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cryptofreak

Komodo - all about it

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Komodo is a privacy blockchain with open-source infrastructure that helps businesses and developers with end-to-end blockchain solutions. With this platform, developers create their own blockchain projects, crowdfund, launch or partner with other projects in the crypto industry. The platform enables decentralized initial coin offering (DICO) and Decentralized exchange- BarterDEX.

 

Decentralized Initial Coin Offering (DICO)

With two easy commands, the Komodo platform can launch new independent blockchains. The new coin then exists on a separate chain which is backed up on the main chain of Komodo.

DICO makes it possible for coins to be distributed across many nodes found on the Komodo blockchain, which reduces the possibility of the possession of larger fraction of the coins by a very few.

To make trading easy after the crowdfunding, DICO links directly with BarterDEX (the decentralized exchange). Furthermore, with privacy feature Jumblr, DICO participants can be anonymous. Komodo doesn’t host more than one DICO at a time; mobile e-banking platform Monaize will be the first project to use the service.

 

Decentralized exchange- BarterDEX

BarterDEX is the decentralized exchange of Komodo. It makes crypto trading possible without counterparty risk. BarterDEX, in a bid to solve the liquidity issues that faces decentralized exchanges, has two different nodes that run the network. The BarterDEX supports coins based on the Bitcoin protocol, ERC-20 tokens and SPV Electrum-based coins.

 

Consensus

The Consensus algorithm used by Komodo is the Delayed Proof-of-Work (dPOW) which was developed by the Komodo developers. The dPOW has two types of nodes: Normal and notary. Normal nodes read and validate transactions in the dPOW chain while Notary nodes publish transactions on the bitcoin blockchain, which is the backup consensus chain.

 

Jumblr

The Komodo whitepaper reveals that Jumblr (the privacy feature) is a tech that permits users to anonymize their cryptos as well as their transactions. The average fee to make use of Jumblr is 0.3%, which is paid using KMD tokens.

 

Komodo history

Komodo’s history can be traced back to the SuperNET project which was created to build services on the Nxt blockchain. Unfortunately, the SuperNet team were not informed of changes made on the Nxt blockchain which led to James "Jl777" Lee (SuperNET’s lead developer) cutting off himself from the Nxt blockchain.

Komodo began in 2016 with James Lee declaring independence from “any single blockchain” after an event that frustrated his SuperNET project.  Due to this experience, Komodo was created on the principles of freedom and autonomy. 

Komodo is an evolution of the BitcoinDark cryptocurrency. Initially, the platform was forked from Zcash.

 

About the team

The Komodo team is composed of the administration, management, support, development and marketing teams. Members of the management team are Ben Fairbank (General Manager), Steve Lee (CMO), Kadan Stadelmann (CTO), and Saddam Hossain (Support Manager). Founder, James “Jl777” Lee leads the development team and working with him are 23 other developers and engineers

In the marketing section, Komodo has a team of eight members while in the administration and support section, we have 10 people. Komodo advisors include ex VP of Microsoft Michael J. Toutonghi and Dr. Sajib Datta. Also, Komodo has the support of dozens of volunteers.

 

The KMD Coin

Komodo’s official cryptocurrency is the KMD coin. Its fixed supply is 200 million euros. During the ICO, 100 million of this was pre-mined and distributed (10 million for the development of the platform and 90 million for investors). The remaining 100 million is still in the mining process.

Every month, holders of the KMD coin get up to 5% interest on whatever amount they hold. You only need to send the coins from one address to another to activate this interest, and to earn this interest, the coins must be held in a wallet.

 

KMD coins can be purchased and traded on Bittrex, Binance, Upbit and others. The coin can also be stored on Agama (the Komodo wallet).

 

 

 

 

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