In our earlier articles, we have discussed the specifics of privacy coins such as ZCash, Dash and Monero.
In fact, in the beginner’s guide to Monero, we even explained to you about the concept of fungibility: the quality whereby one coin can be easily interchanged for the other.
Now, keeping all these aspects in mind, there is another rather exciting cryptocurrency to take note of: called the Komodo Cryptocurrency.
In this article, you will learn about the Komodo cryptocurrency.
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What Is The Komodo Cryptocurrency?
Komodo, having the ticker symbol KMD, is the native cryptocurrency associated with the Komodo platform.
It is a privacy coin that uses an ecosystem of its own to achieve the goals of high speed, great safety and adequate decentralization.
Although the Komodo developers usually like to stay out of the limelight, they have repeatedly asserted that the Komodo coin was made with the idea of freedom in mind, not just for the users but for the developers themselves too.
The Komodo Cryptocurrency is a rebranding of and an attempt to build upon the the already existing BitcoinDark programme.
It is also closely associated with the ZCash project as it is essentially a fork of ZCash itself.
However, the developers of Komodo emphasise upon the fact that they have taken nothing more than ZCash’s original open source code to build Komodo.
Komodo developers are now developing a decentralized exchange called the BarterDex.
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How Does Komodo Work?
We know that the pioneering cryptocurrency of the world, Bitcoin, uses a Proof of Work (PoW) system.
Whilethe PoW system integrates the “longest system” approach to weed out the possibility of double spending, it also puts the system in risk of being detailed by miners having speedy, heavy, expensive mining equipments who can run ahead of the smaller miners and tamper with a block.
As the Komodo whitepaper elaborates, the Komodo coin does not work like that. Instead, it uses a delayed Proof of Work system or dPoW to make sure that this vulnerability is done away with. To quote the Komodo Whitepaper in this regard:
“In a key difference separating Komodo from regular PoW (proof-of-work) networks, our dPoW (delayed proof-of-work) consensus mechanism does not recognize the Longest Chain Rule for any transactions that are older than the most recent ‘backup’ of the Komodo blockchain…For conflicts that may arise which refer to transactions that are older than the most recent ‘backup,’ our consensus mechanism looks to the backups in the chosen PoW.”
Where to Buy The Komodo Coin?
The Komodo coin is available at some of the top cryptocurrency exchanges including Binance and Bittrex. In addition, even even exchanges like HitBTC and Cryptopia allows you to buy it. Once you buy it, you should store it carefully by following the different ways to secure crypto wallets.
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