BitcoinDark is a privacy-centric cryptocurrency, following the ideals on which the first forms of cryptographic currencies were created upon. BitcoinDark has always been on the forefront of anonymous transaction technology with innovations like Telepathy or Teleport transactions. Years of research has led the BTCD team to the realization that more is required to create a completely anonymous and safe cryptocurrency, and that it cannot be achieved with the current BitcoinDark technology, hence the creation of Komodo.
Built from scratch, Komodo will bring about the anonymity of Zcash along with the NXT style PoS security, the witness based consensus system inspired by Bitshares, and the security and reliability of the Proof of Work Bitcoin Blockchain, which is a tested and proven system kept by thousands of nodes.
Komodo’s greatest innovation, the Delayed Proof of Work (dPoW) consensus method will make Bitcoin the center of all PoS/dPoW cryptocurrencies, allowing the energy that is used in bitcoin mining to be utilized to secure other cryptocurrencies, thus making Bitcoin more energy efficient, while making other cryptocurrencies safer. this will add value to the entire alternative cryptocurrency sphere and to bitcoin itself as it becomes a vital part of other currencies and platforms.
The Komodo blockchain itself will be maintained by an NXT style Proof of Stake protocol after a block is created through this same PoS system, a group of pre-voted witnesses or notary nodes will take the block hash generated in the Komodo blockchain and create a custom transaction that includes that same block hash in the Bitcoin blockchain.
Once this transaction enters the Bitcoin blockchain, the block on the Komodo chain, to which the block hash relates to, will be notarized along with all the transactions within that block. This system is called Delayed Proof of Work (dPoW) and it allows the same computational power that is put into Bitcoin to secure the Komodo blockchain, which in turn provides users with two security layers. DPoW is a consensus mechanism in itself, as the block hash information pertaining to the Bitcoin block in which a specific set of Komodo blocks were notarized is also introduced in the Komodo blockchain, meaning that notary nodes need to agree that the information on the Komodo blockchain matches the one on the Bitcoin blockchain.
This system completely mitigates any kind of attack risk on the Komodo blockchain, as any attempt to rewrite the blockchain would result in failure, as the notary nodes would, through the information on the Bitcoin Blockchain, realize that the Komodo blockchain does not match the information present in the Bitcoin custom transactions, in which the Komodo block hash information is stored.
Since being a notary node will require a certain degree of hardware resources, most of the block rewards is given to these nodes, along with the full amount of transaction fees.
Komodo will have two transaction types: Anonymous and normal transactions. Using Zcash-based zero knowledge proofs, users can retain full anonymity while still enjoying the Proof of Work security provided by Bitcoin or they can choose to transact normally with full blockchain disclosure.
In order to develop and market the Komodo project, an Initial Coin Offering period will be hosted that will take start on the 15th of October and last until the 20th of November (5 weeks), during this time anyone will be able to buy Komodo tokens for Bitcoin. A limit of 30000 bitcoin has been set as the maximum amount of funds collected in the ICO.
Komodo will launch with an initial supply of 100 million coins, 90% of which will be sold during the crowdfunding period, the remaining 10% will be used for development, advisors and bounty campaigns.
Early investors will be rewarded with the first day 25% bonus, followed by a 20% bonus that will be reduced incrementally by 5% each week (7 days) until it reaches 0% on the last day.