What is Komodo?

Komodo (KMD) is an open-source technology provider that seeks to offer blockchain solutions for developers and enterprises. It aims to build technologies that enable the launch of branded decentralized exchanges, cross-protocol financial applications, and independent blockchains. The project's flagship application is the Komodo Wallet, a non-custodial multi-coin wallet, crypto bridge, and decentralized exchange (DEX) all in one. The Komodo Wallet is compatible with 99% of cryptocurrencies and offers extensive cross-chain, cross-protocol trading support. KMD, the community currency for the Komodo ecosystem, is used for scalable, fast, and secure transactions.

How does Komodo work?

Komodo operates using a unique delayed Proof of Work (dPoW) system, which strives to provide enhanced security against 51% attacks. This system is powered by Litecoin cross-notarizations and backed by a notary node network, currently securing over 30 production blockchains. Komodo also provides its own native multi-chain blockchain network that allows anyone to launch an independent blockchain called a Komodo Smart Chain (KSC), which operates separately from the KMD chain. Each KSC has its own coin with zero gas fees and fully customizable parameters. Komodo also offers Komodo Custom Contracts (CCs), a library of UTXO-based smart contracts for creating advanced decentralized applications (dApps) on KSCs.

What are the potential use cases for Komodo?

Komodo seeks to empower users with blockchain technology, focusing on two types of users: the blockchain entrepreneur and the average cryptocurrency investor. For the investor, Komodo offers a new method of trading cryptocurrencies directly from one person to another, removing all forms of middlemen, vouchers, and escrow services. This decentralized exchange relies on an underlying concept called the "atomic swap", and Komodo specializes in this technology. For the entrepreneur, Komodo's decentralized exchange enables the release of new products to the world without middleman involvement. Furthermore, Komodo incorporates privacy features into the platform, allowing the investor to trade and purchase goods and services within their right to privacy.

What is the history of Komodo?

Komodo was first implemented in 2016, pioneering the use of atomic swap technology. Since then, Komodo has continued to innovate in this area, offering one of the initial production-ready atomic swap DEXs. The Komodo Wallet, the third-generation application of Komodo’s atomic swap technology, is built using a peer-to-peer (P2P) atomic swap protocol with decentralized order books. Developers use the open-source Komodo DeFi Framework to build cross-protocol DEXs, multi-coin non-custodial wallets, initial DEX offering (IDO) portals, and other decentralized applications.