Komodo Coin – Is it worth buying?

28. September 2018

The Komodo Coin, also called KMD for short, is one of many SuperNET building blocks and once developed out of Zcash, one of the most secure crypto currencies on the market. The Komodo crypto currency extends its code with some new technologies and an interesting binding to the Bitcoin.

Komodo Coin – What is this Bitcoin revolution?

The crypto currency originated from a scam. A fork is a separation of the blockchain of a crypto currency in which most of the code is retained. One of the functions of the KMD coin is to maintain the infrastructure of the Komodo platform. The coin development is part of the SuperNET, a network on which people can manage their assets decentrally. Among other things, a wallet will be created for this purpose, with which currencies can be exchanged directly with each other without the need for an exchange market. The coin on this wallet should be exchangeable for small fees with Bitcoin, Ether, Monero and other crypto currencies. On the Kom odo platform digital assets are managed on a self-chosen blockchain. Additionally there is the possibility to manage “pegged assets” on the platform. These secure the assets deposited on the blockchain by adapting to the value of stable fiat currencies.

Since the Komodo crypto currency originates from a Zcash fork, the coin adopts many properties that serve security and privacy. These include the “Zero-Knowledge-Proof”, in which the crypto currency can be encrypted in such a way that the recipient and sender cannot be traced from the outside. Nevertheless, the transaction arrives precisely and the correct amount of coins is sent. Complete concealment of the coins is optional; they can also be sent publicly.

A special feature of the Ethereum code

Is the “Delayed Proof-of-Work”. Over time, various algorithms have been developed which verify the scam and lead to the generation of new blocks. The blockchain of the KMD Coin uses the proven proof-of-work method such as Bitcoin and couples it to the blockchain of Bitcoin itself. This is done via the “Notary Nodes”, i.e. nodes which serve as notaries. These nodes are to be determined beforehand by the owners of the KMD coin in a free vote. The nodes bring the information of the Komodo platform to the blockchain of Bitcoin. For this the operators of the nodes are remunerated with some coins. The coupling to Bitcoin and the notary nodes make the platform more difficult to attack. Using the dPoW has the advantage of costing less for transactions than for Bitcoin. Even users of the blockchain who do not maintain any notary nodes still participate in the mining. However, the yields are then considerably lower.