A relatively unknown technology was launched in the early months of 2008 and years later, its upsides are felt globally. The blockchain had within its ten-year streak opened up avenues for more technological applications.
There are thousands of coins available on the blockchain and Komodo (KMD) is joining the queue. The blockchain is undoubtedly a law unto itself. Priding itself as distributed and having no affiliations with anyone, many trusted the platform to protect their data. Recent developments proved the platform wrong.
Creating A Blockchain Through Komodo (KMD)
Many currencies had come into being after Bitcoin was sidelined. A decade later, only few of these can boast of having their own platform. Part of the reasons why they attached with other platforms was because of dexterous steps that precede blockchain creation.
Whether you have a blockchain or you want to create one, there is room for you. The platform empowers you to create independent blockchain and have it connected with its ecosystem.
Bitcoin have just gotten its stride into fiat settings. It recently got paired with the USD. Though regarded as having fast transactions, same cannot be said of others. Hence, Komodo (KMD) is releasing a currency that can outmatch Bitcoin’s speed. Its open-sourced platform facilitates transactions while fostering transparency.
Komodo’s (KMD) Security Is Impressive
Having a blockchain and lacking security is not advisable. Komodo (KMD) integrates best hands that will make the platform secure. Before now, Bitcoin was popular for its creation of the blockchain. For its security, it was forked by ZCash. The output was the zk-snarks technology. Komodo (KMD) is stepping up in the game by creating a new consensus.
By its forking of ZCash, Komodo (KMD) created the delayed Proof-of-Work. Though likened to Bitcoin’s PoW, the dPoW protocol will protect the platform against attacks. As specified by the team, hacks cannot be possible. The dPoW consensus provides additional security layers on the platform.
Though attacks are imminent on the blockchain, such cannot be possible on Komodo (KMD). To take effect, such attacks have to neutralize the Bitcoin blockchain which many have posited as impossible.
ICOs Can Be Launched
Introduction of new altcoins is preceded by ICOs. During the period, tokens are sold in exchange for fiat and crypto funds. Komodo (KMD) took interest in the industry and is looking for easier ways of making such dreams come true.
To this end, ICOs can be launched on the platform. This is part of the project’s aim of making cryptographic currencies useful. If you have been looking for ways to setup an ICO, through Komodo (KMD), you can launch transparent ICO that will be free from third-party interference.
Exchange With Atomic Swaps
Just like fiat currencies, digital assets are exchanged over the blockchain. Centralized exchanges were first developed for this reason. Though they met scalability requirements, their security was nothing to write home about. Traders were always watching their backs against third-party thefts.
Decentralized exchanges could have been better if they were as fast as the former. Komodo (KMD) developed an exchange believed to meet existing pain points. Known as BarterDEX, the decentralized exchange solution offered by Komodo (KMD) not only provides seamless transactions but also foster P2P transactions. Powered by Atomic Swaps, users can trade among themselves without intermediaries.
The exchange’s user interface is friendly just as thousands of transactions from about 80 currencies have been processed.
Unleashing Seamless Trades
On the other hand, Komodo (KMD) is working behind the scenes in a bid to facilitate crypto trades. Backed by zk-Snarks technology, transactions and involved parties are not made visible. This protects data of users from hacks.
The platform also works in tandem with Bitcoin’s security by integrating its forked platform with the latter’s hashrate protecting its transactions. For every currency traded, there is separate blockchain for it. Furthermore, each of these currencies is tagged to specific fiat currencies.
Komodo (KMD) Will Gain Massive Acceptance
The logic behind every decentralized project is its ability to solve problems. Komodo (KMD) certainly meets core pain points of the blockchain. Poised to scale up transactions, the coin is waking up the sleeping dog in blockchain security.
As its dPoW consensus is protecting the platform, there is also the BarterDEX. The exchange partners with Atomic Swaps in breeding peer transactions. In short, Komodo (KMD) is bringing the prodigal blockchain back to its decentralized nature.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.