Komodo: the Native Currency of the SuperNET Ecosystem
In previous posts, we’ve looked at how Komodo (KMD) uses Zcash’s Zero-knowledge proofs to verify transactions without disclosing sender or recipient details. We’ve also looked at how the Komodo blockchain gets two-layer security from the delayed Proof of Work (dPoW) protocol we developed.
In this post, we focus on the place of KMD within the larger SuperNET ecosystem. This is especially important with KMD’s initial coin offering (ICO) ending on November 20th, with 90 million of the pre-mined 100 million units available for investor taking.
What is SuperNET?
SuperNET is a horizontally structured organization that is building open-source and decentralized solutions. It brings together a variety of experts, including coders, designers, and entrepreneurs.
JL777, also known as James, is a developer who has played a significant role in growing SuperNET. While JL777’s real identity is a mystery, the code he has written, especially on the blockchain, has received a lot of positive attention from the cryptocurrency community.
He is currently the lead developer for most of the projects under SuperNET, including KMD. He has especially expressed his excitement about the coin because it is going to be the native currency for all the other applications and services that we are building. He has said:
We have a platform that solves crypto’s bottlenecks toward mainstream adoption. dPoW [in Komodo] is a vital part of this as it enables securing otherwise weak chains, which otherwise wouldn’t be secure enough to store any significant value.
The Iguana power
Iguana Core is another SuperNET innovation that will use the Komodo blockchain. It is a software framework that provides APIs for linking multiple blockchains into a single super network. It also enables developers to create decentralized applications using the same set of APIs. Jl777 points out that Iguana Core interfaces with Komodo and bitcoin.
Komodo is a use case of Iguana and Iguana is the platform level codebase. Now the time has come to build things on top of it. dPoW is a relatively small and well-defined module to complete, and we’ve added that into the Zcash fork [komodo].
The best way to look at it is that while the Komodo blockchain acts as the server side, Iguana Core acts as the client side. Without the client, the server side is isolated.
Jl777 also believes that Iguana Core can help scale the bitcoin network by creating and connecting many special-purpose blockchains within a hierarchy. These chains secured on the bitcoin blockchain through dPoW could collectively process tens of thousands of transactions per second.
We are also working on a solution that will create fiat-backed assets like crypto dollars, which will solve the volatility problem. We’ve called them PAX-pegged assets. You will need KMD to buy them.
In order to enable even more people to access SuperNET’s innovations, including KMD, a team is working on an Iguana multi-wallet. Its release will coincide with the end of the KMD ICO period.
Through the wallet, you will be able to manage multiple coins. Most importantly, it will make conversions from one coin to another fast, secure, and private. You won’t need to go through centralized services like exchanges to convert.
The wallet will allow you to act as a full node for multiple coins at once, without draining computer resources. In a post by @Boogieman, the lead developer of the wallet, he promised that the app will have a user-friendly interface (GUI). He wrote:
The purpose of the Iguana App is to provide an average user with a perfectly-crafted, secure, and reliable tool that delivers the benefits of using cryptocurrencies. Though the app will have some functions for advanced users like developers, our primary target audience is the average non-expert.
Decentralized exchange (EasyDex)
Another service that SuperNET is working to deliver is a decentralized exchange (EasyDex). Satoshi Nakamoto designed bitcoin to remove centralization of digital money and assets. Unfortunately, many cryptocurrency holders have to rely on centralized services like exchanges to transact.
In a white paper that Jl777 published on November 5, he identified lack of speed and liquidity as the main obstacles to building a decentralized exchange. He said:
That combined with a need to use gateways to convert the native coins to and from the proxy tokens has made it an impractical solution.
It is the vision of SuperNET to make cryptocurrencies truly decentralized by making available a reliable, fast, and secure decentralized exchange. Our developers have found a way around the obstacles of speed and liquidity.
We are creating a decentralized exchange that is not only fast and liquid, but also secure and anonymous, thanks partly to KMD. We are also using other solutions, such as multisig, to ensure that each counterparty in a transaction keeps their end of the bargain. From the white paper:
EasyDEX combines three key components: order matching, trade clearing and liquidity provider into a single integrated system that allows users to make a coin conversion request, find a suitable match and complete the trade using an atomic cross-chain protocol. Additionally, there is a privacy layer in the order matching so that two nodes can do a peer-to-peer atomic swap without any direct IP contact between the two nodes.
InstantDEX, a trader platform that uses the same technology and backend features as EasyDEX, is also in the pipeline.
Why are we working on all these solutions at the same time?
We believe that this is necessary because it will help us gauge Iguana’s capacity as we go. It is our view that when a project has many use cases, we should test as many of those uses as possible, so we don’t end up with a solution that seems to be a perfect, but can’t withstand growth.
JL777 describes Iguana as similar to an operating system (OS). He told us:
It doesn’t make sense to have an OS that doesn’t have applications to run. Without applications, we won’t even know whether the OS works.
Iguana is the powerful OS (backend), and the Komodo blockchain is its last piece. We are now developing and polishing applications on top of it.