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by Nate Urbas

Crypto Trader, Bitcoin Miner, Holder. 🚀🌑

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Komodo Wallet

komodoplatform.com

(0 reviews)
(0 reviews)
Site Rank: 24

Agama is a wallet solution built by SuperNet project which is a company acquired by Komodo. It supports a wide variety of cryptocurrencies. Although there is a number of ways to store the Komodo cryptocurrency, KMD, Agama is the official wallet built by Komodo developers. The wallet also has an exchange features where users can convert between cryptocurrencies in the wallet. Exchanges between cryptocurrencies are facilitated via atomic swaps meaning there is no need for a third party. This will be a very attractive feature for some users who advocate for true decentralization. There are also no fees associated with atomic swaps which is a plus. The wallet can also be used for staking KMD where users who stake earn newly minted KMD.

The wallet is hierarchical deterministic and users are in control of their own private keys. With users in control of their own private keys, they essentially have to run a node. There are three modes to choose from, two where a full copy of the blockchain is kept and the other relies on decentralized nodes to get the information from the blockchain. The wallet lacks multi-signature optionality and users also are unable to enable two-factor authentication.

Komodo is a relatively new project so a lot of the technology applied in the Agama wallet will still be in an experimental phase. It has some advantages and key differences when compared to standard competitor wallets but the project has failed to reach wide adoption yet so remains unproven.

Pros & Cons
  • Users are in control of their private keys
  • Facilitates exchange between cryptocurrencies via atomic swaps
  • Wallet supports a wide variety of cryptocurrencies
  • KMD can be staked in the wallet
  • Users can choose between different node options
  • It is a new project that remains unproven in the face of challenges
  • Failed to gain mass adoption yet
  • No two-factor authentication option
  • No multi-signature functionality