What is Komodo?
The Komodo Platform is a cryptocurrency project that focuses on providing anonymity through zero-knowledge proofs and security through a novel Delayed Proof of Work (dPoW) protocol. The Komodo Platform was forked from Zcash by the SuperNET team and it is the evolution of the BitcoinDark cryptocurrency. Buy Komodo (KMD) India – BuyBitcoin.
The SuperNET team has also developed a hand full of individual tools that will stand together with Komodo to form a complete ecosystem with advanced functionalities like decentralized trading and mixing.
However, the project expands far beyond that. Komodo also includes a decentralized exchange and a cryptocurrency anonymizer to improve the privacy of your transactions.
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How does Komodo work?
The Komodo Platform is more of an ecosystem than it is an individual coin or platform. The project has four separate whitepapers that outline the main parts of the ecosystem:
- Delayed Proof-of-Work (dPoW)
- Decentralized Fiat Currencies (DFCs)
Privacy with Komodo
The Komodo Platform relies on the technology developed by the Zcash team, Zero-Knowledge Proofs. This technology allows the transactions within the Komodo blockchain to be transparent according to the privacy requirements of each situation.
When transactions are private, no one can see the amount, sender or recipient of the transaction on the blockchain, although miners can verify that it is correct and that no double-spending has taken place. When the transactions are transparent, they behave like a normal Bitcoin transaction.
Anonymous transactions are important, not only to protect user privacy but also to ensure that all the coins remain fungible, which is one of the basic requisites for any currency.
Security In Komodo
Komodo has a novel way of dealing with security. At its core, Komodo is a Proof of Work cryptocurrency with regular mining. But it also has a Delayed Proof of Work system, one that is able to “recycle” Bitcoin’s hash rate to ensure Komodo’s immutability.
Through 64 pre-selected notary nodes that are voted on by the community, Komodo is able to notarize its blocks on the Bitcoin blockchain, ensuring that almost any attack attempt is mitigated since an attacker would also need to change the Bitcoin blockchain to tamper with Komodo.
The block data from Komodo is introduced in Bitcoin via custom transactions made by the notary nodes that are connected to both blockchains. Any discrepancy on either blockchain will be detected by these nodes.
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