Komodo Platform: A Commitment To Innovation & A History Of Execution

DanielAugust 17, 2018

Komodo has always been a leader in the blockchain space, with a long history of delivering one groundbreaking technology after another.

While some blockchain projects are only now becoming aware of the industry’s most pressing challenges, like blockchain interoperability and blockchain scalability, Komodo recognized them years ago and has been working tirelessly to provide solutions ever since.

komodo history of innovation

A Brief History Of Komodo Platform

At the beginning of 2016, Komodo’s Lead Developer, James ‘jl777’ Lee, was developing a project called SuperNET on Nxt, one of the world’s very first blockchain platforms.

The Nxt development team implemented major adjustments to the codebase and fee structure without consulting any of the projects building on the Nxt platform. The changes broke SuperNET’s backend code, requiring hundreds of hours of work to repair the damage.

This event turned out to be a blessing in disguise because it made the limitations of the smart contract platforms model perfectly clear. In response, jl777 issued the following statement:

Declaration of Independence

We the asset holders hereby declare our independence from any single blockchain.
An open and jointly developed specification on cross-chain atomic asset transfers will be developed. Any current or future blockchain is invited to join. Each blockchain will need to not only promise protections for asset holder interests, they need to live up to them. Otherwise, all the assets will simply move to blockchains that do.….

This is an interop standards effort and it needs to be blockchain agnostic and asset centric.

James ‘jl777’ Lee

February 21, 2016

This declaration shows that jl777 saw the challenges facing the blockchain industry long before most. Not only did jl777 understand the challenges, he had a vision of what the solutions would look like. jl777 publicly announced a plan to implement these solutions years before terms like “atomic swaps” and “interoperability” were even part of the blockchain vernacular.

In accordance with jl777’s vision, the Komodo Platform was born. With a strong focus on the principles of independence, autonomy, and collaboration, the Komodo team sought to create a decentralized and fully open blockchain ecosystem.

The objective was to design a composable multi-chain architecture that would allow all blockchain projects to avoid the shortcomings of the original, single-blockchain model.

Now, two and a half years since jl777’s Declaration of Independence, Komodo has made enormous progress towards accomplishing these fundamental goals.

Komodo Platform ICO

On October 15, 2016, Komodo Platform began its initial coin offering (ICO). Bitcoin was the only accepted form of payment (although Bitcoin Dark holders were allowed to exchange their BTCD for KMD coins). KMD was sold a rate of 7747 KMD for 1 BTC (roughly 12K satoshis per KMD). The ICO ended on November 20, 2016.

During those 37 days, the price of BTC fluctuated between $628 and $756 USD, with an average price of $691.62. This means that investors paid, on average, $0.09 USD per KMD coin during the fundraise.

One-hundred million KMD coins were issued, with 70% of the KMD swapped to BTCD holders, 20% sold to investors, and the remaining 10% held as working capital for Komodo’s development and marketing.

Over the course of the ICO, Komodo Platform raised a total of 2,639 BTC. The closing price of BTC on November 20, 2016 was $731.03. Using that same price, we see that Komodo raised a total of $1,929,188 USD.

It’s worth taking a moment to put this figure into perspective. Next to most other blockchain projects that held an ICO in 2016, Komodo raised a very modest sum of money. For the sake of comparison, here is some data about ICOs of several well-known crypto projects:

Source

While hundreds of crypto projects bring in huge amounts of capital with ICOs, very few ever deliver any functioning technology. In fact, a study released in May 2018 by researchers at Boston College showed that around 56% of crypto projects that hold an ICO fail within four months

Other researchers have put this figure even higher. Satis Group LLC, a NY-based ICO consulting firm, released a report estimating that around 81% of ICOs were "scams."

While Statis Group used a rather broad definition of “scam” to arrive at this result, their findings are actually on par with research on the percentage of venture-backed startups that fail.

Shikhar Ghosh, a Professor of Management in the Harvard Business School, estimates that 75% of VC-funded startups fail. Between 30% and 40% of those deceased startups take all of their investment capital with them, leaving not a penny behind for the investors who gave them life.

Recall that Komodo brought in less than $2 Million during its initial coin offering. This visualization from CoinDesk may help you to put that figure into perspective. In the world of blockchain startups, it is a comparatively tiny amount of capital.

Moreover, the funds Komodo raised in its ICO are primarily used to pay the Bitcoin transaction fees required to notarize the KMD blockchain onto the BTC ledger, which happens every ten minutes as part of the delayed Proof of Work security mechanism.  

Now, with all of this information in mind, let’s have a look at everything Komodo Platform has accomplished since the end of its ICO in November 2016.

A Timeline Of Komodo's Achievements

February 21, 2016 - James 'jl777' Lee publishes the Blockchain Declaration of Independence.

October 15, 2016 - The Komodo Platform ICO officially begins.

November 20, 2016 - The Komodo ICO comes to an end, surpassing the soft cap goal with a raise of 2,639 BTC.

January 2017 - The Komodo mainnet is launched, complete with independent Smart Chain deployment and delayed Proof of Work security

January 31, 2017 -  All of the KMD coins purchased in the ICO are distributed to those who contributed.

March 2017 - Komodo develops a fully functional atomic swap protocol, allowing trustless swaps of UTXO-based coins

July 2017 - The Komodo community tests the beta of the atomic swap protocol and thousands of atomic swaps are performed.

August 2017 - The Komodo team releases a beta version of Jumblr, a tool for automated zero-knowledge proof transactions that scrambles and executes transactions of varying amounts at random intervals.

October 2017 - Atomic swaps become possible in “Lite Mode” through SPV server integration, eliminating the need for traders to download entire blockchains to make atomic swaps.

November 2017 - Komodo releases the very first GUI for atomic swaps trading, enabling users all of levels of technical proficiency to make trustless, peer-to-peer swaps.

February 2018 - Komodo holds a public stress test, with a total of 13,900 atomic swaps performed in a 48 hour period.

March 2018 - Komodo bridged the gap between Bitcoin-protocol-based coins and Ethereum-based ERC-20 tokens, providing support for 95% of coins and tokens in existence

March 2018 - The Komodo team holds the Second Annual Notary Node Election.

May 2018 - The Utrum project holds the world's first decentralized ICO with Komodo's technology.

July 2018 - Komodo 2.0 features are announced: Komodo's Blockchain Security Service, Multi-Chain Syncing, and Blockchain Interoperability features.

September 2018 - Komodo innovates a way to make Bitcoin protocol blockchains capable of supporting smart contracts and dApps with the new Custom Consensus framework.

October 2018 - Komodo establishes a official educational relationship with the University of Texas at Arlington (UTA) and is honored by Dr. Sajib Datta joining the Komodo team as a Strategic Advisor.

November 2018 - Agama mobile is released in a public beta phase for both Android and iOS. Komodo also adds support for Ether and ERC tokens within the Agama wallet.

December 2018 - Komodo successfully carries out a huge ecosystem-wide update, including Sapling support for z-transactions and several new parameters for Smart Chains.

February 2019 - Komodo announces a Technology Partnership with Coinbene, a major exchange based in Beijing, in which Coinbene officially endorses dPoW security as the industry's premiere security solution.

March 2019 - Komodo holds the third annual Notary Node Election.

March 2019 - Komodo adds Dilithium quantum security to an optional Smart Chain module.

April 2019 - Komodo solves the oracle problem with a trustless oracle module.

June 2019 - Komodo introduces the Antara Framework, a toolkit for end-to-end blockchain development.

July 2019 - Komodo launches the beta of AtomicDEX, a third-generation atomic swap decentralized exchange.

July 2019 - Komodo launches the beta version of the Antara Composer, a web application that lets users customize and launch a Smart Chain in just a few minutes from en easy-to-use interface.

August 2019 - Komodo innovates Adaptive Proof of Work (APoW), an improved version of Proof of Work consensus rules that is fully resistant to difficulty stranding attacks.

August 2019 - Komodo develops the new nSPV technology, a super light client technology that is hundreds or perhaps even thousands of times more efficient than current SPV implementations.

Rankings And Recognition of Komodo Platform

As Komodo continues to develop cutting-edge blockchain solutions, the project is receiving recognition for its efforts. 

In August 2018, Fortune Magazine published an interview with Binance CEO Changpeng Zhao, in which CZ is quoted as mentioning Komodo as a tool that he thinks will be useful in the future of the blockchain industry.

“CZ cited newer tools like Komodo and Tendermint that make it possible to write blockchains for specific purposes, suggesting the future will consist of numerous bespoke ledgers.”

Komodo agrees with CZ’s assessment that there will be much demand for independent, application-specific blockchains in the not-so-distant future. This is precisely what Komodo’s multi-chain architecture is designed to facilitate. 

In September 2019, an article published in Forbes Magazine recognized Komodo as a pioneer of atomic swap technology, noting that:

"Komodo, an atomic swap early adopter launched the first atomic swap across ethereum. Today, Komodo has facilitated atomic swaps across 95 percent of all cryptocurrencies."

This confirms what many in the industry already know: Komodo is the undisputed world leader in atomic swaps.

In addition to praise from industry leaders and media outlets, Komodo has received a number of high rankings from independent, objective evaluators. Here are a few examples.

Altcoin Magazine Mastermind Award

In September 2019, Altcoin Magazine named Komodo the "Most Innovative" blockchain project of 2019. David Weiss from Altcoin Magazine also published an extensive interview with Komodo's Chief Strategy Officer Steve Lee.

BlockData Platform Comparison

In March 2019, the BlockData research firm published an in-depth comparison of more than one dozen blockchain platforms. In BlockData's comparison chart, Komodo was ranked very favorably.

Electra Capital Dev Report

In the Spring of 2019, a blockchain analysis firm called Electra Capital published a report showing Komodo as one of of most active projects in terms of Github commits. The report noted that Komodo is "highly active" and stated that Komodo has "high activity relative to network value."

Chinese CCID Blockchain Rankings

In May 2018, China’s Center for Information Industry Development (CCID) released a report that analyzed and ranked 28 of the world’s most prominent blockchain projects. Komodo was ranked #5 overall and #2 in terms of innovation.

In August 2018, the CCID released another edition of blockchain project rankings. In this report, Komodo was given 3rd place overall out of the 30 major projects that were evaluated. Komodo was also given the 5th highest score in terms of technology and the 3rd highest score with respect to innovation.

Blocktivity Ranking

Blocktivity is a ranking of major crypto projects according to the amount of activity on the blockchains. Unlike CoinMarketCap, Blocktivity.info ignores the prices of each cryptocurrency and simply ranks according to volume of activity on each project’s blockchain.

Komodo is currently ranked #18 on the Blocktivity ranking. While this ranking fluctuates, Komodo is consistently ranked within the top 20 most active blockchains in existence. 

Komodo Is Preparing A New Roadmap

Komodo Platform has a long history of delivering invaluable tech and making our roadmaps a reality. Now, as we prepare for the future, Komodo is preparing an updated roadmap to reveal our plans for the rest of 2019 and 2020.

To be among the first to see the new roadmap, sign up for our weekly newsletter and join our thriving community on Discord.

Join us as we continue to create solutions and lead the innovate the blockchain industry into the future.