mind when it came to implementing atomic swaps into coin protocols.
The Whole Team (20+ People) - Team
The Purpose of KMD Coin
With current popular consensus models, most blockchains revealing complete user transparency, and low scalability, Komodo aimed to do something differently.
By using the ability to create independent blockchains within their network, developers can develop Dapps on KMD coin’s platform.
And the best part is that they can launch dICOs which help with resiliency from:
- High-Performance Token Issuance
- No Centralized Launch or Issuance of Tokens
Then comes a crucial issuance and overall blockchain point of exchange that Komodo aims to combat:
Which, with JL777 being one of those involved in its conception was an implementation into Komodo’s platform.
(Looking at the top left of their website they even display the amount of successful atomic swaps.)
The Features of Komodo KMD
Delayed Proof-of-Work (dPoW)
Instead of the traditional proof-of-work consensus mechanism where the longest-chain rule is the ultimatum, KMD differs slightly.
Their Delayed proof of work looks at backups of the chain previously inserted into the chosen PoW blockchain.
This makes it a lot harder to execute an attack on the blockchain.
To destroy a chain an attacker has to go after:
- All Existing Copies of the Asset Chain
- All Copies of The Komodo Chain
- The Accompanying PoW Security Network Into Which the dPoW backups are inserted.
Atomic Swaps and Atomic Swap Decentralized Exchange (BarterDEX)
With traditional exchanges, there is a central entity.
The problem is that on the exchanges, with complete execution, in a non-atomic swap based decentralized exchange, there can be a lot that goes wrong.
Resulting in lost coins and clutter.
Now, Komodo solved this by actually implementing an atomic swap protocol.
What Are Atomic Swaps?
Atomic swaps allow for cross blockchain coin swaps.
That means that instead of operating through a central exchange there can be a cross blockchain conversion of alt-coins without the central entity.
By setting a hashed time-lock contract, it can help users still keep trust in this transaction.
Becuase, unlike buying and selling on an exchange, this contract is a simple exchange between user A for coin X and user B for coin Y.
Which can make it more of a trust-based exchange.
Now on Komodo, they created an exchange called BarterDex.
While the coins themselves can utilize this feature via their blockchain, this exchange will allow for a few features:
- A Lightweight exchange with no blockchain download
- No hacks or thefts
- Private keys stay entirely under your control
- Acts like a wallet with a built-in exchange
Developers start with their blockchain.
Then these separate blockchains can be implemented into the Komodo Platform, meaning that you aren’t limited by the Komodo parent chain.
Built in a modular fashion, developers can also choose which features to incorporate and which to leave out of their platform.
While we touched on the fact that their Delayed proof-of-work system helps to provide a security layer for backups of the blockchain...
KMD also allows for the free privacy protection by zero-knowledge proofs (ZK-snarks) as it is a direct fork of Zcash.
What GCA Thinks of Komodo
While many cryptocurrencies claim to be decentralized and safe, they aren’t.
And with most exchanges centralized without the ability to hold your private keys, there is a massive lack in the ecosystem.
Now, on the other hand, KMD helps to solve those problems.
With Atomic Swaps already activated, a decentralized exchange in the works, and privacy, this coin is ahead of most.
We are fans of KMD coin, but currently, do not hold it.
If you liked this review and want to help support the academy donate some KMD below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is Bitshares Coin (BTS Cryptocurrency)? BTS Coin Price What is Bitshares Cryptocurrency | A Quick Summary Bitshares is a trustless Cryptocurrency Exchange that acts like NYSE. This real-time, decentralized, open-source, and public blockchain based exchange allows anyone to exchange and has its own BTS token. History of Bitshares Dan Larimer (Creator of Steemit and…
What is Bytecoin (BCN Coin)? BCN Coin Price What is Bytecoin? | A Quick Overview Bytecoin is the first private untraceable cryptocurrency. Created in 2012 this open-source, decentralized cryptocurrency is meant for global use. The History of BCN Coin On July 4th, 2012 BCN coin was created. Being the first private, untraceable currency, drew a…
What is Vechain (VEN Coin) | The Product and Information Blockchain VEN Coin Price What is Vechain (VEN) | Summary Vechain is a blockchain platform designed for products and information. What this means is that Vechain helps monitor and track liquor, luxury goods, auto, retail, agriculture, and more with their blockchain. It is a way…