(1)Introduction to Komodo (KMD) What is Komodo (KMD)?
Komodo has many facets. It is a decentralized exchange that supports 95% of tokens. It is a crypto wallet. It is a crowdfounding platform. An anonymous cryptocurrency. Smart contracts. Komodo is versatile to say the least.
Komodo uses the same protocol as Zcash, with a fork to add Proof of Work and SuperNET consencus. SuperNET is a decentralized platform dedicated to building open-source tools such as a decentralized exchange called BarterDEX capable of atomic swaps and a cross-chain compatibility tool called Peerchains.
Essentially Zcash 2.0, Komodo's line-up is (you can believe it) anonymous. Founder JL777 and his team believe in anonymity and privacy, a concept that is both intriguing and worrying for investors. This means it competes with private coins like ZCash, Monero, Dash, and Verge.
Komodo therefore has a very anonymous aspect, which is reminiscent of Bitcoin. Is this a strength or a weakness in today's crypto market?
To find out, let's start by analyzing the market performance of KMD, the Komodo token.
Breakdown of the KMD token
Komodo KMD currently has a market cap of $ 123 million as of March 2019. This is based on 112,279,764 KMD outstanding and an exchange rate of $ 1.10. Its all-time high of $ 12.89 was hit on December 21, 2017, when the market cap was much higher.
From October 15 to November 20, 2016, the Komodo ICO raised 2,639 BTC and distributed 90 million KMD to investors. The Komodo team held an additional 10 million euros for future development and marketing purposes.
The Komodo KMD is obtained using a PoW algorithm and a delayed PoW consensus model. The general crypto community believes DPoW is more resistant to attack (51%) than traditional PoW networks.
At the heart of the solution, DPoW is designed to shorten the blockchain and improve processing speeds, while archiving older blocks in a way that makes them accessible if needed in the future. This is similar to the concept of sharding used by cryptos like Zilliqa and IOST and this helps to secure transaction privacy and user anonymity more than cryptos like Bitcoin.
KMD is tradable on Binance, Bittrex, Upbit, and HitBTC, although the volume is quite low, averaging less than $ 500,000 per day. By holding at least 10KMD, you get a reward consisting of 5.1% KMD, so this is crypto for Hodl. It’s difficult to buy fiat, but using BTC or ETH as a middleman it’s quite easy to buy KMD.
There are quite a few Komodo wallets for all OS platforms and even for paper. Although the Agama Wallet is the official wallet, the Ledger Wallet, MyEther Wallet, and a handful of others support KMD.
The future of Komodo
One of the most interesting aspects of the cryptocurrency market is the number of scams perpetrated by known people compared to the number of legitimate projects launched by anonymous people.
Privacy is important to the Komodo team, but that doesn't mean they aren't capable of creating serious blockchain technology. The Komodo platform has real potential.
In fact, Komodo's blockchain roadmap is much more like that of Ethereum than that of its anonymous crypto brethren. It includes plans for an ICO platform, dApp development, mobile wallets, and a new user interface. Atomic swap technology could be one of its main selling points.
Once developed, its Barter DEX will allow you to carry out atomic swaps directly from your private wallet. It will also allow multiple orders for different tokens and decentralized ordering to ensure full confidentiality of all exchanges. It is currently in beta phase, and already more than 114,281 atomic swaps have been processed successfully.
Centralization versus decentralization is a divisive issue in crypto, and Komodo clearly speaks to the decentralized crowd. A strong believer in anonymity and privacy, Komodo KMD is likely to retain its value, even if it remains under the radar of most people, where its community prefers to stay.
While the adoption of a quantum-secure cryptographic signature system would normally be the main objective of a lambda blockchain project, which would have its own token, a team of developers, an ICO etc, the power of Komodo technology allowed the jl777 to complete thetask in just a few days. Now, Quantum Security is an optional plug-in available for all projects that create a blockchain in the Komodo ecosystem.
Komodo in summary
As other crypto scrambles to stand out in a crowded market, Komodo is happy to be hiding in the shadows. KMD is a privacy token that emphasizes decentralization.
KMD uses a delayed PoW algorithm to keep it lightweight and allow average computer and server users to compete with ASIC platforms for mining.
KMD is developing a decentralized crypto exchange system that will allow atomic swaps directly from the user's wallet, eliminating the need for intermediaries.
Its open-source nature makes Komodo a Linux-like blockchain that is sure to maintain value among its primary users and tech-savvy investors.
With these pawns in place, Komodo is poised to remain in the shadow of the most popular tokens. With solid trading options and an emphasis on privacy, KMD is sure to be used as currency, even if only in the dark of the web, for years to come.