Home CryptoCurrency News Komodo - Elections to choose Notary Nodes for 2019 have begun

Komodo [KMD] – Elections to choose Notary Nodes for 2019 have begun

For the past 3 years, the Komodo project has held elections to elect its Notary Nodes. In this process, Komodo holders receive voting tokens in their wallets, in relation to a voting token for each Komodo in possession, and with these votes they can vote for their candidates for Notary Node.

On April 14, Komodo began these elections that will remain active for 1 month, exactly until May 14, where 64 Notary Nodes will be chosen to perform their work during 2019. These Notary Nodes will be arranged around the world.

What is a notary node?

The Notary Node are the servers in charge of guaranteeing the immutability of the data in the Komodo blockchain to increase the security of the network. The Notary Nodes certify the blocks created in the Komodo network by means of a backup in a blockchain different from Komodo (currently the bitcoin chain although they could use other networks).

For this process there is a total of 64 Notary Nodes that fundamentally perform 3 tasks:

  1. Collect information about the Komodo blockchain and write it in a special block in the same blockchain
  2. Notarize special blocks by writing them in an external blockchain (Bitcoin)
  3. Notarize back the blocks in the blockchain of Komodo writing on it the information on the location of the block that contains this notarization

The reason to notarize in different chains is not other than backing up the network and therefore increasing the security of the main Komodo network, because if a blockchain protected by the security provided by Komodo received an attack, the attacker should take control of 3 chains, the native network, the KMD network and the Bitcoin network, all at the same time so that the attack has some negative effect.

Of the 64 Notary Nodes that the Komodo network has, each year 30 are elected by the community through votes, 30 are re-elected for the services provided the previous year and the remaining 4 are reserved for project developers.

According to the Komodo team, anyone can be Notary Node of the project, as long as they have the necessary knowledge to keep the node running and get the support of the community.

What is Komodo [KMD]?

Komodo [KMD] is a cryptocurrency that was created from a fork of Zcash, this project is based on anonymity, security, interoperability and adaptability. It uses the delayed consensus test mechanism (dPoW), based on Notary Nodes.

The Komodo team wants to build an ecosystem that offers companies and developers blokchain solutions without limits.

Komodo continues working on short and long-term projects, such as:

  • Improve the scalability of the network and get 1 million TPS (transactions per second)
  • Ethereum Smart Contract Bridge
  • Scalable blockchain groups
  • Migration routes to a Komodo blockchain

If you want more information about this project you can read the following article:

https://crypto-economy.com/komodo-and-the-consensus-on-digital-currencies/

Crypto Economy presents to Notary Node 2019

From Crypto Economy we continue working to contribute to the blockchain ecosystem and that is why this year we have presented ourselves as candidates for Notary Node of Komodo. If you want to support our candidacy, you can vote at the following address:

Voting direction: RXxDVSpCyWEn2bkVGAauAQDugX9UgWYLUM

Candidacy: https://github.com/KomodoPlatform/NotaryNodes/tree/master/notarynodes/cryptoeconomy

Carlos Teodoro
Carlos Teodoro
Cryptocurrency enthusiast and everything they represent, Carlos is responsible for writing articles, creating images and belongs to the Crypto Economy team since 2017. He is also in charge of the commercial department, social networks and the revision of translations. Carlos continues to train every day to become an expert in the blockchain.
- Advertisment -
#NamePriceChanges 24H