ArticlesInterviews

2019: A Look at the Year Ahead – Episode 4: Komodo

0

Komodo – Advanced Blockchain Technology, Focused on Freedom

Komodo is an ‘open-source infrastructure for an interoperable blockchain ecosystem’ which has four key technological elements – Security, Scalability, Interoperability and Adaptability.

These elements are all centered around one key aspect for the project – The Multi-Chain Design.

Multi-Chain Design

Komodo state that they are ‘building an ecosystem that empowers developers and businesses with end-to-end blockchain solutions with no limits.’

They are the industry’s only multi-chain platform and every project that uses their technology has the ability to launch a customizable, dedicated blockchain with completely independent infrastructure and smart contract support. Every one of these projects that is in the Komodo ecosystem also supports atomic swaps and cross-chain smart contracts, meaning that they are completely interoperable. Not only this, they are also protected by Komodo’s state of the art Bitcoin level security through their dPoW mechanism.

Komodo are industry-leading with their Atomic Swap technology and through their BarterDex decentralised exchange it is possible to directly swap 95% of Cryptocurrencies including Bitcoin, Ethereum and ERC-20 Tokens. This allows users to connect and collaborate with the wider blockchain industry, without the use of a third party such as an exchange.

Security

In their Whitepaper Komodo state that “The foundational pillar of the Komodo ecosystem is security. Komodo provides a unique and innovative form of security that is as strong as the Bitcoin network, yet does not require the incredible cost. Every member of the Komodo ecosystem receives the benefits of this security.”

This is achieved by their dPoW mechanism which provides the same level of security as the strongest PoW network, without attempting direct competition. This means that not only are they not competing with Bitcoin, they are adding no danger to the environment themselves as they are working with the Bitcoin blockchain.

To briefly summarise dPoW – the Bitcoin network is used as a storage space for “Backups” of KMD transactions which are stored every 10 minutes. If the Komodo blockchain history is attacked then it only needs one single surviving copy of the Komodo main chain will allow the entire ecosystem to overwrite and overrule any of the attacker’s attempted changes.

Therefore in order to destroy even the smallest KMD chain the attacker would have to destroy:

a) all existing copies of the asset chain

b) all copies of the Komodo main chain

c) the accompanying PoW security network into which the dPoW backups are inserted (Bitcoin).

This brings Komodo to state that their ecosystem has “higher than Bitcoin-level security, while avoiding the excessive financial and eco-unfriendly costs.”

More information can be found in their Whitepaper

A Mighty & Flexible/Dynamic Blockchain Platform

To summarise Komodo, in a recent interview Kadan Stadelmann, Chief Technology Officer, describes the project as follows:

“It’s a very mighty & flexible/dynamic blockchain platform that is based on a vision of interoperability and interconnectivity between all blockchains but also between all their communities. In simple words: With KMD you are able to create your own Blockchain with your own custom consensus rules (CC modules) which are immediately supported by our lightweight and mobile-ready next generation DEX! And on top of this, your new Blockchain gets secured with BTCs hash power: This is the Komodo Platform!

Progress

In 2018 the Komodo team achieved huge technological milestones and recorded a staggering 46,215 GitHub commits which you can see below:

They also formed several notable Technology Partnerships covering various sectors of their business including funding, research and security. More information can be found below in the infographic:


In Conversation

To find out more about Komodo and what they have achieved in 2018 I sat down with Ben Fairbank, General Manager, to discuss the project further.

When did you first hear about Crypto and what was it that drew you in to the space?

I actually heard about it very early on, through someone who had gotten into trouble when mining it. I thought it must have been to do with mining BTC and had no idea it was related to ‘borrowing’ electricity from an unauthorised source. This made me park it for quite some time.

Having been an expat for many years, it came back on my radar when I got sick and tired of paying huge fees to get access to my salary. For example, I would be paid in Kuwaiti Dinar and need to send money home to Australia. The process meant I would be paying for the Dinar to be converted to USD, then sent to Australia. My bank would receive it and convert it into AUD at a horrible rate. I could lose as much as $700 to send $5000 home each month. Blockchain seemed to be trying to tackle these issues.

What is your background and what was the driving force behind joining the Komodo project?

I’m a long time C Level executive and have specialised in Customer Experience, Company Turnarounds and Cultural Change Management. These roles have allowed me to work in many countries around the world for some unicorn companies such as Virgin, Ooredoo and more recently Grab.

Being honest, I was a huge fan of JL777 and what he stands for. I got into KMD early and tracked the progress as well as making several videos on it for my YouTube channel. After the infamous live video fiasco, my community had asked me to reach out to them to help with a number of different things on the non-technical side.

After a few great conversations and a trip to meet a key person, it was decided I might be able to bring some value to the table. I was delighted to offer my services and we went from there.

The thing that keeps me there and makes me even more certain, is the team keeps evolving and getting stronger. The project is built around some amazing technology, and it pushes the envelope on so many levels. Sometimes we run to keep up with the amazing advancements the coding team makes and I am more sure today, than I was when I joined, that this could well be the project that helps get mainstream adoption for blockchain.

2018 was a tough year for the Crypto market. However, from a tech perspective, we witnessed even more innovation and advancements than ever before. Can you talk about the progress you made last year?

While the majority of the industry struggled in last year’s bear market, it was a blessing in disguise for the Komodo team. Without unrealistic market expectations, the team was able to become laser-focused on driving the evolution of our roadmap and vision.

We spent the last year talking to developers, customers, and partners to better understand the key challenges and requirements facing our industry. From further breakthroughs with Atomic Swap interoperability, to Multi-chain syncing and cross chain technology, right through to the dPoW to any UTXO based blockchain, we were able to make some significant inroads to solving some of the most talked about issues in the industry. A 2018 year in review report, is now available on the website.

Komodo has always been all about the tech and delivering on its vision and goals. I think the whitepaper is testament to a well laid plan and shows the foresight needed to tackle many of the problems we face today.

What was your finest achievement in 2018?

I think, personally speaking, that the Crypto Conditions Consensus Framework is an understated accomplishment when you consider the practical implications. You have many circles talking about solutions to scaling, increased prevention against 51% attacks, interoperability, congestion and gas prices. Komodo has been structured to deal with all of these issues and is now focused on trustless conditions contracts that are executable on any blockchain technology. The magnitude of this accomplishment will soon be realised as it begins more widespread adoption.

The Sapling upgrade in December was a huge success in which you described it as “the largest single upgrade ever performed in the history of the blockchain industry”. Can you discuss how important this was to get right and how the success will help contribute to the future of Komodo?

Unlike many other first generation “platforms”, which have a single-shared blockchain model, Komodo is built on a multi-chain architecture that allows every project in our ecosystem to deploy their own fully independent blockchain. Therefore, any upgrades to the KMD code base requires coordination across all the blockchains in our ecosystem.

A recent vulnerability disclosure that we have not publicly communicated was part of the reason for this significant upgrade. So this became an extremely important exercise in not only dealing with vulnerability disclosures but also in how fast fixes can be implemented and integrated.
In the process of the upgrade, a world record was set for the highest number of hardfork upgrades in an interoperable blockchain cluster, when more than 40 independent blockchains were upgraded without issues.

The Komodo team and our partners were able to demonstrate how quickly new changes and fixes can be implemented for all our ecosystem to benefit from. Komodo is committed to providing investment protection to our customers and partners, and we’ve built a future-proof architecture that will push the latest innovations and upgrades to our technologies for free.   


Much has been discussed over your plans to reach 1M TPS – a hot topic within the community. Can you please give some detail on this as to the recent progress and how the stress testing process is going?

From a technical perspective, our scaling solution has been ready for a few months. In internal testing, we’ve already successfully tested and validated both 20K & 45K tx/ sec. It was important to our team to build credibility of our scaling solution by validating the technology and testing with a 3rd party partner.  With our advanced technology partnership with AWS, we have successfully received funding, technical validation, and architected the scaling solution fully on AWS infrastructure. Next steps are to work with the AWS team to jointly test 1M tx/sec per cluster, and write a case study around the scaling solution. It is important to highlight that our scaling solution is not a limit for the entire ecosystem, but the scalability we can offer each customer.

Another popular topic within the community is KMDLABS, your incentivized research and development using Komodo Technologies, which has seen the birth of projects such as Verus Coin and Peer2Cloud. How excited are you to see what these talented developers can create and achieve using your technology?

Yes, this is wonderful to see. Each new project helps to expand our community and the Komodo ecosystem in general. The real benefit however, is the technical competencies they bring which in turn, provide improvements and optimisation for Komodo.

KMDLABS is lead by blockchain expert and core developer ‘Blackjok3r’ and engineer ‘Alright’. In a short space of time they have made valuable contributions to the Komodo ecosystem as well as accomplishing significant research and development.

Projects such as Verus Coin, KMDLABS, Peer2Cloud and Chainmakers are really helping to define new boundaries and challenge the way the Komodo ecosystem evolves. These are just a few examples of the projects that make the Komodo ecosystem what it is today and we are eternally grateful for their contributions.

You recently partnered with Coinbene as a third party security solution and it’s also been discussed that they might use your peer-to-peer atomic swap technology. Can you provide some more insight into this strategic technology partnership?

In a crowded and competitive market, exchanges are facing pressure to offer higher levels of security and value to their customers. With the increasing frequency of 51% attacks and exchange hacks, exchanges need to take a more proactive vs reactive approach to building trust and credibility in their platforms. CoinBene were a prime example of a forward thinking exchange that understood. Following on from the recent success of dPoW in protecting against 51% and the consequent double spends, CoinBene will be able to recommend Komodo Security Services (powered by our delayed-proof-of-work mechanism) as a countermeasure to protect their customers against theft from 51% attacks.

This provides significant peace of mind for traders on the platform and all the user will need to do is confirm their coin is dPoW integrated and has it activated. If any coin isn’t activated, please contact Komodo so as the team can evaluate the integration possibility.

What can we expect from Komodo 2019? Are there are many surprises around the corner?

Yes, there is lots in store. A more detailed explanation can be found in the 2018 review on the website but I can say that I am particularly looking forward to the release of the Custom Blockchain Generator on AWS marketplace, along with the Komodo 2.0 Technology and Rebrand and the continued development of the Crypto Conditions smart modules. There really is a lot to look forward to and as always, I am sure a surprise or two for good measure.

What are your views on Crypto as a whole for 2019?

I would love to be able to say we have a clear steer one way or the other, but we don’t. We have a really interesting period coming up where we bid farewell to the way we knew things were run, in relation to ICOs and raising. We now head toward the building of solid and useable tech and have grown weary of non-substantiated promises.

I think, personally, we will have another run of sorts this year, when the landscape for STOs etc is more clearly mapped out. However, I don’t think we will see another 2017 style of run until at least next year. I am always happy to be wrong on this prediction though.

Can you summarise your ultimate vision for Komodo?

In an instance like this, I would prefer to quote our core developer and founder JL777.

Declaration of Independence

We the asset holders hereby declare our independence from any single blockchain.
An open and jointly developed specification on cross-chain atomic asset transfers will be developed. Any current or future blockchain is invited to join. Each blockchain will need to not only promise protections for asset holder interests, they need to live up to them. Otherwise, all the assets will simply move to blockchains that do.….

This is an interop standards effort and it needs to be blockchain agnostic and asset centric.

James ‘jl777’ Lee

I thank Ben for his time.

If you would like to learn more you can find Komodo’s relevant information below:

Komodo CMC

Website

Whitepaper

Blockchain Explorer

GitHub

Social: Telegram, Twitter, Discord, Reddit, Medium, Facebook

Exchanges: Binance, Bittrex, Upbit

*If you would like to donate some $KMD to help fund the site you can do so below. These proceeds will be used to ensure that content remains free and costs such as web hosting are covered.

RNGq22EeoXxZA6WS9w23cfDULMvjzfXv2u

The Daily Chain – The Leading Site for Unique and Informative Daily Crypto Content 

Alex Libertas

Fair Market Analysis: ZRX Next Coin to Blow

Previous article

FinTech Weekly Round-Up: 10th February

Next article

Comments

Leave a reply

You may also like

More in Articles