Komodo currencies create a direct and decentralized pathway from the
cryptocurrency market into the traditional financial system; they ease
users into the world of cryptocurrency and blockchain-based applications
by providing a familiar medium of exchange.
A bridge between the old centralized and the new decentralized
financial infrastructures will help accelerate blockchain adoption. – Komodo Fiat Currency Whitepaper
The beauty of it is that Komodo can offer access to centralized fiat
currencies through an unique decentralized mechanism. Other systems, by
contrast, often require users to trust a third party that maintains a
reserve of the same amount of funds in the actual currency.
The technology behind Komodo Currencies relies on two other innovative technologies called delayed Proof of Work (dPOW) and an atomic cross-chain swap protocol (DEX) as well as the Komodo blockchain. The dPoW protection mechanism allows these currencies to be as secure as the Bitcoin blockchain by attaching to the Komodo blockchain. The atomic cross-chain swap protocol lets users exchange the cryptocurrency in a decentralized and anonymous manner so that any currency can be easily converted to BTC.
To maintain a price consensus each notary node connects to the
European Central Bank (ECB) daily price feed, which provides a reliable
price feed service which is used by numerous financial services around
the world. To cover the weekend, when there are no ECB rates, three data
points are projected from the Friday price point based on differentials
from the previous week’s data, thus allowing the PAX to maintain a
consensus at all times. The Notary Nodes record these raw prices onto
the Komodo blockchain whenever they mine a block.
All the nodes use the Komodo blockchain's price points to maintain a
universal price consensus for each currency. Komodo coins (KMD) can be
deposited and automatically converted into any Komodo currency since it
is possible to calculate the exact conversion rate from those price
points at any given blockchain height.
This being the case, we have the necessary elements to allow users to
easily adapt to blockchain technology and all the amazing features that
the Komodo blocktech provides by giving users a familiar monetary unit
that can be utilized by online merchants and payment services as fast
and secure currency transactions.
Komodo currencies will be released in two stages; the first stage
will be a proof of concept where we will keep the currency supplies
You can learn more about our local Komodo currencies from its white paper. Stay tuned for the enhanced future release.
ZCASH [ZEC] - Dev update April 21, 2017 At the beginning of the week, we had the first of our regularly scheduled (once a month) meetings about the pre-Sapling hard fork (HF0) in which we narrowed down tickets into a select group using the tag HF0 wishlist. These tickets address the meta goal of making HF0 and future hard forks safer and simpler.We also had a topical meeting around revamping the release lifecycle and policy An overview of which will be released as a blog post in the very near future. We also touched on the concept of development environments but did not come to a final resolution on their implementation across the areas in which they aim to be used.Work on other process-related concepts like roadmapping and security incident procedure were also discussed more this week with the goal of releasing public documents outlining them coming in the near future.And with last week’s securityincident engineering timesync behind us, regular work on pull-request review and pre-Sapling features (payment disclosure, payment offloading and XCAT) were back in full swing this week. We also continued work on the block observatory and testnet faucet mentioned in last week’s update.
A handful of new FAQs
were added to the website this week and next week, keep an eye out for
the initial version of our zk-SNARK section in addition to the newest in
the explaining zk-SNARK blog series.We’ve also planned a Google hangout and livestream with Zcash
engineers to discuss and explain zk-SNARKs in two weeks on May 6th at
16:00 UTC. Those interested can request an invite to join the hangout or
post questions as comments in the video beforehand and/or questions in the chat box when the session is live.
As a reminder, check out the working groups
wiki page if you’re interested in becoming more involved in Zcash core
development and ecosystem maintenance and growth. Also, don’t forget to
ping us if you’d like to be invited to one of our future topical meetings, we’d love to include those from the greater community who are interested!