Introducing New KMD Use Cases
KMD - Native Currency of the Komodo Ecosystem
Komodo Platform can best be described as an open-source technology provider that focuses on advancing freedom through blockchain innovation.
KMD is the community currency for the Komodo ecosystem and is used for scalable, fast, inexpensive, and secure transactions. The Komodo blockchain network is secured by delayed Proof of Work (dPoW), a mechanism that recycles the hash rate of a larger network for advanced defense from 51% attacks. Users who hold KMD in a non-custodial wallet can claim a 5% active user reward without having to stake or lock funds.
Our vision for 2021 and beyond is to increase demand for KMD by building use cases around blockchain interoperability. As more projects use Komodo’s atomic swap technology for cross-chain/cross-protocol applications, KMD gains greater utility.
Four New KMD Use Cases
Komodo Team is working to add four new use cases for KMD.
- Multi-chain Coin - Expand to new blockchain ecosystems by building bridges and dApps that enable users to access KMD on multiple networks. Komodo has already made some progress by launching KMD on Binance Smart Chain.
- Discounted Fees - Pay lower trading fees on AtomicDEX with KMD. For example, a user who trades BTC for ETH, or vice versa, can choose to pay fees in KMD instead of the coins being traded.
- Buybacks - Purchases of KMD on the open market with fees generated from users trading on AtomicDEX.
- Liquidity Incentives - Build solutions that reward AtomicDEX liquidity providers.
Komodo AtomicDEX API: Powering Blockchain Interoperability
The Komodo Platform team is focused primarily on building AtomicDEX app — a non-custodial multi-coin wallet and an integrated atomic swap DEX rolled into one app. AtomicDEX is truly unique from other decentralized exchanges because it supports not only Ethereum-based assets but also dozens of other chains natively. BTC, ETH, BNB, LTC, and KMD are just a few examples of the thousands of assets that can be traded on AtomicDEX. Native compatibility for 99% of cryptocurrencies in existence is what makes the market potential for AtomicDEX significantly larger than even today’s most popular ERC-20 DEXs like Uniswap or BEP-20 DEXs like PancakeSwap.
What’s crucial to understand is that AtomicDEX is only one GUI application. The real catalyst for KMD adoption is Komodo AtomicDEX API - the underlying atomic swap protocol that powers order matching for AtomicDEX or any other application that any developer wants to build on top of it.
In the long run, KMD holders will benefit from the adoption of Komodo AtomicDEX API since AtomicDEX, DogeDEX, GleecDEX, and any other applications built on the protocol will have the option to integrate KMD for discounted fees, buybacks, and liquidity incentives. Ultimately, Komodo AtomicDEX API supports more than just decentralized exchanges. It can also be used for lending, borrowing, options contracts, and much more. All of these will add greater demand for KMD.
KMD Adoption Strategy Overview
The Komodo Platform team utilizes a 5-point strategy for KMD adoption.
- Technology: We are the industry leader of atomic swap technology and are doubling down on our efforts to support cross-protocol interop and UTXO innovation.
- Use Cases: We have established a clear focus on creating new use cases centered around porting KMD to new chains and driving AtomicDEX adoption.
- Business: The business team is pursuing new exchange listings and integrations that drive increased liquidity for KMD.
- Marketing: The marketing team is creating educational resources, boosting brand awareness, and starting initiatives with the goal of getting more people to build with Komodo technology.
Community: We are clearing the path so that anyone from the community can have an active voice in shaping the future of the project by contributing towards marketing and technology initiatives.
Our Focus On Project Sustainability
Despite raising less than $2 million back in October/November 2016, Komodo Platform has continued building innovative technologies thanks in large part to subsidies from Founder James ‘jl777’ Lee and other core supporters who put money from their own pockets into various project initiatives.
The goal of Komodo Platform has always been and continues to be to manage our budget wisely and focus on producing technologies that will change the world for the better. While other projects have come and gone, we are still here because we have kept our nose to the grindstone. As a result, Komodo Platform remains 100% sustainable for the years to come.
By creating applications that drive demand for KMD, the expectation is that the valuation of KMD will also increase. In turn, Komodo Platform will have even more funding to pursue the development and marketing of other innovative technologies.
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Read more: https://komodoplatform.com/en/blog/kmd-use-cases/
Text source: Komodo Platform Blog | En
