Komodo guarantees the confidentiality of transactions
The Komodo platform focuses on protecting the privacy of users. It also insists on decentralization. This fork of Zcash has real potential thanks to its consensus called dPoW. Open source in nature, the platform offers anonymous and secure transactions using Jumblr in addition to a decentralized exchange with BarterDEX. All conditions are met for successful financial transactions.
Presentation of cryptocurrency
Komodo consists of a decentralized and secure anonymous platform. She wants to make transactions through the Komodo blockchain. Discover the details in the next paragraphs.
What is Komodo?
Komodo is a fork of Zcash (ZEC). He is also a descendant of Bitcoin Dark. It is a fully-fledged blockchain that offers decentralized projects. The platform aims to become the benchmark for anonymity in the world of cryptocurrencies.
To carry out anonymous transactions, it uses zk-SNARKS technology. The platform combines the anonymity of the Cash network with the increased security of the Bitcoin network. Also, to be able to reach the Komodo blockchain, you have to reach that of Bitcoin.
KMD constitute the Komodo tokens. The Komodo lessons is today 0.393781 €. The cryptocurrency has a market capitalization of up to $ 123 million in March 2019. The market has 112,279,764 KMD in circulation.
The Komodo price reached an all-time high of 12.89 dollars in December 2017. On October 15 to November 20, 2016, an ICO in Komodo lifted 2639 BTC. The event distributed 90 million KMD to investors. The team has an additional 10 million euros to finance its development and marketing.
What future for Komodo?
The team is focused on confidentiality. The platform has real potential. Komodo’s roadmap reveals some similarities to Ethereum’s. It is made up of plans for an ICO platform, App development projects, mobile wallets and a user interface.
In the cryptocurrency market, scams are increasing more and more compared to legitimate projects. The Komodo project stands out for the seriousness of its team, the ambition of the platform and the existing resources.
How does cryptocurrency work?
Komodo reveals a high-performance ecosystem. The project is divided into several elements, namely: the BarterDex, the Jumblr and the Delayed Proof-of-Work. The explanations can be found in the following paragraphs.
The Proof-of-Work Delay
In order to keep the blockchain running, Komodo relies on a specific consensus known as Delay Proof-of-Work (dPoW). The latter provides a level of security as great as that of Bitcoin, but with less energy consumption. The blockchain also works with 64 Notary Nodes.
The dPoW method makes use of two types of nodes:
- The notarial nodes which are responsible for authenticating the blocks of the dPoW chain on the Bitcoin blockchain as part of a transaction.
- The normal nodes which take care of reading and validating the transactions on the chain dPoW.
BarterDEX, the decentralized exchange
The team developed a decentralized exchange called BarterDEX. A decentralized exchange is defined as an exchange platform that operates without the intervention of a third party. A traditional exchange like Binance or Coinbase is like intermediaries when exchanging cryptocurrencies between users. A decentralized exchange offers automated transactions directly between the two users.
To work, the BarterDEX exchange is based on processes called Atomic Swaps (atomic cross chain protocol). These procedures facilitate the exchange of tokens between users without the intervention of a third party. In case of interruption or failure of the procedures, the protocol ensures that both parties are reimbursed.
The Jumblr consists of an open source and decentralized cryptocurrency anonymizer. The Jumblr plays a crucial role within the platform. This element is responsible for ensuring the confidentiality of user data for each transaction on the Komodo platform.
The anonymization procedures start with the KMD tokens of the user’s non-private address. The instrument sends this data to a batch of zk-SNARK addresses. These addresses cannot be found. The instrument then ships the tokens to a new address chosen by the user. Access to this service involves a fee of 0.3% of the transaction.
The pros and cons of this cryptocurrency
The Komodo lessons is of 0.393781 €. Cryptocurrency is favorable for a profitable investment. However, it does raise a few drawbacks.
The Komodo community is strong and strong. Cohesion and mutual aid reign within the group. The decentralized exchange platform known as BarterDEX is already operational. The latter ensures transactions without the intervention of an intermediary. The absence of a third party significantly reduces transaction costs.
Other cryptocurrencies want to integrate the Komodo blockchain to ensure their security. Block mining is quick and easy. This operation consumes only a tiny amount of energy, which is not the case in the mining of the majority of cryptocurrencies in circulation.
Although the team has set aside funds for marketing, the platform only offers poor quality marketing operations. The development manager refuses to reveal himself. It is only known by the nickname jl777.
How to buy this cryptocurrency?
The Komodo price is of 0.393781 €. If you want to buy this cryptocurrency, follow these procedures.
Several exchanges offer the purchase of KMD tokens, but Binance and Bittrex remain the platforms with the maximum volumes of KMD exchanges. Note that KMDs cannot be acquired directly.
To buy KMD tokens, you have to start by buying BTC on another buying platform like Coinbase. After purchasing BTC, transfer them to one of the trading platforms. Start trading BTC for KMD.
Why trade KMD?
There are many benefits of purchasing KMD tokens. Komodo holders receive 5% interest on the tokens held each year. Unlike the Proof-of-Stake system, there is no need to keep your wallet online to benefit from these interests thanks to the dPoW system.
However, this interest is temporary because the 5% will disappear when the entire supply of the 200 million KMD has been used. The team believes that this total exploitation will be effective around 2031.