Komodo Platform is a sleeping Giant-Monaize dICO taking place November 10th
Today, I’m trying to spread news to the communities about the first dICO taking place on the Komodo platform. Not many people know about this, my channel is one a few evangelizing it, and this could end up being the sleeping giant that puts large amounts of value into pockets of those willing to take the risk.
The dICO I am talking about is Monaize. The ICO is taking place on novermber 10th at 12pm GMT. I have interview Robert, of Monaize, and after speaking with him it reassured me of the potential of this project. Now, in my honest opinion, for a successful ICO and project you need key components—a working product, provide value, and partnerships. Now Monaize has a fully functioning app, that provides instant KYC/KYB on boarding process that allows users to creat a working bank account in less than 5 minutes. There we go check.
The second requirement is the project has to provide value or actually do something that benefits people in other words it solves a problem. Well Monaize aims to solve a massive problem throughout every country in this world. Access to banking—The first aim to capture the untapped market of small to medium sized enterprises who are currently underbanked
The third requirement is community and partnerships for sustainable growth. Monaize has some very important partnerships already. First partnership is mastercard which is to provide traditional banking services, next partnership is bitpay which is the bitcoin payment provider, and finally they have lexus nexis and contego for KYC/KYB. The partnerships are there, and the community is growing. Join their telegram channel if you would like to learn more
Komodo considers this the first decentralize ICO in the history of crypto, so this will be a ground breaking day in the crypto space. I’m going to go through the components on KOMODO that guarantees this will be the first dICO
1. Atomic Swaps-I’ve talked about this before, and PTY trader highlighted it in an interview with him. Komodo has been doing atomic swaps since 2014. The developers have been hard at work for years perfecting this tech and they are about to release it into the wild. According to sources, they are working on the GUI and debugging, it is moments away from being fully released. Soon, anyone will be able to do atomic swaps with the simple click of a button. The Monaize ICO will be the first to be fully executed via atomic swaps. Say goodbye to the days of centralized websites and address to send coins to and then you have to wait weeks and sometime months to receive your ICO or token
2. Secure Anonymous Participation-Komodo has developed JUMBLR, it is a decentralized coin mixer that provides users with complete and secure privacy with only a .1% to .3% fee for use. So jumblr trades your crypto for Komodo via an atomic swap and provides complete privacy through the zero-knowledge proof technology of zcash. Then, that komodo is mixed with other komodo from other sources to provide an additional layer of security. Finally, the mixed KMD will be converted back to BTC through another atomic swap and sent to its destination. This process is still manual, and completely optional, but provides privacy for those who need it
3. Resistance to Bag-holders and Whales-As most of you know, major ICOS can be sold out within seconds to whales who have the money to pay outrageous gas fees. I’m talking 4000 dollars plus! Good example of this is BAT, only a select few people got to participate due to wealthy individuals or groups buying up large sums of the token in a short period of time because they had the funds to provide a high gas fee to get their transaction through. In Komodo, they have implemented a system to distribute ICO tokens across multiple nodes/peers to give the small guy a chance. Instead of just 1 large transaction a whale can put in place, they will have to do multiple smaller ones which will take time, giving the small guys a chance to participate.
4. This is a big one, that most people don’t realize the significance of, ….Native Blockchains-Komodo is creating a platform where ICO projects will have complete control over their blockchains. They can separate themselves from the Komodo blockchain, and implement their own features while still being able to piggyback off the KOMODO blockchain for updates. This is one of the thing holding back projects on Ethereum is the Ethereum blockchain.
5. Multi-Coin Swaps – Komodo is not limiting their ICO issuers to only collect KMD in the ICOs. Bitcoin will be able to be used in the ICO, and potentially other coins in the future. This creates true freedom for both the ICO issuer and ICO participant. The KMD team aligns themselves with Satoshi’s vision of creating a fair and leveled playing field for people around the world. One issue that many people have raised concerns about is that this will fail to drive demand for KMD, but the KMD team doesn’t believe in forcing people to use their coin if they don’t want to. They see moves like this as a tax on an ecosystem and movement away from a free and open source environment. The KMD team believes use of their ecosystem will drive demand for KMD and create real organic growth. Its also worth mentioning that many ICO issuers will decide to help KMD by providing their investors incentives to use KMD. Like in the case of MNZ, this ICO will grant a 20% discount when using KMD in the first 6 hours of the ICO. After this window is closed the ICO will be opened up for BTC to be swapped for MNZ.