Komodo in a Nutshell

Komodo ICO (KMD)

The Komodo ICO ran from Oct-Nov 2016. At the time they raised a total of 2636.37BTC. Komodo is a Zcash fork and so it will have all the same privacy features. However, they are not part of Zcash (ZEC). Their work is built on top of the open-source Zcash project.

What is Komodo

The zerocash protocol allows a higher standard of privacy and anonymity to transactions.Ā It makes it Ā possible to send money online without disclosing receiver and sender information, while at the same time allowing for verification of the transactionā€™s authenticity. This utilizes a technology called zk-SNARKS.

Komodo is also developing something called delayed proof of work or dPoW. Komodo has two levels of mining and two separate proofs of work (PoW). Only Komodo has to attach itself to the Bitcoin blockchain. Because of this, third party blockchains can use Komodo as an additional security layer. The Komodo blockchain will have the 64 notary nodes.Ā The notary nodes,Ā apart from finding blocks and recording transactions on the Komodo blockchain,Ā take the confirmed blocks on the Komodo blockchain and notarize or engrave them on to the bitcoin blockchain.

Other Applications

Apart from the features listed above, Komodo is also being developed as part of a broader project calledĀ SuperNET. SuperNet aims include:

  1. assetchains that allow anyone to create their own asset with its own blockchain
  2. multiwallet where those assets can be stored, including many coins like Bitcoin and Komodo
  3. atomic swaps, so that people can trade their coins from the multiwallet without counterparty risks
  4. pegged assets – which are a form of price-stable assets created on the assetchains – these assets solve the problem of price volatility by attaching themselves to the value of stable currencies like EUR or USD.

 

Resources:

WhitepaperĀ https://komodoplatform.com/whitepaper/

https://steemit.com/komodo/@komodoplatform/a-guide-to-better-understand-komodo

 

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Ben is a cryptocurrency China correspondent who loves Bitcoin and Bananas. He has been covering the Chinese cryptocurrency market for the past 5 years and has a deep understanding of the industry. He is passionate about the potential of blockchain technology and its impact on the world economy.