Komodo Pioneers At A Glance
A 3rd party organization in conjunction with the developers of the Komodo platform have launched an innovative program called Komodo Pioneers. This initiative will serve to accomplish a number of important goals. One of the objectives behind “Komodo Pioneers” is to educate people around the world about how the platform’s technology works. This is done in various ways, including interactive meetups where people get the opportunity to learn about how Komodo’s technology works, directly from those who are quite knowledgeable and passionate about it. A goal of Komodo Pioneers is to democratize its crypto-platform. This is achieved by conducting transparent, blockchain-based elections. The purpose of the elections is to elect Notary Nodes who will help ensure the security and integrity of Komodo’s network. In total, there are 64 notary nodes, which remain equal. Half, or 30, of the 60 nodes are reinstated annually based on good performance, 4 are core nodes while the remaining 30 are elected through a digital voting process.
Regardless of geographical location, nodes can freely participate in Komodo Pioneers elections. In order to meet the pre-requisites of applying to become a Notary Node, there are certain specific requirements that the nodes’ servers must have. Basically, these requirements include having a very fast and reliable internet connection and an extremely high-end processor, in order to perform the workload required for the upkeep of Komodo blockchains. In return for their contributions, Notary Nodes earn a decent 1500 Komodo tokens (KMD) each month.
A Horizontal Organizational Structure
The developers of Komodo believe in using a horizontal organizational structure. This is achieved by allowing as many autonomous units to operate as possible. These autonomous units are basically an extension of Komodo’s network, and are completely independent of their main organization. However, one of the only requirements they have to adhere to is to support and remain in compliance with the platform’s guiding principles and mission statement. As long as these autonomous units can maintain this, they are free to operate in a manner they see as best. The folks at Komodo compare this concept of Komodo Pioneers to that of a franchise.
This is a good analogy because, let’s say, you bought a McDonald’s franchise, then you would have to follow certain rules and policies that all McDonald’s restaurants have to. Besides that, you would be free to hire your own employees and independently manage all other tasks related to running a successful business. Just like McDonald’s collects a certain royalty fee for using its brand, so does Komodo’s development team. The reason they collect this fee is to further the advancement and growth of their platform.
Work With Your Very Own Blockchain
The developers of the Komodo platform have been working very hard in trying to help organizations incorporate blockchain technology into their business practices. Notably, the advantage that the Komodo platform offers over other blockchains, like Bitcoin and Ethereum, is that you get to work with your own personal blockchain. This can be highly beneficial since it significantly reduces the chances of having to deal with scalability and other performance-related issues that plague major cryptocurrency platforms.
That’s because you do not have to use a blockchain that is already being used by everyone else, who is also using the same cryptocurrency platform as you are. Not only do you get to work with your own blockchain, but you can also benefit from unique security features. Security on the Komodo platform is implemented by using the 64 Notary Nodes. These notary nodes back up the information added to its native blockchains to the Bitcoin blockchain every 10 minutes. The process of backing up data to another blockchain is called notarization. The developers of Komodo have chosen the Bitcoin network and blockchain because this they consider it to be the most established and secure out of all the current crypto-related blockchains. At any given time, the notarization process can switch over to a different blockchain.
Anonymous & Highly Secure Transactions
This added security feature means that if hackers were successful in manipulating a Komodo blockchain, they would also have to infiltrate the Bitcoin network to actually do any real damage. The likelihood of this happening is very, very slim. Therefore, you can be rest assured that your assets and private information are quite safe.
Furthermore, users looking to conduct anonymous, untraceable transactions can do so with the Komodo platform. In order to facilitate these “discreet” transactions, the developers of Komodo have implemented Zcash’s zero-knowledge proofs. Additionally, these transactions are secured by Bitcoin’s hashing power. The platform also makes Bitcoin more efficient by “recycling its computational power”. Moreover, the architects of this platform were the first to implement the Delayed Proof-of-Work (DPoW) Consensus Mechanism.
“[DPoW] is as secure as the proof-of-work blockchain to which it attaches itself to (In this case: Bitcoin), but does not require computing power and energy to be wasted. This system is called Delayed Proof of Work (dPoW) and is achieved by notarizing blocks created in the initial blockchain on the Bitcoin blockchain, ensuring that once the information is engraved on the Bitcoin blockchain, it would be required [that] both blockchains in question to be compromised.“
Notably, Komodo is a product with years of extensive research by its BTCD Development Team. While guaranteeing anonymity and security, the Komodo platform also allows has a system which allows you to easily liquidate your funds.
Based on this unique implementation of a crypto-platform, Komodo is definitely worth looking into and exploring. Please also note that this article is not meant to be a comprehensive explanation or guide on all the details about Komodo’s platform or services. Its purpose is to engage readers and motivate them to learn more about this impressive platform, and how it could benefit them.