Komodo (KMD) has in the recent times been referred to as one of the upcoming blockchain platforms with a great potential. In this article we will dive into the platform basics and unearth what makes it great and different. In the meantime, sit back, relax and let us focus our attention to Komodo.
What is Komodo?
Komodo is categorized as an application building platform that is leveraging the blockchain technology. The platform makes it possible for developers to create decentralized applications, launch and grow them into successful platforms. Komodo offers security, freedom as well as independence to users using the blockchain. The team focuses on developing a flourishing ecosystem based on decentralization. The end-to-end blockchain solutions have empowered developers to explore their imagination and take part in the development of the largest open-source network in the world.
Komodo is generally referred to as Blockchain 3.0 after Bitcoin 1.0 and Ethereum 2.0. This is in terms of the evolution of the blockchain technology. Bitcoin started the era of cryptocurrencies and 2009 but Ethereum established an entirely new generation of technology which works like Bitcoin blockchain but is able to handle a lot more than transactions. It can be used to develop smart contract programs and decentralized applications (dApps).
However, Komodo blockchain 3.0 is the current next generation technology. The protocol boasts of all the capabilities of the previous generations. In addition to that, “it is much more capable and more broad in its functionality.” Ethereum network allows the creation of tokens but requires these tokens to remained tied to its platform in order to function. Whereas, Komodo is more like a multiverse for the blockchain. Entities can exist independently in this multiverse (Komodo) under their specifically set laws of convention. At the same time, the same entities can be interdependent of each other. For instance, all the entities in the multiverse have the ability to be transferable to any other universe at an extremely high speed of transaction.
Komodo introduces freedom in the industry in ways not possible with previous generations of the blockchain technology. With this it easily achieves the ultimate goal of decentralization where every Komodo-developed blockchain resembles a drop in the massive Komodo ocean.
Applications and programs built on Komodo have their independent space to breath. Like highways in a city, they exist without depending on another highway but work together with other highways to ensure that functionality is seamless. Referring to Komodo as a cryptocurrency is simply an understatement. In fact, the terms protocol and platform do not do it justice at all. However, we can refer to Komodo as a multiverse-a massive ecosystem with ready structures and features to support the growth of different entities. Every entity works as its blockchain and no single blockchain is tasked with carrying the weight of the entire multiverse.
Significantly, for a blockchain multiverse to exist and function properly certain aspects like security have to be taken seriously. For the Komodo team, security is regarded the highest priority. There is a growing concern in the industry due to the rising 51% attacks on cryptocurrency protocols. All one needs to do in this case is to gather enough hash power through accumulation of ASIC hashing power or via Nicehash rentals to execute an attack especially on a Proof-of-Work (PoW) dependent digital asset. These attacks are not in theory but have happened before, not once but numerous times.
Komodo, on the other hand, has employed what is called Delayed Proof of Work to ensure that its security is non-negotiable. The team chose this because with PoW, miners ensure security by raising the hashrate needed to change the course of the network. While this is perfect for a large crypto like Bitcoin, it does not work properly for small digital assets. Komodo found a way to utilize the same Bitcoin hash power to its advantage:
“Rather than trying to fight the uphill battle against this enormous would-be foe, Komodo harnesses this power for its own security, turning Bitcoin into its strongest supporter. By using Delayed-Proof-of-Work, Komodo backs up its entire network on Bitcoin every block,” explains CryptoMurmur.
At the time of writing Komodo (KMD) is trading at $1.1 following a 9.57% rise in the last 24 hours. It has a trading volume of $2.9 million in the same period. The crypto is ranked 52nd with a market cap of $121 million.