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Supporting zero knowledge proofs and secured by the Bitcoin hash rate, Komodo claims to be fully anonymous with Bitcoin-level blockchain security.
Operating on the delayed Proof of Work consensus model, the currency uses what developers call “custom transactions,” which are broadcast by Komodo’s “notary nodes.” Developers say that these notary nodes can be used by other currencies to secure their own blockchains.
According to a press release, this cryptocurrency has an operational testnet in place, with developers working on improving the protocol.
This project draws inspiration from Bitshares and Steemit, using a delegated proof of stake mining algorithm to “eliminate the use of [Proof of Work] mining,” the team said in a press release.
Other cryptocurrency developers have criticized the Proof of Work algorithm, arguing that its resource-intensive nature opens doors for centralization through economies of scale, and is generally bad for the environment.
To solve those perceived problems, developers built alternative models, such as proof of stake.
Komodo creators say the currency is a product of research done by the BitcoinDark (BTCD) and SuperNET teams. As such, the team told press that BTCD holders can swap their coins for KMD at a 50 percent bonus.
Additionally, BTCD holders will “receive a special asset issued on the Komodo blockchain, that allows them to continue receiving dividends from Bitcoin Dark,” according to a press release.
The cryptocurrency will have an initial supply of 100 million KMD. Developers claim that 90 percent of this supply will be distributed to ICO participants, while the other 10 percent will be held “for development, marketing, advisers, and bounties.
This cryptocurrency project comes amid several announcements of new coins claiming to provide full anonymity through the use of zero knowledge proofs.
What do you think about new currencies using zero knowledge proofs? Let us know in the comments below.
Images courtesy of Komodo.
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