Komodo wallet

Komodo’s development began in 2014 when it was built atop a blend of the technology underlying Bitcoin and Ethereum, and is actually a fork of the ZCash codebase. The multi-chain architecture of Komodo enables independent blockchains to plug into the network with their own consensus rules, coins, hashing algorithms, and more.

The KMD token can be used in everything from transaction fees to DEX swaps to smart chain conversions of native pre-mined tokens. The Komodo ICO sold 90 million KMD tokens, with an additional 10 million allocated to development. A capped total of 200 million KMD tokens will be reached following an annual rewards schedule issued to existing token holders.

When you first buy cryptocurrency, you’re issued with two keys: public and private.

• A public key serves as an address that can be shared with other parties to perform transactions.
• A private key represents a randomly generated number that signs transactions and protects your assets from malicious attacks. If it gets compromised or lost, you won’t be able to access your crypto wallet to spend, withdraw, or transfer your coins.

To safeguard and keep track of your keys, you can use online or offline wallets. Online wallets, also known as hot wallets, store private keys on systems or devices that are connected to the internet. Hot wallets are easy and convenient to use, however, they come with several drawbacks. Besides being susceptible to attacks and a honeypot for hackers, with hot wallets, the custody of private keys is often entrusted to a third party such as a crypto exchange, which means you never have full control over your funds. The safer choice are specialized hardware wallets that store private keys offline. Stealing private keys from a hardware wallet would require physical access to the wallet and corresponding PIN or the recovery phrase. What’s more, with hardware wallet, you don’t need to rely on third party custodians.

Ledger Nano is the industry-leading hardware wallet. With more than five million customers, Ledger Nano wallets have several layers of security that protect private keys, and hence your assets:

• Your private keys are stored on secure element chips.
• A PIN code and a 24-word recovery phrase are required to access the wallet.
• Ledger Nano cryptocurrency wallets have been built using highly durable materials for protection against physical damage.

With full isolation between private keys and your computer/mobile, Ledger Nano crypto wallets keep your keys secure and give you complete control over your cryptos.