Komodo Wallet

Komodo Wallet

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Komodo is a decentralized blockchain-based ecosystem that includes a number of innovative tools.

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Komodo Wallet

What is Komodo?

Komodo is a decentralized blockchain-based ecosystem that includes a number of innovative tools. It is the first cryptocurrency project with implemented dPoW (Delayed Proof-of-Work) consensus algorithm.

Komodo is a hardfork of Zcash created by Bitcoin Dark developers. Since the beginning of 2018, support for Bitcoin Dark (BTCD) has been discontinued, but BTCD holders can exchange their tokens for KMD at the rate of 1 BTCD = 50 KMD. The Komodo platform is an advanced hybrid of Bitcoin Dark and Zcash.

Komodo History

Komodo (KMD) was created by famous network user James "JL777" Lee in October 2016. The team launched an ICO, which lasted for a month, from 15/10/2016 to 16/11/2016. The ICO was successful and the team raised $1,983,000. A total of 200 million KMD were issued.

Komodo crypto is part of a global ecosystem called SuperNET, which was also created by James ‘JL777’ Lee and launched in 2014. SuperNET is a decentralized platform aimed at providing tools that make the Internet more anonymous and secure. SuperNET is a mobile VPN application that allows users to open blocked websites, clean their tracks and internet history, and establish a secure connection to WiFi points. The global SuperNET ecosystem includes:

  • Komodo blockchain and KMD cryptocurrency
  • Multi-currency wallet Agama
  • Decentralized BarterDEX exchange embedded in the Agama wallet
  • The Iguana code base, which is part of the Komodo platform

As you may have noticed, all Komodo tools are named after lizards. The development team, just like the support team, of Komodo cryptocurrency are anonymous. The creator of the project is known by the pseudonym James 'JL777' Lee, and the chief technology officer is "ca333".

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How does KOMODO work?

Komodo platform work is carried out using several technological solutions.

Komodo algorithm

Adaptive Proof-of-Work (APoW) is a unique consensus algorithm that has been fully developed by the project team. It is a two-layer “hybrid” of consensus building in two networks at once - in the Komodo blockchain and in the Bitcoin blockchain. Each of the layers has its own network of nodes. The consensus in Komodo is achieved in the following way: transactions are collected in one pool and verified by ordinary Komodo nodes, where anyone can become an operator. After the first verification, all transactions are sent to special nodes in the Bitcoin network. There are 64 nodes called “notarial” which verify transactions again.

Jumblr for Komodo coin

Jumblr is Komodo's privacy feature, developed through Zcash technology. The Jumblr sends KMD tokens from an open address to the indicated address through a series of private untraceable addresses, making KMD tokens “invisible.” This system makes transactions completely anonymous - nobody can track the sender, the recipient, or the payment amount.

Jumblr is based on the zk-SNARK protocol - a key technology of the anonymous cryptocurrency Zcash (ZEC). zk-SNARK is based on the fact that two computers coexist in the system - the “controller” and the “verifier”. It makes possible confirmation of the availability of the necessary number of tokens to send the payment without disclosing the transaction data, and avoids double-spending. You can find more information about zk-SNARK in our article on Zcash cryptocurrency (ZEC).

However, in addition to anonymous transactions, Jumblr technology involves sending regular payments using Lite Mode (SPV Mode), without the need to download a blockchain.

Komodo mining

The Equihash algorithm is another feature borrowed from Zcash. Its hash function is based on the “Birthday Paradox” - one of the main mathematical laws used to calculate probability. Unlike SHA-256, where the key importance is the speed of performing calculations, for Equihash the amount of device's RAM is more important. Users can engage in KMD mining (as a standard node) not only on ASIC devices but also on video cards (GPU).

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Komodo (KMD) staking

The Komodo blockchain consensus is Adaptive Proof-of-Work (APoW). Investors take automatic reward distribution.

Adaptive Proof of Work (APoW) is a variation of Proof of Work that allows the Komodo network to adapt to substantial and sudden changes in hash rate. With APoW the Komodo network can adjust the difficulty target in a single block. There are three main components: block-to-block stair-stepping, N*N difficulty adjustments, and timestamp protection.

You need to have at least 10 KMD on your wallet in order to begin staking.

For the reward receiving, the only condition is to hold KMD in your Wallet and make at least one transaction a month. You don't need to run a node. Komodo holders can produce fixed 5% rewards for simply storing KMD in their wallets.

How to stake Komodo KMD

Find your Komodo wallet on Guarda. Click the "Claim" button, which automatically sends out a transaction of KMD to your wallet. Once completed, you will be able to see this transaction in your history. N.B. Do not try to claim a reward of less than 0,01 KMD or it will be eaten up by fees! Important: in order to keep the claim active, you will need to perform at least one transaction per month. It proves to the network that your funds are active and you still have access to your private keys. You can simply keep the claim by transferring KMD from one of your Guarda wallets to another. You can get Komodo coin on different exchanges and store it in Guarda wallet.

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