What Is Komodo?
What is the Komodo Platform? A primary use case that they are seeking to bring to the world is that
of decentralized initial coin offerings.
The Komodo platform is driven by Supernet, a company that is focused on the decentralization of
ICO’s and also the decentralization of exchanges, they’re in the process of launching their
decentralized exchange called Barterdex. They also have a wallet, Agama, which can support atomic
swaps. The team certainly has quite a few projects in the works and they are striving to reach their
goal of the decentralized economy.
How does Komodo Work?
Komodo is an independent blockchain, a native blockchain, they have a wallet and an explorer as
well as micropayment channels.
Their platform is also comprised of a scalable payment network as well as Fiat pegged asset chains
and a blockchain database system.
They are seeking to pave the way to a decentralized economy. For them, the decentralized economy
will consist of language agnostic smart contracts, an extensive API library,
Language agnostic smart contracts allow for more adoption and minimal constriction. Developers of
all backgrounds will be able to create smart contracts in the language that they prefer, allowing for
The team also seeks to deploy Zcash Private transactions and an implementation of the Lightning
With the integration of Zcash private transactions, the user will be able to take advantage of the
private send functionality, providing them with privacy as they conduct their transactions. This
makes Komodo a strong privacy coin.
The other aspect is that Komodo has been conducting atomic swaps on the lightning network for a
Atomic Swaps or atomic cross-chain trading, is important because it allows for the facilitation of the
exchange of one cryptocurrency to another cryptocurrency, without the need to trust a third-party.
A relatively new piece of technology, atomic cross-chain trading is looking to revolutionize the way
in which users transact with each other. Atomic swaps are expected to increase in the year of 2018.
In regards to mining, Komodo uses a delayed proof of work system.
The Komodo platform is seeking to decentralize everything and provide for instant payments,
scalability, low costs and cross blockchain swaps. Swapping across blockchains is limited to
cryptocurrencies that have a similar codebase to that of Bitcoin Core blockchain. They may be
looking at ways to expand as they will have to compete with the Comit Network.
Recent cryptocurrency news
Bitcoin and cryptocurrencies has gained unprecedented media attention since being launched in 2009. Many have debated as to whether or not bitcoin will make into mainstream markets, and many have argued that bitcoin needs to [...]
The Binance cryptocurrency exchange has now been live for 12 months. They launched almost exactly a year ago in July 2017 and it's been quite the year. They've become the global leaders in cryptocurrency exchanges [...]
BINANCE ANNOUNCE LATEST COIN BURN. Since their launch on 14th July 2017, Binance has grown into one of, if not the fastest ever growing company on earth. In an effort to make their coins more [...]
BlackRock often deemed the worlds largest 'shadow bank' has caused a surge in the cryptocurrency markets after a report in the Financial News London on Monday cited sources claiming the investment giants are looking into cryptocurrencies [...]