What is Komodo Crypto?

August 23, 2021 by Walt

Cryptocurrencies are all the rage right now, and the current wide choice of digital assets can easily confuse people who are new to the crypto world. Since the launch of Bitcoin, the industry has seen a massive surge in the amount of innovations and ingenious blockchain solutions, many of which translated into new types of cryptocurrencies.

Komodo is one of the most advanced blockchain projects in the market. Its approach to smart contracts and the ability to host a private blockchain on top of the Komodo mainnet have earned this platform a large fanbase. Moreover, Komodo cryptocurrency is highly valued in the crypto community for its fast transactions and low fees.

Key Points

  • Komodo blockchain can boast excellent security measures and impressive scalability
  • Komodo’s native token KMD has low transaction fees and is accepted by several reputable merchants including Travala.com
  • NOWPayments helps businesses and individuals who want to accept KMD on their website to set up a KMD payment gateway with ease and in a short period of time

Advantages of Using Komodo

Security

One of Komodo’s primary selling points is its unique consensus mechanism called Delayed Proof of Stake. Essentially, it provides a superior level of security by storing backups of all transactions on the network. Thus, in case of an attack on the Komodo blockchain, a copy of the entire Komodo chain will let the network overrule all of the changes which hackers could potentially introduce. Additionally, any organization that decides to build its own blockchain on top of Komodo’s network can easily integrate all of its records into the main chain. In other words, all of the transactions which take place on the private blockchains will be included in the backup of the main network. To successfully penetrate the security layer of Komodo, attackers will have to delete all copies of both the private blockchain and the main network.

Decentralized Exchange and Wallet

Other notable features of the Komodo blockchain which will not leave crypto enthusiasts disappointed are its decentralized exchange and wallet. These two are integrated together for better convenience. AtomicDEX is an app that lets users both store their digital assets and trade them. Its P2P order books technology is essential for maintaining a maximum degree of decentralization, and therefore every AtomicDEX user holds their private keys. It supports cross-protocol transfers, which means that users do not have to carry out several exchanges to acquire an asset they need. Instead, they can quickly trade, for instance, their KMD tokens for Bitcoin all within the app. This is made possible by atomic swaps, a solution that gets two different blockchains to communicate together and trade with each other while avoiding any type of the third party. The wallet is compatible with 99% of all existing cryptocurrencies, and the developers are continuously adding new ones.

Scalability

Komodo is an especially attractive project for companies which are looking to build and deploy their private network using the means of a secure and fast blockchain. Komodo lets its users set up their separate Smart Chains, which organizations can adjust to fit their needs and requirements. Users can create all kinds of digital assets, including stablecoins, cryptocurrencies, and tokens. Komodo’s scalability demonstrates itself in the fact that no matter how many additional networks and applications Komodo hosts, it will still continue to deliver fast and affordable transactions. Therefore, organizations with a Smart Chain in the Komodo ecosystem can be certain that their project will not experience any major issues.

KMD Token

KMD is the utility token of the Komodo blockchain, and apart from performing basic on-chain tasks, it is also perfect for transferring value online outside of its native platform. The token is available at multiple exchanges, both decentralized and centralized ones, including Binance, CoinEx, and ChangeNOW. Users can send their KMD while keeping their transactions completely private by switching on the Jumblr technology, which anonymizes all of the user’s funds and disconnects their trail. Komodo encourages its users to consistently conduct KMD transfers by presenting them with Active User KMD rewards.

Merchants Accepting Komodo

Travala.com

Travala.com is a place where crypto enthusiasts can book a trip to any part of the world by using their digital assets. The service accepts KMD payments alongside numerous other coins and tokens. It has a choice of more than two million accommodations and grants an opportunity to save up to 40%. Booking a hotel or an apartment in Travala.com is fun and paying for it is even more exciting.

FlokiNet

FlokiNet provides hosting services to companies and individuals looking for servers to deploy their websites. It has several products, including shared hosting, which is the most popular choice among clients. Virtual private servers are also on the list, and they are perfect for organizations that require freedom of partition and configuration. FlokiNet offers numerous payment methods, and KMD is not an exception.

How to Start Accepting KMD

Crypto invoices

Preparing a website for cryptocurrency payments can be a time-consuming experience if done without any professional help. Luckily, NOWPayments has facilitated the process and reduced all of the necessary steps to only several clicks. With the help of NOWPayments, any organization or and individual can choose the most convenient way to receive digital assets and deploy it in a matter of minutes.

Crypto invoices are an excellent solution for small businesses that do not have a large assortment of products to handle. Invoices are simple to navigate since they contain all of the details about payment, such as the company’s crypto address and the amount the customer must pay. Moreover, there is no limit to how many times one invoice can be used, and an indefinite number of clients can utilize the same NOWPayments invoice.

Donation Widget

Enterprises and people that do not sell any goods and services and want to receive donations instead can place a donation widget by NOWPayments on their web page. There is an extensive selection of coins and tokens available to choose from, and KMD is also included. There is also a chance to adjust the widget to fit the needs of every client. For instance, an organization can accept donations in crypto but receive the funds in fiat or any other digital asset. A donation widget is great for blogs, websites of charities, and fundraising campaigns.

Ecommerce Solutions

WordPress eCommerce merchants that offer a large and diverse assortment of products on their websites can derive a lot of benefit from accepting crypto payments with the assistance of NOWPayments. The service provides ready-made plugin solutions for the aforementioned platforms that allow to automate the payment process. This means that once set up and adjusted, a NOWPayments gateway does not require any additional work. All it takes to deploy a gateway is to download a plugin, generate an API key in the NOWPayments account, and embed it in the plugin settings. As a result, clients of your business will have an option to pay with Komodo coins or any other type of crypto, which you can select in advance.

Conclusion

Komodo is a promising blockchain project which has much potential and already has proven its effectiveness. Thanks to its unique consensus protocol, the Komodo network is secure and is impenetrable to external attacks. By letting users build their own Smart Chains on top of the mainnet, Komodo is able to keep transactions fast and cheap, thus ensuring excellent scalability no matter how many extra networks its users create. NOWPayments assists businesses and individuals in deploying their private KMD payment gateways.

Read this article and more in the NOWPayments blog: What is Komodo Crypto

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  • Over 50 cryptocurrencies are accepted on the platform with an in-built exchange feature;
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  • A very simple setup

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