Topic: Komodo: create your own stablecoin in just a few clicks or commands (Read 141 times)

Komodo CTO Kadan Stadelmann has been doing this stuff most of his life. His background is in IT, engineering, and software development. He comes particularly from an OpSec and DevSec background, before he started actively engaging and researching the cryptographic space and decentralized software applications. Komodo is a multi-chain platform enabling developers to multiple chain architecture.

“I thought [blockchains] were basically driving freedom, freedom of speech, and all these things,” said Stadelmann, who actively coded during high school and University.

“I started with a C++ coding language and I quickly dove into intrusion detection system development,” he said, referring to software that tracks traffic on a network. “You’d basically end up coding pretty close to the physical layer, the networking layer.”

Stadelmann also worked on installing the software on relay nodes for central European governments. “We developed systems that did not just track and detect intrusions and malicious packages, but also injected additional data into these malicious packages, and tracked it back to its source and origin.”

The Bitcoin protocol is written in C. The first person to help Satoshi Nakamoto write code, Hal Finney, specialized in C++. Stadelmann says that while knowing C++ helped transition into the blockchain industry, it’s not a prerequisite. He says, if anything, it might have saved him time understanding the code. Anyone with a coding background, including Javascript, can go deep into the blockchain tech stack.

Most of Komodo’s software is written in C++ and C. But, they’ve also imported Rust, Mozilla’s programming language, which Stadelmann thinks gives Komodo certain advantages, especially when it comes to things like static analysis, memory efficiency, and overall performance.

“This new Rust layer that we are using is really saving us time in developing software, but also the end results are crazy, and we are seeing an increase in performance and efficiency,” he said.

But it’s not just limited to these few coding languages. “I’d say our team is really using most of the existing and popular coding languages and technologies, such as Flutter, for example, a new technology provided by Google that enables you to develop mobile applications in a very efficient way.”

With the aforementioned technologies, Komodo has built one code base to underpin multiple operating systems and platforms. Their cross chain Atomic Swap Dex technology features a multicoin wallet with a native Dex, and is currently available for iOS and Android.

“We try to really stay open, not just like when it comes to crypto and to blockchain, but even when it comes to utilizing new coding languages, new tech stacks,” said Stadelmann. “We’ve really tried to keep evolving and continuously improving and optimizing, not just our applications, but even the underlying tech stack that we’re utilizing for these applications.”

Komodo recently rolled out a new feature module enabling anyone to create their own stablecoin in just a few clicks or commands. The stablecoins are collateralized with Bitcoin protocol-based cryptocurrencies. While the stablecoin module is one module of many others on the Komodo blockchain, Stadelmann believes it is a key piece of the Komodo architecture.

These stable coins link to the traditional fiat world into the traditional financial system. “And we believe the next step is getting the stablecoin tech actively used and adopted in an AtomicDEX. And, also to be fair, this is not limited just to our next technology. I mean any other DEX, and any other blockchain project can utilize this tech to get stablecoin out.”

To a certain degree, coding in C++ made the implementation of such stablecoins easier to rollout. “At the end of the day, this experience allows us to design this technology, and the architecture of such a stablecoin module, in an efficient way,” he said.

Anyone can create a chain of their own blockchain, called a smart chain, with the help of dozens of modules designed by Komodo. The PEX CC module is a stablecoin module, for instance.

While some stablecoins have a centralized component, Komodo is decentralized. “Let’s say you wouldn’t want to rely on these already existing stablecoins, because of various reasons,” said Stadelmann. “One of these reasons is the lack of transparency, for instance. We do not know if specific stablecoins are backed [by what the proprietors claim]. Most of these layers, DEXs, trading platforms, et cetera, still operate more or less [like the] Wild Wild West.”

Komodo also provides modules to enable cell data on the blockchain and to spin up a lottery system for users in a decentralized blockchain-based fashion. “We even have a module, which is called tokens and assets module, which would allow you or any user to just tokenize whatever you want to tokenize.”

source: https://cryptographicasset.com/blockhains-drive-for-freedom-stablecoins-and-smart-chains/

Komodo also features a multichain architecture. “Blockchains always come with limitations,” said Stadelmann. “All blockchains come with limitations. Limitations in transactions per second in the maximum block size, and so on. So we gave the Komodo platform the ability to spin up parallel chains, sidechains, which would literally like interoperate with the base change.”

Let’s say you created a chain X and chain X reached its limit due to so many transactions taking place, blocks being overfilled, and the fees going crazy.  “We need to scale this somehow.”

Komodo solves this by generating a second chain, which is part of a cluster. “The cluster is formed with the main chain and the side chain, so we have like a scaling protocol that would allow you to literally send coins from chain A to chain B. At that moment, they will literally be burned on chain A, and reissued on chain B, the second chain. This cross chain burning protocol will allow you to remain fully in sync, and would also mean that you have technically two chains.”

That means two times the limit, two times the underlying infrastructure, two times the block sizes, and so on. “This is something that scales up infinitely. We could literally set up a thousand side chains. That was how we achieved a million transactions per second. We [conducted] an experiment to prove that Komodo scales efficiently and easily. That’s something we did last year.”