Komodo: meet the Linux of Blockchain Technology

matheuseabra (42)in #cryptocurrency • 6 years ago

When I started reading about Komodo I got quite excited, because I had the insight right away about it being an open-source solution for many issues that Blockchain technology faces today.

This post aims to be a light and easy-to-digest guide to the Komodo Plataform, hope you guys enjoy it!

Introduction to Komodo

Komodo is a peer-to-peer protocol that allows people to barter with independent cryptocurrencies. The platform is powered by a revolutionary Atomic Swap technology, which allows users to trade from one blockchain directly to another, without any third-party intermediary. The plataform says it primarily focuses on providing complete end-to-end Blockchain solutions for developers of any level and any industry.

How to explain Komodo in one sentence?

Komodo is to blockchain technology what Linux is to operating systems.

The Komodo team says the project is an advancement in the causes of the decentralization and open-source movements; focusing on blockchain technology.

Competitive advantages are:

Flexibility: meaning there is no restrictions or commitments while enjoying all the benefits of the technology
Security: platform was built on the foundation of security and privacy
Simplicity: it helps to accelerate blockchain development

Komodo's project vision

Build a robust ecosystem of partners and developers, where together we create an environment that accelerates anyone’s journey into blockchain technology.

A Blockchain Start-Up Kit: Decentralized Crowdfunding

The Komodo platform supports ‘blockchain interoperability’, which means that transactions on the Komodo blockchain can cooperate with other blockchain platforms. Such breakthrough allows the project with all the parts necessary for a decentralized ICO platform, including Order Matching Layer and Cross-Chain Atomic Swaps.

Moreover, Komodo offers a blockchain kit that facilitates coin developers to easily create new cryptocurrencies on top of the Komodo framework. All coins created with their platform can natively interact with any other supported coins. In other words, Komodo can serve as a bridge within a network of blockchains. This implicits that any cryptocurrency created on the Komodo platform will continue to inherit all future features the Komodo plataform.

Main documents

From my perspective Komodo is a largely complex project. Luckily, the team is in the process of creating all-in-one pdf that will cover all the project scope. Until that happens, they provide us with four documents that together explain the main modules of the Komodo project:

The Komodo token (KMD)

For being a KMD token holder, you can receive up to 5% interest on the tokens that you hold each year.
Once the entire supply of 200 million KMD are mined, the interest rewards will disappear. The team predictsthat this will occur sometime in 2031.

Price

11.66 USD (at the time of the writing of this post)

Market Cap

$1,141,615,644 USD

Circulating Supply

103,924,956 KMD

Current position (coinmarketcap.com)

Main Exchanges to buy KMD

Binance
Bitrex
UPbit
HitBTC

Where to store KMD

You have numerous options for storing your KMD tokens, some of them include:

Command Line Interface (CLI) wallet (stable)
Agama wallet
Komodo paper wallet
Ledger Nano S

The team behind Komodo

Usually when projects are driven by privacy, most team members prefer to remain anonymous. With 30+ professionals, the team uses a pseudonym called JL777. The team already worked in other projects such as NXT and it is respect in the blockchain community for its previous achieviments.

Community

The Komodo community is growing each day and get more engaging.

Conclusion

The Komodo Projectcan be considered a vastly complex project that includes decentralized ICOs, a consesus algorithm that is unique to the plataform, and it also icludes a decentralized exchange. Because of its large scope, it's difficult to predict what is going to happen.

However, If the team is able to deliver everything that they've said in the determined, I wouldn't get surprised if Komodo becomes one of the big players in the space. An all-in-one blockchain solution that people across industries will find valuable.

Thanks for reading and until next time,

Matheus