Understanding Komodo could be divided into three topics: 1) Zcash, 2) dPoW, 3) SuperNET. Lastly we will explain why we are hosting this ICO in the first place - why we need funding and how we will use those funds to better the whole crypto scene.
If we would have to describe Komodo in one sentence it would be:
"Komodo is a Zcash fork that adds the dPoW consensus on top of it and integrates into the SuperNET ecosystem."
Komodo is a Zcash fork, so it will have all the same privacy features. This includes having both transparent and private transactions that are protected by zero knowledge proofs. We will also use the same trusted setup as they do.
What is Zcash?
Zcash is an implementation of the "Zerocash" protocol. Based on Bitcoin's code, it intends to offer a far higher standard of privacy and anonymity through a sophisticated zero-knowledge proving scheme which preserves confidentiality of transaction metadata.
Relationship with Zcash
Komodo is not involved with the Zcash project in any way. However our lead developer jl777 was involved with discussions about Zcash protocol design.
Here are is what jl777 said about the trustworthiness of Zcash team:
Knowing the zcash devs, I put zero probability that ALL of them are govt operatives. And it would require all of them to be cooperating. So, what is required is that all of their systems are compromised without their knowing about it. Now there are not just the average joe computer users, they are arguably the most skilled in the field
However if they all would collude and not destroy the toxic waste it would grant them the power to counterfeit more Zcash as well as KMD coins. Even in this case the Zcash or Komodo wouldn’t lose its privacy features.
In another post jl777 continues:
And if there is such a collusion and it is used to inflate the currency supply, it will be discovered and ALL the participants would be found out that they colluded. Also, market value of zcash will plummet, so it seems that smart people wouldnt collude together to be exposed as a colluding group, even if they were unethical and open to stealing.
More info can be found from the Zcash blog posts generating Zcash parameters and the design of the ceremony.
MiningOur initial consensus will have the same equihash PoW mining as Zcash has. However the mining aspects are not the same because we add the delayed Proof of Work (dPoW) consensus mechanism on top of the PoW mining. See dPoW section for more information.
Our lead developer jl777 has written a lot about this frequently asked question.
2. Delayed Proof of Work (dPoW)dPoW is a brand new consensus mechanism that provides bitcoin security to all other dPoW chains. Only Komodo has to attach itself to the Bitcoin blockchain, as it would be more economical for others to attach themselves to the Komodo blockchain since Komodo has lower tx fees than bitcoin.
Why dPoW?We developed dPoW so that 1) we can get better security for Komodo, 2) third party blockchains can use Komodo as an additional security layer, 3) SuperNET can achieve its own vision of independent assetchains.
Notary Nodes64 notary nodes will handle the bitcoin blockchain notarization. Notary nodes are elected by Komodo coin holders.
Elections and running a notary nodeIf you want to run a notary node we highly recommend you to start one on our testnet. Join #notarynode channel on SuperNET slack. For more info:
Komodo Elections & Candidates
Guide: Setup Komodo Notary Node
Steemit Article: Notary Node Elections
Q&A: Can you give me information about the notary nodes election process?
Round robin mining will ensure that there won't be notary node mining wars and that Komodo tx fees will stay low. Round robin mining means that each notary node will be able to mine with lower difficulty on their own turn. For more info see our development blog ‘Notary mining wars – and how to avoid them’
We will make it as easy as possible for other blockchains to get the bitcoin security through Komodo. For instance, the Stratis Platform is already interested in using dPoW to secure their private chains. See their complete answer once asked about it in a Stratis Investor Q&A session.