Komodo and the Future of Blockchains
Is it time to leave Ethereum and create your own native blockchain?
Towards the end of 2017 the scalability issues on the Ethereum blockchain became painfully obvious. Crypto Kitties, a digital collectibles game built on top of Ethereum, slowed down the network causing a huge backlog of transactions. If your business requires high transaction speeds then this is not ideal. Now, you could place your full trust in the Ethereum developers to scale the network quick enough so you can build on top of it effectively, but this is risky business. What is one plausible solution? Create your own native blockchain with the help of the Komodo Platform.
When you have your own native blockchain token vs being an Ethereum dependent ERC20 token, you eliminate the risk of transactions slowing because another token has a high volume of transactions. Why should the service you are trying to provide slow down because of the high transaction volume of another token or a crowded blockchain which you have no control over? Komodo provides you the option to either 1) Launch a dICO on the platform 2) Create your own blockchain 3) Migrate to the Komodo platform.
Choose your own Programming Language
A common debate in the crypto community is over which programming language smart contract platforms should use. For example, Ethereum has its own language called Solidity. Komodo solves this problem by letting programmers use any language they prefer to create their smart contracts.
Bitcoin Level Security
Komodo’s Delayed Proof of Work (dPoW) algorithm uses the security of the Bitcoin blockchain to backup your transaction history. Bitcoin is the most secure blockchain to date and Komodo utilises this effectively for your advantage. Every confirmation of the Bitcoin network is a confirmation of the entire Komodo ecosystem.
Through the use of Komodo’s Barterdex (decentralised exchange) and advanced atomic swap technology, token issuers and participants will be able to instantly send, receive and trade their tokens. This removes the counter party risk that is so common with other ICO’s, when the participant has to wait for exchanges to list their token. Komodo’s decentralised exchange uses atomic swap technology so that you can privately and securely transact with anyone in the world. They have already completed 91819 atomic swaps to date and this number continues to rise.
Decentralized Initial Coin Offering (dICO)
Unlike other initial coin offering platforms like Ethereum, Komodo can provide you with complete anonymity when participating in an initial coin offering. Komodo was a fork of the Zcash chain, which uses zero-knowledge -proof technology to provide the option of being completely anonymous when sending a transaction. Other ICO platforms require that participants complete KYC forms and filter out participants based on particular countries regulations over ICO’s. With Komodo you will be able to service an entire globe of participants by providing them complete anonymity.
Time to Believe in the Dragon?
The Komodo developers spent 2017 working quietly to get the tech ready. There was no overblown hype like many other projects that currently exist in the space. In 2018 we are now seeing the team market the project effectively and attract interest from companies wishing to participate in a dICO. Blocnation will utilise the Komodo partnership program to make history with the worlds first decentralised ICO. Utrum are also planning on providing a token sale on the Komodo platform in April.
If Komodo continues to attract interest from dICO participants and companies wishing to migrate from their existing platforms to Komodo, then we could see the year of the Komodo Dragon.
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These are my personal views and should not be taken as investment advice. Do your own research before making any investments.