Komodo: The Underdog of Atomic Swaps (And Privacy)

in cryptocurrency •  2 months ago

Komodophoto.jpg

Komodo is another one of those platforms that seems to always be flying under the radar.

Let’s give a quick rundown of some features of this platform:

  • It has the privacy features of Zcash (zkSNARKS)
  • It will be adding the Lightning Network capabilities of Bitcoin
  • They will also offer white label solutions for blockchains and ICOs.

While Litecoin, Decred and Zcash have been in the news lately talking about their advancements with atomic swaps, @komodoplatform has been quietly plugging away.
So let’s check out their decentralized exchange that has atomic swaps as its main focus.

BarterDEX is the decentralized exchange for the Komodo Platform and it is the first to supply users with order matching for atomic swaps.

Right now their atomic swaps are limited to Bitcoin compatible coins

While before you would have needed to download the entire blockchain of the coins you’d want to trade via atomic swaps on BarterDEX, they’ve now made the improvement so that you can now conduct an atomic swap using Electrum servers. These are hosted nodes so you will not need to download the entire blockchain of each coin that is being traded.
The only trick now is that there will need to be an Electrum server for the coins being traded in order for you to bypass the need of downloading the entire blockchain which takes a lot of time and space.
Komodo has taken the responsibility of hosting Electrum servers for the most popularly traded coins so these coins can be more easily traded. If a coin wants to be a part of this exchange they can host their own Electrum server and contact the Komodo team to be added to BarterDEX.

As of right now their wallet that you would use to do atomic swaps on this exchange will only work via command line.

So it’s true that right now this is limited to experienced users of crypto and computer programming.

Let’s take a better look at what else Komodo can do.

Komodo has a system called Jumblr, which essentially combines traditional coin mixing techniques like: uniform coin amounts, and sending all transactions at once, they are also working towards obfuscation of location tracking of your IP address used to send or receive a transaction.

So in other words Komodo is putting in work to achieve much more complete anonymity.

Additional Reading/Sources:

Komodo Website
Komodo Blog
Podcast with Jason Brown
More on Jumblr
More on zkSNARKS
Steemit Article by @criptoanalitic

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Komodo is a great coin. I've been aware of it since the komodo platform lead dev @jl777 told me about it here on the chat of Steemit. They also have a Steem account. @komodoplatform

Great , I did not know about Komodo

Thanks! I'll have to pick some up!

Thanks for introducing me to KMD. I'm interested in learning the platform and developing an application for a decentralized community network I work for.

Big believer in Komodo and its versatile tech and great devs.
Leaked kw crypto report had some pretty nice projections, too.

Excellent post. Never heard of Komodo. I'm still expecting to see Litecoin get much stronger as atomic swaps are so important.

Great article

Little by little the market cap of Komodo will grow as Bitcoin dark holders move to Komodo. Edward Snowden has said that Zcash is the best next to BTC and is the most private.

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Not doubting Komodo or Zcash, but while Snowden is a media celebrity, its worth noting he isnt a crypto expert

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Just as an aside -- Charlie Lee (LTC creator) responded why #Monero is actually the better choice (https://twitter.com/satoshilite/status/913644791144919040). Furthers your point there.

That all sounds so amazingly complicated @heiditravels , maybe you can suggest a good place to buy some STEEM POWER from?

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The one and only Steemit of course, you silly goose.

Gonna check out this stuff...good information that u are giving here.

Thanks for the info .

Thanks Heidi.
I think this is still a little too challenging for average person. A lot of UI work is needed to make it more user friendly. So it is either "not ready for prime time" or "opportunity to get in early" depending on how one look at it.

@heiditravels
nice one on komodo.. so you saying its a good coin to buy and keep and there is hope for it to rise... can one buy it through sbd... any good ICOs?
nice one as always dear...

very good post kawa, my friend is always following you, please friends enter my blog.

Thanks for the info update vertcoin has a lower market cap and are working on a tor wallet I think it might be a even better buy imo this regalcoin bitconnect really have my attention right now

I always wondered about Komodo and now it seems like an attractive proposition. Cheers for the info!

I see great potential

thumbs up for speaking about Komodo.

Thank you for sharing dear it is amazing and information for every one.really helpful post for us
keep it up.
and please friends follow me.

@mahmoodhassan

Komodo is great, true anonymous coin. Thanks for this in-depth article!

Wow this post it's great heiditravels checking the Komodo website now.

Good post, thanks. Maybe worth adding that Komodo is the rebranding of Bitcoin Dark afaik. Some people might be familiar with that project / dev team already