Komodo Platform launches new consensus mechanism

By September 17, 2016Bitcoin Business

Komodo (KMD) aims to be the new standard in both security and privacy by creating a new consensus protocol that can make any blockchain as safe as Bitcoin itself. The new cryptocurrency has been introduced by the developers o Bitcoin Dark, an alternative cryptocurrency that has gained a lot of traction over time and has been at the forefront of anonymity in the crypto space. Komodo will rely on the technology introduced by ZCash, Zero-Knowledge Proofs, to ensure that transactions can be 100% private since no information about them is made public on the blockchain. Komodo makes these anonymous transactions as safe as Bitcoin transactions, as they are later notarized on the Bitcoin blockchain. How does it work? Komodo blocks are created through a Proof of Stake (PoS) protocol, the information regarding these blocks is then duplicated and inserted on the Bitcoin blockchain by a “notary node” that creates a custom transaction. These notary nodes are inspired by the Bitshares/Steemit witness consensus mechanism and are pre-voted nodes that will be continuously connected to both blockchains. Since notary nodes are required to make transactions on the Bitcoin blockchain in order to notarize the Komodo blocks, initial funding is required to create and deploy these new consensus method that has been called “Delayed Proof of Work (dPoW)”, since it relies on the proof of work protocol that is used by Bitcoin and secured by thousands of computers. An Initial Coin Offering period is being hosted, from the 15th of October until the 20th of November, to gather initial funding for these notary nodes, that will become self-sufficient over time since most of the block rewards and transactions fees from the Komodo blockchain will be allocated to them. A fully functional version of dPoW and a Komodo testnet will be ready during […]

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