About Komodo (KMD)weiss-badge

Overview

Komodo (KMD) is a decentralised, open-source cryptocurrency formed as a hard fork of ZCash (ZEC) in September 2016, though it has evolved from Bitcoin Dark (BTCD) and is developed by the same developer. The Komodo blockchain can perform private, anonymous and transparent transactions with high levels of security due to the Delayed Proof of Work (dPoW) protocol that is used. Komodo uses the sk-SNARK protocol, the same as ZCash, which hides transactional information, such as who the sender, and the receiver are and the amount being transferred. This allows the users to make anonymous and private transactions. Komodo is the official trading token of SuperNET, which is a project aimed at building services on top of the cryptocurrency platform called NXT (NXT). SuperNET plans to develop an end-to-end cryptocurrency ecosystem, with smaller projects such as their lite client multi-wallet and decentralised exchange, named InstantDEX, which has already launched.

Technology

Komodo uses a new protocol called Delayed Proof of Work (dPoW). It uses a conventional PoW consensus algorithm, similar to Bitcoin. However, dPoW involves a mechanism that authenticates the blocks on the blockchain, which ensures immutability and adds another layer of security. 64 pre-selected nodes notarise the blocks and alleviate the risk of immutability. If an attacker wants to change a historic transaction made on the Komodo network, they will first need to change the Bitcoin blockchain, which is not possible.

Future Focus

The future of Komodo looks bright, with continued collaboration with projects such as SuperNET, which aims to improve the entire cryptocurrency ecosystem. Aside from that, the team looks to deepen development bench, with both personnel and code. Lastly, Komodo is expected to re-brand in late 2018, which is likely to include a new website and logo. For more information regarding Komodo visit the official website or glance through the Whitepaper.      

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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