Karma News: Hackathon Finished Successfully. New Powerful Developers Found. KARMA 2.0

Dear friends,
We’re happy to announce that our hackathon was finished yesterday.

There were more than 100 developers at the first stage, only 16 specialists have passed to the second stage, and then only 6 have won.

We'd like to explain why we are mostly focused on the product development, not hype-marketing.

The Economy of Karma Token

Everyone who want to work with money as an economist, should consider the Mises Regression theorem. Long story short: nothing turns from commodity to money overnight, and the first step is create something valuable for the people. That value should not be the exchange liquidity, but some intrinsic real value. For example, gold was shiny and people could store that for decades. Bitcoin was interesting stuff to have and also provided a secure cross-border transactions.

The intrinsic value of KRM token is the gas for the loan deals ecosystem. The more we increase the loan deals volume at the Karma Platform, the more fees are paid in KRM tokens, and the greater demand will be for Karma tokens.

We already have a lot of investors waiting to become a lenders at Karma. That’s why we are mostly concentrated on the KARMA 2.0 development.

What is KARMA 2.0?

Part of the process diagram.

Karma 2.0 is a legal compliant loan platform with KYC, fully legal electronic contracts and fiat money gateways.

Every $1M of loans provides around 5–20k USD of organic demand on KRM tokens. Most of the crypto tokens generally have no real transactions and no intrinsic value, that's why they are so volatile. The more organic demand we will have for KRM— the more stable our token will be.

One of the Karma 2.0. prototypes.

What’s done already:

• Karma passed the KYC procedure in GFC bank EU;
• The detailed process description and screen list (more than 50 screens);
• Basic prototypes;
• Data model;
• Payment gateway for tracking of money remittance;
• User API: register, login, restore the password in your account, create a new wallet, link the existing one, issue a loan to the borrower, etc;
• Backoffice API: view the queue, KYC, chat with the user, etc;
• Offchain Functional (data analysis): personal data, document recognition, rating analysis, scoring, social networks to clarify information about the user and make decisions about.

Hackathon

KARMA 2.0 development is a difficult process, that’s why we’ve launched a hackathon to hire the best developers to the team. Out of more than 100 people we’ve picked out only 6 guys and each of them won $ 5,000 in KRM.

The winners are:

— Nikolay Nozdrin-Plotnitsky;

— Dmitry Bogomolov;

— Vladimir Khramov;

— Dmitry Danev;

— Maxim Zemskov;

— Maxim Skvortsov;

Guys, you are a real white hackers, thank you!

Among the projects we’ve made during the hackathon are: decentralized P2P-exchange, atomic swaps, paper crypto-wallet, inheritance in the crypto-economy and much more. Soon we will publish the github repos. We will be glad to cooperate with the best developers and teams we’ve found.

We plan to release the KARMA 2.0 for public testing in July 2018.
Cheers
ˆ_ˆ

For any press inquiries, please contact press@karma.red.