ADSactly Spotlight on Cryptocoins -- Komodo/KMD -- 9th feature "private" coins
Spotlight on Cryptocoins -- Komodo/KMD -- 9th feature "private" coins
Hello Steemians
In this series of articles I want to put a spotlight on a specific cryptocurrency and write about the details in all these aspects:
Aim of the currency
Technical details
Market position
Forecast
The cryptocurrency in focus currently will be one of the so-called "private" coins. Coins that create the possibility to be more or less in private while doing transactions. How private you are is one of the main questions to be answered in this articles.
In this 9th article of the series, the spotlight will be on Komodo.
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Aim of the Currency
What is this currency about? What does it do differently than the rest?
Where is the unique selling point and at what audience is this coin targeted?
All that questions and more will be answered in the following paragraph.
Komodo is one of the rather large private coins and was already foundet in 2016. Distribution of the Coin began with an ICO, in which 90 Million Coins where given out to investors. The coin is capped at 200 Millions from which 10 Millions are held back in a reserve. It is based on the ZCash Core and also brings on ZkSnarks for completely anonymous transactions.
Komodo is a pure PoW Coin using the Equihash algorithm, in trying to keep this coin ASIC resistant and features a new mechanism called dPoW (delayed Proof of Work).
This will be explained a bit more in detail in the next chapter.
Technical Details
Komodo has wallets that support Linux, Mac, and Windows as well as paper Wallet, the source code for them is completely visible on Github.
There is no wallet software for mobile devices currently.
Komodo is a pure PoW coin using the Equihash algorithm (like ZCash, Hush...) for improved resistance against ASIC computation. Additionally, the developers improved the normal PoW to follow a different methodology increasing the security of the whole blockchain. They called this methodology dPoW (delayed Proof of Work) and it is basically introducing a set of 64 notary nodes, that notarizes the block also on the Bitcoin blockchain, which in the end secures the Komodo blockchain also with the hash rate of Bitcoin. These nodes are elected by a community consensus and they can generate once every 63 Blocks a block on easy difficulty as a reward.
Maximum number of coins is 200 Million, Block Time is 1 Minute with 2MB Blocks
Privacy of transaction is achieved using Zk-SNARKs, just like ZCash or ZClassic. This is a proven way of making transaction information anonymous, so I will not explain this further.
There was an ICO, in which 100 Million Coins have already been distributed. 90 Million has been bought by investors and 10 Million have been moved to a reserve as a working capital.
Please see Whattomine.com if you are interested in probable mining revenues, Komodo was a good mining coin lately but take care this changes quite fast.
Market Position
At the time of writing this article (02/01/2018), Komodo is placed 46th in market capitalization, with the total value of $556.730.839 USD . The 24h Volume was $3.129.300 USD which is a rather low number compared to the last month.
January is always a very turbulent month for cryptocurrencies, Komodo is no difference there. The coin had its all-time Dollar value high on December 12th 2017 with 12.89 Dollar per KMD, afterwards, it went down in waves to 5.86 USD yesterday (01-31-2018). Currently, it seems that the downtrend is unbroken and will go on for a while.
We can see a massive spike leading to the ATH in mid December. Partly, this may have been caused by the BTCD swap deadline in January, partly this may have happened due to getting more attention from investors. It is not really clear what drove the prices.
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If we are looking back one year in market history of Komodo, we see that this spikes have happened at least two additional times. But we also see that the Volume that has driven those spikes has increased from one to the other.
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Forecast
Just like all the other private coins Komodo for sure has a valid point in trying to keep the privacy of the sender and receiver.
Komodo is a quite established cryptocurrency with high potential. The team has come up with a complete new idea of securing the blockchain by delegated Proof of Work and is working heavily on decentralised Exchange and decentralised ICOs currently.
If they can create working software for this ideas fast, Komodo will see a huge increase in value.
Conclusion
Komodo is keeping your transaction details hidden by using Zk-SNARKs, IP privacy is currently not guaranteed, you would need to setup a TOR by yourself.
Komodo is managed by a quite big team around JL777, of which some are anonymous and some are not.
Last but not least there are also some drawbacks and they should not be unmentioned:
- Pure PoW coin, can be seen as a waste of electricity - even though dPoW makes it a bit better.
- Privacy of transaction has been also viewed with criticism.
- 10 Millions KMD working capital (reserved by the team) can be seen with criticism (5% of all coins)
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Bittrex is a good solution to buy, there is good futur waiting i guess, well done, this post deserve and interresting , i support u
Bittrex is good - BUT if you are holding NEO, Bittrex keep your GAS that holding NEO provides!
Binance pay your GAS out when you hold NEO on a monthly basis - well worth reading into this if NEO holders aren't aware!
EDIT: I have made an article about this here as its VERY important for NEO holders!
https://steemit.com/crypto/@stackz/are-you-hodling-neo-in-bittrex-they-are-keeping-your-gas-important-post-for-neo-holders
thannk you for thoese very important informations stackz
You are most welcome - I actually made an article about this here as it's so important!!
https://steemit.com/crypto/@stackz/are-you-hodling-neo-in-bittrex-they-are-keeping-your-gas-important-post-for-neo-holders
It seems that the word you used “trying” to keep the transaction private will be a huge factor some day. There are many coins coming out that claim to be private but only time will tell which ones will prove to be truly private.
I have a lot of friends who are interested and invested in this coin. I have not invested yet but will continue to do research. Thank you for the great write up!🏆🙂
guy's, you're not thinking.
this is what is going to happen;
. people will buy the cards at the hiked price thinking that they'll make their money back quickly.
.mining pools will become overstated and will pay less and less
.They will realise that they are not making enough and that their profits keep falling
. they will try to sell their card
.They will not be able to sell the card at the inflated price they got it at and will lower the selling price further and further.
.You, if you're smart, will just wait a few months and get a barely used card for even cheaper than before the price hike.
palabra clave investigar para obtener una mayor opinión por si mismo
How much research do you need to gather before you arrive at the decision to invest.
And so is life generally. Taking action is key.
Investing just because my friends are is prob not the best investment strategy.
I’d like to know more about the team and partnerships behind the project. What proof does the team have of creating a great final product. Have they launched or been a part of other successful projects?
Does Komodo do what it says it can do and where is the proof.
Someone below this post said it’s a bad coin. I want to find out why. Talking to other people is another part of my “research”. I just want to feel like I have all of the information. If I invested based of one post, I’d be in every coin.🤷🏻♂️🙂
Thank you for asking and chatting with me. Blessings to you!
That's true @anthonydigital1 It is not the best strategy. How ever, when it comes to crypto investment, one or two three researches is okay to start with
Agreed!
Sure. Action is key
LOVE KOMODO EVERY TIME SOMEONE MENTIONED IT ....I M BACK when I WAS 15-16 listen to this
Zksnarks is the main tech for hiding the transaction details in a very efficient, highly secure way. This criticism about hiding the IP address is a red herring IMO. It's not too hard for individuals to route this traffic through a VPN, mixnet, SSH tunnel, or whatever. But for that matter onion routing (Tor) can probably be bolted on easily by the developers later. Implementing zksnarks is much more difficult.
Not a good article. You haven't even mentionedf Barterdex which is currently Komodo's best selling point, with Atomic swaps already implemented.
interesting to know!
Komodo is so much more than a privacy coin.
that's a good topic
I did not know this crypto but after reading these explanations I think he is promised a bright future. Can you tell me on which exchange I can buy komodo please?
Pretty sure Bittrex will allow you to buy.
Great info!
I guess most private coins are PoW type, an old one consuming much electricity and energy like bitcoin and other old crypto coins.
PoS or DPoS is the trend now.
But bitcoin isn't private at all. Anyway agree of Proof-of-whateverdevsimaginetoname is trend now and further should be.
Not yet: https://steemit.com/privacy/@sames/making-bitcoin-have-fungibility-privacy-again
I guess those cryptos that want to be private would not list that coin on coinmarketcap if they are really serious of becoming a private coin. And create their own internet so that people won't see their private coin or hide their coins and bury them. I'm getting weird lol
A general review summarizes the objects and brings the distances closer
That is the importance of reviews. It helps us reach a decision whether to buy or not.
Reviews are an important aspects of marketing
Now I should start looking out for komodo...