• Komodo (KMD) Price

    The cryptocurrency space is going through an astonishing revolution right now, with new crypto-coins being introduced every day in this booming industry. Some of these digital currencies are outright copies of Bitcoin while others have attempted to modify the Bitcoin protocol and offer something better to the customers. One such platform is Komodo and its native cryptocurrency is KMD.

    What is Komodo?

    In the simplest terms, Komodo Platform is a one-stop shop for all your blockchain solutions and initial coin offerings.

    However, the platform has more applications in addition to the ones mentioned above. Komodo also has a decentralised exchange known as BarterDEX and a cryptocurrency anonymizer known as Jumblr to enhance the privacy of your transactions.

    Using the Komodo platform, developers can build their own independent blockchain, right from the scratch to complete implementation. Furthermore, developers can also launch a decentralised ICO to ensure that there is no central point of failure.

    Komodo platform has been developed using the Zcash protocol. Zcash is nothing but an open cryptocurrency that offers privacy, anonymity, and fungibility of any cryptocurrency on the blockchain. Unlike Bitcoin, where a history of every transaction (along with its details) is displayed on its blockchain, all transaction details in Zcash are concealed from the public. Komodo has been built on this Zcash protocol to make transactions private and anonymous through Jumblr.

    In addition offering an extra layer of anonymity and privacy in the transactions, Komodo also adds an extra layer of security to them through a new protocol known as delayed Proof of Work (dPoW). Without getting too technical, all you have to know is that this protocol has taken Bitcoin’s Proof of Work consensus mechanism and enhanced it greatly to ensure complete immutability and security to the transactions taking place on the Komodo platform.

    Komodo’s another feature that is worth mentioning here is its decentralised exchange known as BarterDEX. This exchange is powered by atomic swap - a technology that enables users to exchange cryptocurrencies without the need for a third party site, which traditionally is a cryptocurrency exchange. Therefore, users can use BarterDEX to swap cryptocurrencies conveniently without the need for an intermediary like BTC.

    The users of the Komodo platform will benefit greatly from the aforementioned features. In many ways, Komodo is the next step in the blockchain revolution - enhancing the privacy and security of the transactions taking place. However, many features of the platform are still in its development stage but for the time being, things appear to be on the right track.

    Coming to the native currency of Komodo Platform, KMD, it has a fixed supply of 200 million. Of these 200 million KMD tokens, 90 million were sold to the investors in 2016 during its ICO, while another 10 million were kept by the team for future development and marketing. The remaining 100 million KMD tokens are available through the process of mining. The team behind the development of Komodo predicts that all the coins will be mined by the year 2031.

    Where to buy Komodo (KMD)?

    KMD tokens are available for sale on some of the leading cryptocurrency exchanges like Binance, Bittrex, Upbit, Binance, Verbitcoin, Cryptox, et cetera. Being an altcoin, KMD tokens will have to be exchanged with either BTC or ETH.

    Komodo (KMD) Wallets

    Komodo wallets are known as Agama and are used to store, send, and receive KMD tokens. Agama Wallets for different desktop operating systems can be found on the official website of Komodo Platform.

    You can also download a paper wallet from the official website. However, the best way to store your KMD tokens is in a hardware wallet like Nano Ledger S or Trezor.

    KMD Mining

    In order to mine KMD successfully, you will need a system with a decent graphics card. All you have to do is download the necessary software and join one of the several mining pools to mine KMD. However, do consider the cost of investment (electricity required, system, et cetera) before you start mining KMD.

    KMD Price Trends

    At the time of writing this article, 1 KMD token is worth approximately 3.59 USD. During the months of December and January, the value of KMD rose exponentially following a dramatic surge in popularity in the cryptocurrency space. The price of 1 KMD token went up from $3 to $12 in just 20 days. The hunt for the ‘next’ Bitcoin led to many altcoins witness a massive rise in their values and KMD was one of them.

    Needless to mention, the rally faded by mid-January and the price collapsed soon thereafter. In just 10 days, KMD tokens shed their recent gains and went below the $5 mark. The coin has been in that territory ever since.

    DateOpenHighLowCloseVolumeMarket Cap
    5/30/20182.572.662.442.542678930001567240
    5/29/20182.322.612.282.572414700001377760
    5/28/20182.532.592.312.31264153000836946
    5/27/20182.572.582.482.53267964000564991
    5/26/20182.62.662.512.582706700001202100
    5/25/20182.722.752.572.62831790001042220
    5/24/20182.732.822.512.712838700001842720
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    Risks associated with investing in KMD

    Komodo promises to be a lot of things but as mentioned earlier, many features of the platform are still in the beta phase. In addition to this, the extreme volatility of KMD is another factor that should be considered before investing in it. To have a portfolio that has a large exposure to cryptocurrencies may not seem like a feasible idea, especially with the rise in regulation in the cryptocurrency space. Cryptocurrency is a relatively new asset that is yet to attain some sort of stability like the traditional investments out there.

    Therefore, instead of investing in these volatile digital currencies, we urge to consider the safer, traditional methods of investing money like mutual funds. If chosen wisely, a good mutual fund can deliver healthy returns in the long-run.

    Disclaimer:

    "The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

    A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."

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