Komodo coin has just been confirmed as the latest addition to Bitpanda’s trading platform. The Austrian based exchange which offers a wide arrangement of payment options and good prices put out a statement which announced that Komodo will be added to the platform on June 12th. This won’t be the only addition as IOTA is coming just two days later, with new cryptocurrencies already being lined up for the future as well. This update came just weeks after the company announced Bitpanda 2.0, an overhauled and improved version of its platform.
Komodo addition has been teased during the Pantos (Bitpanda’s official multiblockchain token system) ICO. Pantos will look to create payment and communication channels between various blockchains and Bitcoin, Ethereum, Waves, Lisk and Komodo have been cited as supported. A blog post by Bitpanda team confirmed that Komodo is one of their project partners and will be one of the supported platforms for their meta token PAN. The token will be looking to allow instant and frictionless cross chain transfers between different supported blockchains. KMD will be trade only (buy and sell) at first as well, with a fully functional wallet coming soon after. Yorklab on Reddit said the following about the partnership:
“The developments here will be of great benefit to the Komodo ecosystem. The fact that Komodo is teaming up with other big names in the crypto space says a lot about Komodo’s place in the crypto ecosystem.”
Komodo could be the go to place for ICOs as it will be decentralized and will have no KYC and country restrictions. Komodo’s exchange allows for dICO’s free of KYC and it’ll be a prime spot for scammers, but also legitimate businesses looking to raise money by selling a token.
Komodo itself is a dPoW/PoW coin based on an Equihash algorithm that was launched in the fall of 2016. The company behind it aims to provide an open network suitable for launching new blockchains and related applications. It looks to position itself as the link between those blockchains, enabling them to launch independent decentralized ICO’s, which enables project crowdfunding without third party involvement. The platform also offers BarterDEX, a decentralized exchange able to provide the service of atomic swaps (swaps that occur on the Bitcoin protocol).
Komodo is modular and gives great flexibility to blockchain developers who can implement additional external features onto their blockchains if they so desire. There is also a focus on privacy and security, with zero knowledge proofs and a delayed proof of work algorithm being the underlying elements of Komodo. And of course, KMD coin will be the utility token of the platform which will allow it to function as envisioned by its creators.
Komodo is still very much a young project. BarterDEX, a decentralized exchange based on Komodo is currently going through the beta development. While users can start trading on it right now, the user experience might be littered with bugs and non-ironed out design choices. The interface is named HyperDEX and had its soft launch on May 21st. The platform has already been used to launch a few dICO’s, with Blocnation and Utrum taking the coveted title of being the world’s first in this area.
In what is probably the most important recent update about Komodo, China’s Ministry of Industry and Information Technology ranked it as the no. 5 cryptocurrency in the world. We have written about this Chinese government initiative to create a Global Public Chain Assessment Index and its first batch of ratings dropped on May 26th. The index does have some questionable subindexes on it (with Bitcoin, a project that lags way behind 3.0 blockchains getting the highest grade in innovation) but it does suggest that Komodo is slowly but surely doing something right.
KMD has pretty much flat-lined alongside Bitcoin in the recent couple of months, as a result of little news updates about the Komodo platform. It is currently trading at $2.54 USD with a minor increase of 1.67% in the last 24 hours, following Bitcoin’s movement to a t. With a dedicated development team and an ever-improving product there is no reason to not expect positive price movement in the future. Although some additional focus on marketing and further exchange adoption of the coin wouldn’t hurt.
