Karma Report. 06—19.Nov

Hello, dear friends!
We've got a lot of news for you :)

What we've done

22M USD in Whitelist

We have lots of new queries every day, it's about 1500 whitelisted people from dozens of countries all over the world. Yes, there can be a lot of spam, that's why we continue nurturing our community on a daily basis. We are also doing due dilligence of the whitelist queries every day: seems there's about 7–8M USD of really high quality volume. So, we must keep our list growing.

Karma Trust Registered

Finally, The Karma Trust registered via Cyprus Bar Association
at 15 November 2017 with ID 1494. We are non-profit trust fund as we've promised in our whitepaper.

Product Development Progress

Everybody who have ever been a software product manager knows the golden rule: if developers told you 99% is done, there are still 99% more to be done. After 10 days of testing the blockchain Alpha we've found lots of bugs and tasks to be completed. That's normal for the new product development.

We are following the Lean Startup paradigm, so we've wiped out all the secondary tasks and doing our best to show our Alpha in testnet for the loyal community members in a few days.

Tokyo Conference and Karma meetup

We've had more than 200 people attending at the Tokyo Karma meetup. There was a lot of questions, because people in Japan have really good financial system, zero interest rates and so on. That's why it was kinda hard to explain about 13% mortgage and 35% SMEs loans in other counties…
But we did it :)

Also thanks a lot for Masaki san, who provided a huge explanation about Japanese crypto community and local economy.

Seoul Karma meetup

Our second Korean meetup attracted more than 60 people, more than 10% of our KAKAO chat group. We have a very deep discussion about the future of economy and Karma project.

Love you, guys, see you soon :)

Korean Exchanges

Our constantly growing Korean community always asking about their local exchanges. So, we've had two meetings with founders and vice presidents of Bithump and CoinNest (1st and 20th place in the world on Coinmarketcap).

We've had a very long discussions about the future of crypto exchanges and what things need to be done to increase their maturity level and to become closer to fiat exchanges in terms of market making, user experience, security and latency. We also have syncronized our plans and criteria on Karma tokens listing, hope soon will be some good news. Nothing is done overnight :)

Moscow Conference

We also have participated in Moscow Blockchain & Bitcoin Conference as a sponsors, keynote speakers and special guests. We were happy to feel that Karma is well-known in Russian blockchain community. And we've met some very valuable US investors and partners for both token sale and Karma loan operations worldwide.

ICO Rating Review

After a month of emails and discussions, clarifications and approvals, we've finally got the ICO Rating Review done: icorating.com/project/270/Karma
Hype score: MEDIUM
Risk score: MEDIUM
Invest score: HIGH

It took a huge amount of work to be done: we've even had to rewrite some parts of white paper and provide a lot of evidences of our credibility.

Democracy and Decentralized Governance

Most of the crypto startups are centralized businesses: they are just companies wanting to raise a lot of hype money and then have the cash stash under control. Karma is one of the few projects who declared 100% decentralized governance, based on BitShares 3-year proven technology. Here's the example of voting in BitShares community: https://cryptofresh.com/ballots. As you can see, every significant issue should be approved by 50%+ token holders' votes or by Committee or by Witnesses. That's truly amazing: realtime democracy working.

Even before we've published Karma to the mainnet we have began to be democratic. For example, after the negotiations with our community we've decided to put whales (big funds) to the background: we allowed retail token sale participants to be first and to have access to all amount of preferences. Why we should wait for the whales if our people are already strong enough to participate? Karma is not a business, Karma is a community.

What we've spent in half a month

• 7.9k USD — experiments with paid traffic (including banners design, multi-languae translation and other materials production).
• 0.5k USD—market analytics on worldwide financial issues. Soon we will publish a huge analytics report on interest rates, inflation and loans accessibility in dozens of countries.
• 2.7k USD—Tokyo and Seoul meetups organization, food and drinks, transport, hotels and other expenditures.
• 1k USD—team salaries.
• 0.3k USD—miscellaneous expenditures, participation in Moscow Blockchain conference, transfer to St.Pete to meet dev team, booklets and business cards design and printing.

What's the plan for the next week

• More experiments with marketing channels.
• Third Karma meetup in Korea.
• Negotiations with exchanges.
• North America road show start.
• QA session of the blockchain Alpha.

Cheers!