Komodo: The Anonymous Cryptocurrency

This year has seen numerous Initial Coin Offerings (ICO) promising innovation and value.  In the past, there have been coins to modify the transparent nature of bitcoin and now the research and development collective at BitcoinDark and SuperNET teams aim to provide anonymity and security with Komodo.

According to the press release, the cryptocurrency forked from ZCash supports zero knowledge proofs secured by Bitcoin’s global hash rate.  The delayed Proof of Work consensus mechanism developed by Komodo Platform enables the Komodo blockchain to be backed up on the Bitcoin blockchain. The custom transactions are broadcasted to the Bitcoin blockchain by the platform’s notary nodes.  These notary nodes can be used by other cryptocurrencies to secure their own blockchain. Komodo already has an operational testnet in place, while the developers work on furthering the technology. More information is available in the recently released delayed Proof of Work whitepaper.

Komodo Platform draws inspiration from Bitshares and Steemit. In order to eliminate the use of PoW mining, Komodo blocks are created using Delegated Proof of Stake mechanism. The upcoming ICO will provide the much-required funds for the development of notary nodes.  The ICO also offers an opportunity for the not so “tech savvy” members of the cryptocurrency community to gain a stake in ZCash technology, which otherwise is only possible through mining.

Komodo will start with a supply of 100 million KMDs, of which 90% will be distributed to investors during the ICO and the remaining 10% will be used for development, marketing, advisers, and bounties.

Komodo has great potential and with the joint talents of the SuperNet and the BitcoinDark teams, I am interested to see how this platform will perform in the future.