Audo Kowitz: Single chain platforms is like renting a room in a skyscraper instead of building your own home
Audo Kowitz, marketing director of Komodo Platform told LetKnow.News about the dPoW consensus algorithm, described the benefits of smart contracts and explained why the future belongs to multi-chain architecture.
- Tell us a little about yourself and what the Komodo project is all about.
- The idea of Komodo came to us when we experienced and realised all the shortcomings of single-chain platform models. It all started in 2014, when our founder with the nickname jl777 created a
blockchain solution on top of a third-party platform using its architecture and tools. In 2015, the platform developers decided to make some changes that affected the product created by jl777 and broke the backend. Because of this painful experience, the idea of the Komodo project was born.
All this time I closely followed the events as a member of the community and after the announcement of Komodo decided to take an active part in its development. I have always believed that the future is in multi-chain architecture. Therefore, I immediately liked the vision of jl777 and I was very interested in the project.
What really sets Komodo apart from the rest is our technology and the way of solving problems. Komodo does not follow in the footsteps of other platforms. We offer a completely new approach to the development of blockchain-based products. One of the main tasks of our team is to create an open system that will allow companies and developers of blockchain solutions to remain independent.
In order to better understand what is unique about Komodo, first I’ll talk about the main disadvantages of popular blockchain platforms with single-chain architecture. Using this model, developers have to build a project on top of a common chain of blocks that they cannot control. The only thing they control is their own
token (not a coin), the existence of which depends on a third-party blockchain. Of course, there are advantages of using single-chain architectures. You can put security and scalability issues on the shoulders of platform developers. However, there is no guarantee that these problems will ever be resolved, and any changes may affect your business application.
Komodo provides an opportunity for companies to easily launch their intelligent blockchain chains, as well as customise them according to their own needs and specific goals. At the same time, developers can take full advantage of the Komodo platform, while remaining completely independent.
- What is the dPoW consensus algorithm and how is it different from PoW?
- The name “Delegated Proof of Work” (dPoW) may be a little misleading. The fact is that this is not a separate consensus algorithm like PoW or PoS, but a modified version. We developed it as an additional two-level security mechanism for blockchains, similar to two-factor authentication. dPoW can be added on top of any consistent algorithm to provide better protection not only for Komodo's network, but also for any third-party chain that joins our ecosystem.
One might ask, why would we need additional security for the blockchain? It's no secret that without a large number of miners, a PoW-based network becomes very vulnerable to 51% attack. The resources of even a small pool may be enough to take control of a weak blockchain. We have seen such attacks dozens of times over the past few years.
Since we are building a multi-chain architecture, it is especially important for us to eliminate all possible security vulnerabilities. At Komodo, each project has its own blockchain or even a cluster of blockchains, for which we must ensure maximum security.
Delayed Proof of Work (dPoW) is our innovative solution based on the hash rate of the most powerful blockchain in the world - Bitcoin. Every year, the Komodo community selects new nodes to form a distributed network. They write block hashes of each blockchain protected by dPoW in the Komodo register, performing transactions in the chain. Every ten minutes, a network backup is written to the bitcoin blockchain. After the notarisation of bitcoin, Komodo nodes write the block data back to the main blockchain.
As the result, dPoW provides dual blockchain protection, saving nodes from complex computational operations while significantly reducing transaction costs. And projects running on Komodo can benefit from Bitcoin’s high hash rate without the need to directly join its blockchain.
- What are cross intellectual contracts and how do they work?
- The functionality of the first blockchains on PoW, such as bitcoin, is a bit like a calculator, since it is designed to work with digital currencies and does not require too complicated logic. The appearance of Ethereum, which positions itself as a global network for the development and launch of decentralised applications, has filled this gap. However, as I said earlier, all projects on Ethereum should be built on top of the main chain of blocks with all the ensuing consequences.
Komodo developed its own comprehensive open-source Antara environment for developing “smart chains”, programmable blockchains with 18 different configuration options. Multi-modularity makes them “smart”. Developers can use the logic modules from the extensive Antara library to configure their networks or create their own. The proposed plug-ins are developed by Komodo on the basis of a separate Smart Chain blockchain - a special solution for the implementation of any decentralised projects, be it gaming platforms, financial services, payment systems or supply chains.
Unlike single-chain platforms, smart contracts on Komodo can be performed directly on Smart Chain nodes without interacting with the underlying blockchain technology.
- Tell us about zk-SNARK technology and how it works.
- Zk-SNARK zero-disclosure proof protocol is the foundation of all the privacy features of Smart Chain projects. zk-SNARK allows you to process payments without revealing sender’s and recipient’s data as well as the amount. In other words, the recipient does not have information on what address the funds received from and who sent them. This guarantees the authenticity and security of transactions.
- What are the benefits of an independent, open source infrastructure?
“The key advantage of such approach is that the participants of the system can use each other's innovative solutions, choosing the components necessary for a specific business model and goals.
Independent infrastructure also contributes to the widespread and rapid adoption of the blockchain. When the majority understands the benefits of multi-chain models, it will be difficult for closed (single-chain) solutions to compete with them. A good example is Wordpress, which dominates the CMS. I consider the use of single-chain platforms as renting a room in a skyscraper instead of building your own home.
- One of your Agama wallets contained a backdoor that attackers could take advantage of. How did this story end?
- Agama Wallet was an open source project that was in an intensive development phase and contained many useful features. The core of the wallet is still used by many projects. As a result of the hacker attack, only Agama Komodo wallets were affected. Since then, we have implemented a more rigorous procedure of checking the new updates.
Alongside with Agama Wallet, we also created a crypto wallet called AtomicDEX. Komodo decided to focus only on the new project, so she stopped developing Agama, whose code base is now supported by Verus.
- Does the cryptocurrency market need regulation and do you feel pressure from the legislators?
- In my opinion, a minimum set of regulatory rules should be created aiming to protect people from companies that neglect security and promote their product or service, despite the great financial risks.
The need for regulation arises when projects, such as cryptocurrency exchanges, control user funds. If the underlying technology is completely decentralised and based on an effective consensus mechanism, there is no need for centralised management. For example, atomic swap technology allows you to
exchange digital assets directly without delegating control of funds to anyone else. Since there is no intermediate business, there is nothing to regulate.
- According to CoinMarketCap, the daily loss of KMD is more than 10%. What do you think is the reason for this and when to expect “To the Moon”?
- The crypto market has always been characterised as an unstable one and having an instant response to individual events. KMD volatility is largely dependent on price fluctuations of other cryptocurrencies. Sometimes a purchase of a large amount of bitcoins by one person, is enough for a sharp decrease in the cost of coins such as KMD.
Since the last bullish breakthrough of bitcoin, Komodo has maintained a stable position between 50 and 70 places in terms of overall market capitalisation. It is a good position, and we believe in positive dynamics in the future.
- Do you cooperate now with Ukrainian companies and does Komodo have any plans for Ukraine?
- We are always interested in cooperation and are looking for opportunities for mutually beneficial partnership. Komodo strives to create a global ecosystem, providing value to the entire blockchain industry. We recognise that it is impossible to realise our plans on our own.
So far Komodo has not worked with any companies directly. But we are looking for third-party services and solutions providers who are ready to cooperate with us in creating applications for end users and enterprises.