What is Komodo
Komodo (KMD) is the native currency of the SuperNet platform which is a decentralized, peer to peer open source network which specializes in facilitating the launching of ICOs for new coins. SuperNet also aims to tie multiple blockchains of other cryptocurrencies together and provide a platform for their interaction and development.
History of Komodo
Created by the anonymous developer of NXT DApp SuperNet, jl777, Komodo is a fork of Zcash and was launched in September 2016. It retained multiple features of Zcash, but is used primarily as the coin for the SuperNET originated ecosystem. Komodo hit the markets in February 2017, briefly surpassing a market cap of $1 billion in December of that year. As of August, 2018, the circulating supply of Komodo is 108,788,819 KMD.
How Komodo Works
Komodo is a mineable platform coin that has a native token called Komodo as well. When a new company wants to launch an ICO using Komodo, their white label solutions create an independent blockchain using platform’s infrastructure, for which a fee is paid in KMD.
Komodo offers multiple, highly-customized solutions for new coins and their developers, including SuperNet integration, which develops different open source tools for the ICO market. A few of these include EasyDEX (Easy Decentralized Exchange), which is a decentralized cryptocurrency exchange, PAX (Pegged Asset Exchange) which allows users to exchange fiat currencies across borders, and the Iguana multi-wallet which can hold multiple types of cryptocurrencies. Users pay a fee, in KMD, to utilize these resources.
Komodo makes life very easy for developers of the new coins and has some unique advantages.
- Annual Revenue: Komodo token holders are entitled to 5% of the platform’s annual revenue. This is an assured income even if holders are totally idle.
- Decentralized ICO: dICO is probably the biggest advantage of SuperNet, in that ICOs can be created and maintained with relatively little supervision or reliance on third parties.
- Independent Blockchain: Komodo provides independent and native blockchains to developers, giving them full control over their coin and platform development.
- Independent Wallet: Komodo also offers white label multi-currency wallet solutions which can be rebranded to any coin network, making it unnecessary for developers to create a wallet specific to their native currency.
- Micropayment Solutions: Komodo allows micropayments using a super-fast lightning network where you transaction charges can be waved.
- Infinitely Scalable: Komodo utilizes side-chain technology which prevents overloading the main blockchain of the network. Thus, every payment network can be scaled to a great extent to support increased business needs.
- Fiat Pegged Assetchain: Developers can easily integrate a real-time crypto-to-fiat bidirectional conversion utility and integrate payments API with any system, enabling mass adoption for their payment network.
- Private Transactions: Zcash architecture provides probably the best anonymous payment mode and Komodo takes full advantage of that to provide totally private transactions on the network.
- Multi-language Development: Komodo allows Smart Contracts to be created in multiple languages and also has an extensive API library, making it easy for developers to either integrate API or write contracts in the language they are most comfortable.