Concerns regarding the pseudonymous nature of Bitcoin and the techniques that can be used to identify users via Blockchain analysis has led to the creation of a new cryptocurrency: Komodo. This anonymous cryptocurrency was created not only to provide the best privacy cryptography can offer, but to do so with Bitcoin's seal of approval. What this means is that Komodo will be 100% secured by Bitcoin's hash power, something that has never been tried before.
Komodo uses ZK-Snarks to ensure that no information regarding its transactions is ever leaked. Users can still choose to make normal money transfers without using Zero Knowledge Proofs, which can be useful when keeping track of payments. The technology behind ZK-Snarks has been introduced to the cryptocurrency scene by the ZCash team, a group comprised of some the most talented cryptographers in the world.
In order to ensure that this technology is publicly available to early investors and that it is as secure as Bitcoin, Komodo will be hosting an Initial Coin Offering from the 15th of October until the 20th of November. The funds gathered from the ICO will be used to fund Komodo's new consensus protocol, delayed proof of work. This consensus mechanism will use Bitcoin's blockchain to notarize the transactions that occur within the Komodo blockchain, via notary nodes that create custom bitcoin transactions with Komodo's block info. This system not only ensures that Komodo is as secure as Bitcoin, but it also makes Bitcoin itself more efficient, as its hash power is recycled and can be used to secure any cryptocurrency that chooses to use this PoS/dPoW system.
Cryptocurrencies no longer need to waste resources and electricity to secure their blockchain, they can simply use the Komodo notary nodes to secure their systems in a cost-effective way, thus making Bitcoin the heartbeat of this new generation of cryptocurrencies.
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