KomodoKomodo is a fork from Zcash and is a cryptocurrency project that focuses on providing anonymity through Zero-knowledge proofs and security through a Delayed Proof of Work (dPoW) protocol.
What is Komodo?
Komodo is a fork from Zcash and is a cryptocurrency project that focuses on providing anonymity through Zero-knowledge proofs and security through a Delayed Proof of Work (dPoW) protocol.
How does Komodo work?
The Komodo ecosystem consists of 4 key components:
dICO: Decentralized ICO. It is the first ICO mechanism that uses Jumblr technolgy to protect the privacy of investors.
Jumblr: open-source and decentralized cryptocurrency anonymizer. You have the option to use it to enhance your privacy when using the Komodo Platform.
BarterDEX: Decentralized exchange that performs atomic swaps in a trustless manner. It allows users to trade blockchain-to-blockchain without giving up their privatekeys.
Agama: Multi Wallet for all cryptocurrencies.
Komodo uses a special consensus mechanism known as Delayed Proof of Work. Regular mining on Komodo is on a Proof of work consensus mechanism but the system also "recycle" Bitcoin's hashrate to ensure Komodo's immutability.
Essentially Komodo notarizes its blocks on the Bitcoin blockchain, making it difficult for any attacker to hack the system as any attack will need to temper with the Bitcoin blockchain at the same time to be effective. The block data from Komodo is introduced in Bitcoin via custom transactions made by the notary nodes that are connected to both blockchains. Any discrepancy on either blockchain will be detected by these nodes.