What is Komodo
There are so many crypto projects nowadays. But you should always define the projects that really moves the blockchain technology further. One of this projects is Komodo. Bitcoin project presented block chain, zcash had forked Bitcoin and developed the enchanted security technology. Then the Komodo project was founded and had formed Zcash, adding new ‘delay proof of work’ protocol.
The main idea of the project is that any developer can create its own blockchain on the Komodo basis, and this newly created blockchain will be extremely secure and anonymous.
Advantages of using Komodo
Delayed proof of work
This protocol was specially developed by the Komodo developers. According to this protocol, every block in the Komodo blockchain will be additionally notarized by the 64 pre-selected nods, connecting this block with the Bitcoins main blockchain. This means that if any hacker would like to change the transaction list of the Komodo, he should also change the list of Bitcoin. And it is really impossible, as all of us know.
Komodo has developed a decentralized exchange platform. This platform is called BarterDex and it really means as it sounds. Other decentralized exchanges uses their tokens to proceed the transaction. BarterDex is based on the ability to process small swap-transactions. This DEX is still under development, but you can already use it, with not so user-friendly interface as it is supposed to be on the date of launch.
On the Komodo platform you can launch your own ICO and proceed it in the decentralized way. All the transactions will be processed by the BarterDex and use Atomic swap technologies. This means that transactions for this ICO will be more secure than the traditional one.
Komodo coin is based on the same mechanism that all Bitcoin like coins are. This means that KMD is in full meaning a crypto asset.
There are many platforms that help you to exchange the KMD to other altcoins or fiat. All this platforms are called exchanges.
Node is a computer with the full copy of the blockchain on the hard drive. In the Komodo network there are specially selected nods that ensure you transaction verifying it by the tethering with the last Bitcoin block.
Every crypto asset has its own market capitalization. This is the USD equivalent of the value of all the KMD tokens in the world.
Komodo coin investment strategy
All the tools like BarterDex, dICO and other, released on the Komodo platform are still developing, the coin has not reached its peak value. This project is definitely affects the community, so we believe the KMD token will be raising to the moon.
The easiest way to earn some money investing in Komodo is simple: buy some coins and store it on your wallet. There is a great chance that this coins will become more valuable through the time, so you can just leave them on your wallet. Then, you can change them to other cryptocurrencies or fiat through the BestRate.org to fix profits.
Where to keep Komodo coins
There is the official wallet from the Komodo developers called Agama Wallet. It has the desktop app and unlike other solution allows its users to earn additional 5% of coins annually.
The most popular hardware wallet for the Komodo coin (KMD) is The Ledger Nano S.
How to transfer Komodo coins securely
Every money transferring of any crypto asset is a risk. There is no bank or other third-party institution, that will charge you back. This means that you should be extremely careful. There are some tips that will help you to transfer Komodo coins safe.
Never type a wallet address manually
Always use only copy-paste operation to enter a wallet address. Any mistake can cause an error and let your money get lost in the network.
Look up the transaction fee
Any good wallet or an exchange platform will show you the transaction fee for your money transfer. Look for it anytime you send Status coin to anyone.
Double check the address
Make sure that the address of the recipient is correct and check it several times before sending off the sum, especially if you transfer big amounts of Status coin at a time.
Test before sending
Anytime you send a huge amount of Komodo coins check the whole procedure on a small amount. When you will be sure that your partner received the money, do the same thing with the rest of the asset.
5 easy steps to exchange Komodo (KMD) coin
KMD exchange to BTC
- Select KMD from the drop-down menu on the left and ETH on the right. Put in the amount of KMD you’d like to exchange for ETH. Click “Choose best rate” button.
- You will see different exchange rates. Select the best rate to proceed.
- Put in your KMD and ETH addresses. Optionally, you can also put in your email address so as to receive information about the transaction. Click the “Next step” button.
- BestRate.org will provide you with the new address, copy it. Click the “Next step” button.
- The transaction will be created and processed. Its status will be displayed on your screen.