HomeLatest NewsAn objective review of Komodo Platform

An objective review of Komodo Platform

Daniela Kirova

The Komodo Platform provides full-scale, end-to-end blockchain solutions for developers of different industries and levels. It offers customized, configurable blockchain solutions that are easy to deploy.

Komodo’s goal is to build a complete ecosystem consisting of various partnerships.

How it works

Komodo has a blockchain with autonomous infrastructure, achieved by means of parallel chains. These chains create a separate Komodo blockchain copy. The dPoW consensus mechanism secures new parallel chains.

Developers on Komodo don’t build on the blockchain itself. Rather, they create their own autonomous blockchains. They are neither sidechains nor forks. 

Coins that use KSCs include Pirate Chain (ARRR) VerusCoin (VRSC), and Gleec (GLEEC), among others.

Komodo has built AtomicDEX — a non-custodial wallet, cross-chain bridge, and cross-chain decentralized exchange rolled into one application. Users can hold and trade BTC, ETH and ERC-20 tokens, BNB and BEP-20 tokens, Polygon and PLG-20 tokens, KMD, and other cryptocurrencies from dozens of blockchain protocols.

Key features

Komodo’s most important features are related to security, scalability, adaptability, and interoperability.

Security 

Komodo’s security stands out through the use of the dPoW consensus mechanism. The mechanism offers 51% attack security to all projects and blockchains associated with Komodo.

Adaptability

As one of the best-known open-source projects, Komodo is well-recognized for its features and innovations. Komodo-based projects are equipped with the ability to create custom solutions depending on the different situations and needs.

Scalability

Komodo lets each project have a dedicated blockchain and infrastructure, unlike other enterprise solutions. Komodo network projects can scale at any time, and blockchains can be added to improve performance as needed.

Interoperability

AtomicDEX uses atomic swap technology, which enables peer-to-peer crypto trades across various blockchain protocols. For example, users can trade Bitcoin, Litecoin, Dogecoin, and other UTXO-based projects with EVM-based projects like Ethereum, Polygon, and Avalanche. AtomicDEX doesn’t use centralized liquidity pools or complex smart contracts, which makes it a more secure solution for interoperability.

Extensive development activity

Komodo has been very active in pushing code to its base repository. It has tens of repositories, all of which are quite dynamic. The ecosystem ranked 12th on Coincodecap in terms of overall coding activity.

Pros

·         Scores well on scalability, adaptability, and interoperability

·         Extensive development activity

Why should you pay attention to Komodo?

One reason is that security is top-notch. At the time of writing, Komodo was preparing for an external security review for AtomicDEX. They will be creating an architecture diagram and an SRS document, updating and refactoring dependencies, and doing an internal security code review so auditors can access the code.

Recently, Komodo optimized the blockchain node call amounts and added an infrastructure enhancement microservice. They are in the process of integrating QuickNode blockchain nodes into AtomicDEX. They created a microservice layer to be able to complete the integration.

Komodo offers convenience to its users by providing the option to collect fiat price information in the AtomicDEX API database. This way, traders can calculate fiat prices retroactively, if needed.

Another advantage is the Komodo cryptocurrency (KMD) itself, which can be used to mediate transactions with tokens that don’t have a direct pair on BarterDEX and to enable instant zero-confirmation exchanges on Komodo DEX.

If you have 10 KMD or more in a supported non-custodial wallet (i.e. AtomicDEX or Ledger), you can earn up to 5.1% annual rewards as an active user.

What makes it stand out? 

Komodo’s dPoW consensus algorithm increases network security by using Litecoin’s hash power for cross-chain notarizations. Litecoin has one of the highest hash power of all blockchain networks, rendering it practically impervious to hijacking.

The bottom line

Komodo has a vast and extensive library and a reliable, solid team and community. They publish updates in real time and provide transparent yearly and quarterly reviews. They are an excellent choice of blockchain solution for experienced developers.