Happy Sunday Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
In this article we talk about more features of Komodo!
In the last E&S article I introduced you Komodo (KMD) and I said that is a secure, stable and inter-operable blockchain platform and ecosystem that provides end-to-end blockchain solutions for developers in any industry. Komodo was born as an offspring of Bitcoin Dark (BTCD), which is one of its key platform projects as it is geared towards solving Bitcoin's privacy issues. Komodo is a fork of Zcash, which is itself a fork of Bitcoin, also focused on privacy. This means that features that characterize Zcash are also present in the Komodo platform, such as the zero knowledge proof protocol.
If you missed the article you can recover it here before to continue this one.
How does Komodo work?
- The Blockchain Platform: Komodo grants developers unprecedented levels of autonomy and control. Its platform offers a blockchain with its own infrastructure, on Komodo's main chain. This technology is achieved by using parallel chains, which work by creating a separate copy of the Komodo blockchain. All new parallel chains are secured with the same dPoW consensus mechanism. Thus, developers can reap the benefits of an independent blockchain with its own shared/dedicated network and predictable performance without additional risk.
- Secure Privacy Coin: Privacy and security are the key features of the Komodo platform. At first, the project inherited the privacy of Zcash (ZEC). Later, Komodo's founder, James, developed his own security solution, the dPoW algorithm, which essentially takes snapshots of Komodo's blockchain and inserts them into the Bitcoin chain every 10 minutes. Thanks to these snapshots, the Komodo blockchain can be restored at any time.
- Decentralized Exchange (DEX): Komodo's decentralized exchange BarterDEX is at the center of the ecosystem. It serves as the intersection between all chains. Unlike other DEXs that employ proxy tokens, BarterDEX is powered by atomic swaps. The goal of the exchange is to create the largest atomic swap network, which includes parallel chains on the Komodo network and all external blockchains.
What about the KMD coin?
Komodo coin can be used for instant zero-confirmation exchanges on Komodo DEX, can be used as an intermediary in transactions involving tokens that do not have direct pairing on BarterDEX, is used to pay for Komodo's Blockchain security service. Powers UTXO-based smart contracts. Is used for dICO crowdfunding launched on the Komodo platform. Anyone owning at least 10 KMDs can earn 5% active user rewards.
Komodo Technology
Komodo uses the Delayed Proof-of-Work (dPoW) mechanism to protect its entire ecosystem and as a service to protect other more vulnerable blockchains. Any blockchain, regardless of its consensus mechanism or hashing algorithm, can adopt dPoW consensus. The Komodo platform's dPoW system is connected to Bitcoin's Proof-of-Work network. Third-party chains that are connected to the dPoW chain enjoy the benefits of the Komodo network as they receive Bitcoin-level security but do not pay the associated Bitcoin network fees for notary transactions. Additionally, the security provided by the dPoW has as an advantage the ability to restore the network to its previous stage using snapshots.
The Komodo project is an extensive and ambitious large-scale project that aims to solve many issues that centralization of cryptocurrencies and blockchains face.
With this second article about Komodo we have discovered new things about this project! I would like to know your opinion about KMD!
Next Sunday I’ll introduce you a new cryptocurrency!
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