Because the blockchain house matures, we’re shifting previous particular person blockchains which are competing for the piece of the DeFi pie as self-contained ecosystems. As a substitute, the way forward for blockchain-based merchandise and platforms is clearly one during which every blockchain can work together with others. This types an expertise that’s seamless for the end-user.
After many milestones, re-brandings, and transitions, Komodo is positioning itself as the main participant on this future. These companies who have to create a sensible contract blockchain to deploy their DeFi options can flip to Komodo. It’s language-agnostic, sensible contract, multi-chain platform can create scalable and customizable blockchains.
That is on high of Komodo’s worth as a privacy-oriented cryptocurrency (KMD) and a multi-coin crypto wallet. Let’s discover how Komodo achieved this flexibility and what’s in retailer for its future.
Komodo owes its existence to James Lee
Komodo’s historical past is linked to the efforts of pseudonymous James Lee. He’s popularly identified on the web as ‘JL777.’ He’s a agency believer in safeguarding one’s id, therefore Komodo is so privacy-focused. JL777 entered the blockchain scene in 2013, impressed by bitcoin’s potential as a “freedom enabling tool.”
His first mission was the NXT platform. This was a virtually decentralized crypto trade or peer-to-peer Command Line Pockets-based atomic swap. Nonetheless, as a result of different NXT builders disagreed on making it backward suitable, and considerably raised platform charges, Lee determined to go away the mission in late 2014. After that, he grew to become the core developer of the BitcoinDark (BTCD) project, successfully Komodo’s precursor.
Komodo as BitcoinDark evolution
BTCD was a step-up from NXT, by way of its privateness focus, lack of charge hikes, and compatibility. Nonetheless, through the growth, Lee got here to the conclusion that blockchain interoperability with third-party protocols would be the stumbling block that should turn into a precedence. In different phrases, one’s belongings ought to stream freely throughout blockchains as in the event that they reside on a single blockchain.
Lee expressed this perception in his Declaration of Independence on Bitcointalk discussion board in February 2016. Quickly after, in September 2016, Lee launched the Komodo mission. He introduced with him the BTCD crew and swapping BTCD cash for KMD.
Komodo’s Preliminary Coin Providing (ICO) launched over a month later, in October, and ended on November 20, 2016. It raised about $2 million.
Komodo displays Lee’s philosophy in three key points:
- Change of crypto belongings ought to be peer-to-peer (P2P).
- It ought to be simply executed cross-chain.
- It ought to be simply executed cross-protocol.
Komodo and builders
After pioneering native web-browser atomic swaps in 2019, Komodo is now a third-generation DEX, with AtomicDEX as its major GUI product.
Komodo exerted a serious affect on different builders to create multi-chain platforms for creating dApp-specific blockchains. The preferred such tasks are Polkadot and Cosmos Community.
Komodo’s CTO, Kadan Stadelman, says that cross-chain compatibility grew to become extremely sought throughout ethereum’s skyrocketing fuel charges through the first half of 2021.
“AtomicDEX is gaining consideration as a result of it helps dozens of blockchain ecosystems natively — no proxy tokens required. For instance, let’s say you need to have a decentralized bridge between ERC-20 tokens and BEP-20 tokens, AtomicDEX gives that not solely to finish customers but additionally to builders.”
With the current rollout of the Komodo AtomicDEX API, the open-source Komodo platform is able to deploy DEXs, multi-coin wallets, and different DeFi options.
These are each cross-chain and cross-protocol suitable. Down the road, the Komodo crew plans so as to add a number of blockchains. These embrace Polygon and Avalanche, given the truth that Komodo is suitable with 99% of cryptocurrencies.
This consists of the privacy-fortified Pirate Chain (ARRR), which now has the first-ever totally personal atomic swap.
Komodo tech defined
Komodo is finest understood as Zcash 2.0 or a tough fork from Zcash. This privateness cryptocurrency attracts its code from bitcoin however provides a layer of enhanced privateness options in order that “crypto” in cryptocurrency turns into significant as soon as once more. Including to Zcash, Komodo represents an evolution outlined by the next ideas:
Not like Bitcoin’s PoW, Delayed Proof-of-Work (d-PoW) isn’t a consensus algorithm per se. As a substitute, it acts as a security layer on high of conventional PoW by utilizing the blockchain’s hashpower so as to add security measures.
The primary amongst them is zero-knowledge privateness. D-PoW creates a picture of its blockchain inside intervals of 10 minutes, storing it — by way of the method of notarization — into the Bitcoin community.
With this backup of the entire Komodo saved, Komodo’s nodes generate a block hash from the d-PoW notarized blockchain to the platform’s ledger. Notary nodes then write the BTC’s block knowledge to different chains on Komodo’s platform. Due to this fact, if a system failure happens, all block knowledge might be quickly recovered, offering an additional layer of safety towards a 51% assault.
In different phrases, each chain linked to the KMD chain positive factors highly effective safety from the Bitcoin community at a fraction of the price. Though d-PoW itself is permissionless, Notary Nodes are permissioned within the sense that one should get in contact with the Komodo Improvement Staff.
SuperNET is an open-source, decentralized framework for creating all the mandatory instruments to take down fiat cash and change it with DeFi. Certainly one of its hottest merchandise is Peerchains and BarterDEX atomic swap. Such tasks function reference purposes, uniting DeFi protocols and stopping fragmentation.
In any case, it doesn’t make a lot sense to create new DeFi protocols over and over, thus diluting customers’ consideration. Accordingly, given its open-source pedigree, SuperNET permits third events to make use of the developed dApps like BarterDEX.
“Consider it as a wide-ranging toolkit that has code to do just about something associated to crypto, and even some issues which are simply OS unbiased methods of coping with massive real-time datasets and networking.”
Certainly one of Iguana’s capabilities is to facilitate Komodo’s notary nodes.
Antara Framework is on the core of Komodo’s attraction, as a toolkit for end-to-end, scalable blockchain growth. Antara’s first layer to make this occur is Sensible Chains. They’re modular and customizable chains that present:
- Its personal block rewards
- Block time
- Hashing algorithm
- Personal consensus guidelines
- Pre-mine provide
- Privateness settings
- The dimensions and frequency of block rewards’ reductions
Sensible Chains even have an built-in Antara Module library, with every module turning into lively primarily based on the wants of the mission. A few of these modules embrace trustless oracles, tokenization, stablecoins, instantaneous micropayments strategies, and others.
One of many extra outstanding adopters of Antara was the HempCoin (THC) in 2019 for its hemp tracing wants, with the intention to reap the benefits of Komodo’s feeless strategy for caring for on-chain transactions.
An instance of those applied sciences coming collectively occurred this March, with DogeDEX. Stadelman, says that different tasks are within the works due to Komodo’s unmatched flexibility as a blockchain-building platform.
“Principally, any crypto neighborhood can use our expertise to launch their very own decentralized trade. We’re additionally working with Gleec Coin to create the primary ever decentralized blockchain migration and to launch their very own branded DEX referred to as GleecDEX.”
Komodo (KMD) token
With the present market cap of $87.8 million, Komodo’s native KMD token is buying and selling at $0.69 throughout press time. Its ATH worth occurred on December 22, 2017, at $11.44.
At KMD’s second peak in 2021, inside a three-month interval, from April 8 to July 12, KMD’s worth dropped by 83%. You’ll be able to commerce with KMD tokens on all main crypto exchanges: Binance, HitBTC, Huobi International, Bittrex, WazirX, and others.
90 million of the whole 200 million KMD went to the preliminary ICO buyers in November 2016. Komodo growth crew holds 10 million KMD for funding and advertising and marketing functions. For those who maintain a minimal of 10 KMD, you might be eligible to earn a passive 5% annual cost.
That is why Komodo has been a well-liked selection of cryptocurrency mining pool, during which rewards are shared equally between the miner individuals.
So far as the pockets of selection goes, Komodo at present helps 13 KMD wallets, with AtomicDEX serving as each a multi-coin pockets and a decentralized trade, making it an ultra-convenient one-stop crypto station.
Komodo represents the unique cryptocurrency imaginative and prescient
Komodo revitalizes the imaginative and prescient of privateness by making atomic swaps a actuality — exchanging cryptocurrencies with out centralized mediators as busybodies.
Given the truth that all main central banks the world over are about to implement Central Bank Digital Currencies (CBDCs), it’s protected to say that the longer term is one in all whole monetary surveillance.
With the ability of CBDCs comes the ability of deplatforming for arbitrary causes. Komodo counters that future with one which respects each privateness and safety.
It gives a complete blockchain-building platform with close to 100% compatibility with each cryptocurrency in existence. On this gentle, Komodo’s demand will doubtless begin to snowball.
All the data contained on our web site is printed in good religion and for normal info functions solely. Any motion the reader takes upon the data discovered on our web site is strictly at their very own threat.