WATCH OUT! That dragon can be a monster! No, not a REAL Komodo dragon, but a monster of a decentralized platform known as Komodo. At the request of one of my followers, Jason, I decided to jump into the technical side of the Komodo platform and do a review that keeps it simple for everyone. Much like an actual Komodo dragon, I took a big bite out of their platform and digested all their whitepapers. Keep reading for a simple, but still detailed overview of the massively cool Komodo Platform.
Komodo At First Glance
Komodo is a fork of Zcash and started out as a “privacy platform”, but has since pivoted to something much much bigger. I won't lie, this is platform has a lot of working elements to it, but they are quite impressive. Basically the Komodo Platform will easily let developers get started making their own blockchain and ICO's. Think of it like a complete toolkit that takes all the frustrations of privacy, security, speed, and massive development time out of the equation, leaving the developer free to truly express their ideas on the platform. Here are some basic details about Komodo:
- Total Supply – 200,000,000 KMD
- ICO – 100 million pre-minded for ICO (90 million to investors, 10 million for development)
- Circulating Supply – 100,945,510 KMD
- Exchanges – Bittrix, Binance, Cryptopia, Coinexchange, Cryptox
- 100 million coins are still being mined via the proof-of-work algorithm
Delayed Proof of Work
This is the magic behind the Komodo platform and what I think makes it really special. In the dPOW situation you are still utilizing the Bitcoin blockchain to store your transactions, but there is an intermediary step where the data is first “notarized” by a pre-selected notary node on the Komodo network. In delayed proof of work you have “notary” nodes that “notarize” the data before it is committed to the blockchain adding an extra layer of security and ensuring “immutablity”. This allows applications using the Komodo platform to have the security of the Bitcoin blockchain, but with transactions that are much faster. It also adds an extra layer of security as you would have to manipulate both the Bitcoin blockchain and the Komodo based blockchain as well.
BarterDEX & Jumblr
So we know that Komodo is a development platform that makes it “out of the box” easy for developers to create their own blockchains and ICO's, but they have some supportive projects that look pretty interesting as well.
I have been talking a lot about decentralized exchanges lately and I really do think they are the future of trading. The Komodo Team is working on their version called the “BarterDEX” which is an open decentralized exchange for cryptocurrencies that works off of atomic swap technologies. The team is also working on is Jumblr, a cryptocurrency “anonymizer” that utilizes the zk-snarks privacy features of the Komodo platform to push transactions through a series of private address “which
disconnects the currency trail and anonymizes the funds—and then returns the funds to a new
transparent address of the user’s choosing.”
Both these “sub-projects” will be key components in the complete Komodo platform that is available to developers.
Komodo In The Long Run
I think Komodo's tech is pretty awesome, but it is quite complicated for the average investor to understand. They have made some strides recently to help with that (including some new whitepapers), but the complexity of the technical details make it less approachable for the average Joe. Regardless, the people that will be using and working with Komodo in the long run, understand much of this technical jargon and will have a solid end-to-end solution for making their own blockchains in an out-of-the-box kind of way. Maybe the very first “Stache Coins” blockchain can be on Komodo when it launches and IF I ever decided to actually do my own full on blockchain project!