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Komodo: Reasons for Recent Growth and Its Prospects

12 May 2020 12:10, UTC
Komodo: Reasons for Recent Growth and Its Prospects
By Massimo Di Giuda

Komodo (KMD) summary

Komodo is a decentralized platform similar to Zcash. The platform is based on open source, and this ensures the transparency and confidentiality of transactions. The protocol with Zero Knowledge Proofs provides complete confidentiality, which qualitatively distinguishes the Komodo blockchain from many projects.

The platform provides the opportunity for interaction between third-party developers, partners, enthusiasts and interested companies. All this helps the whole community move forward.

Brief:

  • Website: https://komodoplatform.com
  • Place in the ranking: 72;
  • Listing Date: February 6, 2017;
  • ROI since listing: 200%;
  • Maximum offer: 200 million tokens;
  • Current offer: 119.5 million tokens;
  • Consensus Mechanism: Delayed PoW;
  • Algorithm: Equihash;
  • Block time: 60 seconds;

Project history

Komodo was founded in 2014 by an anonymous supporter of cypherpunk under the pseudonym JL777, later he became known as James Lee. Since the unwritten rules of the market establish a kind of standard for any crypto project, a list of the public team later appeared on the Komodo website.

Komodo is the successor to another cryptocurrency — Bitcoin Dark, which in turn is a fork of Zcash. Bitcoin Dark ceased to exist in 2018, token holders could exchange them for Komodo tokens.

An ICO took place in 2016, where the project raised a little less than $2 million. The peculiarity of the ICO was that it took bitcoins, not ethers. The amount is quite small by the standards of later crowdsales, but at that time it was a good result.

The main advantages of the project

In March-April 2020, the project showed a twofold increase in the price of the KMD coin. The local short-term hype was mainly caused by the mention of a working anonymous platform on the network as an example, and not by the latest news from the developers. But, nevertheless, the project cannot be called a passing one — it has a number of advantages.

Open source code allows the platform to be used by other developers. Komodo’s flexibility allows you to integrate and create sidechains to third-party projects.

The highlight of the cryptocurrency is that it uses the Bitcoin network blockchain to check operations on the network using the Delayed Proof-of-Work protocol (dPoW). The very essence of dPoW is a hybrid algorithm, when one blockchain uses for its protection the power of another blockchain with a high hashrate.

Tokens inside the platform work on the Equihash algorithm. Using such an algorithm (zero-knowledge proof) guarantees a high degree of anonymity in the system. The network bandwidth is high, which also relates to the advantages of the project.

Since Komodo is far from being the most popular altcoin, the number of exchanges where KMD is traded is no more than 20. The table below shows the most popular trading pairs.

Place Exchange Trading Pair Volume, %
1 Bilaxy KMD/BTC 25,26
2 CoinBene KMD/BTC 23,43
3 Upbit KMD/KRW 13,25
4 CoinEx KMD/BTC 8,94
5 Binance KMD/BTC 8,26
6 HitBTC KMD/BTC 5,62
7 CoinEx KMD/BCH 5,31
8 VCC Exchange KMD/BTC 2,31
9 Bittrex KMD/BTC 1,47
10 HitBTC KMD/USDT 1,38

Recommended crypto wallets are posted on the official Komodo website, according to the team they are verified and safe:

  • Verus Agama (desktop, mobile);
  • Komodo OceanQT (desktop);
  • Guarda (desktop);
  • ZelCore (desktop);
  • Chameleon (mobile);
  • Pungo (mobile);
  • Magnum (mobile);
  • Ledger (hardware);
  • Trezor (hardware).

Of all these wallets, Komodo OceanQT is the only official, all the rest are implemented by third-party developers.

Conclusion

05.07.2019  |   in ICO
Komodo is a unique project that combines the advantages of Bitcoin and Zcash. Successful technology has not yet led to a huge community and attention of large companies. So far, Komodo is one of the projects with great potential, which continues to develop, but due to the closedness of the founder and anonymous transactions, it is unlikely to gain popularity among large corporations or state-owned companies.

Image courtesy of Blockonomi



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