How to create your own smart chain with Komodo Blockchain?

Cryptocurrencies and blockchain technology have been going hand in hand for a very long time. The number of people investing in cryptocurrencies and blockchain technology solutions is rapidly increasing. According to a report, more than 40 million people are using some type of cryptocurrency all across the globe. As a result, new crypto coins and blockchain platforms are being launched almost every day, giving people more options to invest in.

Although most of them are usually very similar to the already-existing ones, some have new features and better ways to assist people. With such innovations, the blockchain market is reaching new heights. A report mentioned that blockchain based technology is estimated to grow over USD 2 billion by 2021.

In this article, we will talk about one such new solution, i.e., the Komodo blockchain platform, by answering the following questions:

• What is Komodo?
• What are the features of Komodo?
• What makes Komodo unique?
• How to create your own smart chain with Komodo?
• Why should you go for the Komodo blockchain platform?

Let’s begin by discussing about what Komodo is.

What is Komodo?

According to its official website – “Komodo is an open and composable multi-chain platform.”

Komodo’s blockchain development roots date back to 2014 when it was launched as a fork of ZCash. ZCash is an open cryptocurrency project that uses the zero-knowledge cryptographic protocol known as zk-SNARK. It ensures any cryptocurrency’s:

• privacy
• exchangeability
• anonymity

Today, Komodo’s focus is to provide blockchain solutions that are:

• business-friendly
• interoperable
• secure
• scalable
• adaptable

But how does Komodo aim to achieve it? The platform has multiple new features, components, and technology suites that offer tools to build application-specific Smart Chains that are also customizable.

These tools facilitate end-to-end blockchain development with:

• an in-built modules’ library
• an open API to build blockchain based applications

With Komodo, all projects have an independent blockchain with the choice to support their own smart contracts, tokens, and dApps. Also, there are twenty-three customizable parameters before launching a blockchain, which allows the blockchain’s every aspect to be modified, such as:

• hashing algorithm
• consensus mechanism
• pre-mined coins amount
• privacy features
• size of block rewards, and many more.

To understand Komodo better, we must discuss the following:

1. Komodo’s Blockchain Specifications
2. AtomicDEX
3. Antara Smart Chains
4. KMD – It’s the native token

Blockchain Specifications

Before beginning to discuss the details of the Komodo blockchain platform and its token – the KMD coin, let’s get to know some basic specifications.

• Algorithm: Equihash
• Block Time: 60 Seconds
• Block Reward: 3 KMD
• Consensus Mechanism: : Delayed Proof of Work (dPoW)
• Total Supply of Coins: 200 Million KMD

Now that you know about the blockchain specifications, let’s move on to discuss AtomicDEX.

AtomicDEX

According to its official website, AtomicDEX is “a secure wallet and non-custodial decentralized exchange rolled into one application.” With AtomicDEX, you can:

• store your coins
• trade peer-to-peer with minimal fees
• control your digital assets

AtomicDEX makes competitive decentralized exchange possible. It allows people to exchange cryptocurrency coins with each other conveniently. With the help of its Atomic Swaps, you can trade different coins directly. AtomicDEX does not need its users to send funds to any centralized or decentralized party during the trading process, so they can completely control their funds’ private keys at all times.

Some features of AtomicDEX are:

• FastYou can start trading immediately with AtomicDEX. You don’t have to go through lengthy deposit and withdrawal wait times.
• SecureYou don’t have to give up control of your private keys and funds at any time.
• VersatileAtomicDEX facilitates versatility as there are no restricted trading pairs. You can directly swap any assets.
• Low FeesThe market makers don’t have to pay any fees, and the takers have to pay only a tiny amount of 0.15% fee.

Now that you have a brief idea about AtomicDEX, let’s discuss Antara Smart Chains.

Antara Smart Chains

According to its official website, Komodo’s Antara Framework is “a simple and adaptable framework for custom blockchain development.” With Antara, one can easily:

• launch a chain
• activate modules
• build blockchain based applications

The Antara framework is built on top of Komodo’s multi-chain architecture. It facilitates the building of smart chains, which are fully-programmable, purpose-built, independent blockchains. Antara Smart Chains simplify the process of developing custom blockchains.

Antara smart chains are fully customizable. There are several parameters which can be customized, such as:

• Privacy Settings
• Name
• Block Time
• Pre-Mine Supply
• Consensus Rules
• Block Rewards, etc.

Some features of the Antara framework are:

• Turing CompleteIt supports C/C++. Hence it allows for Turing-complete code. You can code any program or software to run on your smart chain with Antara.
• No Gas FeeAntara doesn’t require any gas fee. Irrespective of the number of processes, it only requires a single transaction fee to run, which the user can pay in their smart chain’s coin.
• Custom ModulesWith Antara, custom modules can be written to build advanced blockchain based software.

Now, let’s learn about the native token of Komodo – KMD.

KMD – The Native Token

KMD is the native token of Komodo. The total supply of KMD coins is 200 million, out of which 100 million coins were pre-mined. 90 million pre-mined coins were distributed through ICO (Initial Coin Offering) to ICO investors, and 10 million were kept aside for the Komodo platform’s future development. Komodo decomposes the remaining 100 million coins using its algorithm.

The users holding 10 KMD or more than that can earn 5% active user rewards. The token is the most widely traded coin on AtomicDEX. Hence it can act as a mediator between two tokens which don’t have a direct market yet. The holders of KMD are allowed to help choose who will operate the Notary Nodes, as they are allowed to participate in Komodo’s annual Notary Node Election. Notary nodes are responsible for ensuring the security of the Komodo blockchain by fulfilling the notarization process, which will be discussed later in this article. The first Notary Node Election was held in January 2017, where KMD holders elected operators for 59 nodes.

KMD is a mineable coin. However, you can also purchase it with fiat currencies on third-party services such as BitPanda and CoinFlip.

Now, let’s look at some features of Komodo to learn more about the platform.

What are the features of Komodo?

Three features of Komodo are:

• Multi-Chain Blockchain
• Composable
• Open-Source

Let’s discuss them in detail.

Multi-Chain Blockchain

Komodo blockchain can support multiple smart chains with the help of its coin, consensus protocol, and network. The Antara framework enables all smart chains to be independent. As a result, transaction fees are reduced, solutions become scalable, and “crowded network” issues are avoided.

Composable

Thanks to Komodo’s Antara framework, all solutions are modular and can be customized. There are no restrictions or rigidity to blockchain solutions built on Komodo. They can be deployed independently.

Open-Source

Komodo is an open-source platform. It uses the open platform model to provide business-friendly
solutions that are:

• scalable
• adaptable
• interoperable

We have discussed about the features and special components of the Komodo blockchain platform so far. It seems to be different than other platforms, but why? What makes it unique? Let’s discuss.

What makes Komodo unique?

Komodo is different from other platforms and is considered unique because of the following:

• Delayed Proof of Work Consensus Mechanism
• Scalability
• Interoperability
• Atomic Swaps
• Adaptability

Let’s discuss them in detail.

Delayed Proof of Work (dPoW) Consensus Mechanism

Komodo uses the Delayed Proof of Work (dPoW) mechanism as its consensus protocol, which connects to the Bitcoin network’s hash power for security. According to Komodo’s official website, you can “secure your project with the power of the Bitcoin network via Komodo’s delayed proof of work security mechanism.”

The Delayed Proof of Work consensus mechanism is responsible for the superior security which the Komodo platform provides to its users. The Komodo chain is backed up on the Bitcoin Network every ten minutes through the process of notarization. Notarization implies that Komodo takes a snapshot of all asset chains along with its own state and writes it into a block on the Bitcoin blockchain. Hence, any change to the chain would not be accepted if the Bitcoin network’s backups won’t reflect them. There are 64 notary nodes that have been selected in advance to fulfill this purpose.

The Bitcoin blockchain has enormous hash power, making the dPoW protocol a robust consensus mechanism for securing the Komodo blockchain platform. The notarization process ensures total immutability. It also gives a second layer of security to all transactions.

Scalability

Scalability is one of the core features of the Komodo platform. It is essential to ensure that the chain is scalable so that it can handle many users.

Komodo allows users to own a smart chain. All smart chains are entirely autonomous. So, if your project grows, you can add more chains and create a cluster. Users can also scale their maximum TPS throughput as much as they wish to, and as all transaction fees are paid with the user’s smart chain’s coin, there is no gas fee as well.

With Komodo’s multi-chain syncing, you can linearly scale out on demand. The multi-chain syncing process involves syncing multiple blockchains that are processing transactions simultaneously, thus achieving interoperability.

Interoperability

With Komodo, any chain can communicate and work with other chains. Your project on Komodo is interoperable with all other projects in Komodo’s ecosystem. Multi-chain syncing ensures seamless interoperability is achieved by smart chains in the Komodo ecosystem. Users can transfer assets and tokens between compatible smart chains.

Komodo also has cross-chain smart contracts, which increase stability and allow inter-blockchain transfers without performing a swap or trade. It facilitates so by burning coins on one chain and minting them on another.

Komodo has a technology known as the Atomic Swap, which enables users to trade their smart chain assets with non-smart assets. Let’s discuss it further.

Atomic Swaps

Komodo’s AtomicDEX facilitates Atomic Swaps, which are peer-to-peer (P2P) cryptocurrency trades that allow users to exchange two different coins directly from one wallet to another. With atomic swaps, Komodo has bridged the space between Bitcoin and ERC-20 tokens.

Currently, AtomicDEX is connected to 99% coins and tokens. Hence, it supports Atomic Swaps with all of them, thus providing an extremely high interoperability level. Users can directly swap any of these tokens with Atomic Swaps.

Adaptability

With Komodo, you can adapt your blockchain to create a purpose-built solution to fulfill your needs. Komodo facilitates adaptability in the following ways:

• It is an open-source community so that users can share and adapt code.
• It offers twenty-four launch parameters to help users customize their smart chain’s functionality.
• Users can dispose off or transfer data-weight heavy smart chains to fresh ones to use them easily.
• A virtual machine (VM) or VM based programming language is not required.
• Users can rely on the Antara framework to customize their smart chain entirely with arbitrary and unique code within the consensus mechanism.

Now, let’s learn how you can make your blockchain with Komodo.

How to create your own blockchain with Komodo?

Komodo offers the Antara composer to create and launch blockchains easily. Let’s take a look at how one can create a blockchain with Komodo using the Antara composer.

Step 1: Navigate to the Antara Composer

The very first step you’ll have to take is to go to the Antara Composer web page. Click here – https://composer.kmd.io/

This page will show up:

Step 2: Sign Up

Press “Sign Up” on the left side and enter your details.

Step 3: Verify your email and Log In

After signing up, verify your email by clicking on the link in your mailbox. This page will show up when you click on the link:

Press “Continue.” The following page will show up:

Press “Continue.” The following page will show up:

Enter your details and log in.

Step 4: Create your first blockchain

Once you’ve logged in, the following dashboard will show up:

Click on “Add Your First Blockchain” to create your first blockchain.

Step 5: Enter Details

The following page will show up after the previous step.

Now you must enter the following details to create your first blockchain:

1. Name of your smart chain – Enter whatever name you wish to give to your blockchain.
2. Your blockchain’s ticker
3. Your pre-mine supply
4. Your wallet address
5. Your public key
6. A brief description of the blockchain
7. A logo

Step 6: Select Privacy Options

Now that you have saved the details required in the previous step, you have to select your privacy settings.

You can choose privacy settings according to the transactions you wish to conduct with the blockchain, i.e., either “Public Transactions Only” or “Public and Private Transactions.”

Step 7: Select the Consensus Mechanism

After saving your privacy settings, it is now time to choose your consensus mechanism.

Presently, the Proof of Stake consensus chains haven’t been integrated with the Antara Composer. However, they are available from the command line of Antara Software. Save it and move on to the next step.

Step 8: Select Antara Modules

Antara has several pre-built modules, such as data oracles, stablecoin solutions, instant micropayments, rewards programs, etc. You can select if you wish to enable or disable Antara modules.

Step 9: Enable Rewards

You can select the kind of rewards you wish to enable. You can opt for standard rewards or custom rewards. You can also disable rewards if you want to do so.

Antara has several pre-built modules, such as data oracles, stablecoin solutions, instant micropayments, rewards programs, etc. You can select if you wish to enable or disable Antara modules.

Step 10: Launch your Smart Chain

Click on the “Launch Now” button at the bottom left and make your payment for the smart chain. You can pay via cryptocurrencies or PayPal.

Your smart chain is now successfully launched!

Now you’ve learned how you can launch your own smart chain on Komodo. But why should you choose the Komodo platform for your blockchain? Let’s discuss.

Why should you go for the Komodo blockchain platform?

The Komodo blockchain platform is a highly secure and promising platform to build blockchains. Its unique features and qualities help its users to achieve high performing and secure blockchains. It offers several benefits, such as:

1. It ensures high security by leveraging the Bitcoin network’s hash power, with the help of the Delayed Proof of Work (dPoW) Consensus Mechanism.
2. It allows direct transfers of different tokens and assets with Atomic Swaps.
3. Its users can freely customize their smart chains according to numerous parameters.
4. All Komodo blockchains support smart contracts, atomic swaps, and privacy.
5. It ensures high-level scalability and interoperability with multi-chain syncing and cross-chain smart contracts.
6. There is no gas fee.

Conclusion

Komodo blockchain platform is up-and-coming. Its benefits and unique features make it very different from other blockchain platforms and probably a preferable choice. No other platform has been able to achieve such high levels of interoperability and scalability. Users of the Komodo platform enjoy its numerous benefits.

If you wish to build a smart chain on the Komodo blockchain platform, contact our blockchain experts.