X

2890 Views

Komodo Coin Review: Is It Worth It?

Spread the love
  • 1
    Share

About Komodo

Komodo is a decentralized cryptocurrency based on an open-source blockchain model, launched in September 2016. The platform was forked from Zcash – a cryptocurrency that allows users to be anonymous while realizing transactions.

Komodo algorithm makes transactions be fungible, high secured and anonymous. For this, the platform uses the Delayed Proof of Work (dPoW) model. Remember that all transactions are being charged with low fees.

How does Komodo platform work?

Komodo platform successfully combines three terms: Zcash, Delayed Proof of Work and SuperNET. To see what’s behind the network, let’s briefly describe what is the terms’ importance in Komodo algorithm.

Zcash is a cryptocurrency that works with Zero Knowledge Proof protocol. This means that all your personal information – including private address, the amount of transacted money and others – remain private and anonymous to other traders.

Delayed Proof of Work protocol has become more advanced due to Komodo’s team which developed it to a new level. It provides a stronger security due to the double-layer protection that was introduced into its transaction system.

SuperNET is a model that develops the features on Nxt’s cryptocurrency platform. This allows users to operate with transactions between centralized and decentralized platforms, considering the security an important element. The Komodo cryptocurrency became the official digital money of SuperNET project.

How can you buy Komodo currencies?

You can buy Komodo cryptocurrencies from the following exchange platforms: Cryptox, Cryptopia, CoinExchange, and Bittrex.

Remember that it’s simpler to buy Komodo’s digital coins exchanging altcoins like Bitcoin, Ethereum or Litecoin.

Where can you keep your tokens (KMD) safe?

You can choose to keep your tokens in one of following three wallets. The first one is called Ledger Nano S, and it’s perhaps the safest wallet for your KMD tokens, as it keeps your private key strong secured.

The second option is Komodo Paper Wallet. Like the title says, you can choose to keep your private information on a paper. You can make a request for such a wallet right here.

The last one is called Komodo Swing Wallet and is the official Komodo wallet. The developers recommend you choose this one, because it will give you the necessary benefits you are looking for. The wallet is available on Linux, Mac and Windows operating systems.

The Advantages of Komodo platform

  • It has a strong security due to its correlation with Zcash, Delayed Proof of Work and SuperNET protocols;
  • It is a decentralized and open-source blockchain platform;
  • The transactions are fungible, high secured and anonymous;
  • The  platform uses a more advanced technology than Zcash or Nxt blockchain-based networks;
  • You can choose between three strong wallets to keep your tokens safe.

The Disadvantage of Komodo platform

  • It is difficult to buy Komodo tokens with fiat currencies.

Conclusion

Komodo has developed a revolutionary advanced technology. It is based on three main elements to provide what users are looking for: Zcash, Delayed Proof of Work and SuperNET protocols – and it will surely develop more in the future.

1 Shares

You may be interested

US Rep to Hold Roundtable Discussion With Blockchain Expert
News
240 views
News
240 views

US Rep to Hold Roundtable Discussion With Blockchain Expert

Joshua Tayo - September 26, 2018

Currently, the U.S does not have a solid regulatory structure that governs the action of blockchain related innovations. In order…

New ESMA Regulations May Boost Up Crypto Exchanges Volumes
News
386 views
News
386 views

New ESMA Regulations May Boost Up Crypto Exchanges Volumes

Anca Faget - September 26, 2018

Recent ESMA  regulations have overhauled the retail trading industry. Although they probably haven’t been met with all the warmth especially…

How to Avoid Cryptocurrency Thefts
Learn
946 views
Learn
946 views

How to Avoid Cryptocurrency Thefts

Solomon Magawi - September 25, 2018

Bitcoin itself is tough to hack, thanks to the blockchain framework that underpins it. Since the blockchain is regularly reviewed…