Today we are going to talk about what Komodo is and how the development of this cryptocurrency has provided innovative technological advances for the crypto world.
It is normal that you have never heard about this crypto ecosystem and just think that when we talk about Komodo, we are talking about an island in Indonesia, Thailand or something like that. And it really is, you can see it with this incredible photo that Juliana, our designer, has left below.
Who could be on the Komodo beaches, reading this article about Komodo, while a Komodo Dragon serves us a glass of very fresh champagne. So comfortable.
Well now, let’s stop dreaming.
Komodo (KMD) is an open source decentralized cryptocurrency that was launched in September 2016 as an evolution of BitcoinDark (BTCD). Both cryptos have been created by the same developer known as “jl777” and the underlying software was forked from Zcash.
KMD aims to offer great privacy to its users and tries to provide a faster, safer and more decentralized cryptocurrency with its own established ecosystem.
As if this were not enough, Komodo includes a decentralized crypto exchange and allows you to improve the privacy of your transactions through a cryptocurrency anonymizer.
How does Komodo work?
Komodo could be defined as an ecosystem rather than just a cryptocurrency, and the main parts of this integrated ecosystem are:
Komodo cuenta con un exchange descentralizado que se promociona como “el único exchange descentralizado de la industria” y cuenta con la primera aplicación móvil del mundo que utiliza la tecnología de atomic swap o intercambio atómico. Es seguro, sin custodia, y permite intercambiar monedas digitales de par a par.
También, su capacidad de realizar atomic swaps posibilita que los usuarios puedan intercambiar tokens EHT o ERC a BTC u otros activos con base en UTXO.
En este sentido, quedan atrás las restricciones de otros DEX a la hora de realizar intercambios criptos e incrementa las opciones a disposición.
Komodo has a decentralized exchange that is promoted as “the only decentralized exchange in the industry” and has the first mobile application in the world that uses the technology of atomic swap or atomic exchange. It is safe, non-custodial, and allows you to exchange digital currencies peer-to-peer.
Also, its ability to perform atomic swaps allows users to exchange EHT or ERC tokens to BTC or other assets based on UTXO.
In this sense, the restrictions of other DEXs when carrying out crypto exchanges are left behind and increase the options available.
– Delayed Proof-of-Work (dPoW)
This “delayed proof-of-work” consensus algorithm was created by Komodo and is the one it currently uses. It is a version of the Proof of Work consensus algorithm but it uses the hashpower of the Bitcoin blockchain to increase the security of the network.
In this way, they not only secure the network itself, but also the blockchain of any third party that ends up joining the Komodo ecosystem in the future.
Every 10 minutes, the Komodo system captures its own blockchain and registers it with a block on the Bitcoin network. This is called “notarization” and it works like a backup that strongly raises security levels.
This is the anonymizer that we referred to previously and that serves so that you can change eg. Bitcoin by Komodo anonymously. This occurs through an atomic cross-blockchain swap and once the BTC has been exchanged for KMD an anonymous transaction is made (protected by zero knowledge tests). This transaction will be in charge of cutting all the links to the Bitcoin blockchain that entered Jumblr.
Thus, nothing in the process can be traced and anonymous transactions (protected by zk-snkars) cannot be observed by anyone else.
– KMD Token
The Komodo ecosystem has its own cryptocurrency that bears the exact same name and its initials are KMD. This crypto was launched through an ICO (initial coin offering) in 2016 and in which about 90 million Komodo tokens were distributed.
It is worth clarifying that the cryptocurrency has a total supply of 200 million tokens and 100 million have been mined (90 granted in the ICO and 10 reserved for future developments).
It is to highlight that users who maintain Komodo receive an annual percentage of 5% until the maximum supply is achieved.
Where to buy or get Komodo?
The exchanges currently trading Komodo are:
Where to store my KMDs?
Once you have your Komodos you can decide to remove them from exchanges to store them in private wallets including:
– Nano Ledger S
– Komodo Paper Wallet
– Komodo Ocean QT (official wallet)
– Verus Agama
– Save Wallet
– Zel Core
– Pungo Wallet