In April/May 2024, Komodo will hold a community-wide vote on KIP0002 (Block Subsidy Reduction), KIP0003 (Transaction Fee Increase and Burn), and KIP0004 (Consensus Upgrade).
Voting Timeline
On April 18, 2024, there was a snapshot of the KMD blockchain to determine voting eligibility.
Voting Window Opens: After KIP Token Airdrop Occurs (April 18, 2024)
Voting Window Closes: May 3, 2024, 23:59:59 UTC
Eligibility and Voting Rules
Users who hold KMD in a non-custodial wallet like Komodo Wallet will receive special tokens (KIP0002, KIP0003, KIP0004) that can only be used specifically for voting. Trading KIP tokens is prohibited and where detected will result in nullification of the traded KIP balance.
The amount of tokens you receive is 1:1 based on how much KMD is held in your wallet.
Note that if you hold KMD in custodial wallets (i.e. Binance exchange or other CEXs), you will not receive tokens, and CEXs aren’t allowed to participate in the voting process.
Supported Wallets
Komodo Wallet (desktop) — v0.7.1
Komodo Wallet (mobile) — v0.9.0
Verus Desktop ***
Komodo Ocean QT ***
Trezor via Komodo Wallet (web)
Need instructions on how to vote from your specific wallet? Check out the guides here.
**Note: Komodo Wallet (browser extension) will be supported, pending approval of release on Chrome Web Store.
***Note: If you're using Verus Desktop or Komodo Ocean QT, you'll need to follow additional instructions to import KIP tokens using the following launch params:
"KIP0002": "-ac_name=KIP0002 -ac_public=1 -ac_supply=149687271 -ac_staked=10 -addnode=65.21.52.182",
"KIP0003": "-ac_name=KIP0003 -ac_public=1 -ac_supply=149687271 -ac_staked=10 -addnode=65.21.52.182",
"KIP0004": "-ac_name=KIP0004 -ac_public=1 -ac_supply=149687271 -ac_staked=10 -addnode=65.21.52.182",
About Each Proposal and Voting Addresses
KIP0002 — Block Subsidy Reduction
- Option 1 (No Change) — Keep the block reward at 3 KMD.
RNoChangeXXXXXXXXXXXXXXXXXXXYRvSwz
- Option 2 (Reduce) — Reduce the block reward from 3 KMD to 1 KMD.
RReduceB1ockRewardXXXXXXXXXXEsozaY
If the proposal is accepted, the KMD block reward reduction will coincide with the annual network upgrade (start of dPoW Season 8) on August 17, 2024 (Date Subject to Change).
Additionally, Notary Nodes will receive a $200 USD per month subsidy to compensate for the reduced block reward. This subsidy will last until KMD price reaches a $1.50 monthly average, where it will be reduced by 50% to $100. If the price later falls below this threshold, the full $200 per month subsidy will be added back.
At a $3 monthly average KMD price, the subsidy will be removed entirely. If the price later falls below this threshold, the $100 per month subsidy will be added back.
KIP0003 — Transaction Fee Increase and Burn
- Option 1 (No Change) — No change to transaction fees
RNoChangeXXXXXXXXXXXXXXXXXXXYRvSwz
- Option 2 (10X + Burn) — Increase Transaction Fees by 10x and burn 100% of transaction fees.
RBurnTenXFeeXXXXXXXXXXXXXXXXSh3yBe
- Option 3 (100X + Burn) — Increase Transaction Fees by 100x and burn 100% of transaction fees.
RBurnHundredXFeeXXXXXXXXXXXXj2Furm
- Option 4 (10X - No Burn) — Increase Transaction Fees by 10x by NOT burning transaction fees.
RNoBurnTenXFeeXXXXXXXXXXXXXX1PMoXA
- Option 5 (100X - No Burn) — Increase Transaction Fees by 100x by NOT burning transaction fees.
RNoBurnHundredXFeeXXXXXXXXXXiG5upG
- Option 6 (No Increase - Burn Existing Fees) — Do not increase transaction fees; instead just burn 100% of existing fees.
RBurn1XFeeXXXXXXXXXXXXXXXXXXrbe6NL
If the proposal is accepted, the KMD transaction fee increase and burn will coincide with the annual network upgrade (start of dPoW Season 8) on August 17, 2024 (Date Subject to Change).
KIP0004 — Consensus Upgrade
This KIP will only affect the non-Notary node portion of block production.
- Option 1 (No Change) — No change to consensus mechanism - keep Proof of Work (PoW)
RNoChangeXXXXXXXXXXXXXXXXXXXYRvSwz
- Option 2 (PoS) — Change PoW to Proof of Stake
RStakeXXXXXXXXXXXXXXXXXXXXXXWvVS8u
- Option 3 ( PoS + Masternodes) — Change PoW to PoS and add nodal reward component equal to 50% of block reward
RMNStakeXXXXXXXXXXXXXXXXXXXXVWUPDF
- Option 4 (“Gridcoin v1 style PoS”) — Change PoW to PoS based on Gridcoin system; allowing consumer hardware to crunch solutions to scientific problems and receive a reward upon staking a block.
RGridXXXXXXXXXXXXXXXXXXXXXXXQyajqY
- Option 5 (“Gridcoin v1 style PoS” + Masternodes) — Change PoW to PoS based on Gridcoin system; allowing consumer hardware to crunch solutions to scientific problems and receive a reward upon staking a block and add nodal reward component equal to 50% of block reward.
RMNGridXXXXXXXXXXXXXXXXXXXXXpyzf3Z
If the proposal is accepted, the KMD consensus change will coincide with the annual network upgrade in 2025 or 2026, depending on the demands of the consensus upgrade.
More Details
Stay tuned to Komodo social channels for updates on the exact details regarding the voting process for upcoming Komodo Improvement Proposals (KIPs).
In the meantime, make sure to watch Poly’s presentation for a high-level overview of each KIP.