What is Komodo Platform?
Komodo is a blockchain & smart contract platform with privacy and security features. We are building a new open source blockchain based FinTech that will help the entire cryptocurrency industry.
The long term technological vision
Q: what is the market and who are the customers?
On the user side there are people who are looking for either financial privacy or stable assets. The demand and market will be built by various decentralized applications that use Komodo or Komodo Currencies.
On the developer side the platform will provide privacy and security features; give the means to do crowdfunding and develop a blockchain and utilize Komodo’s smart contract technology.
Q: what are the problems the project tries to solve?
The platform is offering developers all the freedom and flexibility they need to build applications on top of the blockchain industry. The development process would be slow if each project would have to solve the same problems again and again. Komodo Platform is building a wide set of features that the projects may then easily use.
On a general level, the Komodo Platform is solving deeper problems have been seen as the bottlenecks of cryptocurrency adoption: price stability and scalability.
Q: Are there other projects that are trying to conquer the same market? If so, what is the difference in approach?
There are and they can be broadly described as other privacy coins and platforms that are also building smart contracts. Komodo Platform is just beginning its journey as a Smart Contract platform whereas Ethereum is already dominating the market. However, Komodo Platform has another approach and promises to bring something new to the table. In regards to the privacy features, Komodo Platform is also building other unique features which will differentiate it from the other privacy coins.
The team behind the project
Q: Who are the key players
The grand architect and mastermind behind the project is a developer called jl777. With the ICO funds the project was able to hire a lot of new people.
Q: Does the team have enough understanding about the cryptocurrency ecosystem as a whole?
The team is known for their collaboration with other blockchain projects and communities. The lead developer jl777 actively contributes to other projects. As an example, he made a contribution to the Zcash project when it was at the alpha stage.
Q: Is the team hungry enough to achieve something big?
The goals are set high, and the already finished milestones have shown the team’s capacity to do what is needed to achieve its vision. For example, before the Komodo ICO jl777 created a new Bitcoin protocol implementation called Iguana to clear various roadblocks. It was a huge tasks and demonstrated his willingness to go all the way to complete the roadmap he has in mind.
Q: How committed is the team?
The Komodo is partly using SuperNET technology that the team began developing in late 2014. Since then there was a long bear market and a couple of crises that eventually led to a radical roadmap change. All the obstacles were overcome, which demonstrated how committed the team and the community are.
Past achievements and current development status
Q: Has the team demonstrated their capacity to innovate?
The team has successfully developed a new consensus mechanism that is already in use. The technology will allow Komodo to secure weak blockchains and sidechains, which is something that the blockchain industry will need. In addition, Komodo has successfully created a decentralized price feed that allows them to create a peg for the Komodo Currencies.
Q: What were they working on in the past? How does it relate to the current project?
Before the Komodo ICO the team created a new Bitcoin protocol implementation that was required to create a decentralized exchange layer and the Komodo Currencies. The past projects created a foundation that allowed them to create a secure and private financial platform.
Q: How is the project progressing? What has been achieved so far?
The project successfully launched a decentralized network of 64 notary nodes that are powering the security features. The Komodo Currencies and their price peg is also complete. The platform allows them to easily launch new blockchains, and so far they have created over 50 of them. All of them are secured by the Komodo’s security layer.
Q: What lays ahead on the development roadmap? Are they in alignment with the prior products and innovations?
A natural next step is to create more complex financial tools, namely Smart Contracts. The vision is to allow people and businesses to organize horizontally, and for that they need privacy and tools for communication and capital management. Thus, the existing technology does complement the future features.
Q: How will the project plan to solve the big obstacles like scalability?
The blockchain security feature and the other SuperNET technologies such as atomic swaps will allow them to link multiple blockchains into one large blockchain network. The transaction per second capacity can be increased by increasing the blockchain count.
Q: Can the project stay ahead of the game by constantly innovating?
Judging from the past and current innovations it is very reasonable to assume so. For example, SuperNET team was the first to come up with a proxy token-based decentralized exchange concept. They were also the first one to conduct an atomic cross chain swap. Furthermore, Komodo Platform is the first one to offer increased security for third party blockchains.
Funding and finances
Q: How much available capital does the team have?
The ICO raised 2639 bitcoins and 10 million KMD coins will be used as capital for development and marketing.
Q: How will it be used?
Apart from development and marketing the Platform needs funds to offer the Bitcoin protection service. The ICO funds were used to fund 64 high capacity servers around the world, and to pay the Bitcoin transaction fees. The protection layer is self-sustaining as long as the Komodo price stays above 0.25 USD.
Q: How long will the funds last?
The team’s goal is to make the funds last 7-10 years. The funds could last even longer as the cryptocurrency industry keeps growing.
Ability to tap into the existing cryptocurrency infrastructure
Q: Is the project leveraging the existing blockchain technologies ?
The Platform is using Bitcoin network for the blockchain security service. The project also forked Zcash, which means it will inherit all the features the Zcash team develops.
Q: Are they building an open or closed platform?
All the code is open source and available on GitHub. One of the main missions is to get developers onboard, so the goal is very much to stay as open as possible. The more projects and developers Komodo Platform attracts, the bigger its network effect will be.
Openness to third party projects and developers
Q: What is the state of the documentation and developer support?
The documentation process is lagging behind the development process itself. The development support plays a major role in their new marketing plan, so we should expect to see a change in the future.
Q: Will the project be able create the necessary network effect?
Based on the dedicated team and their efforts, yes. However, final conclusions can be made after they finish documentation and start to market the platform for the developers. The Platform is taking its first steps, and thus hasn’t been totally ready to properly support third party developers.
The ability to communicate its vision to investors, users, and developers
Q: How big is the marketing team?
Currently there are five full time marketing persons in the SuperNET team. Not all of them directly work for Komodo Platform, but the plan is to do a lot of cross marketing between the different marketing segments. It is reasonable to expect that the Komodo Platform will benefit from the visibility of the overall SuperNET ecosystem.
Q: Are they able to communicate the project’s vision?
So far the communication has been towards the existing subscriber and investment base. The SuperNET team is working on a new marketing strategy that is based on segmentation, and that will help the team to communicate their vision to different target audiences. There is a plan to redesign the Komodo Platform website to better inform Komodo users and investors.
Q: How do they plan to get the developers on board?
The SuperNET team has planned to create a new marketing segment for the developers. It will be a focused effort to reach the developer community and teach them about the SuperNET technology and about the possibilities it offers. Komodo Platform plays a large role in that marketing segment.
What is the exchange rate and market cap for Komodo based on the ICO?
Without any bonuses: 0.00012909 BTC/KMD or 7746.521995 KMD/BTC
What is the exchange rate for BTCD?
It is 50,42041779 KMD/BTCD
When did the swap begin? When will it end?
The swap began January 15th, 2017. It will last one full year, and thus end on January 15th, 2018
What is the ‘revenue asset’?
For BitcoinDark a certain revenue share was promised from the various projects that compose the overall SuperNET ecosystem. Those revenue shares won’t migrate to Komodo. Instead, the BTCD holders got an extra asset that will inherit those revenue streams.
The asset is entitled to these revenue streams:
- 5% of InstantDEX profits
- 5% of SuperNET profits
- 5% of crypto777 profits
REVS has been distributed and it has its own blockchain and block explorer. You can check how many REVS you got by searching your KMD or BTCD address, depending on whatever you swapped before the snapshot or just held the BTCD coins in our local wallet.
What’s the future of BTCD?
Because jl777 is now focusing on Komodo development, the BTCD will have no developers left.
So we could say BTCD becomes Komodo, but technically the BTCD chain will remain intact.
Everyone is encouraged to swap to Komodo. Komodo is the BTCD 2.0!
Who are the developers for Komodo?
The technology behind Komodo was designed by the lead developer jl777. The development started few years ago, and now with the new funding the team has hired a bigger development team. You can see a full list of our team from SuperNET website or the Komodo homepage.
Who is the lead developer jl777?
Jl777 is the anonymous mind behind the SuperNET project, an extremely gifted C developer with financial experience and a clear vision for the future of crypto. His advises are often sought after from other crypto projects and he also follows closely the developments of the whole crypto space. He helps the promising projects by providing feedback and looks for ways to use the technology in his own projects.
What are the previous and current projects jl777 is involved in?
The first big project and ICO before Komodo was the SuperNET itself. That ICO began on Saturday 6th of September 2014 and all the other projects are related to it.
The first completed project for SuperNET was a multiwallet build on top of Nxt platform. This enabled anyone to deposit any supported coin through a service called ‘MultiGateway’, and then the coins will appear in the wallet as a Nxt token. Those tokens are backed by the real coin which are secured by a distributed solution.
A number of other projects are being developed on top of the SuperNET technology. Those projects are often started by a third parties, but jl777 is himself involved in two of those: InstantDEX and Pangea. Their development will speed up once the low level technology of SuperNET is ready.
In 2015 SuperNET roadmap had some changes and a major component was announced: Iguana. It can be thought as SuperNET’s low level technology which many other projects (including Komodo) will use.
Why there is no real photos of the dev team on your website? The use of real pictures would boost your project’s credibility further.
We are aware of that. However because part of our team is anonymous – including our lead developer – we all decided to not use full names & photos.
Knowing the identity of the developers doesn’t guarantee success. What we believe to be important is the track record behind a name (real or pseudonym). In our case jl777 has over the years demonstrated his capability and determination to carry on with his projects and plans. The roadmap might have changed, but the overall long term goal has been the same. He has not abandoned his projects and has stayed responsible to his past investors.
Like previously explained, SuperNET has successfully developed a multiwallet and MultiGateway on top of the NXT platform. The NXT and SuperNET communities have used those service for 1-2 year and trust in its authenticity. Projects and cases like this should convince people about jl777’s credibility more than an official passport picture ever could.
On top of these the SuperNET has a lot of open source code behind it, that anyone can inspect. jl777 has already began the Komodo development process, and we encourage everyone to follow it and ask any questions that comes to mind!
Is this project open source? From where can I find the code?
Iguana Core – github.com/jl777/SuperNET
Komodo – github.com/jl777/komodo
EasyDEX GUI – github.com/SuperNETorg/EasyDEX-GUI
Iguana GUI – github.com/SuperNETorg/iguana