2024 Komodo Improvement Proposal Voting

Voting Timeline

On April 18, 2024 (UTC), there will be a snapshot of the KMD blockchain to determine voting eligibility. The exact block height/time of the snapshot won't be announced ahead of time. We will announce the snapshot block height once it has been completed.

Voting Window Opens: After KIP Token Airdrop Occurs (Exact Date/Time TBD)

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 (web)

Komodo Wallet (desktop)

Komodo Wallet (mobile)

Verus Desktop ***

Komodo Ocean QT ***

Trezor via Komodo Wallet (web)

Ledger via wallet.kmd.io

***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 transaction fees.
  RBurnTenXFeeXXXXXXXXXXXXXXXXSh3yBe

• Option 3 (100X + Burn) — Increase Transaction Fees by 100x and burn transaction fees.
  RBurnHundredXFeeXXXXXXXXXXXXj2Furm

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.