Komodo's Forthcoming Transition to Proof-of-Stake

IconCNT16 May, 2024

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Komodo's Forthcoming Transition to Proof-of-Stake

Komodo (KMD) is preparing to transition its blockchain consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS), according to Coindesk. The switch to PoS aims to enhance the network's sustainability and energy efficiency. PoS is considered more eco-friendly as it consumes significantly less energy compared to PoW. Once the transition is complete, KMD holders will have the opportunity to stake their tokens and earn rewards for contributing to the network's security. The consensus algorithm change will be implemented during the network's annual upgrade, scheduled for either 2025 or 2026. This move aligns with Komodo's commitment to innovation and its dedication to providing users with an advanced and environmentally conscious blockchain platform. Previously on May 15, 2024: Komodo (KMD) announced plans to transition to PoS, highlighting the benefits of energy efficiency and enhanced sustainability. ```

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