As the world is being digitized to make our life even easier then we also need to get parallel according to the evolving pace of technology. The digital era is affecting our life directly or indirectly whether you want it or not.
But as the passage of time digital currency arrived. Cryptocurrencies are the digital currency that works on a blockchain technology.
And I am pretty sure if you are reading this then you must have across, Bitcoin(world’s first digital currency that runs on a blockchain technology) or Ethereum. These two are playing a major role in the world of cryptocurrencies.
But apart from these two, we have above 1000+ cryptocurrencies that are being operated all across the globe. While among these digital coins some are the replicas of Bitcoins and some emphasis on the major drawbacks of Bitcoins and build their own blockchain networks to come into the radar of being noticed.
But do you know that one of the major drawbacks of Bitcoin has given rise to a new breed of cryptocurrency?
Yes, it has given rise to the coins that provide us the feature of being anonymous. Basically, we call them an anonymous cryptocoins.
Remember I talked about some of the other anonymous cryptocoins such as Monero, Zcash, and Dash that provide the same feature to the user to remain anonymous?
You must have a question in your mind why do you need an anonymous cryptocurrency. Then consider this situation:
How would you feel if your transaction records are accessible to the third party because all the transaction are recorded in a public ledger ( that keeps the record of all your transaction)?
- How many coins did you hold?
- To whom you have transacted and by how much?
- The identity of receiver and sender of the coins?
Well, the financial position of any person should be private to other users and I know you feel the same for your transaction records.
That’s why, like everytime coinscage is here, with yet another review of cryptocurrency which is Komodo (KMD) Cryptocurrency.
Now without any further delay lets head towards what actually a Komodo is?
What is Komodo?
Komodo is digital cryptocurrency which is an open-source platform that works on a blockchain technology. Komodo has a feature of processing transparent, private, and untraceable transactions. It also has a feature of fungibility.
For those who don’t know what fungibility is:
Fungibility is the property of interchangeability of an asset or good with other individual asset or goods of the same type.
Komodo is also the first ever cryptocurrency that came up with delayed proof of work (dPoW) consensus mechanism. Using this feature Komodo provides you the facility of 100% anonymous transaction.
Komodo is also protected by Zcash Zero Knowledge Proof. It aims to provide secure peer – to – peer encrypted transaction to everyone as well as every type of organization.
Moreover, Komodo provides an amazing feature which allows you to build customized blockchain network according to your need.
So to fully understand the Komodo platform you must know about these three things.
Zcash is also a digital cryptocurrency that works on a blockchain technology. Komodo is a fork of Zcash that provides the same level of privacy as it is provided by cash. This consists of the transparent, untraceable and anonymous transaction. This is also supported by zero-knowledge proofs.
- Delayed Proof of Work (dPoW):
Delayed Proof of Work is a consensus mechanism which provides the feature of Bitcoin security to all the chains dPoW. Komodo has to attach itself to the to the blockchain of Bitcoin. It will provide the more economical transaction to others when they will attach themselves to blockchain because Komodo has low tx fees.
It will also provide better security facility to Komodo and better security layer to another third party blockchain. Additionally, superNET will also achieve its vision of asset chains independence.
Notary nodes are elected by the holders of Komodo coins and there are total 64 Notary that will handle the blockchain of Bitcoin. It means, if you make a transaction of Komodo and wait for it to get notarized, then that transaction will be secured by Bitcoin’s hash rate.
SuperNET is a decentralized and open source tool for cryptocurrency market. Komodo is a part of the broader project of superNET. Komodo was created by superNET for the following reasons:
- It provides the best anonymity technology.
- It uses dPoW to provide security to SuperNET’s asset chains.
After you know about Komodo, let us head towards the features of Komodo.
Features of Komodo:
The features provided by Komodo cryptocurrency are:
- Security: Komodo has a great feature of to deal with the security of your transaction. It consists of dPoW system that is capable of recycling Bitcoins hashrate to ensure the immutability of Komodo.
It has 64 notaries that that provide all blockchain a layer of security as same as Bitcoin. Additionally, it also provides an optional security option to the user by Zero-Knowledge Proofs.
- Privacy: It consists of the feature of Zcash Zero-Knowledge proof that provides you the guarantee of 100% anonymous transaction. Transactions are also transparent and untraceable.
This feature of Komodo doesn’t allow the third party to get to see the record of any of your transaction. Your identity, amount in the wallet and transaction going on are all private according to your needs. It makes the coin even fungible which is the basic requirement of any currency.
now let us move ahead with the methods to acquire KMD coin.
How to buy Komodo?
The methods to acquire your KMD coin are:
ShapeShift is a platform for cryptocurrency exchange. Currently, it supports 33 cryptocurrencies for exchange.
You can acquire your Komodo coin via ShapeShift. To buy your KMD coins you need to fulfill these requirements:
- BTC/ETH/Altcoins to exchange it for KMD coins.
- Your KMD wallet address where you want to get your KMD coins.
To acquire your KMD coins now follow the complete guide of how to change your altcoins to Komodo.
Other exchanges from where you can acquire your KMD currencies are:
After you acquire your KMD coins you need to have a wallet to store your KMD coins.
Komodo Cryptocurrency Wallets:
Digital wallets are the wallets for cryptocurrency that holds your crypto coins. It helps you to transact your coin or make payment from one wallet address to another address.
The wallets that support KMD coins are:
Ledger Nano S is one of the most convenient hardware wallets to store your ETC tokens. It also provides support to ETH, BTC, XRP and many more.
Being an HD wallet, you own the Private keys which make your funds extremely safe to store. Ledger Nano S has established its name in the market as one of the Best Hardware wallets.
The only drawback of holding Komodo in this wallet that it doesn’t allow the user to claim for 5%bonus for holding KMD coins.
To get a detailed information on Ledger Nano, you must read our Ledger Nano S Review.
It is an official wallet of Komodo developed by the developers of Komodo. This is a desktop wallet that allows you to hold your KMD coins and make a transaction to anywhere you want. Since it is an official wallet it supports all the feature of Komodo cryptocurrency.
Currently, this wallet is in a stage of early development but it is available for the purpose of public testing. The main aim of this wallet is to make it a user-friendly and it will also allow you to sync blockchains with higher speed than other available native wallets.
It is currently available for Linux, Mac OS, and Windows operating system.
Komodo Paper Wallet:
Komodo paper wallet is one of that wallet that allows you to store your KMD tokens.
But I would not recommend you to store your coins in here because:
- Transactions are not end-to-end encrypted.
- If in case, you lose your private key then you will not be able to get access to your coins.
- If someone knows your private key than that individuals will be able to spend your coins.
Komodo was founded and mainly developed by JL777 and as he mentioned,
“And if there is such a collision and it is used to inflate the currency supply, it will be discovered and ALL the participants would be found out that they colluded. Also, the market value of Zcash will plummet, so it seems that smart people wouldn’t collude together to be exposed as a colluding group, even if they were unethical and open to stealing.”
The other key members are:
After, the review of team members, its time to see what is the market position of Komodo.
Komodo has a total supply of 200 million coins. In the total of this 100 million coins are already mined and are distributed in the ICO. Out of these 100 million 10 million are kept back for further development of Komodo platform.
At the time of writing this, dated 15 January 2018 Komodo is ranked under top 50 digital currency. Currently, it has gained positioned on rank 45 under coinmarketcap.
The total market cap of Komodo is $852,057,861 total circulating supply of Komodo in the market is 103,954,124 KMD.
Komodo cryptocurrency holds a promising future for all it’s investor. Additionally, it is the part of big project of superNET which is constantly improving the platform of cryptocurrency.
It is also getting adopted by a majority of the crypto enthusiasts and it it will continue to give good return in near future.
However, future in the field of crypto are always unpredictable in terms of short-run but Komodo is one of those promising platforms which has a great chance of being on the list of top 20 cryptocurrency after a few years.
Till then, keep exploring the reviews on other digital coins on Coinscage. I will be back with more amazing articles for you, so don’t forget to subscribe to push notifications.
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