Komodo is a multi-chain open blockchain platform. It enables projects to establish their own blockchains and hold token sales. Komodo is a Zcash hard fork. ZCash is a Bitcoin fork that focuses on anonymity. This means that Komodo’s roots trace back to Satoshi Nakamoto’s pioneering work and the Bitcoin system. It works on the technology of both Bitcoin and Zcash.
The Komodo Smart Chain software preserves the intrinsic privacy characteristics of Zcash. The capacity to convert money from a transparent address to a private address and then move money from one private address to another is the most important of these. The transfer of money between two private addresses using Zcash technology happens without leaving a public data trail.
Because the secrecy provided is permanent, this is one of the most effective kinds of blockchain privacy available.
With origins dating back to 2014, Komodo is one of the pioneers in multi-chain integrations. Komodo has been delivering blockchain solutions with an emphasis on security, scalability, interoperability, and ease of adapting since 2019.
Komodo provides the Antara framework, which includes tools for end-to-end blockchain development such as a configurable, application-specific Smart Chain, a library of built-in modules, and an open API for developing blockchain applications.
The Komodo platform-dPOW and SuperNET
dPOW (delayed Proof of Work)—Developed by Komodo developers, this new protocol improves the security of the Komodo Platform while also allowing other third-party blockchains searching for an extra security layer to use it. It is a consensus technique that uses the proof of work (POW) protocol on a regular basis (like Bitcoin). That does it, though, in a unique way. dPOW employs a technique for notarizing blockchain blocks. This assures ultimate immutability and adds a second degree of security to the transactions.
The 64 pre-selected notary nodes do this notarization job while mitigating the danger of immutability, which means that if an attacker wishes to modify a prior Komodo transaction, he or she must first change the Bitcoin blockchain. But we already know that this isn’t going to happen.
SuperNET- It is a project that aims to create services on top of the NXT cryptocurrency platform while also facilitating collaboration with other corecoin-designated blockchain projects. Since the successful ICO in 2014, the SuperNET team has been creating numerous components necessary to construct an end-to-end cryptocurrency ecosystem.
The SuperNET light client multi-wallet and InstantDEX, a decentralised trading layer between centralised and decentralised exchanges; Multi-Gateway, a decentralised exchange for trading bespoke tokens on the NXT Asset Exchange, are among the items developed by the team thus far. The Komodo cryptocurrency is the official currency of SuperNET, and the Komodo project aims to fill in the gaps in the SuperNET ecosystem, which is no longer reliant on NXT.
KMD token
The KMD token is the currency associated with the Komodo network. Because of the dPOW consensus process, KMD is an essential component of the Komodo network. Without a cryptocurrency, the consensus process would be ineffective. KMD is mineable, and the network will issue a total of 200,000,000 KMD. The coins, like Zcash (ZEC), use the Equihash algorithm for mining. Currently, there is a little more than 120 million KMD in circulation. The mining of the final coin will be in 2030.
KMD began as an initial coin offering (ICO), which ran from October 15 to November 20, 2016. One KMD was auctioned for 0.00012908222 BTC, which was 7747 KMD for 1 BTC at the time, or $ 0.376 per KMD.
The ICO raised 2,639 BTC, which equated to roughly $2 million at the time. During the crowd sale, exactly 100,000,000 KMD were spent, with investors receiving 90% of the coins. The remaining 10% was set aside to pay for Komodo’s development and marketing expenses.
KMD ranks 70th out of 100 in terms of market capitalisation. The investment yielded a 477 percent return. There are currently 120 million KMD in circulation out of a total of 200 million. On December 21, 2017, the ATH was $11.61. On March 13, 2017, the ATL was $0.002143.
Komodo’s Total Fixed Supply
Komodo has a total fixed supply of 200 million coins, of which 100 million were pre-mined and distributed during the ICO, and of which 10 million were set aside for future Komodo platform development and marketing, and 90 million went to investors. To mine the remaining 100 million coins, it will use the POW method.
The Komodo ICO ran from October 15, 2016, to November 20, 2016, and raised 2639 BTCs (worth $1,983,781 at the time).
Komodo holders earn 5% annual percentage rate (APR) revenue, which will continue till the meeting of the maximum supply of 200M KMD. It is vital to remember that only Komodo holders with addresses beginning with “T” will be eligible for the APR.
Recent developments
The Komodo development team has been quite active in the last year, and they have produced some fantastic developments. In March 2019, for example, the team launched Dilithium, a blockchain module with quantum security built on the Komodo Antara Framework. Dilithium is thus compatible with any other project based on the Komodo environment.
Later that year, Komodo introduced AtomicDEX, a wallet and exchange in one. This enables peer-to-peer trade. The Komodo team spent the rest of 2020 focusing on the Komodo Core, as well as expanding the Antara Framework and AtomicDEX.
Core Komodo
The Komodo Core is the project’s “heart” and requires ongoing care to work properly. A variety of focal points aim to enhance efficiency and, as a result, performance.
Antara Structure
The Antara Framework is a programme for creating Komodo-based Blockchains. The redesign and improvement of the Antara Framework is a crucial element on the roadmap.
AtomicDEX
One of the platform’s main debuts in 2019 was the decentralised exchange and all-in-one wallet. Komodo is planning to upgrade, enhance and add new services to the AtomicDEX platform.
EndNote
The project is still going strong. At least in terms of technology, the project’s personnel appear to be competent. However, the cause of KMD’s collapse was due to a lack of marketing savvy and an overall decline in the crypto industry. The project is currently on life support, as are many other smaller initiatives.
Also read: All About Cryptocurrency Derivatives
