Komodo (KMD) is a decentralized platform offering a wide range of solutions for businesses to quickly integrate blockchain technology and customize it to meet their requirements.
The platform was developed with the intention of " accelerating the global adoption of blockchains through a composable multi-chain architecture and an open source model," according to the team's mission statement. Multi-chain architecture is a key focus of the Komodo platform.
Komodo, being a fork of the Zcash protocol, is naturally focused on privacy. The KMD token also has links to the BitcoinDark project, an initiative to ensure greater Bitcoin privacy. The team that worked on the BitcoinDark project eventually moved to the Komodo platform.
However, Komodo has since shifted its focus to business cases, offering business-friendly solutions with a focus on security, scalability, compatibility, and adaptability. As an "open, composable Smart Chain platform", Komodo offers several products that go beyond the capabilities of smart contracts for enterprises.
Who created Komodo (KMD)?
The idea of the Komodo platform (KMD) was first conceptualized in 2014, when the network was a fork of Zcash, organized by the SuperNET team - in fact, it is worth considering the interesting features of Komodo from other blockchain projects.
The lead developer of SuperNET, James "jl777" Lee, created SuperNET on the NXT platform, but when changes occurred to the NXT platform, the SuperNET developers were forced to abandon this platform. They met this failure by deciding to abandon the use of a single block chain and pay attention to interoperability.
The Komodo team launched the main network in January 2017, complete with"independent Smart Chain deployment and deferred security Proof of Work". They then developed a fully functional atomic swap protocol, which allowed the community to test it in a beta program in which thousands of atomic swaps were performed. After that, the team focused on zero-knowledge proofs, a well-known method of hiding transaction data to ensure complete confidentiality.
In 2018, several partnerships and programs were established, and further improvements were made to the privacy protocol and smart contracts. In addition, the team has released a beta version of its Agama mobile wallet.
What is unique about Komodo (KMD)?
Perhaps the most unique feature is the implementation of a feature that allowed smart contracts to work with the Bitcoin protocol.
Two specific aspects of the Komodo platform are worth mentioning: the Antara framework and the Deferred Proof of Work (dPoW) consensus algorithm.
The Antara framework is a framework that developers can use to build on top of Komodo. This includes custom and modular blockchains, choosing from ready-made modules or creating your own, API integration, and overall end-to-end development. The Antara Framework is at the heart of the multi-chain architecture.
In essence, Komodo offers developers a detailed blockchain solution that can be customized and offer cutting-edge benefits such as interoperability, sophisticated smart contract features, and business security.
How many KMD coins are in circulation?
With the maximum offer of 131,586,722 KMD, there are currently 133,094,089 coins in circulation. The KMD coin is traded at 0.312573 USD, with a daily trading turnover of 955,210 USD. The market capitalization of the asset is 41,601,619 USD.
How is the Komodo network protected?
The dPoW algorithm is a variation of the Proof-of-Work (PoW) algorithm. The team describes this as a secondary consensus mechanism that recycles the gigantic hash rate of the Bitcoin network through a series of cross-chain notarizations. This is a security layer that works with both PoW and Proof-of-Stake (PoS).
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.