By Michael Sutherland | United States
A new blockchain called Karmaship promises two things: a new cryptocurrency that pays based on experience and a way to stop the wealthy elite from corrupting cryptocurrency. The idea of a proof-of-experience method of obtaining crypto, an alternative to Bitcoin’s proof-of-work, has existed for some time. Now, Karmaship, with its cryptocurrency Karmex, promises just that. It brings to the stage a decentralized system meant to keep the market fair and open.
The Goal of Karmaship
According to Karmaship’s Gray Paper, they made the new blockchain to combat these problems:
● The growing centralization and massive energy waste in major cryptocurrencies and public blockchains.
● Lack of daily adoption of cryptocurrency technology for commerce or trade. (Ie: no one spends their coins except to buy other coins or save as stock in the project)
● Limited wealth creation opportunity in current world economic models.
● Lack of communal incentives for economic growth in current economic models.
● Wasteful middlemen and useless gatekeepers in current methods of commerce and trade.
They also state that the major cryptos, such as Bitcoin and Ethereum, are at a major risk of centralization due to mining conglomerates and manipulation large-scale investors. This kind of action could destroy the very idea of decentralized currency.
Karmex and the Karmaconomy
Karmaship aims to fix these issues by basing Karmex gains off of real world experiences, notably attending music festivals. This runs in contrast to the current system, where the primary methods of obtaining are mining and trading. Karmaship hopes to use this to create an actual adoption and common use of Karmex. If successful, they would avoid most cryptocurrencies’ devolution into an investment item with little real-world exchange.
Karmaship also intends for real-world experience to back Karmex, as opposed to computer codes or central agencies. They place a heavy emphasis on being open-source and community oriented. They also intend on creating a “Karmaconomy”, their term for the common use and exchange of Karmex.
Karmaship also states that:
The goal of Karmaship is to propel community growth and wealth creation on the blockchain through a positive feedback mechanism based on cooperative interactions and experiences. Because experiences must be created by an individual or group, this means a human must expend energy to manifest them and, to be considered an experience, other humans must expend energy to witness, attend or consume them. We aim to harness this energy to power a new decentralized economy that is self-expanding and perpetually evolving.”
The public will be able to use Karmex on a daily basis for basic transactions, something many other cryptos have failed to achieve. To obtain Karmex, users will have to gather Karma Experience Points (KEX). Though the cryptocurrency will have a standard mining option, KEX will likely be more common. It will also have a set annual inflation rate of 4% in order to drive gathering.
Karma Experience Points
The way of obtaining KEX sets Karmaship apart from the rest. To start, each Karmaship account can only have one address, and wallets can have just one identity. While users can create many wallets, the experience system would discourage that, spreading KEX thin and limiting Karmex gains. This promotes a single profile per person system, which keeps the Karmaconomy simple and fair.
Users can obtain KEX themselves through Experiences that Creators make and pay Karmex for. .0001 KMX per experience creation will be the current minimum, but the actual price will vary. The users can complete these experiences through three Experience Assets, which currently center around major events: ticket experiences, open experiences, and VIP experiences.
Karmaship describes the ticket experiences like this:
Within this, a Creator will set a defined date and time as well as max attendance capacity and initial price to attend the Experience. Based on price and max capacity, a sliding fee in KMX will be required to publish the Experience. By adding cost, this helps ensure each Experience is real since it has a cost to create. The larger the Experience, the higher the cost with a base price of 0.01 KMX for the smallest Ticket Experience. Creators can choose to create free Ticket Experiences as well at this base price however depending on the max capacity, this cost can go up.
When an Ticket Experience asset is created and launched by a Creator, a unique ticket asset is created that is either publicly or privately available on the Experience marketplace. This marketplace is accessible to all Experiencers where, based on the ticket value set forth by the Creator, they can buy into the Experience ticket asset with KMX. As Experiencers buy, the value of the new asset ticket can go up or down based on supply and demand (or the Creator can choose to keep the cost ‘flat’.)
This traditional free market system is essential to the growth opportunity for Creators but is also balanced by the fact that KMX is used as the purchasing currency. Since KMX is gained through Proof Of Experience and fair mining protocols open to all, it allows for even and equal access to these Experiences in a way not currently available in traditional fiat-based or other alternative capitalistic markets”.
Open and VIP Experiences
Open experiences are similar, but there is no maximum number of attendees, specified date, or purchased ticket. They would occur through the use of a QR code that exchanged KMX for a real item or service. With this system, users can also give donations in Karmex. Also, open experiences can be operated within a ticket experience. For example, a local fair would have a ticket experience required for entry and multiple open experiences for all the vendors, activities, and other such things. This creates a very dynamic Karmaconomy that allows for a more active and immediate exchange of Karmex. In many ways, it is similar to any other bustling marketplace.
On the other hand, only those with a certain amount of KEX can gain from VIP experiences. The default minimum will be 1000 KEX, but Creators will be able to change this for their events. These experiences would attract the larger, more influential Karmaship users. Creators would pay fewer Karmex to create VIP experiences than other experiences. The experiencers would pay nothing to validate the experience and earn free KEX. These VIP experiences are geared towards the more valuable members of the Karmaconomy, who will be the most active and engaged instead of the wealthiest or most famous elite.
The Genesis Event
This brings us to the most important question: when will Karmex launch? To start the “Karmada”, Karmaship will start its release at this year’s Outside in Equinox event, located in Santa Barbara, CA, from September 21-23. This music festival will be Karmaship’s “Genesis Event” (with many coming after). All who attend will receive 42 free KEX and a wallet through papers they pass out in line.
Use of this wallet and many other account features will take place on Karmaship’s upcoming mobile app. Attendees will then be able to obtain Karmex by connecting their mobile devices to a Supernode located at the event. Karmex also plans on using the “Bitcoin Standard” as its initial value, so one KMX will equal Bitcoin’s value at the end of the event. After the event, though, KMX will no longer fluctuate in sync with Bitcoin.
The event will additionally feature numerous underground musicians and artists over its 3-day span, along with numerous technology hobbyists and experts. This is meant to create the perfect community atmosphere Karmaship wants for its initial debut. Could Karmaship completely transform the crypto markets and bring cryptocurrency into everyday exchanges? Attend the event and find out.
For more information, visit Karmaship’s official website: https://karmaship.io
For passes to the event: https://outsideinequinox.com/buy-tickets/
For those more familiar with cryptocurrency who are interested in how Karmaship operates, here’s a list of specifics:
- Language: JAVA
- Block Time: 30secs
- Trans Per Block: 4000
- Coin: Karmex (KMX) / Experience Token: Karma Experience (KEX)
- Max Supply: 21mil KMX / 21mil KEX
- Circulating Supply: 0 KMX / 21 Mil KEX 17 Mil AirDrop 4 Mil Supernode
- Coinbase: Emulates Bitcoin block reward, 10 minutes averaged, maxed at 50, starting 5 levels deep, ending at 50, doubled for 1 year
- Starting Gathering Block Reward: All Gatherers — 0.15 KMX (equally distributed shares per block)
- Supernodes Block Reward: 0.026 KMX (equally distributed shares per block)
- Cost For Supernode: 50,000 KEX
- Initial Airdrop: 42 KEX per user KMX Internal PEG To BTC
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