The Komodo Platform: Security and Privacy
The Komodo Platform is a cryptocurrency project that uses zero knowledge proofs to provide true anonymity for its users, allowing them to choose between transparent and private transactions according to the circumstances. The Komodo blockchain is protected by the delayed Proof of Work mechanism, a consensus protocol built by the SuperNET team. It allows Komodo to notarize its blocks on the Bitcoin blockchain, making its security second only to Bitcoin itself.
Delayed Proof of Work (dPoW) relies on notary nodes, special nodes that have been voted on and selected by the community, to import data from the Komodo blockchain onto Bitcoin, notarizing the transactions that have occurred within the Komodo Platform. The data is then brought back to Komodo by these same nodes. This process is done through custom transactions created on the Bitcoin blockchain – Read the Delayed Proof of Work Whitepaper
The delayed Proof of Work mechanism is used by Komodo, but can also be used by any other cryptocurrency looking to enhance its security. The SuperNET team makes this service available through Komodo itself, saving other projects from needing to pay transaction fees on the Bitcoin blockchain. This protocol puts Bitcoin at the heart of the cryptocurrency ecosystem, giving cryptocurrency developers a direct incentive to develop and work on Bitcoin in order to ensure its wellbeing.
Like the novel dPoW protocol, the SuperNET team has focused on creating other tools for cryptocurrency users and developers. Among these are the Iguana multi-wallet, the EasyDEX, and the PAX (Pegged Asset Exchange).
The Iguana multi wallet will act as the Komodo wallet, but it can be used by any other cryptocurrency that has no GUI implementation. Within this desktop app, users can access all the functions of Komodo and other cryptocurrencies as well. EasyDEX and PAX are decentralized exchanges that are built-in the Iguana wallet.
The EasyDEX exchange is a decentralized exchange. It allows users to exchange cryptocurrencies without the need to trust a third party. EasyDEX does not use proxy tokens, allowing users to exchange coins directly with ease and liquidity. – Read the EasyDEX whitepaper
One of the most practical functions that the Komodo Platform has created is the PAX, a decentralized exchange that allows users to exchange national currencies within the Komodo network. This is achieved through Komodo’s assetchains, in which there have been issued 32 fiat currency assets. These assets provide price stability for merchants and average users that want to transfer money without volatility, but also allow national currencies to be transferred anonymously, as these assets are protected by the same zero knowledge proofs that Komodo coins (KMD) are.