What is Komodo?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is Komodo?
  • Where did Komodo come from?
  • What are the advantages of Komodo?
  • What are the disadvantages of Komodo?
  • How to buy Komodo on SimpleSwap?

What is Komodo?

What is Komodo (KMD)? Komodo is a decentralized cryptocurrency with an open source code. It contains the best properties of such digital currencies as Bitcoin and ZCash. The special feature of Komodo is using Bitcoin blockchain for checking operations inside the network.

It was created as the safest currency which is focused on safety and anonymity and based on the unique protective algorithm. Thus, Komodo combines all the advantages of traditional cryptocurrencies.

Where did Komodo come from?

Komodo came to the crypto market in November 2016. The team of creators preferred to be anonymous and decided to use usernames without any photos and other personal information. The main founder was a famous user inside of the crypto world and his nickname was jl777. Founders succeeded in integration of Zcash confidentiality and Bitcoin security protocol. The mission of Komodo is to create a new standard of anonymity and protection of cryptocurrencies. The original method was applied during the creation of Komodo – delayed proof of work (dPow) – the mechanism of agreement. Thanks to this method, blocks of Komodo coin are notarized through Bitcoin blockchain and Equihash protocol is used as a base of tokens. Komodo system is a part of a big SuperNET project which is going to be a free vpn-app.

What are the advantages of Komodo?

  • High level of security
    dPow – a special groundbreaking mechanism which ensures the integrity from hacker attacks.
  • Stability
    KMD doesn’t have as many fans as Bitcoin but those who are mining – make this coin stable.
  • Multifunctional
    You can work with these tokens on the PC and using a smartphone.
  • Positive outlook

What are the disadvantages of Komodo?

  • High prices of mining devices
    There is always a necessity of investments in better mining equipment.
  • Volatility
    The token’s price could be extremely high during a short period of time and could return to the previous value as well.

How to buy Komodo on SimpleSwap?

Let’s say you want to buy Komodo. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select KMD in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient’s Address. Komodo will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

This is everything you need to know to buy KMD.

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