Komodo Platform: How to achieve mass adoption for Digital Currencies
Cryptocurrencies are at an all-time high in popularity and demand. Blockchain technology provides lower fees, higher privacy, and more functionalities. However, many obstacles stand in the way of mass adoption, and these can all be found in the most popular and strong digital currency alive, Bitcoin. Bitcoin is widely accepted as a payment method by businesses and individuals due to its peer to peer nature and low cost fees. However, major volatility and lack of privacy are standing in the way of Bitcoin’s rise, among other problems. These however, are hard to solve due to Bitcoin’s consensus mechanism that requires thousands of miners to approve upgrades and changes.
A new class of cryptocurrencies is arising, but few focus on building a sustainable ecosystem around them. The Komodo Platform is a project that will launch with a network of tools to ensure its success and bitcoin’s. Komodo itself is a cryptocurrency that allows users to choose the privacy level of their transactions. Its blockchain is protected by bitcoin’s recycled computational power through a notarization process, allowing to achieve the same level of security without wasting energy.
Within the Komodo network, users will have access to fiat currencies that can be exchanged and transferred with the same degree of infallible privacy or transparency (according to the user’s need) that Komodo coins themselves possess. These fiat digital tokens can be exchanged along with cryptocurrencies on the decentralized exchanges (EasyDEX and PAX) found on the Komodo wallet, an easy to use software that acts as an advanced bank account.
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