The KARMA project has been building on EOSIO since day 1. We are as optimistic as ever on EOSIO technology. It’s important to understand the difference between EOS (the chain/token) and EOSIO (the software used to deploy chains, tokens & smart contracts). You can think of each chain as their own nation, with their own set of rules and unique characteristics.
KARMA has been at the forefront of innovating and creating solutions for friction points to make an app utilizing blockchain that can reach millions of users. Early on KARMA created a way to pay RAM for all users and was the first app on EOS to enable “We Pay CPU”. Even with all of that, on EOS we feel there are major points of friction holding KARMA back from being able to reach the goals of the project. Things like account creation cost, the high cost of CPU/bandwidth and the lack of access to funding from the ecosystem.
Issues With EOS (Mainnet)
- Block Producer’s lack of a response to the EIDOS situation & upgrades
- Account Creation cost (between $0.40 — $1.50)
- Cost of CPU/Bandwidth
- Lack of a functioning Worker Proposal System
Taking all of this into account, the question needed to be asked. Is EOS (mainnet) the best place currently to run KARMA for both user experience and cost? After going through all of the options and factors involved, the conclusion arrived at was that WAX was the best option for the KARMA project at this time.
- Quality/Active Block Producers
- Office Of Inspector General (to ensure quality Block Producers)
- Free Accounts (or extremely cheap/less than a penny)
- CPU/Bandwidth Cost
- Worker Proposal System
- Real world businesses coming to WAX with a high number of users
- Creating NFT (items) to acquire & swap within KARMA
What do I need to do for the switch to WAX?
For Accounts in the KARMA app: The switch will happen like magic. An account on WAX will be created for you with the same public key and a matching balance of your KARMA tokens will be in your new WAX account when viewing your balance in the KARMA app.
For Accounts holding KARMA outside of the app: WAX accounts will be created for every KARMA holder. These accounts will be created on WAX with the same public key as your current EOS account holding KARMA. You’ll be able to take the same active private key and access your KARMA in your WAX wallet. Lynx is a great wallet that can be used on desktop to import a key and use your wax account.
After the switch to WAX
Once the switch is complete, all KARMA tokens will be frozen & burned on the EOS mainnet to keep the total supply of KARMA the same.