Komodo coin is another privacy-centric cryptocurrency that tries to be faster, more innovative, and more decentralized than existing coins.
Some members of the core team remain anonymous, leaving their true identity unknown.
In this article, we will learn a little bit more about Komodo coin’s technological features and what makes it different from other projects targeting the same use cases. Let’s begin!
Delayed Proof-of-Work (dPoW) and Smart Chain
One of the main differences between Komodo and more mainstream cryptocurrencies is the consensus mechanism.
While the majority of other cryptocurrencies utilize Proof-of-Work (PoW) or Proof-of-Stake (PoS), the Komodo project uses Delayed Proof-of-Work (dPoW).
To understand dPoW, you need to know the basics of Proof-of-Work. In a PoW system, computers use their computation power to process hashes on the ledger. This process is needed to secure the network.
PoW chains like Bitcoin employ “the longest chain rule” to prevent double-spending. If the chain temporarily splits, miners might mine on an invalid chain before one is recognized as legitimate. This causes a waste of resources.
With dPoW, the consensus algorithm does not use “the longest chain rule” for transactions older than the most recent “backup”. The consensus algorithm searches for the latest “backup” when conflicts arise.
Komodo uses 64 elected notary nodes. These notary nodes are responsible for putting komodo snapshots onto the Bitcoin Blockchain. These “backups” are written into the Bitcoin blockchain every 10 minutes. This allows Komodo to leverage Bitcoin’s hash power to increase network security.
The consensus algorithm is not the only unique feature of the Komodo ecosystem.
Currently, they are promoting their “Smart Chain platform”. Basically, Smart Chain is the concept of developing your own blockchain with Komodo’s blockchain creation tool, known as the Antara Composer.
Komodo wants to be on the frontrunner among the multi-chain platforms. They want these chains to coexist without clogging the network.
They even have a tutorial showing how to create your blockchain with their Antara Composer.
The Komodo Team
As mentioned earlier, some core members of the Komodo team choose to remain anonymous. The development leader is only known as James “jl777” lee, and the CTO is known as ca333. The other lead developers also use their own aliases; they are known as Fadedreamz and Pbca26.
Some of the team uses their real name, as you can see from the image below.
Komodo Coin (KMD) In The Crypto Market Today
Market Cap is a metric sometimes used to measure the health of a project.
At the time this post was written, Komodo (KMD) was ranked 71st on the crypto rankings ladder. It had a $67,045,359 USD market cap with more than $2.5 million daily trading volume.
You can trade, buy, or sell KMD on exchanges like Binance, Bittrex, CoinEx, HitBTC, Huobi, CoinBene, or Upbit. It is still a mystery whether or not KMD can eventually break the top 10 or 20 crypto rankings. The project exists in a competitive space.
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