Komodo Hardfork Surge Continues; KMD Coin Price Up 94% in December

Komodo (KMD) saw a 94% increase to its value over the course of December, as the coin bucked market trends in anticipation of its Sapling upgrade. The coin’s growth continued into New Year’s Eve, hitting 13.85% growth while the majority of the market floundered.

Komodo’s Good Month – KMD Price

The bulk of the market plunged to year-long lows (or more) on December 15th, but Komodo managed to push through the worst of the carnage. After hitting an eighteen-month low on December 7th, the race began to accumulate the most gains in anticipation of the upcoming Sapling hardfork.

The hardfork was successfully implemented on December 15th, and since then the KMD price has only continued to surge. From the eighteen-month low of $0.495887, Komodo’s coin price rose to $0.963448 by December 31st.

Most of those gains came post-hardfork, with an 88% increase being recorded since December 15th’s valuation of $0.512286. And in the previous twenty-four hour period KMD went on another 13.85% growth spurt – the majority of which came in just over an hour of frantic buying.

Komodo was also the beneficiary of a high ranking by the Chinese government in its blockchain technology assessment index. The index rates blockchain projects according to several (somewhat vague) factors, more on which can be read here.

Komodo’s New Skin – Sapling Hardfork

As per the community update following the hardfork, the Komodo team celebrated the successful update of all the blockchains in the Komodo ecosystem:

“On Saturday, December 15, 2018, at roughly 01:00 UTC, the Komodo Development Team successfully activated the largest-ever update to the Komodo code base, hard-forking every blockchain in the ecosystem— over 40 completely independent blockchains— all at the same time, with no major issues or complications.”

The hardfork was triggered to implement the Sapling technology popularized by Zcash (ZEC) which works to create more efficient private transactions by reducing processing power. The other main aspect of the update was a new hashing algorithm inspired by Verus Coin (VRSC), which allows for an equal GPU/CPU mining split, as well as the interchain operation of smart contracts.

Must Move Z-Address KMD Funds

Komodo began as a hardfork of the Zcash (ZEC) blockchain and was able to fully utilize the same Sapling tech update that Zcash itself implemented back in October. Users with KMD funds in private z-addresses have until February 15th, 2019, to move their funds to an updated Agama wallet.

“As a result of this upgrade, from the Sprout to Sapling code for private z-transaction support, the old Sprout z-addresses will be deactivated in the Komodo code base on February 15, 2019.”

For a quick rundown on the Komodo project check out my Why Investors Should Pay Attention to Komodo article (written pre-hardfork).

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.