What is Komodo?
Komodo was born from the Zcash platform which came forth from the bitcoin network. The major focus of the platform is the provision of top-notch privacy and a better security of a decentralized network.
It was built to correct the shortcomings of previous cryptocurrencies such as Bitcoin and Zcash. It is an open source platform that allows for a fungible, transparent and private transactions.
It makes use of the Delayed Proof of Work algorithm to maintain its security network. This algorithm is the reason why the platform is more secure than many other platforms as the transaction is kept secured.
With the use of the zero-knowledge protocol, a product of the Zcash network, privacy is ensured as it gives users the opportunity to choose to either display their transaction details or not to.
Komodo offers users the platform to distribute, market or display whatever they want to as the platform preaches freedom.
This freedom is the reason why the platform is easy to operate. It empowers blockchain entrepreneurs and cryptocurrency investors.
This feature has made it a proven project and one that can be invested in with much confidence. Investors can trade their cryptocurrencies using a decentralized exchange – that is the trading of cryptocurrency with another person. This exchange depends solely on an atomic swap.
Building decentralized applications is possible on the Komodo blockchain. The platform also provides users with a decentralized initial coin offering protocol which allows crypto experts and developers to have an ICO that is very transparent and private at the same time.
Investor profiles can be kept hidden for privacy sake making it possible to distribute and issue coins without the interference of any third party.
The vision of the platform is the building of a healthy ecosystem of users for the creation of a healthy environment that would enhance easy understanding and access of the blockchain.
What is the problem Komodo solves?
The mining algorithm employed in the bitcoin is the proof of work. This algorithm aside for the fact that it is employed in the confirmation of transaction and generation of new coins, it also is saddled with the responsibility of ensuring the security of the network through its consensus mechanism.
However, the system is faulted as it is prone to the 51% and Genesis attack. The proof of work however is plagued with a lot of shortcomings some of which includes the fact that it is expensive to operate, it requires a lot of computing power, it can lead to centralization as the platform depends on the choices made by miners.
The Komodo platform aims to provide a solution to these problems facing the proof of work algorithm so as to ensure the security of the blockchain platform.
Also, the notion of true privacy in other blockchain platforms has not being met as user’s details like balances, transaction details, etc. are still visible to the public.
Komodo aims to provide a solution to the problem of providing true privacy to the blockchain network. Also, there are issues with initial coin offering which is based on the fact that it is a centralized system.
These centralized ICO have been plagued with theft, manipulation, fraud, zero privacy, errors, are the numerous issues Komodo aims to solve.
How does Komodo solve the problem?
Komodo solves the issue of security through the implementation of the delayed proof-of-work (DPoW) by solving the issues facing the proof-of-work through the use of notary nodes selected by a stake-weighted vote.
The security system also provided by the Komodo platform is also very flexible. Rather than totally disregard the proof of work algorithm, the Komodo platform employs the use of the PoW of the bitcoin network as storage backing up the transaction in the Komodo network.
Komodo uses the hash rate of the bitcoin technology to achieve top notch security as the higher the hash rate the tighter the security. This prevents the possibility of an attack as the system can overrule and override an attack just by a single surviving node of the Komodo main chain.
The implementation of the Zero Knowledge protocol helps solve the issue of true privacy as it provides users with the alternative to chose to display personal details about their transaction and wallet details to the public or not to.
It also allows one to provide a valid proof of transaction without having to relay any personal information. This way, true privacy is achieved and the definition of anonymity is met.
Komodo decentralizes the Initial Coin Offering to solve the various issues centralized ICOs suffer from. Through its decentralization, there are lesser areas that can be manipulated for fraudulent purposes.
It eliminates the presence and the need for third parties in conducting a successful ICO as the Komodo platform has integrated the necessary technology needed to achieve such success. With the DPoW algorithm in place, the necessary security is ensured.
What makes Komodo better than Its Competitors?
The cryptocurrency market is really rising and the booming is rapid. Some coins are built on the same structure as bitcoin and are clones of it. Other coins are placed on a new platform different from bitcoin. As a result of many coins now available in the market, this shows more choice are involved which will result into more confusion.
So many questions on the coins to invest on, the best in town, which one will yield more, are raised and many more are left unanswered.
So, there is first a need of choosing a coin which is the problem the coin addresses. Seeing the security associated with Komodo, there is an assurance on the coin because it has the future well ironed out in the platform.
Another issue addressed by Komodo is a significant return the investors can have from it. The return is high with much marketing and developmental strength.
The Komodo platform is already progressing from a level of just coin into a Komodo community. In the community, many platforms and opportunities are seen which provides a surge in price. The rapid development of the Kodomo platform is obvious in comparison with others.
Kodomo is really a big platform and should be well monitored because of the security and the benefits thereof. So, we see many limitations that makes freedom, security, entrepreneurship and sometimes growth being inhibited. Komodo has been a major difference to its other competitors because it provides a solution to all of these problems and gives it a great assurance value based on his security platform.
How can Komodo be categorised?
Komodo can be categorised into six basic components which all belong to the same platform. They include:
- Komodo Core: This is the komodo coin (KMD). It is a cryptocurrency that allows a transaction to be both transparent and also private. The coin is used as a platform on which other cryptocurrency technologies are connected. More influence is then generated for KMD and it gains more usefulness if other tools like Jumblr are built on it.
- The Iguana core: Iguana core is a core technology in Komodo technology. This is basic to the general effectiveness of the whole ecosystem. It is at the major point of activity of almost all Komodo projects which includes the Jumblr. Iguana core allows users to relate with their funds on the blockchain system and a wallet file may not be required even though already stored on the computer locally. It is a high technology platform which uses “smart address”.
- Jumblr: This allows people during transactions to remove any data that can establish their identity. The deal takes into consideration the Komodo coin which is the platform Jumblr is built on. Komodo coin is able to operate with much privacy as a result of Jumblr. This privacy extends even down to any other fellow ecosystem members.
- BarterDEX: BarterDEX is a protocol which allows its people to do transactions with their cryptocurrency coins. This is done without any considerable risk. It is an open-source of trading which is available and allows any other coin to connect to itself.
- Agama: Agama is a multi-currency wallet of Komodo. It works with the smart address given from Iguana core and is saved on the computer without encryption. It is defined for komodo platform and it supports the komodo token.
- Assetchains: They are blockchains which are multiple, they can be easily launched based on the security used in Bitcoin’s blockchain through Komodo’s delayed proof of work.
What’s Komodo’s vision on Security?
The cryptocurrency covers a lot which includes Ethereum forks, Zcash launch, and also Bitcoin price. Komodo security measures is an adaptation of bitcoin’s proof of work technology (PoW) known as delayed proof of work (dPoW). The security is maintained because of how Komodo maintains a decentralized blockchain. Proof of work (PoW) is a technology which has been seen with some shortcomings although already improved on in the new security system used by Komodo, delayed Proof of Work (dPoW).
The new security system employed which is the delayed proof of work solves all the problems discussed above. Its consensus mechanism gives it the immunity and the resilience to handle the problems. Its backup is very simple as it does not take the long chain process to do its backup. The consensus mechanism provides the needed accurate record because it does not consider how long or recent the file is.
The Komodo platform ensures the use of the hash rate of the bitcoin technology to achieve top notch security as the higher the hash rate the tighter the security.
This prevents the possibility of an attack as the system can overrule and override an attack just by a single surviving node of the Komodo main chain. This is so because the Komodo relies on the PoW as a means of storage whereby all the details of the transaction that took place on the network is kept.
The notary nodes also prevent the eco-unfriendly cost and also the excessive financial part. This is to avoid risks found in the PoW system.
This is majorly done by making actions of the notary nodes verified publicly. The Iguana core software also is used and this gives the verification to the actions of the notary nodes. So, the Iguana code gives automation to the verification processes of the notary nodes, not because the notary nodes cannot be relied on in themselves but to give the whole system more security and a safe environment.
Using the Zero knowledge proof also ensures that less details about the user and the transaction is reduced making it difficult for hackers to place a hold on a particular user since a user asset or value is not publicly known. Every single detail of every single user is peculiar only to the users themselves. Komodo has a future that is clear because it will rise in rank shortly due to its security system. The platform and token gives both the holders and investors a promising future.
Examples of Komodo’s use cases/applications.
Komodo has a variety of applications. Many of the features have been used in even systems and networks which do not operate using the blockchain network. Some of the features include;
- Advanced editor: this is an editor that is powerful and makes development fast, fun and rewarding. Examples include: Track changes, multiple selections, quick bookmarks, code Folding, column or block editing, smart language detection, split view and multi window, variable highlighting, elastic tab stops, conditional snippets, key bindings, powerful snippets, Macros and Userscripts etc.
- Code intelligence: this is smart and more productive with smart features which makes coding easy by the assistance it provides. Examples include: symbol browser, code refactoring, autocomplete and calltips used for many languages detection, matching braces used for auto indentation, code browsing.
- Graphical debugging: these are powerful tools used to inspect codes and debug them. Examples include: graphical debugger, breakpoint configuration, local or remote debugging, DBG protocols.
- Version control and integrated tools: these are the tools one can need in one IDE. They include documentation browser, version control systems, run code in Line.