Sept 21st we launch Karmaship into the cryptosphere! Here’s what you need to know.
The Karmaship team has literally been working around the clock to deliver the Phase 1 Karmada launch at the first Genesis Event, Outside In Equinox on Sept. 21st in the mountains of Santa Barbara, CA. As we discussed in our previous post, Karmaship Phase 1 — The Karmada, Karmaship is built around the idea of Experiences and thus can’t be bought into like a typical ICO. This is extremely important for the integrity of the blockchain genesis and thus why we are doing what we call an OCI or Offering Coin Initially in exchange for attending the Genesis Event. Besides countering the typical issues ICOs have with regulation, fraud and centralization, our OCI fits perfectly with the needs of the new Karmaconomy in that it validates the initial Experiencers on the chain without the need for the Proof of Experience protocol which is still in development.
While the Karmada Phase 1 for Karmaship is a much more slimmed down version of what Karmaship plans to be, both in terms of blockchain functionality and DApp design, it will still be a massive achievement for our little team and host some cool innovations not seen before in the crypto space. In this article we will break down what the Karmada system will entail, its general specs and coin supply numbers along with the overall functionality users can expect to have at the first event.
THE KARMADA BLOCKCHAIN
BASIC OVERVIEW
In order to stimulate the new Karmaconomy right away and grow the community, Karmaship is not waiting around for the full Proof Of Experience protocol and main ‘KarmaNet’ to go live. Instead the Karmada Phase 1 launch has been designed to allow for the initial secure growth of a protected internal economy managed by positive actors who want to see the Karmaconomy emerge as a new reality for decentralized commerce and economic freedom. In order to achieve this the Karmada has a number of protections set in play!
First, as mentioned above, there will be no ICO. The only way to get actual KMX is by attending the Genesis Events & Experiences or by having someone who has attended one send you coin. Second, consensus is being firmly controlled by Supernodes to start (more on this shortly). Third, the value of the KMX coin is being internally pegged to Bitcoin in order to stabilize and objectify price. In fact, the entire coin supply and block rewards system is set to exactly match Bitcoin as it is now! This we call the ‘Bitcoin Experience’. The only caveat is that we have reversed the block rewards to double instead of halving. We will explain why below.
CURRENT SPECS
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, 17mil Airdrop, 4mil for Supernodes
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)
Supernodes Block Reward: 0.026 KMX
Cost For Supernode: 50,000 KEX
Initial Airdrop: 42 KEX per user
KMX Internal Peg To BTC
SUPERNODES
The Karmada blockchain is a customized PoS (Proof of Stake) chain built using Supernodes as its core consensus and processing power. The reason we are doing this for this initial phase is two-fold. One, it allows us to have a robust chain at the events that is extremely fast and secure. Because Supernodes are controlled by the core individuals supporting the network and the events who want to see this project succeed, we can be sure that things like doublespends and forks won’t be an issue on this new chain. Furthermore, because we will be dealing with remote events a lot, these Supernodes can ensure network stability no matter where the events are taking place.
The second reason for this more centralized approach has to do with how we will be rewarding Karmada Genesis Experiencers. Because ADOPTION is our major focus with Karmaship, we want a fun, rewarding experience for all users on the chain. By allowing every user to Gather to a Supernode, we can allow for a type of ‘mobile mining’ experience at the events where all users choosing to Gather their KEX will receive equal distributions of KMX coin on every block (more on this in a moment). While critics may cry that this is too centralized we ask that they remember that we are 1) giving this coin away and 2) giving equal and fair distributions to all users 3) all Supernodes are created with the Karma Experience token (KEX) which is locked down in the Karmada and can never be sent anywhere. Once we have Proof of Experience fully working and the official Karmanet launches in the future, consensus will be handed off to the Experiencers doing Gathering & Experience PoW mining (this is in our Grey Paper found on our website).
Another fun and super unique thing that comes with the Supernodes are the actual physical ones we will have at the events! Similar to the CPU above, these will be in their own custom clear cases and provide a number of functions for the network including internet connectivity. They will be an amazing visual representation for the blockchain, displaying latest block info and stats! Karmaship is all about having fun too and this is something we are super excited about!
GATHERING
As stated above, one of the main purposes of the Supernodes is to provide all users with the ability to receive block rewards without downloading the blockchain through what we call ‘Gathering’. By Gathering their KEX to a Supernode of their choosing, users can earn block rewards in the form of KMX, Karmaship’s transactional cryptocurrency which is meant to be spent. In the future, when the official KarmaNet launches, spending KMX will actually increase Experience weight on the chain thanks to the implementation of Proof Of Importance into Proof Of Experience.
Because Karmaship’s core mission revolves around creating a truly democratic and fair economy, Gathering block rewards are fairly and equally distributed to all users on the chain. This means the more users with Gathered KEX, the less the reward per user per block. However, to counter this issue, the Karmada blockchain will actually double the rewards every time Bitcoin would normally halve. Because we are pegging and matching Bitcoin on Phase 1 this will be easy to do and will allow for the rewards to maintain robust as the network grows.
THE GENESIS EXPERIENCE AIRDROP
In order to enter the Karmada, all users will need to attend a Genesis Experience. At these experiences users will be able to receive an airdrop of Karma Experience tokens or KEX via a unique QR code given to them on site. Currently, the airdrop number of KEX for individuals is 42 KEX. Because the Karmaship wallet limits users to one username and one address only, there can only be one airdrop per user per experience. While users can try to game the system with multiple phones or wallets, the Karmaship ecosystem is built around the value of building and increasing KEX on a singular identity. Spreading KEX out across multiple wallets will only harm the potential to mine KMX in the future, especially when the network effect kicks in and the currency starts to find real value. By the time of KarmaNet launch, the hope is that users have gone to multiple events and engaged in other experiences to gain more KEX. These will be the most powerful users on the chain once the coin goes fully public and KEX is used for consensus.
CONCLUSION
The main goal of the Karmada Phase 1 deployment is the secure development of the Karmaconomy ground floor through an internal, secure and fair distribution system based around real experiences and organic exchanges. This is an exciting and completely new way to start an economy and we hope you can join us for the ride!
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