Komodo describes itself as an open, composable multi-chain platform. With blockchain development roots going back to 2014, Komodo is reportedly one of the pioneers of multi-chain architecture in the blockchain space. As of Aug 2019, Komodo focuses on providing business-friendly blockchain solutions that are secure, scalable, interoperable, and adaptable. Komodo’s current technology suite, the Antara framework, offers tools for end-to-end blockchain development, including a customizable, application-specific Smart Chain complete with a library of built-in modules and an open API for building blockchain-based applications.
What is Komodo?
The Komodo Blockchain, like so many projects, has its origin in the Bitcoin Blockchain, at least indirectly. Komodo is a fork from Zcash (ZEC), which split off from Bitcoin in October 2016 to solve the problem of Bitcoin’s lack of anonymity. Accordingly, Komodo also has the privacy features of Zcash (such as Zero Knowledge Proofs). However, the beginnings of Komodo date further back.
Already in 2014, the inventor of Komodo James “jl777c” Lee recognized a problem with blockchain technology and therefore developed a proxy token gateway on the NXT platform. This allowed NXT to be exchanged for BTC and other popular cryptocurrencies. Out of this idea “jl777c” wrote the “Blockchain Decaration of Independence” in February 2016 and founded the Komodo platform. You may have guessed the problem James Lee wanted to address by now.
Each blockchain is autonomous and cannot communicate with other blockchains. For example, at that time no Bitcoin (BTC) could be directly transferred from one person to another against Litecoin (LTC), i.e. peer-to-peer, without there being an intermediary (an exchange). James Lee found this problem unacceptable in a world of decentralized cryptocurrencies. Komodo compares this problem with the situation of mainframes at that time, which also only functioned self-sufficiently.
As a result, Lee developed a multi-blockchain architecture that allows projects to create their own blockchains and host initial coin offerings (ICO) without having to use the token of the Komodo platform (such as Ethereum or EOS). The “Smart Chains”, as Komodo calls the blockchains within its ecosystem, exist independently of Komodo, but can communicate with each other.
The Smart Chains are “turing-complete”, so that everything imaginable can be encoded into a Smart Chain. In addition, the blockchains have their own coin to pay for transactions, have their own consensus and support an unlimited number of smart chains. More about this later.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.