Coin Spotlight: Komodo
Building an open, modular multi-chain ecosystem that empowers developers and businesses with end-to-end blockchain solutions.
Those who wish to adopt blockchain technology have several options available to them. They can code a brand-new blockchain protocol, fork an existing blockchain’s source code, or submit code to a smart contract platform. While each of these options has benefits, they all have drawbacks, as well.
With unique multi-chain architecture, Komodo Platform presents a new approach to blockchain. Launching an independent blockchain with Komodo’s technology provides the same level of adaptability and independence as coding a new protocol, without the incredible difficulty. At the same time, Komodo makes adopting blockchain just as easy as using a smart contract platform, while still giving every project complete autonomy and independence.
What is Komodo?
Komodo is a modular, multi-chain blockchain platform focused on security, scalability, interoperability, and adaptability that empowers users with freedom through blockchain solutions. The key foundational pillar of the Komodo ecosystem is security and its platform provides a unique, innovative form of security that is strong, yet does not require a high cost to operate.
There are four key components of the ecosystem:
- Customizable Assetchains
- Delayed Proof of Work (dPoW)
- Custom Consensus Framework
- BarterDEX
The Komodo Blockchain is a descendant of Bitcoin as it was forked from the Zcash Blockchain, which itself was forked from the Bitcoin Blockchain. The platform includes the zk-SNARK technology Zcash is built upon and adds the delayed Proof of Work (dPoW) consensus algorithm to make the Komodo ecosystem more secure.
Komodo’s mission is to create an entire ecosystem comprised of independent blockchains and diverse partnerships that will push the platform forward into the future. It was designed to be utilized by developers of any level and of any industry thus making it extremely versatile.
Customizable Assetchains
One of the functions offered within the Komodo ecosystem is the ability for anyone to launch new, independent blockchains. These independent chains launched with Komodo’s technology are known as “assetchains.” Assetchains are customizable along 23 different parameters, allowing developers to select everything from their consensus mechanism and a hashing algorithm to their block rewards and the number of blocks between decreases in block rewards.
In addition, assetchains are independent of the KMD chain. Unlike tokens created on smart contract platforms, assetchains launched with Komodo are mineable and not tethered to Komodo. The creators of an assetchain can choose whether or not to accept upgrades. As each assetchain has its own decentralized network, its creators can choose to leave the ecosystem at any point in time. In that sense, assetchains are launched with Komodo but exist atop their own independent infrastructure.
Delayed Proof of Work (dPoW)
This is a new security mechanism developed by Komodo’s team of developers. It leverages Bitcoin’s Proof-of-Work protocol and involves a mechanism that notarizes the blocks onto the BTC blockchain, ensuring total immutability and giving the transactions a second layer of security. The dPoW mechanism provides the same level of security as the strongest PoW network.
dPoW does not recognize the Longest Chain Rule, which is a consensus rule that always trusts the blockchain with the most blocks as the valid chain. Instead, it employs two types of nodes: notary and normal. Notary nodes enable transactions to be published on the “backup” consensus chain while Normal nodes read and validate transactions on the dPoW chain.
Komodo’s consensus mechanism uses chosen PoW as storage space for “backups” of Komodo transactions. Any event of an attempted attack would be overwritten and overruled if a single surviving copy of the Komodo mainchain exists. To destroy even the smallest assetchain, an attacker would need to destroy all existing copies of the assetchain, all copies of the Komodo mainchain, and the accompanying PoW network where all the dPoW backups are stored. This gives Komodo better than Bitcoin-level security without the financial costs.
Custom Consensus Framework
In years past, Bitcoin and all Bitcoin-protocol-based blockchains were thought to lack Turing completeness, which prevented them from hosting smart contracts and decentralized applications. All of that changed with Komodo’s Custom Consensus Framework.
While the Custom Consensus framework does allow smart contracts and dApps on assetchains created with Komodo’s technology, it also allows much more. In fact, it allows developers to change a blockchain’s consensus rules on a case-by-case basis. Any funds sent to the specified address cannot be moved or spent until the newly-coded consensus rules have been satisfied. This level of adaptability gives developers an enormous amount of control over the dApps they program.
BarterDEX
BarterDEX is Komodo’s atomic-swap powered decentralized exchange. By using atomic and etomic swaps, with the latter bridging the gap between Bitcoin and Ethereum based tokens, instead of proxy tokens, the primary method of other decentralized exchanges, Komodo lowers the counterparty risk, transaction fees, and speeds the transfer of assets.
DEXs are commonly known to have issues with low liquidity. As a result, BarterDEX utilizes Liquitidy Provider nodes (LP nodes) that help stabilize the market price by buying and selling assets across the spread in numerous order books. BarterDEX supports over 95% of cryptocurrencies in existence including SPV Electrum-based coins, coins based on the Bitcoin protocol, Ethereum, and ERC20 tokens.
Coinplan is very excited to feature Komodo because they are building a true open-source blockchain ecosystem that allows users to create all kinds of solutions to fit their needs. They are driving value to their customers with reliability, simplicity, flexibility, and autonomy. Komodo has also recently partnered with Amazon Web Services (AWS) to demonstrate their new scalability technology capable of processing 1 million transactions per second.
You can view KMD inside Coinplan’s Blockchain-as-a-Service Portfolio here.
To learn more about Komodo, please take a look at these helpful links:
