Your guide to buying, selling and trading Komodo (KMD) in the US
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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.
Where can I buy, sell and trade Komodo?
You can buy KMD on a wide range of popular cryptocurrency exchanges, such as the following:
How to buy Komodo in the US: Step-by-step instructions
Want to buy KMD in the US? Here’s an example of how you can do it:
Step 1. Create a Gemini account
To exchange fiat currency (in other words, US dollars) for KMD, you’ll need to register for an account with a local cryptocurrency exchange like Gemini. To sign up, provide your contact information and upload a copy of your driver’s license.
Step 2. Deposit funds into your account
When you log into your account, you’ll be taken to your Gemini dashboard. Click on the “Transfer Funds” button to transfer USD into your account via an ACH bank transfer or wire transfer.
Step 3. Transfer funds to an exchange that offers KMD
Click on the “Buy/Sell” at the top of the page and choose either bitcoin (BTC) or Ether (ETH). Once your USD deposit clears, you’ll be able to move your BTC or ETH to another exchange that lists KMD for trading. This involves signing up for that exchange, getting an address to send your BTC or ETH to and transferring the cryptocurrency.
Step 4. Buy KMD
Once you have BTC or ETH in a currency that offers KMD, you can then make a trade for it.
Note that most cryptocurrency exchanges do not allow you to exchange USD 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.
Which wallets can hold KMD?
KMD can be stored in a range of wallets, including the following:
- Komodo CLI (Command Line Interface)
- Komodo paper wallet
- Ledger Nano S
Agama and Komodo CLI are desktop wallets, available to download on Windows and Mac OS. Agama is also available on Linux operating systems, while the Ledger Nano S is a hardware wallet.
How to sell or trade KMD
- Visit the exchange platform you hold KMD on. Or if you’re currently holding it in a digital wallet, you can choose any platform from the ones listed above to complete your transaction.
- Transfer your KMD to BTC or ETH using the exchange.
- Follow the rest of the instructions on the platform to complete your sale or trade.
How the Komodo platform works
You should never buy into 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:
- BarterDEX. This is a decentralized exchange and cryptocurrency market.
- Jumblr. This is an open-source and decentralized cryptocurrency anonymizer.
- Decentralized fiat currencies. These are cryptocurrencies that are pegged to a local, fiat currency.
- Decentralized ICOs. These allow developers to use the Komodo platform to launch their own blockchain and crowdfund their ICO.
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.
What to consider before buying KMD
If you’re considering buying KMD, you’ll need to take into account a wide range of factors, including the following issues:
- Coin availability. KMD has a total fixed supply of 200 million coins. In the Komodo ICO in 2016, 90 million of those coins were distributed to initial stakeholders, with 10 million kept aside for future development and marketing.
- Demand for KMD. The larger the user base of the Komodo ecosystem, the greater the demand for KMD. Increased demand obviously translates to increased value, so consider the real-world applications for Komodo to get an idea of how the level of demand could change in the future.
- Competition. Make sure you’re aware of Komodo’s competitors and the threats they may pose to the value of KMD. For example, Ethereum is its biggest competitor in the ICO space, while Monero, Dash and Zcash are all noted competitors in the privacy coin sphere.
- KMD rewards. Komodo has a built-in system that automatically rewards users for holding KMD. The annual reward rate is 5% annual percentage rate (APR) revenue.
- Future developments. Komodo is part of the SuperNET project, a collaborative community of cryptocurrency developers that is working on several projects based on the Komodo platform. Stay abreast of future projects and developments to learn more about the potential real-world applications of KMD.