Komodo will bring about the anonymity of Zcash along with the NXT style PoS security, the witness based consensus system inspired by Bitshares, and the security and reliability of the Proof of Work Bitcoin Blockchain, which is a tested and proven system kept by thousands of nodes.
Binance will start staking their Komodo (KMD) cold and hot wallets, starting from July 24, 2019 and will automatically airdrop staking rewards monthly to KMD holders. An additional 250,000 KMD from prior staking activities will also be distributed to KMD holders. To qualify for staking rewards simply hold a minimum of 1 KMD in your Binance wallet and receive free KMD based on the total staking rewards by Binance. Staking is done automatically by Binance, so there’s no manual action required.
Step-by-Step Guide :
- Sign up for the Binance
- Hold a minimum of 1 KMD in your Binance wallet
- Starting from July 24, 2019, Binance will begin taking daily snapshots of user KMD balances at 00:00 AM UTC
- KMD staking distribution will be calculated as follows:
- KMD generated by each user = Total KMD staking rewards received by Binance * User KMD holdings ratio.
- User KMD holdings ratio = User KMD holdings / Total KMD staked by Binance.
- Users must hold at least 1 KMD in order to qualify for staking rewards
- The initial distribution of KMD staking rewards will be calculated up until September 1, 2019, with the total amount distributed equal to the staking rewards accrued on holdings during the period
- KMD rewards are calculated daily and distributed monthly. Distributions will be completed before the 5th of each month
- Additional 250,000 KMD from prior staking activities will also be distributed to KMD holders based on their average daily holdings
- For more information see this Binance post