It seems like ages ago now but it wasn’t too long ago that China banned both ICOs and cryptocurrency exchanges. The actions by China highlighted the need for decentralized exchanges.
The Komodo Platform offers features including a decentralized exchange. It’s an open-source, decentralized platform. And in addition to the decentralized exchange it also features assetchains, a built-in coin mixer, a multi-crypto wallet, and dApps.
Komodo is a fork of ZCash and builds off the work of the BitcoinDark and SuperNET developers. ZCash’s zero knowledge proofs provide the anonymity on the platform.
It uses a novel consensus mechanism called delayed Proof of Work (dPoW). It’s regular PoW but also hashes into the bitcoin blockchain using 64 pre-selected nodes. As Komodo describes, it recycles bitcoin’s computational power to secure its blockchain. That’s pretty cool because that means assets that run on the Komodo platform and blockchain can also have the security of the bitcoin blockchain.
As far as decentralized exchanges Komodo has BarterDEX, which features decentralized atomic swaps and automatic order matching. Komodo has already successfully completed atomic swaps with KMD/ETH and KMD/DOGE. And the team is currently working on the automatic order matching.
Whether BarterDEX can complete with the likes of a Bittrex I don’t know yet.
Right now Komodo is focused on dICO, or decentralized initial coin offering. Komodo combines its BarterDEX and Jumblr (coin mixer) features for dICOs. You can read more about dICOs from Komodo here. The first dICO on Komodo is an ebanking company called Monaize and the token sale starts November 10.
Overall investors have been interested in Komodo. As you can see from the chart below it’s up roughly 10x from the launch price, yet down over 50% from all-time highs.
In total there will be 200 million KMD tokens with slightly over half in circulation right now.
I’m impressed with what I see so far with Komodo and like that they’re launching the first dICO on the platform in November. I also like that they’ll be releasing the Agama wallet and Pangea Poker dApps in the near-future.
I’m going to watch it and in the meantime try to figure out if it can become a major decentralized exchange.
What do you think of Komodo (KMD)?
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