Marc Serafino
You may don’t know about it, but there are literally thousand cryptocurrencies out there. Some of them will obviously disappear, but for some others — there is a bright future ahead.
And we tend to think that Komodo — marked as KMD — which we will be discussing today, falls into the second category. So without further ado, let us quickly get you into the mood about Komodo…
Fixed supply
Komodo has a total fixed supply of 200 million coins, 100 million of which were pre-mined and distributed in the ICO. Out of the initial 100 million coins, 90 million were distributed to investors, and 10 million were kept aside for future development and marketing of the Komodo platform.
The Komodo ICO period lasted from October 15, 2016 to November 20, 2016, during which 2639 BTCs were raised (worth almost $2 million at the time).
The remaining 100 million coins are still being mined, and the hard cap of 200 million is expected to be reached in approximately 14 years.
Private and anonymous transactions
Komodo enables private and anonymous transactions by using the sk-SNARK protocol, which was pioneered by Zcash. This cryptographic zero-knowledge proof protocol ensures privacy, anonymity, and fungibility of any cryptocurrency, making sure that anyone looking at the blockchain cannot figure out who’s sending money to whom, nor how much money is being transferred.
While we’re at privacy, almost all of the Komodo team members use pseudonyms, and we can only guess who these guys and gals are.
Delayed Proof of Work (dPoW)
This is the new protocol developed by Komodo developers that tweaks the existing Proof of Work (PoW) protocol to make for an even more immutable transactions.
The system features a mechanism that notarizes the blocks on the blockchain, ensuring total immutability and giving transactions a second layer of security. There are 64 pre-selected notary nodes in charge of this notarization work to mitigate the risk of immutability. This means that if some attacker wants to change a historic Komodo transaction, they have to first change the Bitcoin blockchain, which we already know is not possible. In that sense, we are not sure why this extra layer of security is used at all, but I guess it may find its value in some super classified applications that may be helpful in private blockchains.
SuperNET
SuperNET is a decentralized organization which is developing open-source and decentralized tools for the cryptocurrency market. Its products include multi-coin wallets, decentralized exchanges, and price stability products; and its official cryptocurrency is Komodo.
Buying and storing Komodo
In order to buy into Komodo, you will first have to get yourself some of the more popular cryptocurrencies, such as Bitcoin, Litecoin and Ethereum. From there, you can exchange them for Komodo coins at sites like Bittrex, CoinExchange, Cryptopia, and Cryptox.
As for storing Komodo, you can use a hardware wallet like Ledger Nano S; Agama Wallet, which is the official desktop wallet developed by Komodo developers with inbuilt exchange and support for multiple cryptocurrencies; and/or the more basic Komodo Swing Wallet.
Does Komodo has a future?
We can hardly provide you with a “yes” or “no” answer; we do know that those who have invested in Komodo’s ICO have greatly benefited. And the Komodo team is just getting started. They have pioneered a few technologies, and are working to further enhance the platform and the overall marketplace through their work on the SuperNET project.
As these (SuperNET) tools get more traction, it is expected that the value of Komodo follow suit. And as we said it a few time before, this market has just started its run.
