South Korea: Strike While The Iron Is Hot
Recently, we held our first meetup in Korea. Over one-hundred participants attended for presentations on the Komodo platform, a demo of atomic swaps on BarterDEX, and a Q&A session.
Team-member Audo presenting the Komodo platform
One of the members of our team, Audo, gave a presentation in which he explained the vision of Komodo as an ecosystem. The following is a brief synopsis.
A Synopsis of Audo’s Presentation
Komodo exists to create an environment where people are free to innovate and prosper, using blockchain technology. We call this environment an “ecosystem,” and it is reminiscent of the land on which a garden grows. We provide a space where users can connect to develop their own ideas, establish their own audiences, and build their own businesses.
Envisioning Komodo as a garden: Komodo provides the earth for entrepreneurs to grow their own creations
Komodo offers many technologies that serve as fertile ground on which to grow a business.
One of the key technologies is the atomic swap. Atomic swaps connect entirely separate blockchains together. By using atomic swaps to form a bridge between different blockchains, we create a network of many businesses acting in unison. Atomic swaps also provide scalability solutions, and they can serve as a gateway to other assets.
We also place a high value on enabling users with the option of privacy in the Komodo ecosystem. Many businesses and software applications require privacy, to protect their own self-interests. For this reason, in creating our tech, we made sure that our most liquid currency, KMD, includes the Zcash parameters and zero-knowledge technology. This allows any blockchain connected to the Komodo ecosystem the opportunity to swap for KMD, perform a series of zero-knowledge transactions (thus breaking the cryptocurrency trail), and then re-exchange for the original currency. In this manner, any person in the Komodo ecosystem can make their ownership of any funds private.
Security is also a foundational element of the Komodo platform. We developed an automated backup system that notarizes information to the strongest external blockchain. This places the history of the entire Komodo ecosystem in a secure and decentralized location, preventing would-be attackers from taking advantage of any chain connected to our security network. We currently use the Bitcoin network for security purposes, though we can change at will.
Another of our key technologies is the “decentralized initial coin offering,” or dICO for short. Performing a dICO can be compared to the act of planting a seed in a garden. It is the beginning of creating a new blockchain product. The process of performing a dICO is extremely secure, fast, and transparent, making the dICO a powerful tool for crowdsourcing.
Komodo’s dICO technology advances the capabilities of the cryptocurrency industry. Before we created our solution, decentralized crowdfunding was only possible through colored coins and proxy tokens. The ERC20 tokens of Ethereum and the proxy tokens of BitShares are prime examples.
With our dICO technology, for the first time users can perform a decentralized crowdfund using a fully independent blockchain. Our dICO solution uses our atomic-swap technology to to conduct transactions between existing blockchain products (such as BCH, KMD, Zcash, and more) and new products that dICO entrepreneurs create. Furthermore, our implementation of electrum-server technology allows users to participate in a dICO without having to directly download any blockchain data.
Our platform is decentralized from the ground up, making it extremely secure. One area where we offer competitive security is in the nature of a user’s control over their personal funds on our decentralized exchange, BarterDEX. In other cryptocurrency exchanges, users typically surrender control over the private keys of their funds during the trading process. This can lead to hacks, theft, or even manipulative behavior from the owners of an exchange. On our decentralized platform, BarterDEX, only the individual user has control over their private keys. They maintain this control throughout the entire trading process, and have no limitations on withdrawals. This dramatically increases their security and the overall experience.
These are but a few of the many features that the Komodo platform offers to users. We are also continually adding new technologies, and these are provided openly to all through our open-source philosophy.
Welcome Komodo Korean Ambassador Goldenman
Our Korean ambassador, Goldenman, was a key organizer in the Korean meetup. He joined us recently for the following interview.
Goldenman, you were very active throughout last year on Steemit regarding Komodo. What would you say is the number one thing that kept you closely following our project for all those months?
Thank you for following me.
The number one thing for Komodo is the “Platform” part, and I saw how it was continuously extended with new features. There are many other platforms, but Komodo team keep improving and listening to users feedbacks. I could easily find out Komodo team were doing more than it seemed on the surface. Moreover, I kept holding KMD as a long-term investment.
Recently you joined our Komodo team as the official Komodo ambassador, and you have already hosted your first meetup. Did the meetup go as you had anticipated? Yes, for the most part. The meetup finished without any accident and went very smoothly. This meetup was the very first offline event I organized, so it was quite experimental to me.
What surprised me was that I got more than I expected. Over a hundred people attended. Questions seemed never to stop, and they were very high quality. The Q&A session lasted over 30 minutes, and the topics were about tech, vision, and user experience. Of course, I found something to improve for next event.
Looking at 2018, what are your goals for this year as a Komodo ambassador? Are there more promotional activities in the pipeline?
Last month, one newspaper article wrote about overheating market in Korea mentioning KMD as a miscellaneous alt-coin. One of my goals is to make the Korean media to understand that KMD is one of the mainstream coins in crypto-world.
I have the plan to organize more meetups and to attend major conferences held in Korea. Keep following my work, and then you will find out what’s going on.
Komodo Platform Overview - Seoul Meetup Presentation
Audo’s presentation at the Komodo Meetup is available on our Youtube channel. We had a translator present, providing the material to both English speakers and to our Korean audience.