Komodo is a Cryptocurrency formerly marketed as BitcoinDark (BTCD) and developed by an anonymous developer referred to as “jl777”. The Komodo software is a fork of ZCash. The platform is based on the SuperNET platform.
The project has its own Blockchain, called the Komodo Blockchain. The KMD Cryptocurrency is intended to provide anonymous transactions on top of the Bitcoin Blockchain using a Delayed Proof-of-Work (dPoW) consensus system. Other cryptocurrency platforms could also be based on the Komodo Blockchain which could possibly allow lower transaction fees in comparison to other Cryptocurrencies like Bitcoin.
KMD is intended to be the currency of the Komodo and SuperNET projects because the SuperNET environment is no longer dependent on the NXT platform. The Komodo developer team is based around the world, but the developer´s real names are not known to the public; they all use pseudonyms.
The total supply of KMD is of 200M Tokens, of which 100M were released through the ICO and the pre-mine. From these 100M Tokens, 10M were kept aside for development and marketing of the project, and the rest were distributed between investors. The other 100M tokens are being mined using the PoW algorithm.
The platform uses the sk-SNARK protocol, which allows for total transaction anonymity and prevention of double spending. The dPoW consensus system developed by the Komodo team aims to improve the platform´s security while providing third-party Blockchains with the option of adding another security layer to their project.
The dPoW consensus system ensures immutability of the Komodo Blockchain by notarizing blocks. There are 64 “notary nodes” that eliminate Blockchain modification risks that force a potential bad actor to change the Bitcoin Blockchain, which is currently impossible.
SuperNET is a project created to develop services on top of the NXT platform while enabling cooperation with other core Blockchain projects. The SuperNET team has developed several products including a multi-wallet for the SNlite client; instantDEX, which aims to provide a trading layer between decentralized and centralized exchanges and MultiGateway, a decentralized platform for the trading of custom tokens on the NXT Asset Exchange.
The Komodo ICO
The Komodo ICO was held from October 15, 2016, to November 20, 2016, raising 2639 BTCs that were worth $1,983,781 at the time. Users who hold KMD receive an annual percentage revenue of 5%, that will remain until the total 200M KMD are mined, which is expected to happen around 14 years from the ICO. Only the KMD holders with addresses that start with a ‘T’ will enjoy the 5% annual percentage revenue.
Komodo can be held using the Komodo Swing Wallet, the Agama Wallet, the Komodo Paper Wallet or the Ledger Nano S Wallet. The Komodo Swing Wallet and the Agama Wallet are available for Windows, Mac, and Linux.
The Komodo team is also actively developing standalone projects that aim to improve the Komodo and the Cryptocurrency environment. One of these projects is the Iguana Multi-Wallet, which is a GUI compatible with various Blockchains that allows users to access private transactions and the exchange of KMD and other Cryptocurrencies.
The two exchanges featured in the Iguana multi-wallet are:
The Pegged Asset Exchange (PAX) which allows users to exchange fiat currencies as assets issued on the Komodo environment. These assets will be secured by the zero-knowledge proofs that are used by Komodo. This will allow these assets to be transferred and exchanged anonymously.
The Easy Decentralized Exchange (EasyDEX), which allows users to exchange cryptocurrencies in a trust-less and decentralized environment. Trades can be performed directly on the coins held, anonymizing them by using a service named Jumblr.