Komodo is a cryptocurrency platform designed with the anonymity and the security information of the users as primary. It can be used to launch other independent blockchains, and they can be crowd-funded using the KMD as well as the Komodo Platform. Komodo uses a zero-knowledge proof and a dPoW algorithm (delayed proof of work), which provides enhanced security to the Komodo platform. The Komodo Cryptocurrency is open source, which is also used by Komodo blockchain platform to perform private, anonymous and transparent transactions. It is the official currency of SuperNet, a decentralized organization founded by the developers known only as JL77, developing decentralized and open source tools for the Cryptocurrency market like price stability products, decentralized exchanges, and multi-coin wallets.
The idea of and projects for Komodo was established in 2014, which is when jl777 founded SuperNet. The concept and the real objective of this community were to create a decentralized financial technology as well as the whole cryptocurrency market. The technology developed on top of BitcoinDark and NXT, and in 2015 the entire blockchain platform known as Komodo was created with a significant upgrade of their roadmap. The program was finally launched in September of 2016. The name of the platform comes from the Komodo Dragon Lizard, a reptile known for its strength and tough armored skin, a fitting term to represent the security provided by the platform and their goal.
The Komodo platform is privacy-centered and claims to be safer, faster and decentralized cryptocurrency. Komodo provides an official wallet which you can install from the official Komodo website called the Agama wallet, which has a multi-coin wallet and inbuilt exchange; this also supports both the KMD coins and other backed currencies. The Installation process of this is simple and guided, and doesn’t take much time. Once you have gone through the steps, you will need to look for and store a file called “komodo.dat” which you will need to regain access to your Komodo wallets in the events that your hardware fails or if your computer is lost.
You can also opt for the Ledger Nano S, which is a remarkably safe way to store your KMD coins. You can transfer your coins into your ledger address from anywhere, and your private keys do not leave the device. The downside with this wallet, however, is that you can’t claim the 5% profits.
Komodo is slowly rising in fame mainly because of the significant returns that many investors had received. Apart from this, many people believe that Komodo has a very bright future. Some of the features that make Komodo stand out are:
The Delayed Proof Of Work Protocol (dPOW)
The dPOW protocol is a protocol that was developed, also by the developers of Komodo. This is a consensus mechanism similar to the proof of work protocol used by Bitcoin. On the KMD blockchain, the dPOW protocol notarizes blocks. This provides a second coat of security to the transactions.
Security, Anonymity assured
Komodo is centered on the safety and anonymity of the users. KMD uses a zero-knowledge proof system that ensures the privacy and anonymity of any cryptocurrency. They use the zK-Snark protocol which is an open cryptographic project that is also used by Zcash.
The KMD can be transformed into 32 different currencies that are linked with the locally maintained values in the market. Each of the currencies has their block chains, which results in the KMD behaving like any other cryptocurrencies.
The KMD Coin
The KMD coin is an essential feature. The KMD is required to transact with most of the features on the Komodo Blockchain, and it also provides several advantages to the one who carries them.
Komodo also allows different projects, so that they can create independent block chains. These Blockchains are also not limited to Komodo. These block chains are called ‘peerchains.’
The best advantage that you can get from Komodo is Decentralization. On Komodo, you will find ICO as well as DICO, ‘D' standing for decentralization. This secures the ICO as well as the identity of the users.
To buy Komodo, you need to get a couple of things first. It is rather difficult to purchase Komodo in fiat currency. However, you can exchange your other cryptocurrency coins like Bitcoins, Litecoins or Ethereum for Komodo tokens. You can trade your other currencies for Komodo from sources like Shapeshift, and you will need a Komodo Address, that is where you will be storing your KMD tokens, and of course, some Bitcoins or other crypto coins to be exchanged with. You can get your KMD from established exchanges, and you can do that from many different sources including Bittrex, Binance, Upbit, and Cryptopia, coinswitch, Changenow, and coinspot. You can use the Agama wallet to stack your KMD coins and earn a gain of 5% annually.
You will need a desktop Wallet which you can download from the Komodo official website. You can choose the wallet that is compatible with your computer in the form of a Zip file. After unzipping and running the file, the wallet will install. After installing the application, open it and click "KMD native" to open your Wallet. It is important to back up the file called "wallet.dat" which you can use to retain your access to your wallet as well as coins in the event of a computer loss or a hard drive failure. From the Menu, if you click "Receive" you will see your Wallet Address which you will also need to make transactions.
To get your KMD coins, you will also need to purchase Ethereum, and you can use this to buy KMD coins which will be transferred into your KMD wallet.
Komodo is quite a popular platform, and it is considered one of the top 50 best cryptocurrency platforms. As of 2018, the Market cap of Komodo is $199,810,947 from their maximum supply of $200,000,000. The initial listed price of Komodo is $0.10911231, and at present, Komodo (KMD) trades at $1.6756, and for early investors, this represents a return percentage of 1435.665% which is a significant return to their investors. The developers of Komodo are trying to refine their marketing as well as development efforts.
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