What is the Komodo Platform?
Komodo is a global, interoperable blockchain ecosystem that provides some of the world’s most innovative end-to-end blockchain technology solutions. Founded by the anonymous James “jl777” Lee in 2016, Komodo began as a hard fork of ZCash. In 2018, the entire BitcoinDark team joined the project, taking their user base to Komodo’s native cryptocurrency.
Four main technologies drive this platform, each described in arguably the most in-depth whitepaper in the crypto world. One of them is Komodo’s delayed Proof-of-Work (dPoW) security mechanism. Its backbone lies in having 64 elected “notary” nodes regularly back up each block’s hash in Bitcoin’s public ledger, thereby making every transaction completed before that protected with the power of the BTC hash rate. Notary nodes can also move on to another blockchain if Bitcoin’s hash is compromised. Additionally, some regular miners only work within the Equihash algorithm.
Taking it further
Another revolutionary product is BarterDEX, a decentralized exchange powered by Komodo’s implementation of atomic swap. This allows funds to be exchanged directly without needing a third party. The technology is also used in Jumble, which develops on the concept of zk-SNARKs, a variant of zero-knowledge proofs. It enables users of any cryptocurrency in the Komodo ecosystem to anonymize their funds. Both BartexDEX and Jumble open up unprecedented opportunities for starting a truly decentralized initial coin offering (dICO) by enabling the entrepreneur to release a blockchain product beyond the reach of a third-party influencer and avoiding issues related to hackers, whales, and human error.
Where to store Komodo?
Whether a security expert or a new user, with our Magnum Wallet, you can manage and exchange your KMD securely and efficiently. Magnum Wallet offers a fully decentralized way with which only you can control your private keys and funds.