Komodo Price Climbs 17.6% As Build-Up to Hardfork Commences

Multi-function blockchain project, Komodo (KMD), felt a 17.6% price boost leading into Sunday morning, despite the broader cryptocurrency market taking a slight dip at the same time.

A major batch of mandatory updates are scheduled for the Komodo blockchain on December 15th, including the addition of the Sapling technology recently implemented by Zcash (ZEC) – the blockchain which Komodo originally forked from.

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.

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Komodo Hardfork Nears

The upcoming hardfork will see the implementation of Zcash’s Sapling tech, which has already been adopted by several other blockchains. The update, which will require a hardfork, will also take advantage of recent developments by Verus Coin (VRSC) which allow for equal CPU/GPU hashing algorithms, as well as interchain smart contracts.

According to a recent announcement by the Komodo team:

“An update to the Komodo code base will be made on December 15, 2018 at 01:00 UTC. The update will activate a number of new features, including the Sapling Upgrade, 10 new assetchain parameters, and an increase in block size for all updated chains, from 2 MB to 4 MB.”

The update will see a range of features either added to or amended on the KMD blockchain, including the addition of the VerusHash and VerusPoS algorithms, which will be able to split KMD mining/staking equally among CPU and GPU users.

Komodo has many strings to its bow, and features both private and transparent transactions, personalized blockchains, staking returns, and its own DEX and Atomic Swaps. It was ranked 16th by the Chinese government in its Global Public Chain Technology Evaluation Index, and received a friendly boost from Binance’s CZ in a recent Forbes article, where he suggested that customizable blockchains like Komodo might outlast the standard crop.

Komodo Price – KMD/USD

KMD hit 17.6% growth from Saturday into Sunday, as the coin price jumped from $0.682491 up to $0.802885.

The peak arrived at around 09:00 UTC, however the spike appears to have caught many off-guard, as an increase to trade volumes only arrived after the growth had already peaked, and was on the way back down.

From $200,000 to $1.37 million, KMD trade volumes jumped nearly seven-fold following the peak, with over 80% of the volume flooding in from BTC markets on Binance, Bittrex and Upbit.

Komodo quietly racked up 61% gains in the preceding week, and if the old pattern plays itself out, then we may see more KMD buys in the next two weeks before the news is sold when the hardfork arrives.

Despite the 61% weekly growth, KMD is still down 40% for the month alone, and is down 94.7% from the ATH of $15.41.

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