How Mile Unity Empowers Karma
Hello, dear friends, it's George online!
For more than half a year I've constantly repeated one simple mantra: "2018 will be the year of the real products for the real deals in real economy". So easy, but so important.
Until 2018 everybody could raise money having just a whitepaper and a website. The bad thing is — 97% of ICOs are now gone, most of the money spent on self-pumps, empty exchanges listings, illegal market-making, fancy conferences or just been stolen.
Since the first days Karma team have built a long-term sustainable ecosystem for dozens of years. That's not so popular and fancy, but we've translated our ideas and values to the community on a regular basis. Thank God, in 2018 our ideas somehow have finally reached someone except our team. Here's the random pic from the internet, displaying what we were telling the people for a months:
Today everybody knows that 99.99% of the crypto exchanges have fake volumes and serious technical and legal issues. Even the well-marketed projects go down 2–3 times after the top exchanges listings (OKEx, for example). So, there's no sense in spending money and time on it. There's no organic source of price growth from the crypto forex listing and I've told that multiple times (see example below).
In 2017 and Q1-Q2 2018 people were screaming: "gogo, new exchange", but that was useless. Look at the altcoins graph at Coinmarketcap — they mostly look like this:
If the coin is not used in real life, each artificial pump will be followed by the equal-sized dump. And most of the people lose money on that rollercoaster.
It seems like the only crypto used today is BTC. And the real deals volume is 10–20 times less than the bubbled crypto forex trading volume. Why? Because the only real world application of BTC is a Chinese cross-border money remittance from the counterfeit fashion markets.
Come on, guys, crypto is useless today. A taxi driver couldn't buy a candy to his son via crypto. Because it's too uncomfortable to use in daily life: private keys storage, geeky wallets, expensive transactions, huge transaction execution time, low acceptance level in real world etc.
What's Next?
The only way to the moon today is to build a products for the real life.
Next week Karma will release the Karma 2.0 for the private invite-only testing via loyal community members. The core goal is simple: to turn on the legal fiat p2p-lending. Because we have both investors and borrowers, and they really want to use the Karma in their daily life. But they don't want to know they're doing something on the blockchain. And they don't want to store private keys with mixed numbers or print paper wallets and put them into the safe box.
People just want to make their business, without caring about the details of technology they use. So simple :)
What Is Mile Unity Foundation?
In Spring 2017, when I've wrote the first version of Karma whitepaper, I've stated that Karma will definitely need a stablecoin to simplify the cross-border payments.
There's only one usable stablecoin now (USDT), but it have such a huge amount of issues, so you can google them easily. Most risky thing is that USDT is a totally centralized coin with non-transparent emission algorithm.
That's why we've started searching for something more reliable. Finally I've met Lotus Mile in the virtual space. Lotus was very mysterious, because nobody knew, who is she, where she came from, and whether it’s a single person or a distributed group. But that didn’t matter, because the algorithm she have described, was very interesting.
When we've understood the idea, we've decided to add the XDR as a stablecoin to be used in Karma from this year, to simplify the crypto cross-border transfers.
Moreover, we've collaborated with other guys and launched the Mile Unity Foundation:
It’s a non-profit organisation, dedicated to educate the people about new financial technologies and help people to apply them in real economy all across the world. The core goal for the first time is to launch an Embassies in most active countries. Each Embassy is a boiling point of the blockchain community. Hackathons, seminars, donation-based coworking space for the interesting projects, roundtables for collaboration between government, business and tech guys will fill the spaces.
First ambassadors have been elected in South Korea, India, Germany, China, Russia, Africa and Latin America. Now the team is establishing a legal presence and the office in every selected country. Partnerships with intergovernmental organisations, government officials, top tech universities and liquidity markets are on the way.
How Mile Unity Will Empower Karma
First: people are more likely to collaborate with non-profit educational organisation that with business-oriented team. For example: we were able to organise the Mile Novators' Night in Seoul from scratch in 2 weeks. There were a lot of representatives from: big exchanges, press, miners, whales communities etc. They will never go to the event organised by the random token. But they were very interested in collaboration with non-profit educational foundation. It's normal behaviour.
Second: Mile provides a free, fast and secure stablecoin. That's very important for Karma, because we can enable very comfortable cross-border payments for our everyday users. Plus, Karma can store it's own funds in stablecoins, to prevent the volatility drops (special thanks to BTC and ETH for the Spring 2018 with minus 4.5M USD in Karma assets).
Third: Karma + Mile is a strong foundation for the big financial vertical. It's possible to build a bank, and assets exchange, a money remittance service on top of it. We've already signed 3 partnership contracts with high-level corporations and universities on developing the international markets of assets digitalization and capitalization.
Plus, there are different teams working on both projects. Moreover, Karma will have an access to the research results, hackathons and interesting developer teams of the Mile Unity Foundation.
We truly believe Karma will benefit from that collaboration.
Cheers
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