2024 Komodo Improvement Proposal Voting

Komodo Team
Komodo Team

2024 Komodo Improvement Proposal Voting
Table of Contents
Table of Contents

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 (web)

Komodo Wallet (desktop) — v0.7.1

Komodo Wallet (mobile) — v0.9.0

Verus Desktop ***

Komodo Ocean QT ***

Trezor via Komodo Wallet (web)

Ledger via wallet.kmd.io

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 1 (No Change)
  • Option 2 (Reduce) — Reduce the block reward from 3 KMD to 1 KMD.
    RReduceB1ockRewardXXXXXXXXXXEsozaY
Option 2 (Reduce Block Reward)

If the proposal is accepted, the KMD block reward reduction will coincide with the annual network upgrade (start of dPoW Season 8) on September 14, 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 1 (No Change)
  • Option 2 (10X + Burn) — Increase Transaction Fees by 10x and burn 100% of transaction fees.
    RBurnTenXFeeXXXXXXXXXXXXXXXXSh3yBe
Option 2 (10X + Burn)
  • Option 3 (100X + Burn) — Increase Transaction Fees by 100x and burn 100% of transaction fees.
    RBurnHundredXFeeXXXXXXXXXXXXj2Furm
Option 3 (100X + Burn)
  • Option 4 (10X - No Burn) — Increase Transaction Fees by 10x by NOT burning transaction fees.
    RNoBurnTenXFeeXXXXXXXXXXXXXX1PMoXA
Option 4 (10X - No Burn)
  • Option 5 (100X - No Burn) — Increase Transaction Fees by 100x by NOT burning transaction fees.
    RNoBurnHundredXFeeXXXXXXXXXXiG5upG
Option 5 (100X - No Burn)
  • Option 6 (No Increase - Burn Existing Fees) — Do not increase transaction fees; instead just burn 100% of existing fees.
    RBurn1XFeeXXXXXXXXXXXXXXXXXXrbe6NL
Option 6 (No Increase - Burn Existing Fees)

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 September 14, 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 1 (No Change)
  • Option 2 (PoS) — Change PoW to Proof of Stake
    RStakeXXXXXXXXXXXXXXXXXXXXXXWvVS8u
Option 2 (PoS)
  • Option 3 ( PoS + Masternodes) — Change PoW to PoS and add nodal reward component equal to 50% of block reward
    RMNStakeXXXXXXXXXXXXXXXXXXXXVWUPDF
Option 3 (PoS + Masternodes)
  • 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 4 ("Gridcoin v1 style PoS")
  • 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
Option 5 ("Gridcoin v1 style PoS" + Masternodes)

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.



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