You may not have heard of Komodo as its team has kept its focus on the prize, amazing technology, and not on hype. The old saying, if you talk the talk you need to walk the walk, well they flipped that saying. They have been walking the walk and now its time for some talk. Komodo is not a new ICO nor an opportunistic project looking to ride the hype of blockchain and cryptocurrency. The project has been a +3 yr long journey in which the founder, James Lee has been building a platform and vision that was aimed at solving many of the challenges and gaps in the first and second generation of blockchain technologies. Above all else, Komodo has always been focused on technology first, and has not focused on any marketing or advertising. As of this review the price of KMD is $3.04, it is my opinion that KMD is a long term investment and will be a blockchain leader in the near future. Don’t miss out on this one, I’m adding KMD to my recommended portfolio and could see this over $10.00 in 2018.
To understand Komodo better read the information I received from a senior team member.
Komodo Platform strives to accelerate the adoption of blockchain technologies around the globe and to lead the world in blockchain integration.
Komodo Platform makes creating secure, independent blockchains easier than ever before. Every blockchain created on Komodo Platform uses the dPoW consensus mechanism to ensure Bitcoin-level security, as well as zero-knowledge proofs to allow complete privacy.
All of these benefits are provided to every blockchain launched on Komodo Platform, while still allowing complete independence from the Komodo main chain.
Komodo Platform connects the entire blockchain industry with its atomic swap technology. Through a secure, peer-to-peer, decentralized exchange called AtomicDEX, users can trade ~95% coins in existence without the need for centralization.
Komodo Platform is a collection of technologies that can be grouped into 3 distinct categories:
|Privacy Coin||Blockchain Platform||Decentralized Exchange|
To better illustrate how these three focal areas are interrelated and map out their vision, we can further segment them into 3 distinct phases of their development journey.
|Phase 1||Phase 2||Phase 3|
|Secure Privacy Coin Origins||Platform Evolution||Ecosystem Vision|
Phase 1 – Privacy Coin: Origins
When we began this project we knew that privacy and security were not only core principles we believed in, but should also be the foundation from which we built our technology on. Komodo therefore decided to fork from Zcash to inherit ZK-Snarks privacy technology. Next we needed to build a strong and proven security solution to protect ourselves from malicious attacks. Our founder, James (JL777) Lee developed the delayed proof of work algorithm (dPoW) which essentially allows us to take snapshot backups of the Komodo blockchain and insert them into bitcoin’s blockchain every 10 minutes. This allows us the ability to restore our blockchain from any of these point in time backups in the case of an attack. This means you would need to take down KMD and BTC to take down Komodo, effectively giving us the strongest and most proven security in the industry. Also, through dPoW we are able to secure our blockchain with Bitcoin’s hashrate, without needing to expend any additional electricity. Currently bitcoin has the strongest PoW hashrate, however we’re able to switch the backup destination to BCH, LTC, or any other PoW blockchain if any of those were to be more secure in the future.
Goal: Establish a strong foundation around privacy and security.
Phase 2 – Secure Scalable Platform: Evolution
Unlike other platforms where you have to share a blockchain with others, Komodo offers developers a completely independent blockchain through our parallel chain technology (assetchains). Essentially we create a clone copy of the Komodo blockchain where a developer will have their own private and dedicated infrastructure that is not impacted or affected by anything that happens to the Komodo main chain.
If we were to use an analogy, you can think of Ethereum as a 10 lane highway. In the beginning the limited amount of cars on this highway were able to go as fast as they wanted. However, no matter how many lanes this highway might have, when there’s enough cars, traffic will be inevitable. Komodo however gives you your own private highway, and if you were to need to scale beyond that we can add additional lanes by cloning another parallel chain and interlinking them.
The risk inherent in a new and independent blockchain would be that there is little hashrate to protect you. We negate this risk by employing our dPoW security solution so that every parallel chain will create a snapshot backup every 10 min to Komodo’s main chain, which makes a backup to bitcoin. This effectively gives parallel chains 2 layers of security. In order to take out a parallel chain, you must take down the parallel chain, Komodo, and Bitcoin. Additionally, any enhancements and features added to the Komodo chain will be updated to all our parallel chains. This empowers developers to have all the benefits of an independent blockchain (non-shared/dedicated network, predictable performance) without any risk (secure backup/restore through dPoW).
Goal: Enable simple and secure independent blockchain creation to empower users
As parallel chains are fully independent blockchains, you might wonder how all these blockchain “islands” are connected and communicate with each other. This is where our decentralized exchange (DEX), BarterDEX comes in. If you think of each parallel chain as a private highway, you can think of BarterDEX as the intersection that connects all these highways together.
An important thing to remember is that not all DEXs are created equal. Unlike other DEXs that use proxy tokens, BarterDEX is powered by atomic swaps.
As Komodo aims to drive the global mass adoption of all blockchain technologies, it would be counter productive to close and limit BarterDEX’s support to only Komodo’s parallel chains. The goal of BarterDEX is to create the largest open atomic swap network. We’ve already integrated ~100 bitcoin protocol based coins (i.e. BTC, BCH, LTC, Qtum, etc) and are continually working to integrate new coins and projects (regardless of market cap, size, or popularity). We’ve recently expanded this open standards approach to support ETH and ERC20 tokens, allowing us to bridge and connect 95% of the +1000s of blockchains currently in existence.
Goal: Connect all parallel chains in the KMD ecosystem together and create the largest open atomic swap network.
By building on the Komodo Platform you get your own fully independent blockchain with embedded privacy and security that’s integrated into the largest open atomic swap network. This allows anyone developing on our platform to communicate and transfer value directly from one blockchain to another without any 3rd party intermediary.