Komodo Platform made history when the world’s first decentralized ICO (dICO), Blocnation, was launched on May 3, 2018. This major milestone was rapidly followed by a second community-driven dICO, Utrum, on May 10th.
The engine of Komodo’s decentralized exchange, BarterDEX, is demonstrably functional. The tech has been proven to the public and the number of barriers to blockchain crowdfunding has been reduced. Now, Komodo is ready to announce our user-friendly interface, HyperDEX.
HyperDEX is the grandma-friendly layer on top of BarterDEX, the complex system that lies underneath. The soft launch is scheduled for May 21st.
- Problem/Solution: how does a decentralized exchange reduce barriers?
- You no longer have to give up control of your funds when trading. A decentralized exchange means you keep control of your private keys.
- A DEX reduces the transaction fees you pay (~0.15% for market taker and 0% for market maker) and eliminates the need for more than one transaction when you exchange coins (i.e. an ERC20 token can be swapped directly for a BTC coin).
- You can place more than one order with the same set of funds, and the first one to be filled will cancel the others. This is called a ‘liquidity power-up.’
- Komodo’s DEX supports over 95% of all tokens and coins in existence.
- Crowdfunding: how does a decentralized exchange reduce barriers for blockchain businesses?
- A DEX gives blockchain businesses instant liquidity for their token without having to pay high fees, as with centralized exchanges. As a result, the project needs to spend less of the funds raised on getting listed. This allows the team to focus on building their project, rather than searching for supporting infrastructure.
- Tokens are paired with the Agama wallet so businesses can have their token supported by a multi-coin wallet without relying on a centralized third party. The new tokens can be stored instantly.
- Komodo offers scalable, independent chains free from congestion, and provides the security of Bitcoin’s hashrate by notarising on the Bitcoin chain (delayed Proof of Work consensus mechanism).
- Real-life use cases:
- Blocnation launched their dICO on May 3rd – https://blocnation.io/
- Utrum launched their dICO on May 10th – https://utrum.io/tokensale/
- Blocnation – “We choose Komodo for three reasons. First, they offer us the ability to have our own independent and highly scalable blockchain. Second, Komodo offers us the strongest level of security, providing our guest management platform with borderless and decentralized pay options. Third, Komodo allows us to perform a truly decentralized crowdfund.”
- Utrum – “It’s very easy to make atomic swaps using @KomodoPlatform 🔥BarterDex a TRUE DECENTRALIZED EXCHANGE 🔥without any third party or proxy tokens. Join the #atomicswap movement $OOT $KMD”
- Atomic Swap technology is the innovation that underlies and powers BarterDEX. Komodo pioneered atomic swap tech and remains the world-leader in this tech today. Atomic swaps are peer-to-peer trades of cryptocurrencies. The swaps are made directly from one user to another, blockchain-to-blockchain. No centralization, proxy tokens, escrow services, or other third parties necessary. Komodo was the first project to bridge the gap between ERC20 tokens and BTC protocol coins.
About the Komodo Platform
Komodo Platform is an ecosystem of industry-leading technologies in the burgeoning blockchain sphere. We have a number of distinct technologies, including a decentralised ICO platform that allows projects to crowdfund without third-party involvement; the world’s most advanced, atomic-swap-powered decentralized exchange (BarterDEX); a privacy coin that offers holders the opportunity to earn 5.1% rewards annually; the innovative delayed Proof of Work (dPoW) consensus mechanism, which protects blockchains with the power of the BTC hashrate.
How is Komodo different to other blockchain projects?
Komodo allows developers and entrepreneurs to launch completely independent blockchains. These chains are not affected by what happens on the KMD chain, or any other chain in the ecosystem. There is no possibility of congestion.
In addition, all chains in the Komodo ecosystem are protected with the same level of security as the Bitcoin network. This is made possible by dPoW, which leverages Bitcoin’s hashrate by notarizing backups of the KMD ecosystem onto the BTC blockchain.
Finally, Komodo is preparing to solve the scalability problem. The technology is still being tested but early signs of functionality indicate the Komodo ecosystem will be capable of processing as many as 1 million payments per second.
Ultimately, we strive to accelerate the adoption of blockchain technologies around the globe and to lead the world in blockchain integration. That’s what makes Komodo Platform different.