What is Komodo (KMD)?
Komodo (KMD) is a privacy-centric development platform with a decentralized exchange. It allows users to develop and take to market their decentralized application in one place. The project started in 2016 and has developed to a complex solution with diverse applications, which focus on privacy in each aspect.
- Komodo Development Platform
The Komodo (KMD) Development Platform is using lesser-known smart contract functionality from Bitcoin and helps individuals create decentralized applications with increased privacy. Komodo (KMD) is language agnostic, therefore, different already existing programming languages can be used to develop applications, without needing to learn a new language.
- Komodo Crowdfunding Solutions
Komodo (KMD) creates a new way to make decentralized ICOs. The crowdfunding process is completely autonomous and operates without any third party. The users can also take advantage of the platform’s built-in privacy function JUMBLR, which conceals data about the issuer and the purchaser, and provides the right to barter in private.
- BarterDEX and the atomic swap
BarterDEX, Komodo’s decentralized exchange is the native exchange of the ecosystem and a truly powerful tool. Currently, it is the only cryptocurrency platform providing atomic swaps, which are automated currency exchanges between coins native to 2 different platforms without the use of a third party.
Atomic swap enables trading between Bitcoin, Ethereum and their respective forks, and provide a favourable fast solution for the end users. BarterDEX is also enabled with the privacy solutions of the network and provides a transaction fee as low as 0,17% or less.
- Agama wallet
The Agama wallet is the native multi-coin wallet of the Komodo network with a 5% interest on the KMD coins. This solution has been developed to prevent losses of the long-term holders and avoid storing coins on the exchange, which could deflate the value of the coin.
- Delayed Proof of Work
Komodo (KMD) uses a unique consensus model, the delayed proof of work concept. Though it is based on the model used by Bitcoin and Ethereum, it does not need to verify all the transactions to define the longest chain and keeps copies of the transaction history outside of the operative chain. The security is ensured, as one cannot take control of the chain without possessing the backup of the transaction history. The design of this consensus model provides security, scalability, and fast transactions.
Partnerships and Beta Products Since ICO End
Komodo (KMD) in 2016 started out with their platform for the decentralized development of ICOs and has since grown into one of the most sophisticated exchange platforms. Besides the above-mentioned BarterDEX, atomic swap and Agama wallet, they have also had the most active developer community on Github in 2017 and became the first ecosystem of fully customizable blockchain solutions.
They developed Hyper DEX GUI, which helps everyday users to navigate BarterDEX, and make the platform user-friendlier.
They have since completely renewed their design and marketing approach with a new look and website, added new engaging content to engage the community, and have expanded greatly their team. Please see their new roadmap from the end of 2017 up to 2019 below.
Komodo (KMD) has provided a platform for several dApps, and partnered up with:
- University of Texas;
- Netcoins – KMD tokens purchased in physical locations;
- ValueNet Capital.
Info, News and ICO Results
The ICO took place from 15th October 2016 till 16th November 2016, raising a total of almost $2 million USD.
The tokens were sold during the ICO at 0,376 USD, and at the moment they are valued at $1,14 USD – about a 200% return on investment.
Tokens are traded on major exchanges like:
The market cap at this moment (5th October 2018) is located around 125 million USD, with an All Time High on 21st December 2017 of $12.89 USD.
Community Around Komodo:
- Telegram: 8.5K Members;
- Twitter: 91K Members;
- Facebook: 16K People Follow It.
- Reddit: 68K Subscribers;
- Newsletter: 12K Subscribers;
We can see a huge shift in the communication and performance of Komodo at the beginning of 2018. Their communication became more consistent, communicating steps in the development of their blog, such as weekly development summary, and thought leadership articles in the blockchain development world.
This communication has been a key in improving the image of Komodo, as the platform has been marked as less user-friendly, only suitable for seasoned developers.
Their continuous efforts in increasing usability, community engagement show that they are willing to develop solutions with the larger cryptocurrency market and user base in mind.
Some news about Komodo (KMD):
- Komodo Platform Establishes Relationship With the University of Texas at Arlington:
- Tech Tuesday Update #4: A Summary Of Last Week’s Development
You can read more about the latest news in the link below: https://komodoplatform.com/latest-news/
Komodo constitutes a complex set of solutions, so their competition can be also diverse.
One of the solutions both constituting a development platform and exchange is Waves, which uses a Proof-of-Stake algorithm, and also enables launching decentralized ICOs.
When we look at the development side, their most obvious competitor is Ethereum, which also provides an open source development platform for blockchain-based applications.
Ethereum requires its own programming language, which has issues with scalability but is a more widespread solution than Komodo. Komodo on the other hand, provides increased privacy.
From the point of view of decentralized cryptocurrency exchanges, BarterDEX is one of the more advanced solutions supporting atomic swaps and increased privacy options. Some other competitors do not support a variety of coins, such as IDEX, or Stellar, which only support atomic path-finding that simply finds the cheapest asset trading pair.
The lead development team of Komodo has successfully kept their anonymity and refer to themselves as James ‘JL777’ Lee as founder, and ca33 as CTO. At the beginning of 2018 the team has added plenty of new team members and leaders.
Ben Fairbank joined as General Manager, bringing 12 years of experience in global Telco and customer experience, a proven CEO an C level executive.
Steve Lee arrived as Chief Marketing Officer with 10 years of experience working for Fortune 500
You can find more about the team and advisory board in the link below:
- A powerful ecosystem for privacy-based development +1
- Atomic swap decentralized exchange +2
- Improved efforts in communication and community building +2
- Rapid development based on product feedback +1
- Previous negative image, solution not user-friendly -1
- Lack of projects and partnerships on the large scale -1
- Developing only 1 ICO at a time -0.5
Considerations About What We Have Seen
Komodo is a complex development solution and technologically great product. Their constant development manages to push the boundaries of blockchain technology. I believe, their technology upon launching the ICO has not been fully developed, and even though they have corrected the difficulties in usability, the image of the brand suffered.
In 2018 they have visibly woken up to the necessity of developing for the masses. This meant focusing on solutions, which make Komodo easier to use, but also on increased communication and engagement. They have made significant effort to rebrand and try to build a positive image, promote and translate for a larger audience their advantages.
We can also see the commitment of Komodo to quality, by running only 1 ICO at a time; however, this does not give the possibility for a widespread adoption.
We cannot deny, that Komodo’s team is one of the most advanced on the market, able to find one-of-a-kind solutions and developing at a rapid pace.
The question, which remains for now, is whether Komodo can overcome their old image as a non-user-friendly platform and gain popularity. I believe the chances are quite good, as the development team seems to realize that they need to adapt to a large audience and engage even non-technical masses.
Tokeninvestoronline.com Rating 3.5/5
- Website: https://komodoplatform.com/
- Telegram: https://telegram.me/KomodoPlatform_Official
- Twitter: https://twitter.com/komodoplatform
- Facebook: https://www.facebook.com/KomodoPlatform
- Reddit: https://www.reddit.com/r/komodoplatform
- Github: https://github.com/KomodoPlatform
- LinkedIn: https://www.linkedin.com/company/komodo-platform/
- Discord: https://discordapp.com/invite/53M27QD
By Barbora Juhaszova