Last week, we announced our plans to unveil the 5 latest features being added to Komodo Platform. Each of the 5 features will improve one important attribute of Komodo’s tech: security, scalability, interoperability, privacy, and simplicity.
In this post, we will explain how our innovative Delayed Proof of Work (dPoW) security mechanism works and announce the new security services we’re offering to other blockchain projects.
Komodo’s Security Mechanism: Delayed Proof of Work (dPoW)
In the blockchain industry, security is the most important aspect of any project. If a coin or token isn’t secure, it’s simply a matter of time before it gets hacked.
There have been a number of successful attacks recently that demonstrate this point. NEM tokens, Verge, Bitcoin Gold and ZenCash, just to name a few, have all fallen victim to hackers in 2018. Now, more than ever, blockchain projects need to focus on security.
Komodo Platform uses a unique security mechanism to protect the KMD chain. In essence, it leverages the hashrate of the Bitcoin network to protect Komodo. This is made possible by storing backups of the KMD blockchain onto the Bitcoin ledger.
Here’s how it works. Every ten minutes, a snapshot is taken of the entire Komodo ecosystem. Then, this snapshot is written into a block on the Bitcoin blockchain. This process is called notarization and it is the backbone of Komodo’s security mechanism. Komodo Platform’s notary nodes carry out the technical work required to successfully complete notarizations.
The notarization process is crucial because it gives Komodo the ability to restore the KMD blockchain from any of the previous points in time at which a backup was created. In the case of an attack, the chain would simply revert to the most recently-validated backup saved onto the Bitcoin blockchain. As such, hackers would need to overpower the Bitcoin network in order to destroy the KMD backups before they could disrupt or alter Komodo Platform.
Newly-formed blockchains are normally vulnerable to outside attacks because they have little hashrate to protect themselves. Komodo Platform negates this risk with our security services.
Komodo’s Security Services
As we look to the second half of 2018, Komodo is prepared to offer our notarization-based security to any projects that would like to employ our services. In fact, our security service is already demonstrating its functionality and efficacy. We are proud to announce that we are already providing this invaluable service to two different blockchains: Game Credits and Kreds. Several other projects have also signed up to receive Komodo’s security services.
There are many small- and mid-sized blockchain projects with plenty of potential, but also plenty of vulnerability. We hope to provide the protection necessary for these new projects—and the blockchain industry as a whole—to grow and prosper. Every project deserves the opportunity to succeed or fail on its own merit, without outside interference from malevolent actors.
However, it’s difficult for small blockchain projects to develop a network powerful enough to ward off attackers. Mining new coins is a risky allocation of resources, so many crypto miners prefer to put their machines to work on established blockchains. That way, they are more likely to see a return on their investment.
As more and more projects choose to join reputable blockchains, like Bitcoin, larger networks are developing an insurmountable lead on hashrate. And a large hash rate is what ensures the security of a blockchain. Bitcoin, of course, remains the world’s strongest network.
The gargantuan power of the Bitcoin network is perhaps best understood by the amount of electricity it consumes. A study published by Dutch researcher Alex de Vries in May 2018 found that Bitcoin mining uses roughly the same amount of electricity as the entire nation of Ireland— that’s about 24 Terawatt hours of electricity per year. This means that every single hour, Bitcoin mining consumes 2.55 gigawatts of electricity.
While the environmental concerns surrounding this quantity of energy usage are important, we won’t get into that discussion here. The point is that the Bitcoin network is insanely powerful and will not be surpassed at any point in the foreseeable future.
So rather than competing with Bitcoin for the largest hashrate, why not simply take advantage of the protection Bitcoin’s enormous hashrate already provides?
That’s exactly what Komodo’s Delayed Proof of Work consensus mechanism does.
With Komodo’s security services, you can have your blockchain protected by with the power of the entire Bitcoin network. Global Bitcoin mining costs a staggering $400,000 USD per hour. But with Komodo, you can have the same level of security for a tiny fraction of a single percentage point of the cost.
If you’re interested in partnering with Komodo to secure your blockchain with dPoW services, please contact us at [email protected]
Join us as we continue to protect the blockchain industry and accelerate the global adoption of blockchain technology.