Categories: EducationFAQ

What Is Komodo?

Some cryptocurrency users may have heard the name Komodo before. It is a pretty intriguing project, even though most people don’t know how its technology is being used right now. It seems Komodo will play an integral role in the future of atomic swaps, even though that is not the only thing its developers are focusing on right now. There’s a lot more to this project than meets the eye; that much is evident.

What is Komodo’s End Goal?

For a project which positions itself as an end-to-end blockchain solution, Komodo is certainly ambitious. The team wants to focus on letting others create independent blockchains through their Modular Platform. It is equally possible to launch a decentralized initial coin offering or dICO. Moreover, Komodo has already made a bit of an impact in the world of atomic swaps, which will prove to be invaluable in the long run. This project should be looked at as a complete blockchain solution first and foremost.

How Does it all Work?

There are a few key benefits to using Komodo as an end-to-end blockchain solution. First of all, developers can build a completely independent blockchain which is tied to the Komodo ecosystem as a whole. However, none of the independent chains are limited by what Komodo may or may not be capable of. This modular approach to blockchain solutions opens up a lot of opportunities. All self-created chains are flexible when it comes to implementing features native to the Komodo ecosystem.

Security is also a big factor in the world of blockchain. Komodo prioritizes both security and privacy first and foremost. The chain uses a delayed proof of work algorithm to enhance its overall security. This algorithm also allows for the creation of backups of blockchain data, which is then notarized to Bitcoin’s blockchain. For any independent blockchain created using this platform, the anchoring and backup of data on the Bitcoin chain is of great interest. Optional privacy is offered in the form of zero-knowledge proofs.

Last but not least, Komodo positions itself as a simple and approachable blockchain platform. They know developers want to build their own applications without having to worry about much else. It is unclear if this platform will drive mainstream adoption of blockchain technology, but it is certainly a valid approach which should not be overlooked.

A Glimpse Into Komodo’s Future

With Komodo’s BarterDex platform for on-chain atomic swaps already live, it is evident a lot of cryptocurrency enthusiasts will focus on that platform specifically. In fact, over 28,000 swaps have been performed already, and there will be plenty more to come. Other than that, we expect a new 2018 roadmap to be released in the coming days. It is evident a lot of companies want their own blockchain, and Komodo seems to provide a more than appealing solution. Only time will tell if this project gains any major recognition in this regard.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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Tags: Atomic Swapsblockchainkomodo

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