Komodo is a project that is part of SuperNET’s overall vision to solve the problems that cryptocurrencies face. One of these is privacy and the other one is security. Komodo solves these by employing the technologies provided by ZCash and delayed Proof of Work.
Zcash is a new privacy driven cryptocurrency that uses zero-knowledge security. It is currently in the testnet stage, and its release is scheduled for the 28th of October. It is not developed by Komodo, but the lead developer jl777 has been following its developments closely and offered his help during its alpha stages.
Because Zcash is an open source technology, it can be used on other projects. Komodo is the first one to do so, but it isn’t just a simple fork, as it is further developed to meet the needs of the overall ecosystem SuperNET is building. One of the major components Komodo brings to the table is delayed proof of work (dPoW), which is a new consensus method built to further secure proof of stake (PoS) blockchains.
With dPoW technology Komodo’s PoS blockchain is backed by the Bitcoin’s proof of work (PoW) blockchain. In other words, the dPoW system allows Komodo to notarize its newly created blocks with Bitcoin’s mining power. This is made possible by custom transactions that Komodo “notary” nodes are constantly creating on the Bitcoin blockchain. Those transactions will act as an indestructible record that is used to make sure the PoS blockchain is authentic.
This is a major game changer for other proof of stake (PoS) cryptocurrencies as they too can secure their blockchain with Bitcoin’s mining power. The difference is that instead of dealing with Bitcoin directly – like Komodo does – they will instead send their information to the Komodo blockchain. Because the blocks on the Komodo chain are secured by Bitcoin’s hashrate, and the info of the other cryptocurrencies is stored in these blocks, they will also be secured by Bitcoin’s hashrate.
To learn more about Komodo visit our ICO announcement.