The Future of Komodo Platform and Jumblr Technology

As of the spring of 2018, Jumblr technology on the Komodo Platform is fully integrated with Komodo’s decentralized exchange BarterDex and users need to complete first and last steps of trading non-KMD coins when using Jumblr, but in the future the developers of Komodo plan for the process to be fully automated and operational without users having to do any tasks manually.

Currently, users who want privacy for their non-KMD coins on the Komodo platform need to first use Komodo’s decentralized exchange BarterDex to convert the non-KMD coins into KMD. Once they complete this operation, Jumblr can anonymize the funds and they can again exchange the coins using BarterDex and deposit them into a secret address of their choosing.

Komodo developers plan that in the future Jumblr will be a part of BarterDex available also for non-KMD coins. The idea is that when in the future users activate Jumblr on BarterDex for non-KMD coins, the software will automatically trade the non-KMD currency for KMD at the current price, anonymize the funds, and then transfer them back into a cryptocurrency of user’s choice. Obviously, because of the high volatility of the cryptocurrency markets, it is possible that users would have the value of their funds slip a bit during the exchange process. While BarterDex will give users an option to pre-arrange trades at a certain price, the issue with this option is that it is impossible to keep the information of the users fully private if they want to pre-arrange trades.

 

Komodo Platform and Risks

The Komodo blockchain started as a fork of ZCash, which is why both Komodo and Jumblr use ZCash technology as it was originally laid out by the ZCash team. The technology offers a lot of powerful privacy options and is superior to many other technologies currently available to users. Relying on the parameters of ZCash allows Komodo developers to focus on conquering other challenges and issues while at the same time provide the users of the Komodo ecosystem with a high-level of privacy.

To come up with ZCash parameters, the developers of the cryptocurrency created a set of keys that led to the creation of a master key for locking and unlocking the original parameters. Security measures that the developers have taken included multi-party computation, hard copy backups, and a unique way of distribution of the software. After that, the team destroyed all the individual keys and backups during what became known as “ZCash Ceremony.” You can watch the ceremony on youtube here: https://www.youtube.com/watch?v=D6dY-3x3teM

Despite of all these efforts, there are still skeptics who are suspicious about any project that requires an element of trust to another person or a team of people and such skeptics do extend their suspicion to the ZCash team.

 

Working with governments

As the blockchain technology is getting wider and wider adoption, many of the governments all around the world are working on the regulations for cryptocurrencies and on their own cryptocurrencies. The developers of Komodo play to integrate government cryptocurrencies tied to national currencies directly into BarterDex. Blockchain projects that use security technology of the Bitcoin network will be available for atomic swaps on the BarterDex decentralized exchange.

Another important functionality of the Komodo ecosystem is the availability of smart contracts. This availability will allow vendors and developers provide resources to all kinds of clients and users, including businesses, non-profits and governments. For example, BarterDex does use conditional time-locking deposit contracts as a part of the decentralized trading process. The Komodo team plans on releasing its own smart technology software that will not depend on any particular programming language. This will benefit both the main chain of the ecosystem and the asset chains.