The project aims to create an ecosystem of partnerships based on blockchain and decentralised tools. The platform is universal and easy to learn for developers of blockchain applications. The Delayed Proof-of-Work consensus algorithm ensures security in the network.
The team involved in the development of Komodo is primarily anonymous. It is only known that the platform was founded by James Lee, who, back in 2016, started working on the SuperNET project on one of the world's first blockchains — Nxt. That project could have been more successful and contained many flaws that needed to be fixed. Then Lee decided to create his atomic system — one that allows transactions between different blockchains.
Komodo represents the next step in the evolution of the BitcoinDark project. The idea was to address Bitcoin's privacy flaws while maintaining high security. The current general manager of Komodo is Ben Fairbanks, who also founded and runs RedFox Labs, an incubator that helps launch projects based on Komodo.
How Komodo works
Developers building applications on the Komodo platform do not rely on the underlying blockchain but form their autonomous chains. These are not forks or sidechains (sidechains like Polygon) — Komodo is not the "parent" of a new blockchain.
However, all of these chains can connect to the Komodo ecosystem. This is very important: the fact that the blockchain is autonomous removes any dependencies and constraints on the underlying ecosystem.
Komodo can be described as a modular ecosystem. Developers can choose which features and technologies to use by creating new chains.
The main priority of the whole system is security. In addition to using Zcash protocols for anonymity and privacy, Komodo uses the dPoW protocol — deferred proof-of-work for Bitcoin-level security. As the developer states, dPoW backs up connected blockchains and validates them on the Bitcoin blockchain. In this way, Komodo uses the Bitcoin network to ensure the immutability of its ecosystem.
Komodo is powered by AtomicDEX, a decentralised marketplace. It offers two main features:
- A multi-currency wallet for digital assets. It supports thousands of cryptocurrencies and tokens - these include all popular coins, as well as ERC-20 (Ethereum), QRC-20 (QTUM), BEP-20 (Binance Smart Chain) tokens, etc.
- Atomic swaps — the direct exchange of cryptocurrencies from one network to another without the need to resort to the help of an intermediary. The technology is based on smart contracts, programmable contracts that allow for a secure exchange between two parties.
Of course, the service is non-custodial, i.e. it does not store user assets. The client is responsible for keeping cryptographic keys and a seed phrase to restore access.
KMD is a native coin of the Komodo platform. It is available for mining, and a maximum of 200,000,000 units can be issued. Like Zcash (ZEC), KMD is mined using the Equihash hashing algorithm. It is estimated that all coins will be mined in 2030.
Coin usage options:
- Activity rewards for users who hold at least 10 KMD in their wallet. This resembles steaking but is not, as the network runs on a Proof-of-Work algorithm rather than Proof-of-Stake.
- Paying transaction fees on the Komodo network.
- Launching and maintaining intelligent contracts.
- As an intermediate asset in transactions involving tokens that are not directly paired on AtomicDEX.
The ICO of the project was held in the autumn of 2016. Initially, 1 KMD was valued at 0.00012908222 BTC ($0.376 at the time), so for 1 BTC, you could get 7747 KMD. The ICO raised as much as 2,639 BTC, almost $2 million. Investors received 90% of the coins, while the remaining 10% was allocated for marketing and development needs.
KMD cryptocurrency can be bought with the help of exchangers and on exchanges Binance, Huobi, KuCoin and so on. As it is not an ERC-20 or BEP-20 token, it is not traded on popular decentralised exchanges such as Uniswap or BakerySwap.
As of 2023, the project is still actively developing despite the low market capitalisation (500th place in the top). Among the latest achievements of the developers and the community, we can mention:
- AtomicDEX Mobile's transition to 100% open source.
- Lightning Network integration.
- Implementation of NFT on AtomicDEX.
Regularly updating native app versions to always remain as up-to-date, reliable and secure as possible.