Early this morning a rumor spread claiming that the Chinese Supervisory Authority would outlaw cryptocurrency to fiat exchanges. Allegedly the decision stemmed from a fear that Bitcoin and virtual currencies could be used for illegal fund raising and could pose a financial risk to the citizens of China. It is believed that these rumors were an organized effort to artificially drive down the price of Bitcoin. Issues such as this highlight the need for a decentralized peer-to-peer exchange that would not be susceptible to government regulation.
Komodo Platform may have a solution; today the project announced a new form of decentralized initial coin offering mechanism they have dubbed “dICOs”. The platform leverages BarterDEX and Jumblr technologies to provide a peer-to-peer initial coin offering mechanism that is both decentralized and is not susceptible to the money transmitter laws that prevent true financial freedom.
BarterDEX is not hosted on centralized servers and it can operate client-to-client on a distributed network powered by the Komodo Platform, therefore it is not susceptible to the same dangers as centralized exchanges. It allows users to trade blockchain-to-blockchain without intermediaries. Below is a paraphrased explanation of the dICO concept from the developer:
‘A project can launch a Komodo Assetchain. The end user, by using JUMBLR, can create private KMD to use as they deem. Now, let us envision a BarterDEX order book full of the ICO's utxos. You can use BarterDEX to barter your private KMD utxos for the ICO's. It is a direct swap without anybody in between. There can be no money transmitter issues if it is your private KMD being swapped directly. Now you converted your private KMD into a private amount of the ICO in a totally private address. Nobody knows this happened except you. This is true financial freedom.
Another advantage to the decentralized ICO is that there is an immediate trading market, in fact, it was via this secondary trading market that the ICO was distributed. So all decentralized ICOs will start trading right away. The Komodo Platform utilizes its existing technology base of JUMBLR and BarterDEX to create a game changing method for conducting a fully decentralized ICO. Monaize will be the first of many such decentralized ICOs’
It is uncertain how the Chinese Government will react to dICOs, but one thing is certain: technologies like Komodo Platform are paving a new way forward for cryptocurrency issuance and exchange.
Monaize, a Fintech institution, will launch the first dICO using the Komodo Platform's technology. In the upcoming weeks the Monaize team will release more information on the features of their token and how they will leverage the technology to facilitate blockchain services for the masses.
https://www.monaize.com/
Additionally, Komodo Platform announced a new release for their multi-coin wallet Agama is around the corner. Currently in beta, the Agama Wallet is powered by Iguana core, the platform’s API engine. It allows users to parallel sync multiple blockchains at the same time.
https://supernet.org/en/products/agama-wallet
For more information on Komodo Platform and Monaize please visit the links below:
Sources:
https://komodoplatform.com/
https://www.monaize.com/
https://supernet.org/en/products/agama-wallet
https://www.reddit.com/r/komodoplatform/
http://slackinvite.supernet.org/
https://twitter.com/KomodoPlatform
Vocabulary:
BarterDEX: Komodo Platform’s atomic swap exchange.
Jumblr: Zero Knowledge Proof tumblr that is a core feature of Komodo Platform.
Agama Wallet: Multi-wallet capable of running multiple blockchains natively.
dICO: Decentralized initial coin offering.
Special thanks to Brad and Peter for proof reading.
Great article, man! It got posted on our Reddit www.reddit.com/r/komodoplatform , if you are interested!
Liking Komodo a lot. The timing is perfect. lets get this baby online...
Komodo is a very intersting project.
What do you think about other decentralized exchanges like openledger?
I really like Komodo but the wallet has been a complete pain. I'm holding my Komodo for the long haul because I like the project and see it succeeding, but at the moment I feel safer with my Komodo on the exchange than either of the wallets(agama/Komodogui). Anyone else having this issue, or know of a better wallet?
I'm holding on the Ledger S Nano, probably your best bet.
the non-gui windows wallet works well , if you run komodod.exe you can then open the windows gui wallet after Komodod.exe is running first, the commands are listed on the supernet website not to hard to follow , just back up your wallet.dat file and save your private keys
Hope for the best for Komodo holding at high level !! thanks @karkoise
Very cool. I like the way the team identified a centralized control point and is using technology to decentralize the blockchain community. This is what it's supposed to be about!
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