Komodo, a privacy-oriented blockchain network with the 34th largest cryptocurrency, has partnered with Monaize to offer blockchain services on a banking platform. Monaize, an e-banking platform, will use Komodo as a gateway to blockchain technology and will be the first banking service in the UK to provide blockchain based products and services for their client base. The collaboration comes at a time when the KMD cryptocurrency is gaining in value and receiving wider attention; during September, the altcoin scaled to new highs near $3.50.
Monaize outlined the mission of the partnership in a recent blog post:
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“Our mission is to push the boundaries in innovation through a long-term partnership with the Komodo Platform. Our joint vision is to bridge banking and blockchain, and to help cryptocurrencies achieve mainstream adoption.”
The Komodo Platform was chosen due to the team’s dedication, innovative track record, and because of the synergies between the two companies.
Komodo is part of the SuperNet ecosystem, a collection of decentralized cryptocurrency projects. The ICO by Monaize on the Komodo platform will run on another SuperNet product called BarterDEX, Komodo platform’s atomic swap exchange. Together, Komodo and Monaize will introduce to the world the concept of decentralized Initial Coin Offerings (or dICO’s for short).
Decentralized ICOs (dICOs) are a hybrid decentralized initial coin offering. The platform leverages BarterDEX and Jumblr technologies to provide a privacy focused peer-to-peer initial coin offering mechanism that incorporates zk-snark technology. Using Komodo asset chains, developers can now launch their own independent blockchains and distribute tokens through BarterDEX.
Komodo side chains that are interoperable with all Komodo Platform features but have some independence. It has the capacity to leave the parent-chain at any time, unlike their ERC20 counterparts. They can be used as cryptocurrency tokens, key value storage, and to build blockchain dAPPS.
One of the key advantages of a dICO is the financial privacy it offers. By using JUMBLR, you can create private KMD to use as you deem. Now, let us envision a barterDEX orderbook 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 the 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.
Monaize will create their token, MNZ, on the Komodo platform and will even gain access to the open source Zcash’s technology implemented for additional privacy. The dICO will also be novel in that ‘atomic cross-chain swaps’ will be used to distributed tokens instead of relying on people to hold funds in escrow while transactions are verified. The process boasts greater security and convenience for customers.
Another unique element of the Komodo dICO is the dPoW mining feature, which is the first of its kind, and Monaize will be the first third-party project to use it. Through Delayed Proof of Work, Monaize will notarize blocks to the Komodo blockchain, which in turn notarizes blocks to the Bitcoin blockchain. This scheme ensures that once the information is engraved on the Bitcoin blockchain, it would require both the Monaize and the Bitcoin blockchain to be compromised, thus giving Monaize a Bitcoin level of security.