We cannot ignore the fact that there are over 500 different alternative cryptocurrencies in the market today. But it would difficult to predict that which among them could actually leave a good impression in the coming future. Nevertheless, there are still many that are showing promises due to their insightful and practical roadmaps; the Komodo platform is one among them.
Komodo Platform is a unique cryptocurrency ecosystem built on ZCash fork. ZCash, aka ZeroCash, is a cryptocurrency built on Bitcoin Core code base. The digital currency uses zero-knowledge proofs among other advanced cryptographic techniques to offer better security and anonymity to its users. Komodo platform also supports other third-party blockchains with enhanced security and lower transaction fees.
The latest dPoW Consensus Mechanism, Mining and Notary Nodes
Komodo Platform users Komodo crypto-tokens to fuel the blockchain economy. The platform uses delayed Proof of Work (dPoW) consensus mechanism, which is a brand new consensus mechanism offering security equivalent to that offered by Bitcoin blockchain to all other dPoW chains via Komodo infrastructure. Cryptocurrency platforms attaching themselves to Komodo blockchain benefits from much lower transaction fees than that of Bitcoin.
The Komodo Notary nodes on Komodo platform does most of the cryptocurrency mining with the rest distributed across normal nodes. With over 64 notary nodes handling Bitcoin blockchain notarization, they are never in conflict with each other due to the implementation of Round Robin mining system which eliminates the possibility of mining wars by forcing nodes to take turns. The round robin mining mechanism ensures reduced difficulty levels and transaction fees on Komodo platform.
The dPoW algorithm developed by Komodo offers better security to Komodo Platform while making allowance for other third party blockchains looking for an additional security layer. Developed keeping the SuperNET ecosystem in mind, it will help in the creation of independent assetchains. The assetchains enables users to create crypto-assets with its own blockchain without having to worry about the security as it will be taken care by Komodo’s dPoW system.
Komodo and SuperNET
Komodo Platform is a brainchild of SuperNET, a project that intended to build services on top of the NXT cryptocurrency platform and also facilitate cooperation with other blockchain projects labeled as corecoins. Since the successful ICO in 2014, the SuperNET team has been developing various components required to create an end to end cryptocurrency ecosystem. Some of the products built so far by the team includes Multi-Gateway, a decentralized exchange for trading custom tokens on NXT Asset Exchange; SuperNET lite client multi wallet and InstantDEX, a decentralized trading layer between centralized and decentralized exchanges. Komodo project is designed to fill in the missing pieces of the SuperNET ecosystem, which is not dependent on NXT anymore.
An ICO worth taking part in
Komodo ensures that the community is well compensated for its support. All Komodo coin (KMD) holders are offered a 5% annual percentage rate automatically when they change the wallets once a year, depending on how long the coins were held in the previous wallet. The ongoing ICO offers an opportunity for interested investors to buy KMD and benefit from the bonus and annual percentage rate.
Komodo is probably the best security and sustainability solution out there for blockchain platforms at the moment. The well-thought-out project is definitely making waves in the cryptocurrency community while supporting cryptocurrency platforms including the SuperNET ecosystem.