The Komodo Platform is an unique cryptocurrency ecosystem built on the Zcash Fork, that allows anonymous transactions which are encrypted on the blockchain.
What is the KOMODO platform?
A lot of users today are looking for a secure way to have financial privacy without any kind of data leakage, sometimes regarding the sender and receiver of information. Others are looking for a way to ensure that the prices are stable and scalable. To ensure this goes well, the Komodo project came to rise and its a child project of the SuperNET project.
The Komodo Platform is an unique cryptocurrency ecosystem built on the Zcash Fork, that allows anonymous transactions which are encrypted on the blockchain with the “prover” proving to the “verifier” that certain statement is true without passing on any other information apart from the statement itself (zero-knowledge proof).
The Komodo platform allows the user to choose either a transparent or an anonymous transaction. For anonymous transactions, the data that is being transferred is encrypted ensuring anonymity of the sender and undergoes zero-knowledge proof construction called a zk-SNARK ( a technology which hides the information about the sender, receiver and the amount), which is used to ensure that no double spending can take place.
Komodo Blockchain Protection
The Komodo blockchain protection ensures Bitcoin security through a protocol known as delayed Proof of Work (dPoW). Komodo validates the block hashes in addition to providing the same security architecture to any third party blockchain. When this happens, the validations are done to the Komodo blockchain. This blockhashes are registered to Bitcoin blockchain hence one cannot change the Komodo blockchain history without changing bitcoin’s blockchain history.
For example, when you make a Komodo transaction, it gets validates and secured by Bitcoin’s hashrate.
The dPoW offers the same security as the Bitcoin blockchain, however the Komodo blockchain has an advantage of a cheaper transactions fee compared to that of Bitcoin.
Blockchain algorithm of the Komodo ecosystem advances better security to the platform allowing other third party blockchains to use this platform and attain an additional security layer.
The Komodo coins are usually transformed into thirty two different currencies. These currencies are linked with the local ones maintaining a stable value in the market. Each of the currency derived has its own block chain, which means in that it tends to behave like any other cryptocurrency.
Although Komodo is a platform on its own, it is part of a wider project known as the SuperNET, which created the Komodo platform since it needed the best technology for anonymity as well as using the dPoW protocol to secure its assetchains.