The Evolution of Komodo:
Our Roots in Privacy-centric Coins, and Our Ecosystem Development
Komodo started as a privacy coin, evolved into a platform, and is now a growing ecosystem. When looking at our roots, one can see how starting as a privacy-based cryptocurrency fueled our long-term aim to provide the tool of Privacy to entrepreneurs. The first steps of creating our ecosystem are underway as we work with our official partner, Monaize, to launch their blockchain on the Komodo platform.
Privacy Coin Comparison Table (Scroll Down for Larger Sizes)
A Brief History of Komodo
The origins of Komodo as a privacy coin reveal the strength of our long-term potential. Originally, blockchain projects were not private; if a personal wallet was identified on a blockchain network, a simple data analysis could trace much, if not all, of the owner’s behavior. Up until half a century ago, any normal person would balk at the idea of publicly displaying one’s purchasing history; consider for instance how difficult it would be to start a new business if your competitors could see your purchases. It is only recently, with the advent of The Internet, that some people have forgotten the value of privacy. There are many people, however, who feel differently, and among them were a large group of early blockchain developers who decided to steer blockchain technology in a privacy-centric direction.
Comparisons Between Four Major Privacy Coins
One such team of developers is Zcash, and the method they chose for creating a privacy coin is our favorite. They coded what can be called Zero-Knowledge Proofs. The unique aspect that we admire is that it allows for a blockchain that is both public and decentralized, and yet users can elect to obfuscate their transaction details, thus leaving “Zero Knowledge” of their exchanges. The Zcash team freely contributed their code to the open-source community, and this marks the starting point of the Komodo journey.
At the outset of our project we adopted Zero-Knowledge Proofs, right where Zcash left off. By incorporating this into Komodo, we empowered our new platform with complete privacy. As an added bonus, Komodo also retains the ability to behave just like a privacy coin, similar to Zcash and others, but Komodo can also do more.
How Coins and Platforms Differ from Each Other
Let’s pause momentarily to explain the nature of blockchain platforms and how they differ from coins. A coin simply transfers a stored agreement of value. For instance, sending one ZCash coin today is equivalent to sending ~€200 euros. A “platform,” on the other hand, does not necessarily have to be a coin for transferring value, but rather, it is a hub that connects a network of many different blockchains together. In other words, a platform can serve as the “heart” of a pathway of other blockchain projects, which are themselves more like “veins,” connecting different markets and peoples, etc.
Komodo is also capable of serving as a platform for other blockchains, whereas the other privacy coins cannot
One reason a blockchain “vein” might want to link to a platform “heart” is that the platform can endow its members with unique advantages. The Komodo platform provides several features; for today we have shown how Komodo can protect businesses with the same level of Zero-Knowledge Proofs as other privacy coins, but you can learn more about Komodo’s many other features here. Privacy is but one example of how the Komodo platform can empower entrepreneurs as we work to establish an ecosystem.
The Burgeoning Komodo Ecosystem: Our Next Step
An ecosystem is a word that describes a network of many individual blockchain projects working together to serve a wide audience of users. For Komodo, it is important to establish an ecosystem because we are not trying to solve every problem ourselves. Instead, we are working to empower creative entrepreneurs to solve problems together.
Our first major ecosystem partner is Monaize, an e-banking platform that is leveraging blockchain technology in the financial sector. Among many problems they are working to solve, one is the difficult process of purchasing any cryptocurrency other than Bitcoin; the current process is wrought with inefficiencies, high fees, manipulation, and always the peril of human error. The Komodo platform provides many features that fuel Monaize’s long-term goals. Within the next few weeks, we are performing something that is entirely new: the first decentralized ICO in history, and you can learn more about our partnership with Monaize in this previous blog post.
Once the decentralized initial coin offering with Monaize concludes, we will then bring our next partner into our growing ecosystem. While the underlying technology that supports Komodo is complex, the actual process for a common user is becoming simpler by the day. The Komodo project is forming what we hope will eventually be a vast ecosystem, serving many different markets and peoples.
As members of the team we are now traveling the world, speaking at conferences everywhere, evangelizing our open-source platform, and meeting new entrepreneurs who express their interest. We hope that the core values we adhere to, including Privacy, will provide a meaningful contribution to the world as we play our part on the blockchain stage.