KARMA is a social media application which incentivizes users to share their good deeds on the platform. It is an open source decentralized application (dApp) built on top of EOS blockchain. On December 17, 2019 Karma announced that they had moved over to the WAX blockchain.
The company was founded by Dallas Rushing and Matthew Spataro.
KARMA is the platform token of KARMA and a native token on the EOS blockchain. According to marketcap.one it had a total supply of 8,453,201,438 and a marketcap of $1.01 million, as of September 10th, 2019.
Apart from the personal “Karma” one might receive from the ether, there isn’t a tremendous amount of incentive to do good in a world of scarce resources.
For billions of people around the globe, opportunities to earn an income are slim. Beyond those scarce opportunities, even fewer of them add tremendous value to the communities in which the individuals live. The KARMA community believes that if basic human needs are met, it is in human beings’ DNA to interact positively with one another.
The KARMA solves these problems by incentivizing users to have beneficial human interactions in the world, post them and receive KARMA by other users up-voting their post.
Daily rewards are broken into 4 categories: 1. Content Creation Rewards – 70%; 2. Staking (Power Up) Rewards – 15%; 3. User Engagement Rewards – 10%; 4. Development Pool – 5%.
In essence, the KARMA token is intended to incentivize individuals who do good in the world. Upvoted acts within the KARMA dApp will be awarded KARMA tokens.
KARMA tokens can also be given to others as a gesture of goodwill. KARMA creates a positive feedback loop between beneficial human interactions and a tokenized incentive. The actions KARMA incentivizes will create an exponential effect of good in the world amongst individuals living in communities.
KARMA used the EOS Genesis Block Snapshot taken on June 2nd, 2018, 5:00 PM GMT-5 and allocated a 6:1 ratio to EOS holders. That is, if someone has 100 EOS at the time of the snapshot, they received 600 KARMA July 1, 2018.
The KARMA dApp is available on mobile for both Apple & Android .
The minimum viable product (MVP) for KARMA was released in Q3 of 2018.
Now users can do things inside of the dApp like, posting their good deeds, browse their feed, up-vote or comment on posts, create user profiles, and send or receive KARMA tokens.
It is a completely free application to download and free to use. Karma is scheduled to release a MVP desktop version in Q2 2020. The official website for the Karma can be found at karma.io
September the 10th 2018 users for the first time could stake their KARMA on EOSToolkit.io EOS wallet. Like EOS, unstaking KARMA will take 3 days to unstake. The mobile app now has a built in wallet where users can stake (Power Up) our unstake (Power Down) and send KARMA tokens to any account.
Exchanges where you can find KARMA:
EOS Cafe Calgary is an EOS block producer that has consistently added value to the EOS community. Beyond the tools they’re working on, and technical expertise, EOS Cafe’s larger mission is to open actual EOS Cafe’s all over the world. This is something that the KARMA team is extremely excited about. KARMA has been working closely with EOS Cafe to raise capital, receive technical advisory and determine KARMA’s Tokenomics. EOS Cafe Calgary is a strategic partner that KARMA will work closely with to bring mainstream adoption of KARMA both now and in the future.
- Nathan James (Scatter)
- Michael Yates (eosDAC)
- Syed Jafri (EOS Cafe Calgary)
- Luke Stokes (Steemit & eosDAC).