Komodo

What is the Komodo Platform?

Komodo is a global, interoperable blockchain ecosystem that provides some of the most innovative end-to-end blockchain technology solutions in the world. Founded by the anonymous James “jl777” Lee in 2016, Komodo began as a hard fork of ZCash, and in 2018, the entire BitcoinDark team joined the project, taking their user base along to Komodo’s native cryptocurrency.

Security first

There are four main technologies that drive the platform, and each is described in arguably the most in-depth whitepaper in the crypto world. One of them is Komodo’s security mechanism called delayed Proof-of-Work (dPoW).

Its backbone lies in having 64 elected “notary” nodes regularly back up each block’s hash in Bitcoin’s public ledger, thereby making every transaction completed before that protected with the power of the BTC hash rate. Notary nodes can also move on to another blockchain if Bitcoin’s hash is ever compromised.

Additionally, there are regular miners that only work within the Equihash algorithm.

Taking it further

Another revolutionary product is BarterDEX, a decentralized exchange that is powered by Komodo’s own implementation of atomic swap.

The technology is also used in Jumblr, which develops on the concept of zk-SNARKs, a variant of zero-knowledge proofs, and enables users of any cryptocurrency in the Komodo ecosystem to anonymize their funds.

Both BartexDEX and Jumblr open up unprecedented opportunities for starting a truly decentralized initial coin offering (dICO) by enabling the entrepreneur to release a blockchain product beyond the reach of a third-party influencer and avoiding issues related to hackers, whales, and human error.

Where to store Komodo?

Whether you are a security expert or a brand new user, with our Magnum Wallet you can manage and exchange your KMD securely and efficiently. Magnum Wallet offers a fully decentralized way with which only you can control your private keys and funds.

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