✔️ Information reviewed and updated in February 2024 by Pedro Martínez González
Along with the advent of cryptocurrencies, today we can see the emergence of new technologies designed to change the way we transact like Komodo. And it is that the Blockchain has undoubtedly made the world turn to look at the internet as the future.
Among these innovations we can find Komodo, a cryptocurrency that, although it shares the name with the famous dragon, there is nothing in common between them. If you confuse both concepts, then this is for you because here we will tell you everything you need to know about this digital currency.
➡What is Komodo? ✨
Komodo, more than a cryptocurrency, which it is, is a platform that allows you to create your own blockchains, that is, independent Blockchains. Its open source technology and programming allows you to carry out private, anonymous and transparent operations through this system.
Also known as KMD, this Token is considered the official currency of the ecosystem called SuperNet, which is part of an initiative to create decentralized Blockchain tools. In short, Komodo has been in charge of bringing together different tools and functions focused on the development of these solutions.
The platform offers you the possibility of storing different assets under the so-called chains of assets or assetchains, which means Blockchain for private use. This process, in turn, works through the concept of smart contracts which makes the placement of blockchains easier.
Another function that Komodo offers is the ability to create blockchains independent of the main ones without any limitation. Anyone can develop their own virtual coins, as well as you can launch ICOS which is useful to be able to finance your projects effectively through investments.
Komodo tools follow, as we also found that Komodo has developed its own Exchange platform known as DEX Exchange BarterDEX. Here we find the famous Atomic Swaps, a function that allows you to exchange currencies without the need for a third party to intervene in this process, also reducing commissions.
In Komodo we can find an inhouse Wallet which, in addition, is multi-currency which improves its use making it more versatile. To maintain the privacy and anonymity of its users, the Delayed Proof Of Work algorithm is used, which is inspired by the Bitcoin blockchain, although of course, with improved functions.
➡Differences between Komodo and other cryptocurrencies✨
- Your Exchange: The first difference that we can observe is the fact that Komodo has its own Exchange or Exchange House. This makes currency trading much easier and more convenient by having everything in one place.
- Anonymity: Thanks to the use of a unique algorithm known as DPoW, as well as the ZKP zero-knowledge protocol, a higher level of anonymity and security is obtained. Thus, it is guaranteed that the information will remain within the platform by not involving third parties in the process.
- Collective financing: One of the most amazing uses of Komodo is the fact that this virtual currency can be used as a form of crowdfunding. That's right, thanks to its DICOS, users can invest their cryptocurrencies in internal projects, thus helping financial different types of initiatives.
- More efficient mining: As for mining, Komodo has taken the widely used PoW algorithm to the next level with the creation of the DPoW algorithm.. This allows cryptocurrency mining to be much more efficient by not requiring superior computing power or high energy consumption.
- Amount of Coins: Another striking point is the fact that Komodo has the ability to generate many more coins than other cryptocurrencies. According to estimates, Komodo has about 200 million tokens while Litecoin only has 21 million and Bitcoin only 84 million.
- Transaction speed: If this is not enough, you should know that the speed of transactions in Komodo is very good, since it reaches a higher volume and speed than in other cryptocurrencies. This helps make the transaction process more efficient reducing costs and resources.
➡Technology behind Komodo✨
One of the most striking features behind Komodo is the fact that this cryptocurrency is actually a fork of another, ZCash. That's how it is, Komodo is a currency that is based on another through a decentralized open source blockchain.
This cryptocurrency is within the SuperNET ecosystem, which could be considered a complete solution. This allows money to be transferred anonymously by creating parallel blockchains, thus, financing for projects can be obtained through the launch of ICOS, smart contracts can be launched, among other types of functions.
Komodo mining, thanks to the use of the DPoW algorithm, as well as the Equihash algorithm, make mining much more efficient. And it is that thanks to its technology it is possible to mine it easily without the need to use advanced equipment since it will be enough to use a GPU and a CPU with good power.
There are several ways to mine it, one of the common is through specialized software for your computer. In addition, by using this hybrid algorithm system, the mining process becomes much more efficient which reduces energy consumption and operating costs.
➡How to get it? ✨
The first option to get Komodo is by mining, for this it will be enough to use a computer with a good power CPU or GPU. You can also get them as rewards for storing Kodomo Coins, so this option is really accessible for different users.
On the other hand, you can also buy Komodo coins in different exchange houses. There are many options, since you can buy them in the main exchange houses of the world or you can get them directly in the Dex, Komodo Exchange. Of course, take into account that the Exchange Dex is in beta.