Fueled by a native cryptocurrency KMD, Komodo describes itself as the industry's first open, composable Smart Chain platform. As the project’s development began back in 2014, Komodo can be considered one of the pioneers in building a multi-chain architecture resolving the problem of interoperability. Komodo emerged as a fork of anonymous cryptocurrency Zcash (ZEC).
To enhance the network’s security further, developers have modified the regular Proof-of-Work consensus that underlies Bitcoin. Every 10 seconds Komodo makes the snapshots of its blockchain and inserts them into Bitcoin’s chain. This technique is called a Delayed-Proof-of-Work and it allows to restore the Komodo chain at any point in time. Also, in order to conduct a successful attack on the network and tamper transactions on Komodo, one would have to change Bitcoin at the same time as well. Thus, the system provides one of the highest security levels in the whole blockchain industry.
Moreover, Komodo offers its services to other blockchain-based projects and helps them implement its DPoW mechanism to increase the security of their ecosystems. It has already helped Kreds (KREDS). GameCredits (GAME), SUQA (SUQA), Hush (HUSH) and Einsteinium (EMC2).
The blockchain platform for developers
Komodo offers developers a blockchain-based platform with its own infrastructure with unprecedented levels of autonomy. The platform is based on parallel chains that help developers create a separate copy of Komodo and write the code while staying unaffected by the events on the main chain.
The newly created parallel chains possess all the features of the main chain and thus they have the same level of security. Developers can freely work on their projects without fearing any dangers imposed by hackers or by the platform’s upgrades.
Komodo’s Decentralized Exchange (DEX)
Another product represented by Komodo is a decentralized exchange BarterDEX powered by atomic swaps. It plays a key role in the whole ecosystem as it helps different chains communicate with each other. With this product, Komodo aims to create the largest atomic swap network that will cover not only the parallel chains created on the platform itself but also all other external blockchains.
The key features of the platform are the following:
Decentralized Ordering via a secure order book
Liquidity Provider nodes to help traders cope with issues related to low liquidity
Liquidity Multiplier which lets traders place multiple orders for different assets using the same funds
Atomic swaps which allow you to conduct trades right from your private wallet
Interoperability for different blockchains including all systems based on Bitcoin and Ethereum
ZK-snarks technology which provides anonymity and privacy of transactions
Users have full control over their private keys
At the time of writing, developers claim that they have already successfully connected 95% of all chains, including those that were built upon Bitcoin and Ethereum’s.
Decentralized Initial Coin Offers (dICOs)
Komodo Platform provides the functionality which can help anyone launch their own blockchain or dICO. Regardless of the coin you develop, it will stay on a separate chain powered by Komodo’s DPoW technology.
Decentralized ICOs have a number of benefits when compared to traditional ICOs and IEOs. The investment process becomes safer and easier, atomic swap technologies facilitate transactions between different chains and all these transactions can be made anonymously. One of the first projects which made use of Komodo’s service was Utrum (OOT) advertising its technology as “grandma-friendly”.
Komodo coin (KMD)
Komodo is fueled by its native coin KMD. Since it is a fork of Zcash, it possesses all the same features. It is created via mining using the Equihash algorithm with the total supply of 200 million coins that is expected to be reached by the year 2030.
Here are some of KMD’s use cases:
Instant exchanges on Komodo’s DEX
Yearly 5% rewards for all token holders
Powering UTXO-Based Smart Contracts
Means of payment for Komodo’s Blockchain Security Service
Crowdfunding for dICO’s launched on the Komodo Platform
Available for mining both on CPU and GPU with 3 KMD reward per block
The coin is traded on many reputable exchange platforms including Binance, CoinEx, Huobi Global and Upbit. It can be stored on the wallet specifically developed by Komodo’s team and it is also supported by Coinomi and Ledger Nano S.
Komodo’s ICO took place in 2016 between October 15th and November 20th. The funds were accepted in BTC and the project managed to raise 2639 BTC which was close to 2 million USD as 1 BTC was worth ~700 USD at that time.
100,000,000 KMD were issued for the crowdsale with 90% of them distributed among investors. The rest was allocated for developers, advisors, and bounties.
Holding on to the principles of anonymity, many members of Komodo’s team preferred not to reveal their identity. On the project’s website, there are around 40 members, but not all of them display their full names and have the link to their Linkedin profile attached.
The project’s CEO is named as James Lee with the nickname JL777 (no Linkedin profile to showcase the previous experience). CTO was previously named as CA333 and now he is displayed under the name of Kadan Stadelmann. According to his Linkedin profile, his career has been mostly built around software engineering and analytics.
The project has a good reputation as it has never been subject to any governmental investigation. Moreover, it has a dedicated page of an Advanced Technology Partner on Amazon Web Services (AWS).