Binance AMA Series KOMODO

28.02.2020

AMA ( Ask Me Anything ) for Komodo platform was held on Binance channel https://t.me/binanceexchange.

Read the full AMA and join the Komodo revolution.

So, here we go.


Ari (Binance Angel) (Admin )

Hi, Community!

Now it’s the time again, we are getting to know another amazing project that has been around for a while in Binance Ecosystem.

On AMA this time, we have KOMODO Platform.

Let me introduce you to the guest speakers from the Komodo team:

  • Kadan Stadelmann, CTO, @cryptoanarc333 ( ca333 )
  • Audo Kowitz, Marketing Manager, @AudoKowitz ( Audo Kowitz )
  • Daniel Pigeon, Content Lead, @daniel_komodo ( Daniel CP )
  • Torsten Sandor, Technical Marketing Manager, @torsten1 ( TS )
  • Charles Gonzalez, Business (@ptyx11) ( PTYX )

Gentlemen! How are you doing?

Welcome to Binance AMA Series!

T S

Thank you Ari, amazing to be here!

Daniel CP

Hi all! Thanks for having us on for the AMA

PTYX

Hi everyone! Thank you for having us.

Audo Kowitz

Hello, I am looking forward to the questions 🙂

ca333

Hi all – glad to be here!


Ari (Binance Angel)

Can you tell me a bit about yourself and why did you get into crypto?

ca333

Hi everyone, my name is Kadan (or ca333).

I began working with Komodo core developers in early 2016 and became the Chief Technology Officer in late 2017.

I am leading Komodo’s developer team together with our founder, James ‘jl777’ Lee.

I am especially involved in developing Komodo’s dPoW Blockchain Security solution and AtomicDEX.

I’ve been interested in cryptography and blockchain technology since 2011. I strongly identify with Komodo’s vision and ideology, as well as the other members of the core team.

My dedication to the Komodo project is founded on an unwavering desire to make the world a better place.

In addition to crypto, blockchain tech, and development, I am also interested in literature, mathematics, astrophysics, and travelling.

Audo Kowitz

Hi, my name is Audo.

I am a marketing manager handling many day-to-day tasks within the team. I am especially involved with community-building activities and thinking about the overarching Komodo story and message concepts.

My interest in precious metals led to the discovery of Bitcoin and eventually into other blockchains projects.

I started my Komodo career in 2016 as a community manager and have since then been an active member of the marketing team.

Daniel CP

What’s up, Binance Community! I’m Daniel, Komodo’s Content Manager.

I am mainly responsible for Komodo’s content strategy, analytics, SEO, and editing.

I am a graduate of the University of North Carolina where I studied both Philosophy and Economics.

I have more than 6 years of experience in content marketing and worked with several different organizations, including a photography studio, an arts-focused non-profit, and a digital marketing agency.

I’ve been with Komodo since January 2018.

T S

Hi, I am Torsten.

I’ve been a technical marketing manager at Komodo since early 2019. Outside the day-to-day operations, my focus is on solutions and enterprise marketing, researching and promoting real-world use cases for Komodo.

After a decade-long career in marketing and advertising at agencies and tech startups, I switched to the blockchain industry in 2017 as the Chief Communications Officer of Exodus Wallet.

Before joining Komodo, I worked on AirAsia’s blockchain project in partnership with OmiseGo.

PTYX

Hi there guys! My name is Charles and I work to improve Komodo’s market position and achieve financial growth.

My focus is on achieving long-term organizational strategic goals, I build key customer relationships, identify business opportunities, negotiating and closing business deals.

I work with the internal team, marketing staff, and managers to increase sales opportunities and thereby maximize revenue for their organization.

I’ve helped several blockchain projects for the past 6 years develop applications, proof-of-concepts, and increase their presence in Latin America.


Ari (Binance Angel)

Thanks for the introduction! Now that the community has known you a little bit, I think we’re ready to go deeper to discuss everything about the project.

Ok, gentlemen. Are we ready to do this thing?

T S

We are 🙂

Daniel CP

We were born ready 😁


Ari (Binance Angel)

Let’s start – Q&A.

Could you please tell me what Komodo is?

What problem does it solve?

ca333

Komodo is a blockchain platform that allows projects and businesses to build application-specific blockchains.

It is a composable multi-chain platform, meaning every project building on Komodo starts with its own, sovereign and independent Smart Chain, and then has the ability to develop contracts, games, and apps on their own chain.

Why is this important?

Our long-term vision is a world of thousands of blockchains working together to form complex applications.

We believe the world is moving towards decentralization. Many of today’s centralized business processes, including attestation, escrow services, supply chain management, banking, etc, are all going to move to blockchain, replacing “trusted intermediaries” with code.

For us, it is clear that you can’t run all these applications on one single chain (like Ethereum)!

These chains need to be independent, but they need to be able to interact with each other.

Komodo’s multi-chain architecture is uniquely suitable to become an important player in every industry you can imagine.


Ari (Binance Angel)

A brief yet complete introduction.

Also we have KOMODO explained on our Binance Info here: https://info.binance.com/en/currencies/komodo

What is the advantage of keeping KMD for a long and short term?

ca333

The KMD coin is well-positioned to become the currency of the ecosystem.

It already provides security to the other blockchains through Bitcoin.

KMD enjoys a reputation for being secure, fast and has low fees.

KMD is also an Intermediary coin between all the other coins and blockchains.

We are working on building an atomic swap technology and DEX products in which KMD is positioned as the base currency.

Also, we are researching the possibility of developing crypto-backed derivatives and algorithmic stable coin solutions that would lock KMD out of circulation.

For short term speculators, KMD has something called “active user rewards”.

Any Komodo address holding at least 10 KMD will begin earning a reward after about 1 hour this balance is reached.

The rewards will stop accruing 1 month after a transaction to reward active users, so claiming your reward at least once a month is recommended if you hold your own coins.

Binance supports this, and takes care of it, so users on Binance automatically get this reward!  If the reward is claimed at least once a month, the total reward adds up to 5.1% in a year.

You can think of it as “staking”, although technically speaking it’s different.


Ari (Binance Angel)

Alright. How is Komodo different from other blockchains  and smart contract platforms?

T S

So, there are many platforms in the industry, Ethereum, Tron, EOS, etc. These are all single-chain platforms, while Komodo is multi-chain. However, the biggest difference is how smart contracts work on these platforms vs Komodo.

Smart contracts on Komodo are called “Antara Modules”.

They run directly on the Komodo nodes, and not in a virtual machine.

This means they are much more powerful than smart contracts!

They are also much more secure, because they are written in C++.

For example, Ethereum is using Solidity, which is famous for having bugs!

Komodo’s  Antara Modules do not require gas either. It doesn’t matter how complex a program or application is, the cost of it is always the cost of one normal blockchain  transaction.  

Ethereum smart contract calls can cost a lot, often up 1 USD per operation!


Ari (Binance Angel)

Before moving on to the next topic, may I ask you 1 question?

T S

Of course!


Ari (Binance Angel)

When you said low cost, how low is it excactly? Fee per transaction?

T S

Very very very low, around 5000 Komodoshis (Komodo-Satoshis)

That’s a fraction of a dollar!


Ari (Binance Angel)

Wow.. That is low 😉 OK. let’s move on to the next  Q

What is Komodo’s Blockchain Security Service?

PTYX

As many of you probably know, most blockchains, especially smaller ones, are not secure.

Projects have lost tens of millions of dollars in 51 percent attacks over the years. Komodo has a blockchain security solution to protect these chains with something called Delayed Proof-of-Work (dPoW).

Komodo’s dPoW is a second layer consensus mechanism. (Komodo is primarily Proof-of-Work.) dPoW security protects every integrated blockchain with the power of the Bitcoin network.

A series of cross-chain notarizations make leveraging Bitcoin’s hash rate possible.

These cross-chain notarizations are carried out by Komodo’s Notary Node network. Notary Nodes are dedicated servers that perform notarization transactions for the Komodo ecosystem.

The KMD community chooses 30 new Notary Node operators every year through a token-based election.

This year’s Notary Node Election begins on March 15, 2020. Anyone who is interested in running in this year’s election can learn more in this blog post.

The method dPoW protects blockchains is this:

Every few minutes, a block from the protected chain gets “saved” (notarized) on the Komodo chain

Every few minutes, a block form the Komodo chain gets “saved” (notarized) on the Bitcoin blockchain

To compromise a dPoW-protected blockchain, the hacker needs to attack the target chain, Komodo, and even Bitcoin! This provides an extremely high level of security.

T S

Here’s the blog post 😉


Ari (Binance Angel)

What are these notary nodes? What is needed to run a notary node?

Daniel CP

Notary nodes are elected every year, and the 2020 Notary Node Elections are coming in March!

It is important that it’s not us who choose the notary nodes, it’s the community.

All KMD holders will get VOTE tokens, and they can vote on the notary node proposals. It’s completely democratic.

Running a notary node is an excellent way to get involved with Komodo. Each operator can expect about 1500 KMD income per month in return for running and maintaining a notary node server.

The costs of such a server are around US$300 per month, so it can be quite profitable.

You can read about the elections in the blog post that Torsten posted above. We encourage all of you to participate!


Ari (Binance Angel)

Can’t wait for next month! Actually it’s only days away from now 😉

Komodo is a leader in atomic swaps, and recently introduced AtomicDEX. What is AtomicDEX exactly?

Audo Kowitz

AtomicDEX, and atomic swap technology in general, is a part of the solution for building our multi-chain architecture.

AtomicDEX allows value exchange between blockchains.

It is a DEX solution different from the currently dominant smart contract exchange model which is typically limited to a single-chain ecosystem. AtomicDEX connects different platforms and protocols— for example, it is possible to exchange BTC-protocol altcoins directly with ERC-20 tokens.

We are adding Tezos in a few weeks, and we hope to add Binance Chain-based assets soon!

AtomicDEX is currently still in beta for iOS and Android, but we already have thousands of people using the app every day!

We have roughly 5,000 active users at the present time. It is our main focus for 2020, as we continue working on our mobile app, and deliver a 1.0 this year.

We will also release desktop and web versions, as well as a special edition for private OTC deals.


Ari (Binance Angel)

What are your other priorities for this year?

T S

Soooo… we’ve just published our 2020 roadmap, which you can read at https://komodoplatform.com/roadmap

As you can see, we are going to have a very busy year.

We are going to release a new version of Komodo Core, making the technology layer even more secure and performant. We are also rewriting our blockchain security solution, dPoW, to make it faster and cheaper to operate.

With the Antara Framework, our main focus is on developer tools.

We will release new APIs, so developers can build applications easier using Komodo.

And, as just discussed, AtomicDEX is probably the most important focus for us in 2020 .

We are a few weeks away from releasing the desktop version of AtomicDEX, we are working on a web version, and the OTC special edition.

We also have a few “moonshot” items on the roadmap, like an IoT version of AtomicDEX for vending machines and and Point-of-Sale, private enterprise chains using Komodo, and smart contract interoperability with Ethereum.


Ari (Binance Angel)

New version of Komodo Core, New APIs on the Antara Framework, AtomicDEX, and a few more good stuff on the roadmap as well

T S

Yes, and a few moonshots!

Trying to find the best moon sticker but can’t compete with you haha 🙂


Ari (Binance Angel)

How do you see the industry and Komodo specifically 5 years from now?

Daniel CP

People in this industry, enthusiasts, investors, and developers alike, love to talk about “mainstream adoption.”

Many people think paying for a coffee with Bitcoin, for example is “mainstream adoption.”  And it certainly would be!

But it’s also important to realize that this adoption is not the future, it is already happening everywhere.

So with Komodo, for example, our technology is being taught at universities all around the world. We work together with the University of Texas, several institutions in Switzerland, the University of Marmara in Turkey, etc.

These students learn about blockchain tech, learn about Komodo specifically, and start developing real-world applications, sometimes in cooperation with governments and institutions like in Turkey.

So we’d say that blockchain is already in the mainstream, we just don’t see it yet.

In five years, we believe that many of the business processes that run on platforms developed two-three decades ago will switch to blockchain.

It is an incredible business opportunity.

Komodo is not the only blockchain platform to compete for this market, but it is well-positioned to capture a significant part of it.

We are a project with a long history of innovation and execution.

The earliest bits of Komodo date back to 2014. We have seen good times, and we have seen difficult times with the long bear market. But we never stopped innovating and delivering, and we won’t stop anytime soon.


Ari (Binance Angel)

What brought Komodo to Binance.com and what are the advantages of this listing?

PTYX

We’ve been listed on Binance since the early days, and consider it the most important exchange for us. We’ve always had a very good relationship.

We are thankful to Binance for supporting Komodo’s Active User Rewards feature — you can earn around 5 percent on your KMD simply by holding it! Binance is the only exchange that implemented this feature, so it’s a big deal.


Ari (Binance Angel)

Yes, incase you missed it, you can check https://www.binance.com/en/staking/products/332609e29e17488b93b8919e5cebb536 for more infos about KOMODO “staking” program on Binance.

Finally, how can people get involved with Komodo?

Audo Kowitz

If you are a developer, we have very good news!

Komodo is very developer-friendly. We think we have the best documentation of all blockchain projects.

T S

http://developers.komodoplatform.com/ has over 2000 pages of content!

Audo Kowitz

If you are not a developer, you still can get involved with Komodo.

We are always looking for ambassadors, meetup organizers, and business developers, especially in non-English speaking countries.

We do have a large Chinese, Russian, and Turkish community, but we’d love to expand further!

T S

And the best way to start is registering on our community portal, https://community.komodoplatform.com/ and participating in the conversations.



Lee

What do you think about Defi’s future in the coming years?

TS

We are super excited about DeFi. It’s such an exciting field, even if as we’ve all seen in the last 1-2 weeks, it’s experimental and has to be battle-tested.

But as you can see on our roadmap https://komodoplatform.com/roadmap/ we have multiple DeFi-related items scheduled for 2020!

We plan to launch a stablecoin Antara Module (so everyone, every project or even you personally can launch your own stablecoin!), and derivatives on Komodo.

Our CTO recently gave an interview for Forbes about DeFi 🙂

https://www.forbes.com/sites/justinoconnell/2020/02/10/in-the-future-you-can-create-your-own-stablecoin-with-just-a-few-clicks-or-commands/


Austin Mark

You were organizing the second “Blockchain and Cryptocurrency Technologies course” at the University of Texas in Arlington.

What topics did Sajib Datta address at that event? How do you evaluate the importance of the activity for students?

Also, is it true that you provide scholarships to some students? Will we see more of these kinds of events for Komodo?

PTYX

Some of the topics that were touched upon were related to the Antara Framework and smart chains.

We’re focusing resources this year in making it easy for students and new developers to understand our platform and what you can build with our tools.

I think it’s of great importance to do these types of events because it introduces Komodo to many young and motivated students that wouldn’t have known about the platform otherwise.

We also did the first Komodo Blockchain training course for government in Latin America in January.

The participants got diploma’s issued by the government. We are planning on working with the Data Science Institute in LATAM to offer more blockchain courses and with other universities.


KarimMelko

How will the privacy feature of Komodo be suitable for enterprise businesses if there are some regulation requirements?

TS

I really wanted to answer this question, because some people still think Komodo is a privacy coin. It is not!

But you can create a Smart Chain using Komodo tech where all the transactions are private. Hush and Pirate are two privacy coins built on Komodo.

So enterprises can choose if they want to enable or disable privacy.

It’s up to them!


Obenkz Obelix

What are the benefits of holding KMD for the long term?

Audo Kowitz

Komodo is a long-term focused project. We have been here a long time, and we will continue to work hard.

Top two reasons for holding KMD are:

KMD got very low inflation, plus users will receive the ‘active user reward’ (5.1% per year)

KMD will have demand due to it being an intermediary coin and a base currency of our atomic swap exchange

And a bit more detailed answer:

The KMD coin is well-positioned to become the currency of the ecosystem. It already provides security to the other blockchains through Bitcoin.

KMD enjoys a reputation for being secure, fast and has low fees.

KMD is also an Intermediary coin between all the other currencies and blockchains.

We are the leaders in atomic swap technology, and we are also working on an interoperability solution that uses KMD.

Here are a few more factors that would drive up the demand for KMD:

  • We provide various services through KMD, such as security, scaling, and interoperability, that are paid in KMD.
  • We position KMD as a base trading pair for Atomic Swaps. KMD pairs get a 10% discount on trading fees.
  • A big ecosystem means a strong coin; the more businesses adopt our technology, the more adoption, and visibility KMD will get.
  • We are researching the possibility of developing crypto-backed derivatives and algorithmic stable coin solutions that would lock KMD out of circulation.

maranatha

What is composable Smart Chain and how does they differ from conventional smart chains?

Mining and Staking is very popular today as incentives, does KOMODO support any and what are the requirements

TS

Ok good question. Lots to unpack here.

The first thing to understand is that Smart Chains launched with Komodo’s technology are totally independent from the Komodo blockchain.

It’s nothing like creating tokens on Ethereum or another smart contract platform.

When you make tokens on a platform like Ethereum, you don’t have your own chain, you’re just paying fees (GAS fees) to use someone else’s blockchain.

Launching a Smart Chain is more like creating a source code fork of Komodo, except you get even more features than the Komodo blockchain itself.

We call them composable because you can customize the Smart Chain before you launch it.

You can choose your pre-mine supply, block times, block rewards, privacy settings, and more. You can even choose your consensus rules so, yes, in that sense, Komodo supports staking.

Smart Chain projects can choose between PoW, PoS, or any combination of the two (hybrid PoW and PoS chain).

Then, after customizing a Smart Chain, you can activate the Antara Modules that you want to use. Options include oracles, stablecoins, tokens, and more.

All of these modules come built-in.

So, in a sense, Smart Chains are more like having your own blockchain platform.

You can host games, dApps, tokens, etc., all on your own blockchain. This is a much better model than smart contract platforms, where everyone shares one chain.


Ari (Binance Angel)

There you go, guys! 5 questions have been picked and answered

Congrats @LLeeKuanYew @Shingchong @karimmelko @Obenkz @endtimeprophet

That has been a very informative Q&A session. Thank you very much KOMODO Team for your time!


Daniel CP

As we noted above, the Notary Node Election begins in 2 weeks!

If you want to run, come check us out on the Community Portal and we’ll help you get started

http://community.komodoplatform.com/

Ari (Binance Angel)

Awesome!

And don’t forget to follow and subscribe KOMODO social medias:

Official Website: https://komodoplatform.com

And this concludes the KOMODO AMA!

Thank you very much to all the people who participated.

We wish the KOMODO team the best of luck for everything and future endeavors.


Thank you all for reading this. Join the Komodo revolution!

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