Komodo: Blockchain Ecosystem
We aim to provide a brief overview of the Komodo Ecosystem.
Komodo is built to provide the best solution around the 4 pillars of blockchain technology: Security, Scalability, Interoperability, and Adaptability. We are going to delve deeper into Komodo’s approach to tackle all of these aspects.
Security
First-class protection against double-spend and 51% attacks
Komodo is an independent asset-chain secured by dPoW (Delayed PoW). Basically, dPoW consists of attaching a backup of the Komodo chain to the Bitcoin blockchain. This is done by inserting a block hash from a block in the Komodo chain into a block on the Bitcoin blockchain.
Every 10 minutes a “backup” is made, transactions completed before that point are protected with the power of Bitcoin’s hashrate. In order to perform a successful attack, you would need to overpower the Bitcoin network to destroy the backup before attempting to alter the Komodo chain. This makes security against double spends and hostile takeovers nearly impossible if not impossible altogether.
Who is in charge of backing up Komodo’s chain into Bitcoin’s?
The process of doing the backups is called notarization and it’s carried by Komodo’s notary nodes which are in charge of doing all the technical work.
As you may have already guessed, these 64 dedicated servers are called notary nodes. The notary nodes carry out three specific steps to ensure that the notarization process is properly completed:
1. Gather data from the Komodo blockchain
2. Insert data onto Bitcoin’s blockchain for increased security
3. Save the location of the backup back into Komodo’s blockchain
Every year, elections are held to elect the Notary Nodes. Out of the 64 spots available, 4 are designated developer nodes, 30 are automatically re-elected as a result of exemplary service in the previous year and only 30 are selected via the election process.
Scalability
Komodo is currently developing a new scaling feature called Cross-Chain Smart Contracts. This fancy name means that multiple blockchains can work in unison to function as a single chain.
Any project on the Komodo Platform can launch multiple blockchains and have them all processing transactions as it was only one. Projects or companies can spin up new blockchains when their current solution stops providing the performance they need.
Interoperability
Komodo development team is one of the pioneers in atomic swaps. An atomic swap is a trade of one cryptocurrency directly for another, between two parties without the need of an intermediary like a centralized exchange or escrow service.
Komodo launched a decentralized exchange (BarterDEX) which has performed 110,000 atomic swaps thus far. BarterDEX currently supports atomic swaps for over 95% of all coins and tokens in existence.
Adaptability
Given Komodo’s multi-chain infrastructure architecture, projects can build their blockchain on top of Komodo’s to best suit their needs. On top of that, all of Komodo’s work is open source which means that anyone is free to leverage the code to build on top of it or do a security audit.
Komodo has started a journey to provide a modular blockchain design and full customization to third party developers.
Coin Specs
- Algorithm: Equihash 200/9
- Consensus Mechanism: Delayed Proof of Work (dPoW)
- Block time: 60 SECONDS
- Block reward: 3 KMD
- Total Supply of coins: 200 MILLION KMD
- Reward: 5% Active User Reward for holding KMD in a wallet address of which you control the private key
- Features: Tokenization mechanism, and zero knowledge proofs
How can you get Komodo?
You can buy Komodo on an exchange (the most popular exchanges like Bittrex and Binance support KMD), obtain Komodo as payment for a transactions, or mine Komodo. Seeing as we’re miners by trade, we want to talk more about mining.
Komodo and Pirate are our latest additions to our services as pool operators. We are pleased to continue to provide our miners with an enhanced miner experience and to support the Komodo community.
We operate a global network of computing clusters to ensure your miner is hashing optimally. We help you to understand your miner’s performance overtime from our best-in-class User Interface.
All of our pools operate with PPS payment method since it’s the most robust and transparent payout structure while keeping fees low.
To make your life easier, we developed the smartest Mining Bot: Lifeguard. He is available 24/7 and always in a good mood to answer all of your questions and track your miners status and performance.
Check our Setup Guide here.
Happy Hashing!
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