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Komodo is an initial coin offering (ICO) platform designed to help developers launch transparent coin offerings. This decentralised platform allows each developer to set up an independent blockchain of their own, which they can then link to the Komodo ecosystem.
If a company wants to launch an ICO using Komodo’s infrastructure, it will need to pay a fee. This fee is payable in the Komodo ecosystem’s native token, the Komodo (KMD).
So, how does the platform work, what potential benefits does it offer and how can you buy KMD? Read on to find out.
You can buy KMD on a wide range of popular cryptocurrency exchanges, such as the following:
This is our quick guide to just one way to buy KMD. Compare some other options in the table below.
Want to buy KMD in Australia? Here’s an example of how you can do it:
To exchange fiat currency (in other words, Australian dollars) for KMD, you’ll need to register for an account with a local cryptocurrency exchange like CoinSpot. To sign up, enter your email address and create a password.
When you log into your account, you’ll be taken to your CoinSpot Dashboard. Click on the “Deposit AUD” button to transfer funds into your account via POLi Payments or BPAY. You’ll now need to verify your account for the deposit to be completed, so you’ll have to provide your email address, phone number, full name, address and proof of ID.
Click on the “Buy/Sell” at the top of the page and then search for “KMD” in the box provided. Review the current buy and sell prices for the cryptocurrency and click the “Buy KMD” link.
The next step is to do one of the following:
Once you click “Buy”, you’ll see the amount of KMD you’re purchasing, at what price, and the transaction fee amount. Click “Confirm Buy” if you’re happy to complete the purchase.
NB: Most cryptocurrency exchanges do not allow you to exchange AUD for KMD. On those exchanges, you’ll have to first purchase a major cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) before exchanging it for KMD.
KMD can be stored in a range of wallets, including the following:
Agama and Komodo CLI are desktop wallets, available to download for Windows and Mac OS. Agama is also available on Linux operating systems, while the Ledger Nano S is a hardware wallet.
You should never hold any cryptocurrency without first understanding how it works. In order to understand Komodo tokens, you’ll first need to learn about the Komodo platform.
Komodo’s development history dates back to 2014, but it officially started in September 2016 when the genesis block was mined. This blockchain platform aims to offer entrepreneurs the tools they need to create a blockchain ecosystem.
The platform uses zero-knowledge proofs to provide private or transparent transactions (as required) and a delayed-proof-of-work (dPoW) protocol to ensure security via bitcoin’s blockchain. It offers the following products and services to new coin developers:
KMD is a private cryptocurrency used within the Komodo ecosystem. This infrastructure coin is required to use many of the features on the platform and can be used for private digital payments. For example, KMD is the base currency of the BarterDEX exchange, allowing it to be used as a gateway to other cryptocurrencies.
If you’re considering buying KMD, you’ll need to take in a wide range of factors including the following issues:
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