Buy Komodo

Komodo is a blockchain that enables users and developers to create and launch standalone blockchains. It also enables cross-chain and cross-protocol transactions with minimal fees and maximum security. Solving interoperability and security issues between blockchains is at the heart of Komodo.

The blockchain uses Delayed Proof-of-Work (DPoW) as its consensus mechanism, leveraging the hash power of large blockchains like Litecoin to provide additional security against 51% attacks. This allows smaller and mid-sized blockchains to offer a similar level of security as larger blockchains.

Developers can build their own blockchain within the Komodo ecosystem, while users can take advantage of the many possibilities that this ecosystem offers. Products like AtomicDEX allow users to perform cross-chain and cross-protocol swaps directly from their wallet.

KMD is Komodo's cryptocurrency and acts as a means of payment for transactions, reward for Notary Nodes on the Komodo network, and allows users to earn rewards through staking.

Who founded Komodo?

Komodo was founded in 2016 by James Lee, a veteran developer in the blockchain and cryptocurrency space. The project is managed by the Komodo team which consists of developers, marketers, and blockchain experts.

Komodo offers a wide range of applications and capabilities for both developers and users, including:

• Standalone blockchain development: Developers can launch their own custom blockchains, ideal for businesses and organizations that need a personalized blockchain solution.
• Cross-chain functionality: Users and developers can use and develop services and products across multiple blockchains thanks to cross-chain and cross-protocol interoperability.
• Advanced dApp development: Komodo's Antara Framework enables developers to build advanced dApps on their own custom blockchains.
• Privacy protection: With technologies such as zk-SNARKs, Komodo provides opportunities to conduct transactions with a higher level of privacy.

Komodo is based on a multi-chain architecture, where each independent blockchain, also known as a “smart chain”, can benefit from shared technologies and innovations on the platform, such as AtomicDEX and DPoW.

Delayed Proof-of-Work (DPoW) and notarization

Komodo uses Delayed Proof-of-Work (DPoW) as its consensus mechanism. This mechanism builds on traditional Proof-of-Work (PoW) by adding an extra layer of security. This is achieved by the Komodo blockchain being regularly 'notarized' on the Litecoin blockchain. This takes a snapshot of the current blockchain, including a summary of the most recent blocks and transactions. This snapshot is then confirmed and stored by Komodo Notary Nodes on Litecoin.

By creating a reference point on another, larger blockchain, Komodo is protected against 51% attacks. Should such an attack succeed, Komodo can use the notarization to restore the true state of the blockchain. The notarization is protected by the security of the external blockchain.

The Antara Framework

The Antara Framework, formerly known as the Agama Framework, is an essential part of Komodo's technical structure. It provides various tools and modules for developing decentralized applications (dApps) and smart contracts on Komodo's blockchain. This framework makes Komodo flexible and adaptable, allowing developers to build complex blockchain solutions without having to set up a complete blockchain structure themselves.

AtomicDEX

AtomicDEX uses atomic swaps to perform cross-chain transactions without the need for a third party. This allows users to trade directly between different cryptocurrencies, across multiple blockchains, without the need for a central exchange.

KMD has several important functions that are essential for the functioning of the ecosystem. KMD is used as the primary currency within the Komodo Network, for transaction fees, rewards to Notary Nodes, and support for peer-to-peer transactions. Users can stake KMD to earn rewards, which incentivizes them to hold the tokens and contribute to network security.

The maximum supply of KMD is set at 200 million tokens, much of which is already in circulation. Unspent KMD tokens are brought into circulation through mining by Notary Nodes, which receive rewards per block.

Staking KMD is a way for token holders to earn rewards. By holding and staking KMD in a supported wallet, users can earn up to 0.01% in rewards annually. Staking Komodo does not require any active participation; users will automatically receive rewards as long as they keep their tokens in the Komodo wallet.

In order to receive rewards, Notary Nodes must actively contribute. They receive a reward of 3 KMD for creating blocks. In the future, this reward will be reduced to 2 KMD and then to 1 KMD through halvings.

Komodo stands out for several features and innovations that make it revolutionary in the blockchain world:

• Innovative security mechanism: Delayed Proof-of-Work adds an extra layer of security to the existing blockchain by regularly notarizing snapshots of the Komodo blockchain onto the Litecoin blockchain. This makes Komodo resistant to 51% attacks.
• Multi-chain architecture: Komodo's multi-chain architecture allows developers to create independent blockchains within the Komodo ecosystem, each with their own rules and functions.
• Cross-chain interoperability via AtomicDEX: Using atomic swaps, users can directly trade cryptocurrencies between different blockchains via AtomicDEX, without the need for a central party.
• Scalability and adaptability: The Komodo blockchain can process up to 200 transactions per second, making it an ideal solution for projects looking to grow on a scalable network without limitations.

Komodo and Ethereum are both blockchains that provide a platform for the development of decentralized applications (dApps). While they share some similarities, they differ in their goals and technologies used. Ethereum focuses on smart contracts and dApp development on a single blockchain, while Komodo offers a multi-chain architecture that allows developers to create their own independent blockchain. This difference in focus makes Komodo more scalable and offers more customization options than Ethereum.

Additionally, Komodo uses Delayed Proof-of-Work for additional protection against attacks, something Ethereum currently does not offer. The move to Proof of Stake (PoS) with Ethereum 2.0 could bridge some of these differences, but cross-chain interoperability and AtomicDEX remain unique features of Komodo.

Komodo (KMD) can be bought at Bitvavo. Our platform is suitable for both newcomers and experienced traders. Here are the steps to buy KMD via our website or mobile app:

1. Register or log in to your Bitvavo account.
2. Make a deposit by clicking "Deposit".
3. Go to the Komodo purchase page.
4. Enter the desired amount in euros that you want to invest or the number of KMD that you wish to purchase and confirm with "Buy".

The cost of Komodo coins depends on the market rate. After purchase, your KMD tokens will be automatically added to your Bitvavo account, where you can easily manage and sell them, allowing you to quickly respond to market changes.

Your KMD tokens are safely stored within your Bitvavo account, where a large portion of the funds are managed offline in secure cold wallets. We strongly advise to activate two-factor authentication (2FA) as an additional security measure.

For those who prefer to store their KMD in a personal wallet, most software and hardware wallets now support Komodo. You can easily purchase KMD and transfer it to your own wallet by linking your wallet address to your Bitvavo account, giving you full control over your coins.