Komodo – cryptocurrency review
Anonymous cryptocurrencies are not unique, but what happens if decentralized exchanges, atomic swaps, smart contracts and ICOs are added to confidential transactions. Today we will analyze the promising cryptocurrency Komodo, which offers us square anonymity, with the functionality that most of the top crypto projects envy.
History of creation
So, James Le, who is a true supporter of the cipherpunk movement and, as a result, a big fan of anonymity, developed the SuperNET network. It opens access to the world of anonymous Internet without restrictions. Initially, this project and a number of related ones were created for the NXT blockchain, but then it was decided to use another cryptocurrency for its implementation, Komodo appeared, where SuperNET with all its assets and subsidiary projects was transferred to in October 2017.
In addition, the Komodo cryptocurrency is the receiver of Bitcoin Dark, which is a fork of Zcash and also uses zero-knowledge proof. It is difficult to say why it was decided to abandon this project in favor of Komodo, but today Bitcoin Dark network support has been discontinued, and the owners of these tokens have been asked to exchange them for Komodo coins.
So how did the Komodo project come about? In the fall of 2016, an ICO was held at which only bitcoins were accepted and as a result of the sale of KMD tokens, they managed to raise $ 1,983,000, at the average rate at that time. The amount at first glance is not remarkable, but at that time it was a very good indicator, and if the creators of Komodo went bitcoin until December 2017, now they should not have problems with financing.
Komodo cryptocurrency can not be called just an anonymous coin, although they do not hide the fact that they took the evidence with zero disclosure from the Zcash project as the basis of their protocol. It stands out from the others with its unique mining algorithm and functionality.
Let’s start the analysis of the technology with mining, which uses the Delay Proof-of-Work algorithm, which is also a deferred proof of the work. Miners mine new coins, processing transactions and forming them into blocks in the same way as in the usual Proof-of-Work, and then they are additionally confirmed using 64 notarized nodes. These are special network nodes that are selected based on the availability of the necessary equipment, activity on the Komodo network, experience in mining and blockchain of their users and other parameters. Notary nodes constantly write data from the Komodo network to the Bitcoin blockchain. Thus, they perform additional verification of transactions and create control points by which you can restore the network, for example, to eliminate the consequences of a hacker attack.
The Komodo project also offers the following technological solutions:
- Completely anonymous or vice versa public transactions within the network, each user chooses which transfers he needs.
- Agama cryptocurrency wallet and its supporting decentralized exchange BarterDEX.
- Atomic swaps between different blockchains. They are implemented through a decentralized exchange and are one of the main areas of Komodo development.
- A decentralized ICO is like a normal initial offer of coins, but not just one smart contract is responsible for its implementation, but a whole system. Which allows you to reduce the risks of a hacker attack and ensures the anonymity of tokensale participants.
Komodo started from 11 cents in February 2017 and all this time it was confidently repeating the movements of the critical market that follows Bitcoin. Even the maximum price of $ 15.41 was recorded on December 21, 2017, when Bitcoin set its record, and not at the beginning of January this year, when most altcoins were at the peak of their value.
Throughout the current year, Komodo, under the pressure of a bearish trend in the cryptocurrency market, is gradually getting cheaper and holding around the top 50 cryptocurrencies by capitalization. At the time of this writing, the price of KMD is $ 0.72, and the capitalization is only $ 80 million. But it is worth noting that those who invested in Komodo during the ICO or at the dawn of the project were able to increase their investment by 10, or even 150 times.
Komodo has interesting technological solutions, support for its own community and the prospect of further development. The coin is likely to grow immediately after the market breaks the current trend and begins to move up. But is it worth adding Komodo to your portfolio and when it is better to enter the market – each of our readers must decide for themselves.