Review on Komodo by Gabriel Medina
Decentralized open source cryptocurrency focused on privacy
Komodo (KMD) is a blockchain solution that offers customers a site to display, distribute and market their own ICOS or self-developed blockchains.
The platform applies both decentralized and virtual money anonymity technologies on its exchanges to improve security.
In general, the project is not only characterized by interoperability, but also pursues four other basic principles:
Komodo is committed to the unification of the blockchain ecosystem. Each blockchain within the Komodo ecosystem can exist independently of one another without relying on the Komodo blockchain or the KMD coin.
Komodo provides a level of Bitcoin security with anonymity. The basis of security is the delayed proof-of-work, which connects to the hash power of the Bitcoin network. This mechanism is provided by the globally distributed network of 64 nodes of community notaries.
Komodo for scalability has developed multi-chain synchronization technology. As a project grows and an application requires more resources, an additional smart chain can easily be created. This allows projects to be extended to other blockchains to increase scalability. Multi-chain synchronization technology creates a fully interoperable ecosystem with a variety of smart chains.
Each blockchain on the Komodo platform can be tailored to the needs of the project, be it the consensus algorithm, block reward, optional private transactions, or lock time.
KMD is the native token and an integral part of the Komodo network.
The Komodo team provides the CLI wallet, which is the most reliable wallet for KMD. Other options include:
In my opinion, Komodo (KMD) looks like a promising project and blockchain solution that provides an ecosystem for ICO alignment and application development. Thanks to its features such as multi-chain synchronization technology, smart chains, delayed proof of work and atomic swaps it differentiates itself in competition from other projects on the network.
Pros
- It has the same level of security for each transaction and its security is obtained with the proof-of-work protocol deployed and notarized nodes.
- Thanks to its Atomic Exchange, the transfer of funds within other cryptocurrencies is allowed conveniently and without any security risk.
- It offers different types of wallet for its users and developers, and these wallets can also be downloaded on any available system that is working.
- Scalability, interoperability, and security capabilities are its highlights.
- It offers a 5% reward when you save the money in the Komodo wallet.
Cons
- The marketing of this platform has not been brilliant.
- There are similar projects with the same aspects as the Komodo platform.
- It is a challenge to obtain KMD with fiat currency.
