Komodo is a decentralized, open-source blockchain that uses the Equihash algorithm, a delayed proof-of-work consensus mechanism. Komodo’s goal is to provide an end-to-end solution for blockchain applications, including a platform for initial coin offerings ( ICOs), atomic swaps and a decentralized exchange (DEX).
The native currency of the Komodo platform is KMD, which can be used to pay for transaction fees, create DApps and vote for Notary Nodes (dedicated servers).
Komodo also aims to help developers carry out transactions while remaining anonymous. The Komodo blockchain claims to facilitate interoperability, security and flexibility in blockchain-based business solutions.
A backup of the Komodo chain is recorded on the Bitcoin network every 10 minutes, a feature made possible by 64 dedicated servers, or Notary Nodes. Such a safeguard ensures that changes won’t be accepted in the event of a hijack, as the Bitcoin network backups won’t reflect them.