Komodo, a full featured platform for cryptocurrencies with native token asset KMD has announced five major developments they believe will take the platform to the forefront of the blockchain asset space. Everything the team does is open source and decentralized with the team aiming to set a standard for cryptocurrency security and anonymity.
Being that Komodo is the successor coin of Bitcoindark, it is a privacy centered coin with Zcash technology and a new delayed-proof-of-work (dPoW) consensus mechanism that uses Bitcoin hashrate to secure itself and other coins.
Like its predecessor, Komodo will also serve as a basis for the pegged asset system and many other features of SuperNET, the association of blockchain technologies in which Komodo is a part of. Komodo is used whenever other SuperNET services or applications require a privacy layer and native asset exchange.
The major developments announced last Friday by Komodo include:
Decentralized ICOs (dICOs) is a hybrid decentralized initial coin offering. The platform leverages BarterDEX and Jumblr technologies to provide a privacy focused peer-to-peer initial coin offering mechanism that incorporates zk-snark technology. Using Komodo asset chains, developers can now launch their own independent blockchains and distribute tokens through BarterDEX.
Monaize, a FinTech institution, will launch the first dICO using the Komodo Platform’s technology. They aim to offer e-banking with an attached business MasterCard. In the upcoming weeks, the Monaize team will release more information on the features of their token and how they will leverage the technology to facilitate blockchain services for the masses. The partnership with Komodo means Monaize will be one of the first banking services to provide blockchain based products for their client base.
Atomic Swaps are blockchain-to-blockchain exchanges that utilize the BarterDEX framework. The platform is fully decentralized, does not require users to give up private keys, and the swaps complete natively. Unlike other decentralized exchanges, the BarterDEX uses a network of liquidity provider nodes to increase volume and liquidity without compromising decentralization. The LP nodes can provide liquidity for any trading pair, even fiat gateway services if they have proper licenses.
Bitcoin Tumbler – Komodo Platform’s zero knowledge proof tumbler is known as Jumblr. It allows users to anonymize fund by using KMD’s zero knowledge proof. Additionally, when leveraged with BarterDEX, Jumblr can be used to anonymize any coin.
Scalability Solution– A single blockchain is limited to a relatively small number of transactions. For example, if having a blockchain that can make 2000 tx (transactions) per minute, the maximum speed would be 33 tx per second. In order to increase the capacity to 1000 tx per second, the team would create 30 side chains to act as highways above the main blockchain. That is the basis of the Komodo Platform’s scalability solution. Recent stress tests have demonstrated that the platform can handle 100 times the current load very easily and without much alteration. It is built to be flexible and adaptable.
Leading up to the announcement this past weekend, KMD saw a 113% rise in value over the past week with a current market capitalization of about $250m. With this announcement, Komodo offers a new option for Initial Coin Offerings, placing the digital currency at the forefront of cryptocurrency development by capitalizing on the current ICO trend.
A spokesperson for Komodo said:
“With these five major announcements, Komodo has addressed a number of the biggest challenges in cryptocurrency- providing an ICO platform that protects the user’s privacy, fully decentralized blockchain-to-blockchain exchanges; scalability of the blockchain to meet the ever growing demand for cryptocurrencies and finally anonymity and freedom.”
“We expect Komodo to become a disruptive force for new financial solutions that will challenge the existing business model of exchange trading and ICOs. Komodo is leading this fast growing industry to even faster solutions to decade-old problems”
Additionally, the Komodo Platform announced a new release for their multi-coin wallet Agama is around the corner. Currently in beta, the Agama Wallet is powered by Iguana core, the platform’s API engine. It allows users to parallel sync multiple blockchains at the same time.