The Komodo blockchain is a branching of the ZCash blockchain, which itself was forked from the Bitcoin blockchain, making Komodo a descendant of Bitcoin. It includes the zk-snark engineering that Zcash was built upon, and adds a delayed proof of work consensus algorithm to make Komodo more full-bodied and fasten .
The ultimate goal of Komodo is to create an entire ecosystem comprised of diverse partnerships that will send the platform ahead into the future. Because it was designed to be used by developers of any charge and in any industry it is extremely versatile .
In this comprehensive follow-up, I will give you everything that you need to know about the Komodo platform.
How Komodo Works
Those doing development on the Komodo platform are not building onto the blockchain, but are alternatively building their own standalone blockchains. It ’ s not a pitchfork or sidechain, and the Komodo platform doesn ’ t act as a parent to the modern blockchain .
Each stick out is an freelancer blockchain that becomes connected to the Komodo ecosystem. This is crucial because the fact that each blockchain is independent means that future development won ’ metric ton be limited by Komodo in any manner .
Benefits of the Komodo Platform Komodo was besides designed from the earth up as a modular ecosystem. This allows developers to choose which technologies they wish to use in their own projects .
possibly most importantly, Komodo was developed with security as a top precedence. In addition to using the Zcash zk-snark protocols for anonymity and privacy, Komodo uses a stay proof of work ( PoW ) protocol to provide Bitcoin charge security to flush the smallest blockchains and projects. As stated on the Komodo website itself :
Komodo ’ s innovative dPOW ( delay proof of knead ) provides a security layer that creates backups of your blockchain ’ sulfur data and notarizes it to Bitcoin ’ s blockchain, providing even the smallest of blockchains with Bitcoin-level security .
In essence, Komodo is using Bitcoin ’ south hashrate to ensure immutability for the Komodo blockchain .
Komodo was created as a form of the Zcash blockchain, using their engineering known as ‘ Zero Knowledge Proofs ’. This technology allows each transaction on the blockchain to be 100 % anonymous or adenine guileless as necessary given the requirements of each situation .
anonymous transactions are important to many users because they hide the total, sender and recipient role of the transaction, but calm make it possible for miners to verify that the transaction is valid and without any double-spending. alternatively transactions can be left guileless, in which case information shows just as it would for a Bitcoin transaction .
anonymous transactions help protect exploiter privacy, but they provide a more important function, and that is to preserve exchangeability, which is a basic necessity for any currency .
After including privacy by forming from Zcash, the developers of Komodo provided for enhance security of the blockchain in a alone manner. They created a proof of exploit token, but modified it to be Delayed Proof of Work, allowing it to recycle Bitcoin ’ randomness hashrate to ensure immutability of Komodo ’ south blockchain .
Komodo does this by using 64 “ notary nodes ” that oeuvre to notarize blocks in the Bitcoin blockchain. This provides protection for Komodo because an attacker would have to alter both the parry in the Komodo blockchain and the block in the Bitcoin blockchain .
Steps in the Komodo Delayed Proof of Work ampere long as the Bitcoin blockchain is impregnable, so excessively will Komodo – and all the other blockchains built using Komodo – remain secure .
This mechanism can now be used by any cryptocurrency that wishes enhance security. By using Komodo the modern blockchains are connected to Bitcoin, benefiting from the security of the Bitcoin blockchain, while besides saving on transaction costs .
The Komodo project is based on anonymity, so it comes as no surprise that many of the Komodo team members initially chose not to reveal their identity. The founder and one core developer of Komodo went by the nickname JL777, but is nowadays known as James ‘ JL777 ’ Lee .
The CTO of the undertaking was known as CA333, but we now know him as Kadan Stadelmann. This increase transparency has come about as Komodo grows in size and oscilloscope and is attracting more investors .
The fully team is nowadays about 30 members spanning leadership, development, market, and community development. And speaking of residential district, there are numerous contributors from the community, both developers and community outreach ambassadors .
Some of the Komodo Team Members presently, the general director of Komodo is Ben Fairbanks, who is besides the founder and CEO of RedFOX Labs, an incubator that is helping to launch Komodo based companies in emerging markets. Prior to joining Komodo and launching RedFOX, he served as COO at the ride-hailing serve Grab. He brings across-the-board occupation and market have to the project .
The CTO of the Komodo project, about since the very begin, has been Kaden Stadelmann. He besides serves as CTO of RedFOX Labs. He previously worked as an IT security system analyst and software developer, and founded the company satoshihack back in 2011, making him a initiate in the blockchain space .
core development is led by founder James Lee, and he is joined by Adam Bullock and Mihailo Milenkovic arsenic well as roughly a twelve full-time developers and another twelve community volunteer developers .
The Komodo native currency ( KMD ) was launched in an ICO in February 2017 at a price of $ 0.10. Since then the price of the coin has risen and fallen with the fortunes of the stick out and the markets. As of mid-march 2018 it was trading at $ 2.73 and was ranked the # 48 coin by market hood on Coinmarketcap.com .
even though 2018 saw many coins losing 90 % or more of their rate, KMD held up fairly well in the face of the yield commercialize. It rallied in April, topping $ 4 and lento sank from that level, ultimately dipping under $ 1 in November 2018 and hitting a low of $ 0.492329 on November 25, 2018 .
It slowly recovered from that humble and by February 2019 had doubled in price as it traded back above $ 1. It remained above $ 1 for about all of 2019, and closely hit $ 2 in July 2019, but the price has recently dropped and as of August 9, 2019 stands at $ 0.863399 .
KMD Price Performance. Image via CMC The fundamentals for the coin continue to look solid thanks to the 5 % annual interest rate paid to KMD holders, and the current broken price is more a observation of broad-based weakness in the cryptocurrency markets .
There are presently 115,389,114KMD in circulation, with a planned total add of 200 million coins, which is projected to be reached in 2031. Until that clock, KMD holders will continue to receive a 5.1 % annual pastime payment ( called Active User Rewards ) on their KMD holdings, so hanker as they keep more than 10 KMD in a wallet where they control the private keys. The KMD had an all-time high of $ 12.54 on December 21, 2017 .
Buying & Storing KMD
KMD can be purchased on a thoroughly total of exchanges, with the largest volume on CoinBene. There is besides good book at Binance, CoinEx, and HitBTC. early good choices for buying KMD include CoinEx and Bittrex .
Given that there is impregnable volume across a number of exhanges, it bodes well for the liquid of KMD. Improved liquidity means that you can execute big block orders on these books without much slippage in the price of the coin .
Register at Binance and Buy KMD Coin In ordain to earn the 5.1 % annual interest users must hold their KMD in a supported wallet. The acme two based on the Komodo website are the Verus Agama wallet, which is a multi-coin wallet from the Verus Coin visualize, or the native Komodo OceanQT wallet. early options include the Guarda Wallet and the ZelCore wallet .
Development & Roadmap
When it comes to determining the sum of work that has been done by a visualize, there are a act of metrics one can look at .
however, one of the most effective that I have found is to take a look at the coding bodily process in the stick out ’ s public repositories .
consequently, I decided to jump into the Komodo GitHub to get a better smell of what the developers have been pushing over the past year. Below is the full code commits to two of their exploitation repos .
Commits for Select Repos over past 12 months As you can see from the above, the team has been quite active agent pushing code to their core repository over the past year. It is besides worth pointing out that there are a farther 56 other repositories with varying degrees of activity .
This is more development natural process than we have seen at most other projects. In fact, if we were to compare Komodo to its peers, it is rank thirtieth in terms of commits and 12th for overall code activity on coincodecap .
This possibly makes sense when viewed in the context of the numerous projects being built on the Komodo platform ( more below ). They besides had a number of significant milestones to meet for the beginning half of the year in their 2018 report.
In terms of the approaching roadmap, the two most important remaining milestones for 2019 are the release of the developer portal site vitamin a well as the GUI for the fully mobile-ready wallet/DEX hybrid .
If you want to keep up to date with growth on the project then I suggest you jump into their discord and meet the team. They besides encourage community developer contributions to the core .
Komodo Platform Projects
There are a number of standalone projects that were developed for the Komodo platform. Those that are farthest along in development and have been released as at least betas include Decentralized ICOs, BarterDEX along with a built-in “ tumbler ” service called Jumblr .
however, as of July 2019 Komodo has launched its Antara Framework, which is the footing for about all current services on Komodo .
Decentralized initial Coin Offerings ( ICOs )
The decentralized ICO concept was meant to be an excite option for startup as it would mean that they could launch their summons much easier. It would besides have given them access to the Komodo technology, market channels, and consultants .
however, given the regulative coerce that has been placed on ICOs recently, this first step seems to have fallen by the wayside. Of course, the lackluster performance of most late ICOs has not helped the process .
The Komodo team had plans to launch a number of decentralized ICOs. In May of last year they planned to release their first with the BlocNation dICO. however, this did not seem to materialize and the Blocnation stick out seems to have gone dead ( with the site down ) .
The dICO that never materialized… Image via Komodo Blog Despite this though, Komodo will accept preexistent blockchain projects on other platforms that would like to migrate to Komodo to receive your own fully customizable, high performing mugwump blockchain .
As of August 2019 there are a number of projects that have launched on Komodo .
Jumblr is a cryptocurrency anonymizer developed by Komodo which is decentralized and open-source. It can be used to increase privacy when using the Komodo platform .
Anonymizing funds is actually a reasonably aboveboard and simple practice. The Jumblr will take KMD tokens from a non-private address and send them through a number of zk-snark addresses .
once these untraceable addresses have processed the coins they are sent to a new address where they are wholly anonymous. The tip for using the Jumblr service is 0.3 %, which is account payable in KMD tokens .
BarterDEX Rebranded to AtomicDEX
BarterDEX was previously called EasyDEX but was rebranded in July 2017. It is a decentralize exchange use atomic swaps, and more recently etomic swaps, which bridge the gap between Bitcoin and Ethereum based blockchains .
The consumption of atomic swaps and etomic swaps lower counterparty risk, transaction fees and speeds the transfer of assets. BarterDEX can support trade of any cryptocurrency, and will besides support decree in the future. Already the decentralize exchange is capable of performing swaps for 95 % of the cryptocurrencies in being .
BarterDEX besides solves the liquid problem encountered by most decentralized exchanges by producing Liquidity Nodes that stabilizes prices by buying and selling assets in the ordering books .
Screenshots from the AtomicDex App. Image via atomicdex.io In July 2019 the BarterDEX platform got another promote and rebrand and has been re-launched as AtomicDEX in a close public beta. AtomicDEX provides a secure, authentic, and wholly decentralized method for trade digital assets .
Trades nobelium long have to pass through an mediator but are done from wallet to wallet. AtomicDEX will act as a multi-currency wallet and as a amply decentralized deal platform. At its beta acquittance, AtomicDEX has subscribe for 13 different coins, but can technically support 99 % of all existing cryptocurrencies. New coins will be added with each update to the DEX .
The Antara Framework
The Antara Framework was launched on the Komodo mainnet on July 15, 2019, completing a rebrand that stretched out for closely a full year. This relaunch has included several new developments, such as the beta unblock of the Antara Smart Chain Composer, which allows anyone to launch their own SmartChain blockchain in fair minutes, including full seed nodes and mine nodes .
The Antara Framework is an adaptable framework for simpleton, throughout blockchain development. Antara makes it easier than ever before to launch a chain, activate modules, and start building blockchain-based applications .
Antara has maintained the independence and privacy of construction with Komodo. Each autonomous chain has its own consensus rules, hashing algorithm, decentralized network, and coin. Blockchains launched with Komodo ’ mho technology never depend on the KMD chain, net, or chopine .
Antara Network Recently Going live. Image via Komodo Blog It ’ s an afford ecosystem so there is no seller lock-in. Creating a chain from the CLI is permissionless and free. The Komodo team is not informed when a chain is created so there ’ s no way to track a chain after launch .
The model besides comes with built-in modules, making growth rapid and easier. This allows developers to natively support any software, dApp or blockchain-based games .
With 18 unlike customizable Smart Chain parameters, any blockchain can be built to serve any clientele need. The Antara Integration Layer besides offers several white pronounce products such as a multi-coin wallet, block explorers, full seed nodes, a post DEX, a crowdfunding app and integration with SPV Electrum servers .
Because Komodo is involved in so many aspects of the blockchain it is facing rival from many different directions .
Decentralized exchanges are becoming increasingly popular, and the AtomicDEX central is in contest with BitShares, EtherDelta, and Waves, arsenic well as many other smaller players .
As a privacy coin, KMD competes against the larger Dash and Monero coins, and of course against the Zcash that it was forked from .
Komodo faces besotted contest from Ethereum as it is the leader in the ICO and smart contracts field, but other established blockchains such as NEO, NXT and Waves are besides competing for ICO traction .
And now we besides have initial central offerings ( IEOs ) from the likes of Binance and other exchanges growing in popularity. Smart contracts have besides found their way into most projects. One intensity for Komodo is that it is the first to offer a amply decentralized exchange with atomic barter capabilities .
The Komodo project is an across-the-board and ambitious large-scale project that aims to solve many issues that centralization of cryptocurrencies and blockchains face .
In summation to being its own blockchain and coin, it is besides tackling the decentralized exchange, atomic swap, and decentralized ICO space. It includes options for anonymity and has a unique proof of work consensus algorithm that promises enhanced security, even for new blockchains based off Komodo .
acerate leaf to say, that ’ s a set to bite off, but the Komodo team has shown itself to be up to the challenge fourth dimension and again. In a earth where deadlines are frequently missed by months, the Komodo team has not alone delivered but besides delivered early and with few bugs. The team besides takes exploiter feedback into retainer and has been known to pivot cursorily based on the needs of the community .
If the Komodo team continues to deliver it could make a long-run survive impact on the cryptocurrency distance, but it is besides early to tell if this will be the case. In any event, it is surely a plan worth watching.
In the approximately 18 months since this follow-up was inaugural prepare the Komodo team has continued to deliver an especial product, and with the July 2019 turn of the Antara Framework, it has advanced to the first composable SmartChain platform in the industry. This first-mover advantage keeps Komodo on the cutting border of blockchain development .
Featured Image via Fotolia
disavowal : These are the writer ’ mho opinions and should not be considered investment advice. Readers should do their own research .