Early this morning a rumor spread claiming that the Chinese Supervisory Authority would outlaw cryptocurrency to fiat exchanges. Allegedly the decision stemmed from a fear that Bitcoin and virtual currencies could be used for illegal fund raising and could pose a financial risk to the citizens of China. It is believed that these rumors were an organized effort to artificially drive down the price of Bitcoin. Issues such as this highlight the need for a decentralized peer-to-peer exchange that would not be susceptible to government regulation.
Komodo Platform may have a solution; today the project announced a new form of decentralized initial coin offering mechanism they have dubbed “dICOs”. The platform leverages BarterDEX and Jumblr technologies to provide a peer-to-peer initial coin offering mechanism that is both decentralized and is not susceptible to the money transmitter laws that prevent true financial freedom.
BarterDEX is not hosted on centralized servers and it can operate client-to-client on a distributed network powered by the Komodo Platform, therefore it is not susceptible to the same dangers as centralized exchanges. It allows users to trade blockchain-to-blockchain without intermediaries. Below is a paraphrased explanation of the dICO concept from the developer:
‘A project can launch a Komodo Assetchain. The end user, by using JUMBLR, can create private KMD to use as they deem. Now, let us envision a BarterDEX order book full of the ICO's utxos. You can use BarterDEX to barter your private KMD utxos for the ICO's. It is a direct swap without anybody in between. There can be no money transmitter issues if it is your private KMD being swapped directly. Now you converted your private KMD into a private amount of the ICO in a totally private address. Nobody knows this happened except you. This is true financial freedom.
Another advantage to the decentralized ICO is that there is an immediate trading market, in fact, it was via this secondary trading market that the ICO was distributed. So all decentralized ICOs will start trading right away. The Komodo Platform utilizes its existing technology base of JUMBLR and BarterDEX to create a game changing method for conducting a fully decentralized ICO. Monaize will be the first of many such decentralized ICOs’
It is uncertain how the Chinese Government will react to dICOs, but one thing is certain: technologies like Komodo Platform are paving a new way forward for cryptocurrency issuance and exchange.
Monaize, a Fintech institution, will launch the first dICO using the Komodo Platform's technology. In the upcoming weeks the Monaize team will release more information on the features of their token and how they will leverage the technology to facilitate blockchain services for the masses.
https://www.monaize.com/
Additionally, Komodo Platform announced a new release for their multi-coin wallet Agama is around the corner. Currently in beta, the Agama Wallet is powered by Iguana core, the platform’s API engine. It allows users to parallel sync multiple blockchains at the same time.
https://supernet.org/en/products/agama-wallet
For more information on Komodo Platform and Monaize please visit the links below:
Sources:
https://komodoplatform.com/
https://www.monaize.com/
https://supernet.org/en/products/agama-wallet
https://www.reddit.com/r/komodoplatform/
http://slackinvite.supernet.org/
https://twitter.com/KomodoPlatform
Vocabulary:
BarterDEX: Komodo Platform’s atomic swap exchange.
Jumblr: Zero Knowledge Proof tumblr that is a core feature of Komodo Platform.
Agama Wallet: Multi-wallet capable of running multiple blockchains natively.
dICO: Decentralized initial coin offering.