Komodo (symbol: KMD) is a blockchain platform focused on the security and privacy of users. Komodo promises to be a fast, secure, and decentralized cryptocurrency with its own ecosystem. The Komodo project development team emphasizes the freedom, empowering developers and businesses with end-to-end blockchain solutions. This means that developers can create their own blockchain projects, launch ICOs, integrate with other projects in the crypto industry through decentralized exchanges thanks to atomic swaps.
One outstanding feature of Komodo is that it allows miners to use other mining equipment of medium strength. It competes on par with other miners using specialized, expensive equipment such as ASIC through consensus. Komodo is known as a fork of Zcash, while Zcash is a fork of Bitcoin.
Komodo ecosystem and how it works
BarterDEX: Decentralized exchange, based on atomic swap technology.
Jumblr: A decentralized and encrypted platform that aims to help anonymize the cryptocurrency you hold. You can use Jumblr to increase privacy when using Komodo platform. Jumblr is also connected to BarterDEX, so you can anonymously add any tokens you trade.
Consensus mechanism Delayed Proof-of-Work (dPoW): Maintain the network.
Decentralized Fiat Currency (DFC): Cryptocurrencies pegged to fiat currency (Fiat). DFC technology will use atomic chain swaps from BarterDEX and the previously stated dPoW consensus algorithm.
Team
The Komodo project development team is all about privacy, so they use the pseudonym as the primary. This makes many people think that this project is not transparent, but that is not true. Some typical faces of the project include:
Basic features of Komodo coin
Komodo platform is based on Zcash development technology, Zero-Knowledge Proofs. This technology allows transactions in Komodo Blockchain to be private or transparent up to the maximum in each case.
When the transaction process takes place, no one can see the amount that the sender or the recipient transacts on the Blockchain even though miners can verify it completely accurate and incur no costs. When transactions are transparent, they act like a normal Bitcoin transaction.
In Komodo coin, anonymous transactions are very important. In addition to protecting user privacy, it also ensures that all currencies are still replaceable, which is a prerequisite for any currency.
What is Komodo cryptocurrency used for?
KMD with Utility Token function within Komodo ecosystem
- Use KMD Coin to swap directly in AtomicDEX. This swap will be charged fee. If paying by KMD, the user will get 10% discount on trading fee. The transaction fee in AtomicDEX is ~ 0.13% (1/777) paid by KMD Coin.
- Use KMD Coin to pay as a regular cryptocurrency. Some partners who are providing financial services have integrated KMD Coin contracts such as: Bitpanda, Coinpayment, CoinFlip …
- Use KMD Coin to participate in ICO token sale programs on Komodo Platform.
Use KMD Coin in Komodo Platform’s operation mechanism
- KMD is used to pay rewards to stakers. In Komodo’s PoS mechanism, you don’t need to be a 24/7 online node to staking, but just need to hold KMD coin (minimum 10 KMD) on Komodo wallet.
- Projects that participate in the operation, security, and interaction of the Komodo ecosystem will be charged in KMD Coin. Currently, there are 9 projects in this group. Including some names like Hush, VerusCoin, HempCoin, KMD Labs, Pungo …
- Side Chain who want to access some additional features on Komodo will have to use KMD Coin to pay fees.
- In addition, KMD Coin can be used to back Stable Coin, which is built on Komodo Platform through Antara Framework.
Conclusion
Komodo, despite its constant up and down fluctuations, its value is constantly increasing over time. That’s why investors flocked to it in hopes of making huge profits from Komodo. Also, it is developing tools for the decentralized cryptocurrency industry. However, each investor has a different perspective; we can not give any advice or support for you because this market always carries unforeseen risks. So please consider carefully before investing offline.
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