What is the Komodo Platform?

komodo logo

Komodo is a decentralised Initial Coin Offering (ICO) platform. Komodo allows developers to launch transparent coin offerings while also ensuring privacy for all parties involved in the ICO by having built-in privacy features.

Understanding The Komodo Platform

In order to understand Komodo you should know about these three things – Zcash, Delayed Proof of Work (dPOW), and SuperNET.

  • Zcash This is an open cryptocurrency project that uses the sk-SNARK protocol. This is a new cryptographic zero-knowledge proof protocol that ensures privacy, anonymity, and fungibility of any cryptocurrency. Komodo is also using the same protocol to make private and anonymous transactions.
  • Delayed Proof of Work (dPOW) This is a new protocol developed by Komodo developers. It is a consensus mechanism which uses the regular proof of work protocol (just like Bitcoin) but does it a little differently. dPoW involves a mechanism that notarizes the blocks on the blockchain, ensuring total immutability and giving the transactions a second layer of security. The 64 pre-selected notary nodes do this notarization work and mitigate the risk of immutability. This means that if some attacker wants to change a historic Komodo transaction, then he/she has to first change the Bitcoin blockchain, which we already know is not possible.
  • SuperNET SuperNET is a decentralized organization that is developing open-source and decentralized tools for the cryptocurrency market, such as multi-coin wallets, decentralized exchanges, and price stability products. The Komodo cryptocurrency is the official currency of SuperNET.

The Atomic Swap

Atomic swaps allow you to trade from blockchain to blockchain, from within your wallet. An atomic swap is a direct trade between two different coins running on two separate blockchains; there are no centralized-exchange websites or other third-parties required for this trade. The technology enables common users to bypass the labyrinth of website-exchanges currently necessary to purchase cryptocurrencies. Once implemented, the atomic swap will allow common users to trade and purchase any desired coin directly within their own wallets.

The Komodo Platform is the first exchange to support atomic swaps, and we have even forged our own unique variations of the protocol, advancing the technology beyond its previous capabilities.

Total Fixed Supply of Komodo

Komodo has a total fixed supply of 200 million coins, out which 100 million were pre-mined and distributed in the ICO. Out of this 100 million, 90 million were distributed to investors, and 10 million were kept aside for future development and marketing of the Komodo platform.

The Komodo ICO period was October 15, 2016 – November 20, 2016. During this ICO, 2639 BTCs were raised (worth $1,983,781 at the time).

The remaining 100 million coins are still being mined via the proof-of-work algorithm.

The 200 million hard cap is expected to be reached in approximately 14 years. Out of this, Komodo holders who have addresses starting with ‘T’ will receive a 5% annual percentage rate (APR) bonus on their Komodo holdings until the 200 million supply limit is reached.