What is Komodo (KMD)?
Future of KMD Cryptocurrency and know how to buy KMD

What is Komodo?

#1 - What is Komodo?

Komodo is a relatively young cryptocurrency that’s already made it to the top 50 cryptocurrencies of the world. The Komodo platform is also being anticipated to be the bridge between Ethereum and Bitcoin after the implementation of Etomic.

Komodo: The Basics

  1. Komodo is an open source based platform that enables transparent, anonymous, private and fungible transactions. Its cryptocurrency is denoted by the symbol KMD. Its total supply is 200 million KMD.
  2. It was launched through an ICO from 15th October 2016 to 20th of November. 100 million coins were minted during the ICO. A Proof-of-Work algorithm mines the remaining 100 million coins.
  3. Komodo uses Delayed Proof-of-Work technology, which secures transactions & offers Bitcoin-level security to its users. It also lets them elect backups of their own records & insert them into the Komodo main chain.

Komodo Development

  1. Komodo forked from the ZCash blockchain but retains the use of its Zk-Snark technology. Komodo’s development team regularly develops new and better technology modules but due to privacy reasons uses pseudonyms.
  2. One of its most used technologies comes from Zcash, which uses Zero-Knowledge Proofs. This gives Komodo blockchain users the option to either obfuscate their transaction details & leave “Zero Knowledge” of their exchanges or keep them private and anonymous.
  3. The team is focussed on extending its exchange - called BartDEX - to create world-wide blockchain interoperability. It is trying to bridge the gaps between blockchains.

Komodo Technology

  1. The Komodo blockchain network powered by Atomic Swap Technology. It allows users to exchange any cryptocurrency linked to BarterDEX (Komodo’s decentralized exchange) through secure, peer-to-peer transactions.
  2. Entrepreneurs can create new independent blockchains through the Iguana Core, by entering two simple commands in the command prompt of their computer. They can even code new rules within their new blockchains. For eg. you may choose to use PoS instead of PoW mechanism in your blockchain.
  3. Delayed Proof of Work (dPOW) is Komodo’s consensus mechanism that notarizes blockchain’s blocks. This is done by modifying the regular proof of work protocol which ensures total immutability.
  4. Transactions are secured through the notarization of 64 pre-voted notary nodes. This adds to the security layer by preventing an attack involving modifying the Komodo transaction as for that Bitcoin blockchain has to be changed which is impossible to do.
  5. Native currency from crowdfunding is issued and accepted by Komodo with Assetchains technology. These assetchains inherit all functionalities that are offered by the Komodo Platform and allow blockchain innovation.

Features

  1. Anonymity & Privacy: ZK-Snarks allows smooth money transfers without revealing users’ identity. The audience of crowdfunding may also choose to mask their identity.
  2. Trustless Exchange: Transactions within Komodo Blockchain can be totally anonymous or totally transparent depending on the privacy requirement in each case. This is because of the Zero-Knowledge Proof technology.  
  3. Decentralisation:  The open source DIY model for crowdfunding allows easy development of decentralized applications (DAPPs). Anyone can launch a decentralized P2P crowdfunding through dICO (decentralized Initial Coin Offering) without third-party risk.
  4. Flexible:  Developers can modify their chain on the Komodo platform as it has a built-in capacity to enable any feature they want. Developers across various levels and industries are offered complete end-to-end blockchain solutions.

 

#2 - How to Buy and Store Komodo?

How to buy Komodo

  1. Komodo can be purchased on exchanges for fiat currency and for other cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. on multiple exchanges.  Interested users must first get a Komodo address to receive Komodo tokens and then exchange bitcoins/altcoins for Komodo.
  2. Supported exchanges include Bittrex, which supports KMD/BTC; Binance that offers KMD/BTC, KMD/ETH; Cryptopia offers pairs KMD/BTC, etc.

With the KMD cryptocurrency being available over many exchanges, it can get difficult to get the best price for your transactions. Which is where CoinSwitch, the largest cryptocurrency exchange steps in.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the Komodo cryptocurrency, CoinSwitch comes in to help you make the right decision by providing the prices for KMD. This way you can choose the best deal for you!
  2. You can also buy, sell and trade several cryptocurrencies for Komodo. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

Komodo Storage

Komodo tokens are supported by the following wallets:

- Agama Wallet: It is available on Windows, Linux and Mac. - It can be used to store the 5% annual bonus from staking.

- Komodo Paper Wallet

- Ledger Nano S- It cannot be used to store the 5% annual bonus.

-Iguana Multi-wallet is a GUI project that gives users access to Komodo and other cryptocurrencies. It has inherited all features of Komodo.

 

#3 - What is the future of Komodo?

As of June 2018, its market capitalisation stands at $ 103,377,563. The maximum supply of the Komodo cryptocurrency (KMD) is about 200 million KMD.  

With decentralization and anonymous transactions, Komodo is set for a strong and long-term run. Priced at around $.11 at its launch, it rose with rapid pace to touch over  $12.89 - giving its investors a whopping 11000% returns within a year of its launch.

Analysts suggest it will eventually grow to $16.375 by 2023 due to its increasing commercial adoption.

Also Read: Complete Analysis of Komodo | Live Komodo (KMD) Price Charts And Predictions

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

2.59

2.59

2.49

2.53

774,573

269,571,000

May 01, 2018

3.98

3.98

3.66

3.95

3,549,250

414,164,000

Feb 01, 2018

5.91

5.98

4.60

4.94

4,019,180

612,271,000

Jan 01, 2018

9.86

10.02

9.10

9.73

11,458,100

1,024,210,000


#4 - How is Komodo different from other cryptocurrencies?

As discussed earlier in this post, Komodo has multiple standout features making it unique from most other cryptocurrencies.

  1. The security level of Komodo blockchain is at par with Bitcoin due to dPoW technology.
  2. All transactions including those with other cryptocurrencies maintain users’ anonymity with zero knowledge proof mechanism.
  3. The block time for specific use-cases like gaming is faster than its peers because of the external transaction module.
  4. The amount of private transaction cannot be seen by sender or recipient but it is verified by miners. Transparent transactions work exactly like Bitcoin transaction.

 

#5 - Should you invest in Komodo?

  1. With transparency and free open source-based approach, Komodo can gain more investors who can take the currency to new heights.
  2. Multiple standalone projects are in the pipeline as the SuperNet like making more atomic swaps compatible with Komodo Platform. This can help grow Komodo’s community especially because of its listing on multiple exchanges including the recent European Exchange launch.  
  3. Komodo recently got listed in the Top 5 Blockchains of China, ranked and rated by the Chinese government. This will build investor trust and can take Komodo for a bull run.
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