Beginning in Notary Node Season 5, Komodo's delayed Proof of Work (dPoW) network is switching to Litecoin for cross-chain notarizations. This upgrade will provide the blockchain sector with the most resource-efficient, cost-effective security mechanism for 51% attack protection.
Delivering A More Cost-Efficient Blockchain Security Experience
Since it was first introduced by Komodo Founder jl777 in 2016, Komodo’s dPoW network has worked by using the enormous hash rate of the Bitcoin blockchain network. Bitcoin is known as the most secure network due to its extremely high level of hashing power, decentralization, and astronomical cost to attack. These were the primary reasons why Komodo originally chose the Bitcoin network for cross-chain notarizations back then. dPoW now secures dozens of cryptocurrencies that have a combined market cap of over $1 billion as of this writing.
dPoW has prevented several 51% attacks against Proof of Work blockchains, including a $1.23 million attempt against Aryacoin in September 2020. The Bitcoin protocol has a proven track record of excellent security and is becoming securer by the day with more miners joining the network and hash rates climbing.
That being said, the Bitcoin network is also becoming costlier and more congested to make transactions due to increased demand and limited on-chain scalability. With this in mind, the Komodo team has been exploring how to create a more sustainable future for blockchain security. This ultimately led to a research phase where the Komodo team looked at switching to a new blockchain for dPoW cross-notarizations.
“dPoW is the foundational technology that Komodo promised and delivered on during the early days of the project. We’re happy to say that the tech has been successful in creating a more secure blockchain ecosystem. With the introduction of Litecoin notarizations, we’re delivering a protocol that provides blockchain projects a high level of security at a fraction of the notarization cost, less resource consumption, and faster speed.” Komodo CTO Kadan Stadelmann
Why We Chose Litecoin
Komodo has chosen to switch to Litecoin as the main blockchain network for future dPoW cross-chain notarizations beginning with Notary Node Season 5 in June 2021. Litecoin is a clear choice for five main reasons:
- Cost-efficiency - Cross-chain notarizations with LTC will save 2.5 - 3 BTC per month, which sums up to $2 - 2.5 million annually at the current market price. For Komodo, this means there will be more opportunities to onboard new projects to the dPoW ecosystem, especially smaller up-and-coming networks with limited funds. Cost savings will also directly benefit the Komodo blockchain project. Those funds will be allocated towards scaling up developer resources, organizing more community campaigns, and becoming more sustainable.
- Less Resource Consumption - Fewer computational resources are required with Litecoin compared to Bitcoin. Because Litecoin is less “wasteful”, the overall carbon footprint of the dPoW network will be much lower.
- High Hashrate - Litecoin’s hash rate is quite high compared to other Proof of Work-based blockchains that have implemented ASIC resistance measures. Litecoin is currently averaging more than 270 TH/s daily.
- Faster Block Times - Litecoin has a 2.5 minute block time, while Bitcoin has a 10 minute block time. Thus, dPoW can now perform cross-chain notarizations at up to 4x the speed.
- Mining Decentralization - Less than 10% of Litecoin hashing power is available on marketplaces like Nicehash. As a result, it’s practically impossible to even try a coordinated attack on the Litecoin network through resource renting.
📧 Get dPoW For Your Blockchain
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Season 5 Notary Node Election
There are still 44 open seats up for grabs in the Season 5 NN Election. KMD holders have until April 23rd, 2021 at 12pm UTC to cast their ballots for Season 5 candidates using the VOTE2021 tokens sent to supported non-custodial wallets.Full Details - Read the Notary Node BibleSubmit Your ProposalView the Candidates and Vote Count