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Komodo announces ICO to fund its new consensus protocol
Privacy is important and so is security, however most systems tend to trade off between these two features according to their goals. Komodo, however, provides both these features with its newly created consensus mechanism, delayed Proof of Work.
Bitcoin is the first Blockchain-based cryptocurrency, and it relies on Proof of Work mining to create new coins and to secure the transactions that take place within its network. Despite being the oldest, this system is the most secure consensus protocol in the world, but it’s also be wasteful when one considers the amount of computational power that is used to secure one single blockchain.
Proof of Stake solves the energy waste problem and helps the currency scale, but it has some drawbacks in terms of security.
The Komodo team has decided to take the best from both worlds and has created the Proof of Stake/delayed Proof of Work system, which relies on notary nodes to duplicate the information from the newly created Komodo blocks on the Bitcoin blockchain. What this means is that gaming the Komodo blockchain, would require gaming the Bitcoin blockchain as well. This system brings advantages not only to the Komodo blockchain itself but to the whole cryptocurrency sphere as it makes Bitcoin more efficient by recycling its hashing power.
In order to fund these notary nodes, that are required to make constant transactions on the BTC blockchain, an Initial Coin Offering period will take place from the 15th of October until the 20th of November. During this time, users can exchange Bitcoin for Komodo tokens (KMD) and enjoy early investment bonuses that go up to 25% on the first day and will decrease over time.
Komodo is brought to you by the developers of Bitcoin Dark, a cryptocurrency that is at the forefront of anonymity and has now decided to take a page from ZCash’s book and to use zk-snarks (zero knowledge proofs) to provide the highest standards of privacy while enjoying the security that only Bitcoin can provide.
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