In the beginning, social media sites were innocent digital public squares for users to connect with like-minded individuals, share their favorite memes and stay in touch with their long-distance best friends. During the 2016 elections, a nefarious side of these seemingly innocuous platforms was exposed as bad actors, both local and domestic, exploited the global reach of Facebook, Twitter and other social media sites in an effort to undermine American democracy. Karma, a decentralized social media platform built on EOSIO, looks to cure these ills by creating a tokenized reward system for benevolent human interactions.
KARMA, airdropped to EOS token holders at a ratio of 9:1, is the EOS token used to incentivize positivity and social impact. In addition to the initial supply of KARMA that was recently released, new tokens will be minted at a rate of 1% — 5% a year and allocated to 4 rewards pool. The content creation rewards pool accounts for the majority of allocated KARMA, receiving 70% of total token allocation. User engagement rewards, staking rewards and the platform development tool receive the remaining 30% of inflation.
How it works?
The Karma platform consists of traditional components of a social media site,such as user profiles and posts uploads, alongside a KARMA wallet. Users can post photos and videos, share each other’s content and send KARMA from within the application. Staking KARMA will bolster a user’s engagement profile. The more KARMA staked, the more weight a user’s upvote will carry. There are also opportunities for advertisers to pay in KARMA for ad space, as well as for non-profits to receive in-app donations.
Join the dApp Network
LiquidEOS is working continuously to provide tools and services for the EOS community. Fusing between IPFS server-side technology and the EOS blockchain, the dApp Network allows developers to run truly decentralized, end-to-end applications all the way from their frontend UI to their backend ledger and smart contracts. Running dApps in a fully decentralized manner significantly reduces ongoing costs while maintaining 100% uptime. If you have any dApps or are in the process of building a dApp, consider registering on our dApp Network.
The LiquidEOS team