About komodo
Komodo Coin Review: Mining Guide, Price & Analysis of Komodo Cryptocurrency
Among the top-notch, open-sources blockchain's in the market with heightened levels of innovation lies Komodo. It is mainly based on the Proof-of-work as a consensus mechanism. KMD boasts of being the leading platform for technological Atomic swaps.
Inside the Komodo platform, we find a perfect integration of astounding elements and features. Such as; transaction privacy and anonymity, infinite scalability, bitcoin-level security, multichain synchronization, transparency, UXTO Smart Contracts, seamless blockchain experience and much more. Komodo is rated as a second-generation blockchain. Initially, it lies as Zcash which lies as Bitcoin's fork.
Due to the above developments, KMD's traditional cryptocurrency enhances transparency, privacy, anonymity and fungible transactions.
It seems like the top four Agenda's on Komodo's list are enhancement of; adaptability, interoperability, security and scalability. Komodo is based on the Philosophical four pillars of blockchain technology.
Komodo's Team
The team behind the running of KMD are high-profile professionals who uphold the anonymity and privacy of community members. Therefore, they heavily apply pseudonyms as replacements for actual participant's names.
Due to this, people tend to develop a mentality that activities carried out by KMD are shady and suspicious. However, this is never the case as the team is more than willing to enrol new minds into the development team of software engineers.
Some of the key members of the development team include;
- JL77, who is the Lead Developer.
- Pbca26, the Frontend Developer.
- CA333 (CTO's General Manager)
- Rick is among the finest developers and global IT experts.
How does Komodo (KMD) work?
There's a combination of three core terms in the Komodo platform. The success terms include; SuperNet, Zcash and delayed Proof-of-work.
Zcash can be termed as a cryptocurrency that operates with Zero-Knowledge Proof of Protocol. This implies that crucial credentials such as; the amount of money and address are kept secret from other traders.
The delayed Proof-of-work in operation here on the Platform is merely astounding. The developers behind the software have just advanced it to a whole new level. Consequently, there is the provision of maximal security attributed to double-layer protection that was incorporated into the system.
SuperNET boasts of being a model that orchestrated features on Nxt's cryptocurrency platform. This allows for transcending operations between decentralized and centralized platforms, taking into consideration that security is a core factor. After the intense partnership, the SuperNET project officially made the Komodo Coin its official, digital money.
Where to exchange currencies for KMD Coins
The KMD currency is made available on various exchange platforms. This thus hastens the process of acquisition. Some of the exchanges that allow trade of KMD Coins include; Cryptox, Bitfinex, BittrexCryptopia and CoinExchange.
However, always recall that if you intend to enjoy maximum simplification, it is better to purchase KMD's digital exchanging coins such as; Litecoin, Bitcoin or Ethereum.
Where to store
Since the dawn of wallets in the market, storage, sending and receiving of KMD Coins has been made possible. Among the wallets offered it offers paper wallets and desktop wallets that have excellent features in them including;
- Agama Wallet; This is the official desktop designed for KMD. Accompanying it are privacy-enhancing features referred to as Jumblr. The best aspect of this wallet is the ability to support multiple currencies apart from Komodo, implying that one has freedom of storage. The wallet can be installed on Linux Platforms, macOS and Windows.
- Swing Wallet; Also developed by Komodo developers is another official GUI wallet. It can be used on Linux, macOS and Windows.
- Paper Wallets; These are encrypted and offline enabled to offer a secure and safe way of storing your crypto-coins. For more information, kindly visit their official website.
How KMD differs from BTC
KMD platforms operate on PoWs -delayed Proof-of-work. The system is almost identical to the BTC one but with major advancements. In the delayed-proof-of work, transactions get linked to Komodo'sblockchain and later on, recorded on the theblockchainn belonging to Bitcoin. The KMD blockchain comes with various advantages as;
- KMD fees are lesser than BTC
- KMD’s security provision is on another level. This is because there is a passage via a layer on the blockchain, which leads into the second layer.
- If there is the involvement of third-party or private blockchain, which can give Bitcoin’s assimilated security levels at low costs.
How to mine Komodo Coin
Mining is one of the means to acquire KMD Coins that have been available to prospective investors. I one intends they may opt to mine alone or join a mining pool.
When it comes to solo mining, one ought to be very cautious with the hardware and software in use. GPU and ASICs are some of these gadgets that we can utilize whenever we want to mine Komodo Coins.
GPUs are mainly used by solo miners who wish to mine KMD at the comfort of their Personal Computers at home. However, some of the essential principalities required are; high computational power and high energy consumption. GPUs do not possess the necessary amount of computational power, and now we need to utilize ASICs.
ASICs are software designed and fully equipped with the desired computation power. This, in turn, helps the miner to spot valid transactions and add them to the blockchain. Consequently, they get rewarded, with some of the portion going back to the community.
Atomic Swaps
If a crypto investor intends to switch from one crypto to another, one is reliant on an intermediary or exchange platform. This increases the costs incurred in the transfer processes. With Atomic Swaps, one can switch from Coin X to Coin Y within a single transaction.
This is not achieved on an exchange platform but by direct exchanges between people. There are fixed rules put up to govern and monitor these exchanges in what we call Smart Contracts.
Our take on KMD Coins
As several cryptocurrencies have launched their way into the market, KMD Coin has proven to be among the top contenders. Bearing in mind that this anonymous cryptocurrency has met the threshold conditions, we can safely deem it secure and viable.
This currency comes in handy in transactions in the Darknet world or in arenas that warrant total anonymity between transactions.
KMD's milestones
Some of the critical milestones attained by KMD include the following;
- Launching of mainnet. This introduced dPoW consensus alongside independent asset blockchains. This activity took place in January 2017.
- In March 2017 KMD launched Atomic Swap Protocol. This platform enables the trustless exchange of KMD Coins.
- Also, in July 2017 Komodo managed to attain thousands of Public Atomic Swaps.
The above depicts the innovation-oriented nature of KMD. This is a good trait as from the look of things; we are bound to ensure growth and exponential returns accrued in KMD investment.
Advantages and Disadvantages of Komodo
From the in-depth analysis of KMD, we conclude that the following are someofo the benefits reaped from investing in KMD Coins;
- High degrees of anonymity in transactions carried out.
- KMD acts as backup storage of value, as it belongs to the second-generation blockchain.
- Increased security of transactions, as the double-layered delayed Proof-of-work mechanism, provides it.
However, some of the cons of investment in KMD include;
- Due to much privacy, some platforms don't allow KMD as a form of currency, and for this, the KMD custodian has to endure adoption limits of acceptance from the market space.
Final Verdict
In summary, KMD has proven to be secure and upheld top-notch degrees of privacy and anonymity. This fully serves its mission and meets the demands of the crypto market.
Komodo
(kmd)
