And Komodo Provides a Solution.
Every business wants to understand how blockchain technology can transform their industry. Many are searching for the best method to dip their toes into this new field.
Today, coinmarketcap.com (an industry benchmarking website) has a total of 1465 tokens listed. Some people might consider that to be a high number of tokens, but it is not. In fact, from our perspective, we believe that number is not even a fraction of the future total number.
Everyone will want their own native blockchain, which they can be free to control, develop, and utilize.
How do you get your own blockchain?
In essence, there are three ways to build a blockchain.
- You can code a new one from scratch (difficult)
- You can copy (i.e. “fork”) an existing blockchain project (medium difficulty)
- You can use an existing platform to create a blockchain (potentially easy)
Komodo is a blockchain platform built to provide the third option. We provide a service that allows you to create your own independent blockchain. We also provide security services that allow you to protect your new independent blockchain with Bitcoin-level security.
Komodo: A Native Blockchain Supplier
Komodo is built to supply native blockchains to an unlimited number of businesses. Two of our team members, PTYX and Goldenman, presented this information in a recent Youtube interview on Blockchainers channel.
A key power that Komodo brings is the ability to seamlessly connect thousands of blockchain projects together, without having one overloaded blockchain project clogging the system. As PTYX phrased this in the interview: ‘Each independent blockchain project is an island. We are building bridges.’
Each independent blockchain project is an island. We are building bridges.’
– K. Charles Gonzalez (PTYX)
How do we compare in this regard against the most popular project, Ethereum?
We are frequently asked how we differ from Ethereum, in regards to our ability to link many blockchain projects together.
The answer is that Ethereum does not provide independent blockchains. Instead, Ethereum provides ERC20 tokens. These are representations of smart-contract agreements that determine how the main Ethereum blockchain’s tokens will behave.
This was an effective solution, so long as the Ethereum platform was not crowded. However, as the number of ERC20 tokens creating transactions on Ethereum increased, the Ethereum network has suffered from scalability and security issues.
Komodo’s Ability to Unite Independent Blockchains is a Unique Advantage
When building on Komodo, you have not an ERC20 token, but your own native and independent blockchain. It’s somewhat similar to having your own main chain of Ethereum, without all the ERC20 tokens running on top of it.
Each project in the Komodo ecosystem is separate and unique. Therefore, if one blockchain’s activity level explodes (like Ethereum’s problematic ERC20 token, “Cryptokitties”), only that one blockchain can experience a slower transaction rate as a result. All other blockchains in the Komodo ecosystem continue to function normally on their independent track.
This provides a significant advantage to businesses that want to establish their own blockchain presence without being negatively affected by other businesses.
One reason why a business developer might want their own independent blockchain instead of an ERC20 is that having their own blockchain provides freedom. For instance, think of a household where the voice of a parent holds the ultimate authority. If you are a child in this household, the parents set the rules for you. You can only make decisions based on what the parent allows. That is the nature of an ERC20 token, where the main Ethereum chain is the parent and you are the child.
On the other hand, when you build on Komodo, you are instead constructing your home on an island that is connected via Komodo to other islands. You can run your own island however you want. You can even leave the Komodo network if you choose, and you get to take your island with you.
If you’d like to get weekly updates about Komodo, sign up for our email list. You can also join our community on Discord to chat personally with Komodo team members. Join us as we continue to accelerate the global adoption of blockchain technology.