What is the Komodo Platform?
The Komodo Platform can be defined as, a project of cryptocurrency concentrating mainly on giving obscurity through zero-knowledge proofs and security through a new protocol called Delayed Proof of Work (dPoW). From Zcash, the Komodo Platform was bifurcated by the SuperNet team and is the development of the BitcoinDark cryptocurrency.
The group of SuperNET has even built-up some distinct equipment which will stay united with Komodo so as to make a complete network with innovative functions such as decentralized trading and mixing. Komodo owners get 5% annual percentage rate (APR).
All Komodo owners will get this, and actually, it is automatic because it does not have settings to turn on, also it does not have modes to activate or no passwords to unlock. Till the maximum supply of 200M Komodo (KMD) is achieved, the 5% APR will remain and merely T-address balances will receive the APR.
The Komodo Platform depends on the technology established by the Zcash team, i.e. Zero-Knowledge Proofs. And by this technology, the transactions in the Komodo blockchain will be totally secretive or clear on the basis of the secrecy needs of each situation.
Once the transactions are secret, nobody can know the amount, sender or recipient of the transaction on the blockchain, though the miners are able to attest whether it is right or not and also can attest whether any double-spending has occurred or not. And the transactions perform like a normal Bitcoin transaction if they are transparent i.e. clear.
Nameless transactions are too essential for the protection of user’s privacy and also to make sure the interchangeability of all coins, which is the primary need for any currency.
Komodo has a new way to deal with security. The essential part is that Komodo is a Proof of Work cryptocurrency with regular mining. However, it even has a Delayed Proof of Work system, which can recycle Bitcoin’s hashrate to make sure the stability of Komodo.
Komodo can notarize its blocks on the Bitcoin blockchain, through 64 notary nodes that are chosen in advance and are voted on by the community. It makes sure that any effort to attack is lessened because an attacker will require changing the Bitcoin blockchain to tinker with Komodo.
The custom transactions that are made by the notary nodes and are connected to both blockchains, will allow the block data from Komodo to be introduced in Bitcoin. Any type of disagreement on both the blockchain will be sensed through these nodes.
Any cryptocurrency that intends to improve its security system can use this instrument. Various other blockchains can get connected to Bitcoin, by Komodo itself and thus save transaction fees.
Iguana, EasyDEX, PAX
The team of SuperNET is evolving many individual projects converging around the Komodo Platform. The main aim of these projects is not only to better Komodo but the whole of cryptocurrency network like the Delayed Proof of Work system which the other blockchains can use.
In these projects is the Iguana Multi-wallet which is a GUI implementation, where the users are able to access Komodo and other cryptocurrencies. In this project, users can not only access all the primary functions of Komodo but also the advanced features as private transactions and other blockchains not having a GUI implementation can also use this project.
EasyDEX and PAX are the two decentralized exchanges in the Iguana multi-wallet. EasyDEX (Easy Decentralized Exchange) is a totally decentralized exchange for cryptocurrencies, where users can exchange cryptocurrencies not requiring assigning a third-party service. Dealings are not performed through proxy tokens but directly on the coins held. EasyDEX is different from other decentralized exchanges because it gives a major component that almost all centralized exchange has been missing and that is speed and liquidity.
Users are able to access to a decentralized coin mixing service for other cryptocurrencies through EasyDEX, because they can be exchanged for Komodo with privacy and then in the form of the original coin is sent to the destination and this service is termed as Jumblr.
Through the PAX (Pegged Asset Exchange) users can exchange national currencies as assets issued on the Komodo platform and these assets are protected by the zero-knowledge proofs as Komodo, which means that they can be anonymously exchanged and transferred.