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How to buy Komodo and how it works
Your guide to buying and trading Komodo (KMD) in New Zealand.
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
Where can I buy Komodo?
You can buy KMD on a wide range of popular cryptocurrency exchanges, such as the following:
How to buy Komodo in New Zealand: Step-by-step instructions
Want to buy KMD in New Zealand? Here’s an example of how you can do it:
- Step 1. Create an account on a cryptocurrency exchange that allows you to trade KMD
KMD can be traded with bitcoin (BTC) or Ethereum (ETH). It’s free to sign up for a cryptocurrency trading account by providing your email address, creating a password and in some cases, supplying proof of ID. It’s also recommended that you set up two-factor authorisation to ensure a higher level of security.
Step 2. Deposit funds into your account
Many exchanges don’t allow you to directly deposit fiat currency, such as NZD, and only facilitate trading between cryptocurrencies. With this in mind, you’ll need to own or buy BTC or ETH first.
The process for depositing funds varies between exchanges, so look for the link to fund your account or contact customer support for advice. For example, on Binance you can click on “Funds” and then “Deposit” from the top menu.
Step 3. Buying KMD
Now it’s time to trade BTC or ETH for PPT on the exchange. The steps you need to follow will differ slightly depending on the exchange you choose.
If you’re using Binance, for example, you’ll have to click on your desired trading pair (such as KMD/BTC) and enter the number of KMD you want to buy. Then you can select market or limit price and click “Buy 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 for download for Windows and Mac OS. Agama is also available on Linux operating systems, while the Ledger Nano S is a hardware wallet.
How the Komodo platform works
You should never invest in 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 decentralised exchange and cryptocurrency market.
- Jumblr. This is an open-source and decentralised cryptocurrency anonymiser.
- Decentralised fiat currencies. These are cryptocurrencies that are pegged to a local, fiat currency.
- Decentralised 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.
Should I buy KMD?
If you’re considering buying KMD, you’ll need to take in 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 investors, 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 means 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.
Frequently asked questions
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