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Bitvavo makes Komodo as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
Komodo Platform (KMD) originated in 2016 from a so-called "hard fork" of Zcash. Komodo is a privacy and security focused platform that allows its users to perform fast and anonymous transactions. In addition, the platform offers the possibility of building decentralized applications (DApps), smart contracts and tokens. The Delayed Proof-of-Work (DPoW) algorithm is used to reach consensus on the Komodo blockchain
The Komodo platform is more than a private cryptocurrency platform. This platform gives you the possibility to build D´Apps, smart contracts and tokens. The Komodo platform uses the same protocol as Zcash, with Delayed Proof-of-Work and SuperNET added. SuperNET is a decentralized organization that focuses on creating open-source tools such as BarterDEX, a decentralized exchange that makes it possible to exchange cryptocurrency via Atomic Swaps.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
Create a free account with which you can buy, sell, send, receive and store Komodo. Access your Bitvavo account from every location, on mobile and desktop.
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Komodo and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Komodo without any technical knowledge. Here is a brief overview of the existing wallet options to store your Komodo:
Hosted wallets are wallets where the private keys to your Komodo are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Komodo online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Komodo. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Komodo, and if malicious parties have access to your device, your private keys (and therefore your Komodo) can be stolen.
A hardware wallet is a physical device on which you can store your Komodo offline. It is one of the safest ways to store your Komodo, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Komodo is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Komodo. Once you have purchased Komodo on Bitvavo, you can choose to send your Komodo from your Bitvavo wallet to your own software or hardware wallet.
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