Karmaship Phase 1 — The Karmada
Securing The New Experience-Based Fair Economy
If you have read our Grey Paper you know that our philosophy behind launching a new decentralized economy revolves around the idea that it must be protected at all costs from those who wish to manipulate and control it for ulterior motives antecedent to the prime directive of the new community-driven economy. We feel like that this is one of the biggest problems with the current ICO funded ecosystem that comprises most of the current new public blockchains and cryptocurrencies. The ICO launches and while many who believe in the project buy in, there are also many large crypto holders who use their leverage to manipulate the price and wreak havoc on the project’s stability. Because of this, we have created the Karmaship Phase 1 launch we call the Karmada.
The idea of the Karmada is simple. Basically create a closed system where trusted actors are given initial access to the ecosystem through a controlled and yet completely fair and universally accessible event we are calling our Genesis Event. Because the entire Karmaship economy (Karmaconomy) revolves around the idea of validating real-world experiences to provide value to the currency, what better way to jumpstart the economy than with a Genesis Experience or event?
This event is open to all who choose to attend, with every physically present attendee receiving an equal airdrop of 42 Karma Experience tokens called KEX via a paper wallet that will be handed out in line. Because Karmaship only works with a singular identity per device and is built upon the idea of building personal experience, the collection of multiple paper wallets via theft or trade will for the most part prove fruitless. Furthermore, there is a timestamp on the paper wallet that requires activation within the weekend timespan of the event so collecting these for other actors later down the line will also not work since the paper wallet will de void. The idea here is to be able to validate those individuals who have physically shown up to the Genesis Event even though Proof Of Experience currently is still in development. These first individuals will be on the ground floor as highly valued genesis Experiencers and will have the ability to accrue Karmics (KMX) by delegating their airdropped KEX to one of our Supernodes.
SO HOW DOES THIS ALL WORK?
Upon arrival to the Genesis Event, all ticket holders will pass through the Karmaship gateway and be given a Karmada paper wallet which will have a unique QR code. Users will need to have the KarmaLite wallet on their phone or access the web wallet through a browser on their phone. Once their account is setup (private key initialized and seed created and stored), they can scan this QR code to receive the airdrop of Karma Experience tokens called KEX. Exactly 42 KEX will appear in their wallet. Now users can also create their own unique username for their account! (Please be advised this is a one time thing so choose wisely!)
Now that the user has actual Experience weight on the chain, they can Gather KMX by connecting to a Supernode of their choosing! Equal distributions of KMX are delivered to all Gatherers every 30 sec block. Like any other cryptocurrency wallet, users can send and receive KMX. However, in order to receive additional free KMX as a Genesis Experiencer, all users must have at least a balance of 42 KEX in their wallet. Because users are connecting to a Supernode running the chain, there is no need to download the blockchain on their phone, it’s that easy!
THE POWER OF A CLOSED ECONOMY
The Karmada airdrop will only be accessible by those who attend the Genesis Event and subsequent airdrop events. There is no centralized exchange that will offer KMX nor DEX (decentralized exchange) providing atomic swaps as of yet. This means this is a completely closed economy. The reason for doing this is two-fold.
One, it maintains the integrity of the initial Experiencer network, making sure those with coin are actual Experiencers and not third party operators that have gained access through other remote means. This is EXTREMELY important because, until the Proof of Experience (PoX) protocol is finished and implemented, the network is fragile like a newborn baby and needs to be protected at all costs. Furthermore, once PoX is integrated and the official Karmanet launches, these initial groundfloor nodes will be the main foundation of trust the network will rely on at first so these actors need to be legit Experiencers.
Two, this allows the KMX currency to create and grow value based on actual use and not by outside market manipulation. Karmaship, along with event producer Outside In Movement, are requiring all vendors to accept KMX with a specific buyback value of 1 to 1 KMX to Bitcoin. That’s right, we are starting out the value of KMX as pegged to the value of BTC! Vendors accepting KMX can choose to ‘cash out’ at the end of the event up to a specific USD cash value of BTC-pegged KMX. Because Bitcoin is the gold standard for the crypto ecosystem, we have chosen to use it as well as our ‘Bitcoin standard’. While vendors can choose to charge however amount of KMX they want for their goods, they will only receive a capped amount of USD based on the current BTC value at the end of the event.
HOW CAN I JOIN THE GENESIS EVENT?
Currently there is still space for the Genesis Event which is taking place Sept. 21–23, 2018 in the mountains of Santa Barbara, CA. The event is called Outside In Equinox and it is a transformative camping experience celebrating the great shift the world is currently undergoing through the witnessing of the Fall Equinox.
This event is being supported and produced by a very conscious community of underground music and art fans, alternative health & technology experts and the spiritually inclined. This is not a rave or hardcore party experience. This event is intended for spiritual and personal growth along with communal development of like-minded people seeking truth and a greater awakening for the world. What better way to start the Karmaconomy than with this crowd?
You can get more information about the event on the official website here! You are not required to purchase a ticket to take part in the Crypto Experience. Volunteers, artists and vendors are still needed, feel free to apply here on the website!