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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.
- Create an account on Binance.
- Hold a minimum of 1 KMD in your Binance wallet to qualify for staking rewards.
- Binance will take daily snapshots starting from 2019/07/24 at 00:00 AM UTC and distribute rewards monthly.
- 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.
- Rewards will be calculated daily and distributed on the 5th of every month. The initial distribution of KMD staking rewards will be calculated up until 2019/09/01 and the average user KMD balances will be calculated based on the daily snapshots and the staking rewards will be distributed on September 1st, 2019.
- An additional 250,000 KMD from prior staking activities will also be distributed to KMD holders based on their average daily holdings.
- Staking is done automatically by Binance, so there’s no manual action required.
- For more information see this Binance post.