Blockchain: Komodo Type: Currency Sector: Platform Circulating Supply: 104,233,619 KMD
Website: https://komodoplatform.com/
Market Cap: $272,061,573 USD
Total Supply: 200,000,000 35,992 BTC
Consensus Algorithm: dPOW
Token: KMD token. Initial price: $0.10 Trading at $2.61
*As of the article release date
In a nutshell: “End-to-end Blockchain Solutions Provider empowering developers to build freely and participate in creating the largest open blockchain network.” (komodoplatform.com)
Isn’t China against Cryptocurrencies? Surprisingly, the Chinese government recently released their first cryptocurrency ratings and Komodo made it to the TOP 5!! Komodo? The dragon? Funny enough, in the Chinese culture, the dragon symbolizes dominance, authority and ambition. It is mostly linked with success.
In this context, if a company decides to go by the name of Komodo, then get ready to be fired up. it means it is willing to dominate and succeed. This is exactly what we see from Komodo:
“Komodo is a blockchain ecosphere that we provided. We provide different tools, features and various functionalities that allow businesses, users, etc to utilise blockchain they way they need. I mean you can create your own blockchain-with one single click. Your blockchain will be fully independent. It will be your blockchain and won’t rely on our blockchain.” Ca333, CTO of Komodo in an exclusive interview with Decentral Magazine at Blockshow Europe, 2018.
Why should you even care about Komodo? Except for the fact that it’s in the top 5?
Native Blockchains
Komodo offers businesses native blockchains. This means that Komodo has the ability to connect thousands of blockchains, without burdening one blockchain. The blockchain created is fully independent and will not depend on the Komodo blockchain at all. Even if Komodo ceases to exist, the independent blockchains will live on. Companies can run the blockchain however they want and if they want to leave the network, they can take their blockchain with them: No strings attached. Even with this independence, companies still get to use all Komodo features. Moreover, a company that builds its blockchain on this platform does not need to pay in order to keep the functionality running.
Security
The pillar of the Komodo blockchain is their bitcoin level security. The network uses delayed Proof-of-Work algorithm to secure your data. This is because Komodo began as a fork of Zcash, the famous security coin. Businesses that are in the ecosystem enjoy this security benefit that is even affordable to small businesses and startups.
Flexible programming language for smart contracts
Komodo allows developers to use any language of their choice. If this isn’t the ultimate solution you need for your business, I don’t know what is.
Trade cryptocurrency without counterparty risk
Komodo has a decentralized exchange named BarterDEX. This exchange allows users to trade cryptocurrency without any middleman using “atomic swaps”. That means no voucher, no escrow services and no intermediary coin at all- not even bitcoin! On Komodo, there is no registration process and there are no withdrawal limits. Moreover, the platform supports 95% of the cryptocurrencies that exist, this includes bitcoin and ethereum protocol based coins. Cross chain atomic swaps are also possible, whereby one can transfer a token from one chain to another.
The World’s First Decentralized ICO
The cryptocurrency world preaches decentralization. However, ICO’s have remained centralized and vulnerable. This makes ICO’s susceptible to hackers, whale manipulation and human errors. One of the largest hacks happened to a startup named CoinDash. CoinDash lost $7million after a hacker altered the address that investors had to send money to. Instead, the money was sent to a malicious digital wallet that the hackers had created. According to a report by Ernst & Young, hackers have stolen about $400m from ICO’s between 2015-2017. Tragic. Moreover, ICO’s lack privacy as the transactions are traceable. This makes it difficult to trade in private due to the KYC policies around ICO’s. Everyone prefers to be anonymous or at least be pseudo-anonymous when it comes to cryptocurrencies. However, ICO’s like Datum ask users to verify their identity using either their passports, national ID or utility bill. There goes your privacy. To solve these problems, Komodo offers the world’s first decentralized ICO. It allows users to release a blockchain product with full decentralization and no third-party actors. BarterDEX eliminates all potential hackers, whales and human error. Lastly, Komodo’s privacy technology, Jumblr, allows participants to barter in private.
Should we leave the King of Dapps, Ethereum and all ride the Komodo dragon?
First and foremost, Ethereum is kind of a closed ecosystem. It gives out ERC based tokens such as ERC20, which means that you rely on the Ethereum platform a lot.
“Let’s say Ethereum gets shut down one day. What will happen to all the ERC tokens and like everything? All smart contracts and all the business logic on this huge system. It will be gone. It will die, right?” Ca333, CTO
Moreover, as more tokens increased on the ethereum platform, the secret came out: scalability challenges.
However, with Komodo, you build your own independent blockchain. The platform is able to link thousands of independent blockchain projects together but these are all islands of their own. This means that if one blockchain gets problematic, like Ethereum’s nightmare Cryptokitties, no other blockchain will be affected. All the other blockchains on the network will still function effectively.
“If you create your own blockchain with Komodo, it’s your chain. We don’t charge anything for this. It’s all open source and free…” Ca333, CTO of Komodo
In order to take advantage of the scalability challenge, Komodo is currently working on an ERC migration tool. This is meant to help companies that want to move from ERC to Komodo technology do it seamlessly.
Challenges
The only challenge that Komodo has is fast growth, which you could call a blessing and a curse. Currently, the platform carries out 800,000 transactions per second. For a team of 30-40 people, it’s stressful. This is due to constant reiteration and feedback so as to provide this groundbreaking technology. However, they seem to be handling it like champs.
Future plans
The future seems bright for Komodo. The team is potentially moving into mobiles. They are planning on getting native dApps on mobiles. It’s still underway, but it’s worth keeping an eye on.
Komodo aims to create a seamless relationship in the blockchain industry. A technology worth considering for anyone planning on building a blockchain. It’s truly your best bet.
Useful links
Website
Whitepaper
Coinmarketcap
This article is based on an exclusive interview between Decentral Magazine and Ca333 of Komodo during Blockshow Europe 2018. This event took place from 28th-29th May in Berlin. There were over 3000 attendees and over 150 blockchain projects.
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