The Komodo platform provides end-to-end blockchain solutions at scale for developers across different industries and levels. It offers custom blockchain solutions that are configurable and easy to deploy.
The blockchain appeared as a ZCash blockchain fork, which was a Bitcoin fork. The Komodo ecosystem integrates zk-snark (zero knowledge) technology based on Zcash. It adds a relatively rare consensus algorithm known as delayed proof of work (dPoW).
Komodo’s goal is to build a complete ecosystem made up of various partnerships.
How it works
Komodo has a blockchain with an autonomous infrastructure, realized by means of parallel chains. These chains create a separate copy of the Komodo blockchain. The dPoW consensus mechanism secures new parallel chains.
Komodo developers do not rely on the blockchain itself. Rather, they create their own standalone blockchains. It is neither a sidechain nor a fork. The Komodo platform does not serve as a legacy platform for the new blockchain.
Each development project on Komodo is an independent blockchain linked to the network. This way, Komodo can never limit any future development.
The heart of the network is BarterDEX, Komodo’s decentralized exchange. The DEX is the intersection between all blockchains. It is powered by atomic swaps, unlike other DEXs, which use proxy tokens.
The most important features of Komodo are related to security, privacy, scalability, adaptability and interoperability.
Komodo security is distinguished by the use of the dPoW consensus mechanism and Zcash zk-snark protocols for anonymity. The mechanism provides Bitcoin-level security to all projects and blockchains associated with Komodo. The dPoW consensus mechanism creates a backup of blockchain data.
The zero-knowledge proof technology used by the Zcash blockchain allows complete anonymity of every transaction on the blockchain. Many users appreciate anonymous transactions because they don’t have to share information about the sender, recipient, and amount of the transaction.
At the same time, the transaction is transparent and miners can verify its validity. The data appears exactly as for a standard Bitcoin transaction.
Another important benefit of anonymous transactions is the preservation of fungibility, a basic monetary requirement.
As one of the best-known open source projects, Komodo is recognized for its features and innovations. Komodo-based projects are equipped with the ability to create customized solutions according to different situations and needs.
Komodo allows each project to have a dedicated blockchain and infrastructure, unlike other enterprise solutions. Komodo network projects can scale at any time and blockchains can be added to improve performance as needed.
Komodo’s so-called blockchain federation technology enables frictionless interoperability with federation blockchains. Atomic swaps can be used to link to non-federated blockchains.
Extensive development activity
Komodo has been very active in pushing code to its core repository. It has dozens of repositories, all of which are quite dynamic. The ecosystem ranked 12th on Coincodecap in terms of overall coding activity.
· Good results in scalability, adaptability and interoperability
· Extensive development activity
· High security and reliable privacy
· The part is still under development
· Some issues with registry synchronization
Why should you register with Komodo?
One reason is that security is top notch. As of this writing, Komodo is preparing for an external security review. They will create an architecture diagram and SRS document, update and refactor dependencies, and perform an internal security code review so that auditors can access the code.
Recently, Komodo optimized blockchain node call amounts and added an infrastructure enhancement microservice. They are in the process of integrating QuickNode blockchain nodes into their interfaces. They created a microservices layer so they could complete the integration.
Komodo provides convenience to its users by providing the ability to collect fiat price information in the API database. This way, traders can calculate fiat prices retroactively, if needed.
Another advantage is the Komodo (KMD) cryptocurrency itself, which can be used to trade trades with tokens that do not have a direct pair on BarterDEX and enable instant trades without confirmation on Komodo DEX.
The Komodo coin pays for Komodo’s security protocol service, is used for ICO crowdfunding on the platform, and powers UTXO-based smart contracts. If you have 10 or more KMDs, you can earn 5% rewards as an active user.
What sets it apart?
Komodo’s dPoW consensus algorithm increases network security by using the hashing power of Bitcoin. Bitcoin has the highest hashing power of any blockchain network, which makes it virtually immune to hacking.
The bottom line
Komodo has a large and extensive library and a reliable and strong team and community. They post real-time updates and provide transparent annual and quarterly reviews. They are an excellent choice of blockchain solution for experienced developers.