Komodo looks forward to competing with many of our sister blockchain platforms. Competition brings out the best in all of us.
We should first clarify an important detail about the common thread that binds us all together, before talking about how we differ.
Our real competition is not other cryptocurrencies. Rather, our actual competitor is Fiat currency and excessive centralization. We must work together as a cryptocurrency community to create a permanent place in our global economy.
With that in mind, we can look at a few examples of how Komodo separates itself from the rest of the industry. Two notable observations are our atomic-swap technology and our adoption of zero-knowledge privacy. These create a unique and powerful experience for members of the Komodo ecosystem.
Atomic swaps allow users to trade cryptocurrencies directly from one blockchain to another. No proxy tokens, centralized exchanges, escrow services, or other third parties are required. Atomic swaps make many other solutions to blockchain interoperability unnecessary.
Komodo is the leader in cross-chain atomic-swap technology. Our lead developer, JL777, performed his first manually created atomic swap in 2014 (over three years before another leading blockchain platform would publicize a similar accomplishment). From 2014 to 2017 we focused our energies on creating the technology necessary to make atomic swaps available to the public.
We released our atomic-swap powered, decentralized-exchange software for public testing in the first half of 2017. Our decentralized exchange is called, BarterDEX. It allows any user to perform atomic swaps as a means of trading cryptocurrencies. Over the course of 2017, public members of the Komodo ecosystem performed 15,000 atomic swaps. The adoption of our atomic-swap technology continues to increase.
Today, popular coins featured on our exchange include KMD, BTC, DASH, BCH, LTC, and many others, all of which are traded via atomic swaps. We also performed swaps with Ethereum and ERC20 tokens (which we call “etomic swaps,” as they do not meet a few atomic-swap standards) not long after the initial public release.
Furthermore, atomic swaps allow for Komodo’s innovation: the decentralized initial coin offering, or dICO, using native and independent blockchains. Developers can build an independent blockchain on the Komodo platform and use atomic swaps to release their product to the public through our decentralized exchange.
We know of no other blockchain platform that has as focused a background in atomic-swap technology.
We also offer zero-knowledge privacy to traders and dICO participants in our ecosystem. The KMD main chain began as a fork of Zcash (which is itself a fork of the Bitcoin protocol). A unique contribution that Zcash made to the Bitcoin protocol is the inclusion of zk-SNARK technology through their Zcash parameters.
zk-SNARK technology enables users to move their funds on a public blockchain while leaving no history for later data analysis. This provides users with the opportunity to break their trail of cryptocurrency, placing a layer of privacy over their transactions.
We customized our implementation of the Zcash parameters to function natively with the Komodo ecosystem. This allows users to use zero-knowledge privacy as a part of the trading process on BarterDEX.
Together, these two technologies serve as an example of how Komodo differentiates itself from other blockchain platforms. There are many other methods and technologies unique to the Komodo ecosystem. Other notable examples include our unique method of security, dPoW, which is thoroughly explained in our whitepaper. We also have an extremely active team and community of developers, which you can discover by joining our Slack channel and reaching out.