free web hit counter

Komodo Allows Users To Build On Bitcoin Efficiently

According To the general manager of Komodo, Ben Fairbank, Komodo network allows users to use Bitcoin Blockchain in their tokenized systems. These platforms rely on the immutability and security of Bitcoin while avoiding the inconveniences of building on it. Thus, Komodo is an essential technology that integrates Bitcoin supporting tools into Crypto-based use cases and this is why Ben Fairbank is advocating for Komodo adoption.

Komodo Was Created After A ZCash Fork

Komodo was created after a fork from ZCash. It is a community-oriented platform that has Smart Contract features best associated with Ethereum. In simple terms, Komodo enables users of Bitcoin to access a Smart Contract feature with highly compatible Crypto conditions.

Komodo uses the Delayed Proof of Work feature (dPoW). This aspect allows the platform to facilitate faster transactions than either Bitcoin, ZCash or Ethereum technologies. The processing of notaries occurs in less than 10 minutes. It is important to note that the Komodo notaries are a replica of witnesses. This is because they pass data to Bitcoin Blockchain to facilitate transactions in exchange for auto-generated Komodo Base Tokens. According to Fairbank, coins with low hash rate can leverage and benefit from Bitcoin’s hash.

Komodo Offers Security For Smaller Blockchains

Some Blockchain platforms have been able to integrate with Komodo which has then served as an add-on for security. For instance, Einsteinium network, a Blockchain platform with a market cap less than $10 million, is now part of the Komodo ecosystem and has been able to prevent an attack that could have affected 51% of its Tokens.

komodo

Further, according to a statement from the Einsteinium Foundation, the platform was experiencing hash power suppression that leads to delayed withdrawals and deposits. However, Komodo’s dPoW enabled the N-th Einsteinium blocks to be registered on Bitcoin Blockchain faster and more efficiently.

The Einsteinium network is based in Quebec Canada and offers fundraising services for scientific research projects. The Blockchain has also implemented the Lightning Network along with Litecoin and Komodo has been the stabilizing factor for the network. Its native Token is EMC20.

Komodo Adoption In Mainstream Industries To Occur

From Fairbank’s assertions, it emerged as if Komodo is only designed with the aim of proffering security and higher hash rates to other Blockchain platforms. However, this is far from the truth as Komodo can also be adopted by mainstream industries.

Moreover, the Komodo GM notes that Komodo will be much more beneficial to users who need not only Smart Contracts but also more exceptions. This brings into perspective reward point programs, gaming, etc. that need Blockchain automation.

Komodo has already partnered with Amazon AWS Services to build a 1-million-transaction-per-second service. It is also powering a Philippine Blockchain-based remittance platform that targets the unbanked known as Pearl Pay.

Meanwhile, the General Manager believes that the Komodo ecosystem has the silver bullet as it allows clients to use and implement Blockchain technology. And he forecasts more adoption and future relevance as the world gears up for a major shift to Distributed Ledger Technology.

Previous «
Next »