HomeGuidesWhat Is Komodo Coin (KMD)?

What Is Komodo Coin (KMD)?

Komodo Platform (KMD) is really a privacy-centric coin that promises to be always a faster, safer, and ultimately decentralized cryptocurrency using its own established ecosystem. Komodo’s very private development team stresses the idea of freedom making use of their platform, from the standpoint of both users and developers. Usage of Komodo receives special attention. Komodo’s system allows crypto users with average equipment to compete equally with people that have expensive, specialized equipment, like application-specific integrated circuits (ASICs).

ASICs

ASICs have grown to be a dirty word in the crypto community despite their prevalence in mining Bitcoin, Ethereum, along with other top-shelf coins because they have a tendency to aggregate the hashing power – and therefore verification power – of a blockchain in the hands of several powerful miners. Komodo along with other democratized currencies seek true decentralization of the blockchain itself and its own production.

It ought to be noted that Komodo can be an evolution of the similarly focused BitcoinDark program, and Komodo itself is slated for a rebranding effort later in 2018. This probably won’t include another name change, however it means big changes to the merchandise website, logo, along with other identifying information. Despite its connections to BitcoinDark, the code for Komodo is truly a fork of the Zcash project, although Komodo team maintains that both projects are entirely unrelated in addition to the shared open-source code. Keep tuned in for constant developments.

What Does It Do?

Proof-of-work contains a minumum of one major security flaw, from the mining standpoint. This has regarding how transaction chains are verified when two miners or sets of miners are working on a single transaction verification. The longest chain of verified transactions may be the one which ultimately gets assigned to a block within the blockchain, therefore the miners with the fastest equipment have a tendency to win these races. This creates the prospect of high-powered miners to cheat the machine by consistently outracing slower miners, despite the fact that the “longest chain” system was originally introduced to resolve the so-called “double-spend” problem.

Komodo’s approach differs from the original “longest chain” system, because the developers spell out within their white paper.

“In an integral difference separating Komodo from regular PoW (proof-of-work) networks, our dPoW (delayed proof-of-work) consensus mechanism will not recognize the Longest Chain Rule for just about any transactions that are over the age of the newest ‘backup’ of the Komodo blockchain,” the developers stated. “For conflicts that could arise which make reference to transactions that are over the age of the newest ‘backup,’ our consensus mechanism looks to the backups in the chosen PoW.”

There’s little public information available concerning the core Komodo team, that is commensurate with the coin’s privacy-centric theme and its own past life as BitcoinDark. The management, marketing, and development team information, however, is freely obtainable in the project’s roadmap section. The project leader is defined as James “jl777” Lee, and the principle technology officer is defined as ca333. A GitHub user by the handle of jl777 has been defined as among the developers behind BitcoinDark, so it’s highly likely that may be the same developer or development team, given Komodo’s pedigree.

Komodo’s FAQ includes a short section detailing the team’s long-term commitment to the project.

“Our leader, He’s got a solid talent for blockchain technology, ” based on the FAQ.

Barter DEX

Komodo are developing their very own Decentralized Exchange, named Barter DEX. The exchange will undoubtedly be powered by Atomic Swaps which they have completed over 100,00 successful swaps. The exchange will feature:

  • Liquidity Multiplier – Place simultaneous multiple orders for most different coins utilizing the same funds.
  • Decentralized Ordering – Place orders by way of a secure & decentralized order matching orderbook.
  • LIGHT-WEIGHT Swaps – We use Electrum servers in order that no blockchain download had a need to use our exchange.
  • Atomic Swaps – Atomic Swaps lets you trade crypto from right inside your own private wallet.

The DEX happens to be available for testing here, and you may view live stats for the platform here. Barter DEX happens to be scheduled for full release in Q3 2018.

How to Buy Komodo?

The Komodo Coin, can be acquired on an array of the top cryptocurrency exchanges the following:

  • Binance
  • Bittrex
  • HitBTC
  • Cryptopia

Bitcoin Dark, the progenitor of the existing Komodo Platform project, is functionally dead. BitcoinDark began life being an try to improve upon Bitcoin’s privacy failings. It really is still traded in a restricted fashion on some exchanges, however the BitcoinDark project has fully moved to the Komodo platform. In addition, it introduced a distinctive pegging system, whereby the worthiness of the coin could possibly be pegged to other securities by burning the coin. In this manner, an investor could adopt an extended or short position in another security or commodity, such as for example gold, by burning BitcoinDark pegged to the worthiness of that asset at confirmed time. This same asset pegging feature is likely to be incorporated in Komodo.

The Komodo Roadmap

The Komodo team has finalized its swap of BitcoinDark for Komodo tokens. The next thing of development includes fleshing out the marketing and development teams, and a full rebrand of Komodo itself. Which means a fresh website, new logo, new color scheme – the works. This seems just a little early following the rebrand from BitcoinDark, however the Komodo team stresses that it’s in reaction to user feedback.

On the way, both with regards to personnel and, crucially. “Prior to this season, ” in accordance with a Komodo update. we’ve already completed Etomic swaps, and so are on schedule to perform the tasks outlined inside our Tech Road Map, such as for example smart contract integration.

 

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