The cryptocurrency market is booming, and every day, a new crypto-coin is being introduced in this space. Some of these currencies are just clones of Bitcoin, while some have identified certain niches and use cases to build upon.
At the time of this writing, according to CoinMarketCap, there are more than 850 cryptocurrencies trading in the market.
Isn’t it incredible? So many currencies to choose from!
But keep in mind this popular saying:
- More choice means more confusion.
- Which currency should I invest in?
- Which currency is really trying to solve a problem?
- What are the best new crypto-coins in town?
- Which of these coins are scams?
- How do I get started with these coins?
- Where do I store such coins?
That’s why, here at basilpuglisi, we provide you with detailed information on popular cryptocurrencies so that you can make the best decisions possible.
Well, one such cryptocurrency which has quietly risen quietly to the top 50 list of cryptocurrencies by market cap this year is Komodo (KMD). Komodo prices have surged more than 2200% in the last six months.
Let’s take a detailed look at this emerging coin.
What is Komodo?
Komodo is kind of like the “part 2” of the cryptocurrency revolution.
The Komodo blockchain platform uses Komodo’s open-source cryptocurrency for doing transparent, anonymous, private, and fungible transactions. They are then made ultra-secure using Bitcoin’s blockchain via a Delayed Proof of Work (dPoW) protocol. (I am going to discuss dPoW in a minute.)
The Komodo platform will help the cryptocurrency space develop and flourish by providing security to third party blockchains, power applications with privacy features, and provide the means to achieve price stability in peer-to-peer payment services.
The Komodo cryptocurrency is also the official currency for the SuperNET ecosystem. (I am going to discuss SuperNET in a minute.)
Understanding The Komodo Platform
To understand the Komodo platform you should know about these three things
- Zcash – This is an open cryptocurrency project that uses the zk-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. Read the whitepaper here.
- 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 Team Behind Komodo
Almost all of the Komodo team members believe in privacy protection, and hence, use pseudonyms. This leads a lot of people to think that this operation is shady, but it really isn’t.
Some of the key players are:
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 ‘R’ will receive a 5% annual percentage rate (APR) bonus on their Komodo holdings until the 200 million supply limit is reached.
Market Cap of Komodo
According to CoinMarketCap, the total circulating supply of Komodo is 100,945,510 KMD, and the current price of each unit is $2.21. That makes its market cap approximately $223 million (at the time of this article).
How To Buy Komodo Cryptocurrency
Buy Komodo from ShapeShift
Buying Komodo directly in fiat currency is a little difficult. But you can exchange your other coins, such as BTC, LTC, or ETH in exchange of Komodo tokens on ShapeShift. The procedure is very simple.
You will need the following things to buy Komodo:
- Your Komodo address where you would like to get your Komodo tokens.
- Some bitcoins/altcoins to exchange for Komodo.
If you need to know the step-by-step process of exchanging other cryptocurrencies for Komodo, see our guide on ShapeShift. Though this guide is for exchanging ETH for BTC, the process is the same to buy Komodo.
Buy Komodo from Exchanges
Below is a list of established cryptocurrency exchanges listing Komodo (KMD):
Popular Komodo Wallets
1. Ledger Nano S – The Ledger Nano S is the safest way to store your KMD currency, as your private keys never leave the device. You can buy Komodo from anywhere and then transfer it to your Ledger address. The only downside is that it doesn’t allow its users to claim the 5% bonus for holding Komodo.
2. Agama Wallet – This is the official desktop wallet developed by Komodo developers. It has an inbuilt exchange and a multi-coin wallet that supports KMD and other supported currencies. It also has a privacy-enhancing feature called Jumblr. But it still being developed and is only available in a Beta version (which contains a fair amount of bugs).
3. Komodo Swing Wallet – This is also the official Komodo GUI wallet developed by Komodo developers, and it is also the most basic wallet available. Even Komodo developers suggest using this wallet over Agama.
4. Komodo Paper Wallet – A Komodo paper wallet is a piece of paper that has both the public and private keys printed on it. If you are comfortable using paper wallets, then you can follow this link and make one for your self. You can also use this video guide to help you when making a Komodo paper wallet.
Future of Komodo
From a cryptocurrency investment point of view, Komodo has given a significant return to its investors since the ICO. I believe this high return will continue as the team is going to refine and strengthen their marketing/development efforts.
Apart from this, Komodo is officially part of the SuperNET project, which is developing several tools for the decentralized cryptocurrency industry.
As the tools in this image keep on developing and getting mass adoption, many good things will happen for the Komodo community (including a surge in price).
Big things are happening on the cryptocurrency front! Keep an eye on basilpuglisi to stay up to date!
Now I want to hear from you: Are you invested in Komodo? What do you like/dislike about the project? What do you think is going to happen with SuperNET? Let me hear your thoughts in the comments below!
Official Komodo Resources:
Below are some links that will keep you updated about Komodo:
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