Before I begin to write about it, just want to clarify, the word Komodo has nothing to do with Komodo Dragon (pun intended). However, Komodo draws inspiration from the strength and security that it provides. Here I will be highlighting a new platform Komodo, but before that, it is a privacy coin.
It would not be wrong to say that year 2017 has been the year of some drastic changes; cryptocurrencies are one of these and the most impactful. Although we had heard a lot of cryptocurrencies since 2008, it is only recently that we saw an upsurge in the cryptocurrencies. Bitcoin, Ethereum, Litecoin, Ripple, etc. are a few cryptocurrencies that have managed to gain the top slot. Some of these currencies are a mere clone of Bitcoin while there are a few that have identified niches and use cases to build upon.
With so many options in the market and the price of Bitcoin risen to around $11,000 it has open new avenues of investment for many but at the same time, it has also led to the confusion amongst the people. More options mean more chaos like which currency to invest, which of the coins are scams and many other questions keeps on popping in mind. This is the reason, here at Blockchain-Council we bring the in-depth analysis of every cryptocurrency and the latest addition to our series of study is Komodo.
The evolution and revolution of Komodo
To define it in simple words, we can say that Komodo is working as internet money which is available at all time. It enables you to make transactions in an extremely safe and secure environment where every information is kept private.
Komodo is the latest addition to the world of cryptocurrencies. It started off as a privacy coin, but later it evolved into a platform. It combines the anonymity of ZCash along with the security of Bitcoin.
SuerNET forked Komodo platform from ZCash. Th team behind Komodo has also developed individual tolls which work along with Komodo to form a complete ecosystem of advanced functionalities like decentralized trading.
Komodo is known to work on anonymity, i.e., the identity of the user is kept secured. It makes use of zero-knowledge proofs and security through a Delayed Proof of Work (dPoW) protocol to ensure anonymity.
What you should know about Komodo and its latest development –
Komodo was developed with an agenda to revolutionize the cryptocurrency market. It is not only a currency but a platform which supports other apps. To sum, it can be said that Komodo is a one-stop solution. Here are certain things you should know about it.
- The objective of developing Komodo platform was to create a decentralized system for issuance of the token, its exchange and distribution in the network. It also provides decentralized apps and corporate blockchain solutions.
- Komodo is the first cryptocurrency platform which provides decentralized atomic swaps along with automated order matching.
- It is the first project to create a private ICO participation mechanism. It also created distribution by leveraging BarterDEX technology and Jumblr.
- Komodo is the first cryptocurrency to partner with a Monaize which is a Fintech e-banking platform.
Well, here are specific jargons that you must know to comprehend Komodo and its benefits. Here I will be elaborating the terms for better understanding-
- dICO: Decentralized ICO. dICO makes use of Jumblr technology which ensures the privacy of investors.
- Atomic Swaps: It allows the transaction without third party involvement. It enables trustless trades.
- Mixer/Tumbler: A cryptocurrency anonymizer.
- Dapps: Decentralized applications based on blockchain
- Zero-Knowledge proofs: In a transaction, there are two parties, one is the prover and the second is the verifier. Komodo platform enables the prover to verify a statement. There is no revelation of any other information.
Total number of coins in the market
Similar to Bitcoins and other cryptocurrencies, Komodo too has fixed number of coins in the market. There are a total of 200 million coins. Out of these 200 million 100 million were distributed. From these 100 million circulated coins, 10 million coins are kept for future development of the project while the rest 90 million coins were given out. POW algorithm is being used to mine the remaining 100 million coins left after ICO.
How to buy Komodo
You cannot directly buy Komodo from Fiat currency, but you can exchange their coins like Bitcoin, Ethereum, Litecoin in return of Komodo on ShapeShift. The procedure of acquiring Komodo is straightforward:
- You would need Komodo address
- You can exchange Bitcoins or other cryptocurrencies coins for Komodo
Buy Komodo from Exchanges
Komodo wallets that you should know-
- Ledger Nano S– It is one of the great wallets to store Komodo Since your private keys never leave the device, it makes the Ledger Nano S the safest wallet.
- Komodo Paper Wallet- This paper wallet has both public and private keys on it.
- Agama Wallet– Developed by Komodo developers, it has Jumblr which enhances the privacy feature. It’s a multi-coin wallet, which means you can store Komodo coins and other supported coins. It also has an inbuilt exchange. Agama wallet is available in Beta version.
- Komodo Swinalng Wallet– It is official Komodo GUI wallet. It is the most basic wallet which is available on Linux, Windows, and MacOS.
The future of Komodo
When it comes to investment in Komodo, then it has given an excellent return to its investors which has made it so famous. Furthermore, the team behind Komodo is continuously trying to improve it which will make Komodo even better.
Komodo is a part of SuperNET project. The company is developing many other plans which will later come together around Komodo platform. These projects will improve not only Komodo but also different cryptocurrency ecosystem.