Komodo (KMD) is a platform that allows users to trade assets and send private money to other people. The platform is focused on providing 100% untraceable transactions and fungibility in cryptocurrency. Fungibility means that the good or commodity can be substituted in place for one another. KMD will provide smart contracts (set of rules and penalties that every party should follow) and blockchain based solutions throughout the cryptocurrency industry.
How KMD works?
The Komodo users will be able to send and receive funds that use the zk-SNARKs technology to hide the receiver, the sender, and the transaction amount. The transactions are exceptionally made private, and the operations are backed with Bitcoin’s hash rate, which makes the transactions safe, private, and secure. The KMD platform serves as the gateway for 32 stable Komodo currencies, which each is empowered with their blockchain technology and its pegged to a local fiat currency.
Komodo video explanation
The KMD swing wallet allows you to store, send, and receive your money, but other than that, there are no other features. Unlike, their Agama wallet, which is more advanced and has a multi-coin support and decentralized exchange. According to the crypto developers, if you need to complete transactions every day, then you might want to use the standard or the regular Komodo swing wallet.
KMD is the first cryptocurrency to come up with the delayed proof of work consensus mechanism, with the utilization of this kind of security system, KMD users will be able to perform and complete transactions anonymously. It is also an Eco-friendly platform since it has the capability to recycle the computation power of other cryptocurrencies to secure KMD’s blockchain.