Komodo (KMD) Review – Crypto Coin Judge
The cryptocurrency market is booming with the wide adoption of altcoins across various industry verticals. Due to the recent record-breaking surge in the price of Bitcoin, altcoins too have got a lot more attention from curious investors. Altcoins are now fast making inroads into the mainstream cryptocurrency ecosystem. The best part about altcoins is that they have some features that are unique to them and are, in many respects, better than Bitcoin.
There are now more than a thousand cryptocurrencies available such as RaiBlocks, Startis, Vechain, Pivx, Cardano, Digibyte, and every other day a new cryptocoin is released into the market. So, it becomes difficult to predict which one will be able to provide profitable returns in the future. Nevertheless, there are many cryptocoins which are quite promising due to their insightful and practical roadmaps. Komodo (KMD) is one such cryptocoin which is making inroads into the cryptocurrency market.
What is Komodo Altcoin?
KMD is a decentralized cryptocoin similar to Zcash and Bitcoin but with some additional features. This digital currency is currently providing outstanding returns to investors, and experts have predicted its further growth in the near future. The Komodo blockchain platform utilizes open-source cryptocurrency to provide private, fungible, transparent, and anonymous transactions.
The decentralized ICO platform (dICO) technology allows the coin developers to release the coins in a transparent way, while keeping the investors’ privacy with Komodo’s built-in privacy features. This is the first time in crypto history that native cryptocurrencies are issued and distributed without the involvement of third parties. The dICO distinguishes itself from other ICOs, not only on the basis of decentralization, but it also utilizes Komodo platform’s Jumblr technology to ensure complete privacy for all ICO participants.
Komodo is run by a highly talented team of professionals who believe in providing utmost protection to the privacy of people. Therefore, they use pseudonyms in place of the actual names of the participants. For this reason, many people think that this operation is shady, but this is not at all true. The company welcomes anyone who is willing to participate and wants to get into their work. Anyone can freely join Komodo at any time and become a key contributor to its decentralized platform. The company welcomes new people, is open to new ideas, and works on new projects to achieve their goal. Details of the key functionaries of this ecosystem are provided below. Pseudonyms have been used for some of the key functionaries to keep their identity confidential, which is in sync with the company’s policies.
- JL777 (Lead Developer)
- Pbca26 (Frontend Developer)
- CA333 (General Manager(CTO))
- Rick (Developer/Global IT Expert)
- Fadedreamz (Developer)
Administration & Support
- Alice (Event Manager/Administration)
- Phideas (Web Designer/Developer)
- Nabob (Software Tester)
- Michael Reiners (Translation Manager)
Ambassadors & Advisors
- Beor (Spanish Ambassador)
- DK (Russian Ambassador)
- Steve Lee (Strategic Marketing Advisor (CMO))
- Audo (Content Manager (CCO))
- Siddhartha (Content Creator)
- Polycryptoblog (Business Development)
More About Komodo
The Komodo platform is a cryptocurrency project with a focus on anonymity features through the integration of Zero Knowledge Proofs. It’s an innovative delayed Proof of Work (dPOW) protocol that plays a significant role in providing security layers that create backup for your blockchain’s data and authenticates it to Bitcoin’s blockchain with an outstanding level of security. This platform forked from Zcash. This new cryptocoin runs on the SuperNet platform by utilizing SuperNet’s infrastructure and software applications.
Komodo is moving ahead with the mission of providing complete end-to-end blockchain solutions for developers at any level and any industry. It’s a powerful yet simple blockchain solution that is easy to deploy and configure, to meet the prime needs of the users. They have built a robust ecosystem where developers and partners can create an environment together that can speed up anyone’s journey into blockchain technology.
Flexibility that is simply unmatched
Developers who work on the KMD platform can build independent blockchains of their own which will be connected with its ecosystem. As your blockchain is completely self-contained, you are not restricted to a Komodo parent chain. The platform is flexible, therefore partners and developers have complete freedom to select the KMD technologies that they want to use.
Enhanced security features for flawless transactions
As already stated, this platform uses dPOW to offer an outstanding security layer which will create backups for your blockchain data and validate it to Bitcoin’s blockchain with high-end Bitcoin security. Apart from this, the platform also provides an optional privacy protection of Zero Knowledge proofs technology that enables it to do transactions in a 100% private and transparent manner within the Komodo blockchain as per the privacy requirements. With this private transaction feature, nobody can see the detail of the sender, amount, and recipient of the transaction on the blockchain. Anonymous transactions are not only beneficial for the user’s privacy but also make sure that all the coins remain fungible, which is considered as one of the important prerequisites for any currency. The blockchain security feature ensures that no used coin is ever re-used in the system, thus eliminating the chances of fake coins doing the rounds in the Komodo ecosystem.
Komodo modular platform to create your own independent blockchain
The Komodo’s modular platform technology is very flexible and allows for the delivery of customized solutions to achieve your prime requirements with the right features. By using an independent blockchain, the development team can inherit all the features of the future technology. Here are the key features of the platform:
1 – Dpow security
All blockchains launched on the Komodo platform can use notarization to enjoy Bitcoin-level security.
2 – Pegged assets
They are building fiat-pegged cryptocurrencies to support the traders in maintaining the value alongside a national currency.
3 – Decentralized crowd funding
With this, entrepreneurs can easily issue new coins and other blockchain projects in a decentralized manner with added benefits of both security and stability features.
4 – Outstanding privacy pool
Any digital currency on the platform can go through a Zero-Knowledge Proof, with complete privacy features.
5 – Peerchains scalability
Ultimate scalability solutions that allow for linking of multiple sibling chains into a coherent network.
6 – KMD contracts
The developers are free to use any programming language to create programmable contracts.
7 – Blockchain database
It allows valuable data to be recorded in a secure and safe manner to any chain on Komodo network.
8 – Micropayment Channels
This platform uses lightning-network technology from Bitcoin that allows fast and secure transactions.
Apart from all these amazing features, they are continuously working on developing more technology modules for the benefit of users.
KMD is a privacy-centric digital currency which blends the anonymity of ZCash with Bitcoin security features. The team also designed the new consensus mechanism called delayed Proof of Work for processing Komodo, and the blocks can be notarized by utilizing Bitcoin blockchain.
KMD is released via the Equihash- based PoW protocol. The system ensures that if anyone tries to hack Komodo, th
How to buy this crypto coin?
ey have to rewrite both chains. As Komodo uses the Equihash algorithm, it can be mined with GPUs and CPUs. The mining requires overcoming some difficulties and takes time, to ensure that only genuine, and an accurate number of, coins is created by the genuine miners only. It is wise to join a mining pool to receive the coins early and share the rewards with the pool members, instead of mining alone for months with little hope of successfully mining a Komodo coin.
With the help of wallets, you can store, send, and receive your KMD very easily. KMD offers desktop wallets and paper wallets with excellent privacy features.
Agama wallet: The Komodo developers have designed this official desktop wallet for KMD. It comes with privacy-enhancing features called Jumblr. It is a multi-coin wallet that not only supports KMD but other supported currencies too. The wallet can be installed on Windows, MacOS, and Linux platforms.
Swing wallet: This is another KMD official GUI wallet developed by the Komodo developers. It is the most basic wallet recommended by the KMD developers. It is available for use on Windows, MacOS, and Linux operating systems.
Paper wallet: The encrypted offline paper wallet offers a safe and secure way for storing your cryptocoins. Read the paper guide provided on the Komodo official website to get more information.
How to buy this crypto coin?
Currently, if you want to buy this crypto coin then you must own Bitcoin (BTC) first. Don’t worry, soon KMD users will be able to purchase it directly with fiat currency. Until then, you can read this information to understand the simple ways of purchasing Komodo on Bittrex. You can purchase Bitcoins by exchange or directly from people through marketplaces by paying by cash, debit or credit cards or even with other cryptocurrencies. Next you need a wallet in which to store your Bitcons in a safe manner. Different types of wallets are available to choose from. The main wallet options include:
- A software wallet that you can store on the hard drive of your computer.
- An online-web based service.
- A vault service that keeps your Bitcoins protected with multi-signature wallet that utilizes multiple keys to keep your account protected.
Once you have purchased the Bitocins, you are one step closer to buying your KMD. Right now, Bittrex has the highest KMD volume. It therefore considered the best exchange for buying a KMD/BTC pair. Follow these steps:
- Navigate to the bittrex site https://www.bittrex.com.
- Open an account.
- Search your Bitcoin deposit address.
- Send your BTC to your Bittrex address. You have to wait for two confirmations to access your funds. After the confirmation of your bitcoin, you will see your balance when you navigate to the wallet.
Trade your BTC for KMD
Now your Bittrex account will be showing your BTC, so get ready to purchase your KMD. Do the following:
1 – Navigate on the Markets’ Tab on Bittrex. Type “Komodo” on the search bar and click on the option “KMD.”
2 – Scroll to the trading window. On the “Buy Komodo” tab select the type of bid and click on BUY KOMODO.
3 – After the confirmation of your order, you will see the KMD balance in your wallet.
Once you become a KMD holder you will have different wallet options in order to store your coins safely. You can then safely perform crypto trading, investments, and changes as per your convenience and need.
How is it different from Bitcoin?
KMD platform works on dPoW (delayed Proof of Work). This is very similar to Bitcoin’s Proof of Work with some key differences. In dPoW, transactions are first attached to Komodo’s blockchain and then recorded on the Bitcoin Blockchain. On the other hand, in Bitcoin’s Proof of Work, transactions are immediately recorded on Bitcoin’s blockchain. The KMD blockchain offers multiple benefits, such as the ones provided below:
1 – With KMD you pay less fees compared to Bitcoin.
2 – KMD provides more security because you have passed through the first layer of blockchain security before reaching the second layer.
3 – The KMD blockchain proves to be very beneficial if you have a third party or private blockchain to which you want to provide Bitcoin-level security without paying an expensive price.
At the time of writing this article, the cost of each KMD was $10.96 USD
This table clearly represents the rising values of KMD over the past six months.
This block platform utilizes open-source cryptocurrency to deliver private, anonymous, fungible, and private transactions. It offers the outstanding Bitcoin’s blockchain security through delayed proof of work protocol, which provides an added level of security to the users. They will soon be launching an ICO.