Welcome To The Bitcoin Experience
Our Current Karmada Phase Gives You The Real Bitcoin Experience Satoshi Nakamoto Envisioned For The World
Is it strange for a so-called ‘alt coin’ team to basically be Bitcoin maximalists? Seems like a contradiction to say the least but the team at Karmaship pretty much are just that. We all got into this crypto thing because of the Satoshi Nakamoto white paper and feel that currently, very few crypto projects out there actually abide by the tenants of what Satoshi proposed: to create a decentralized digital money owned and controlled by no one. As a ‘first-generation’ crypto, Bitcoin is often revered but downplayed as older tech. We tend to disagree and actually think Bitcoin is the perfect technology for storing and transferring personal wealth.
How Is Bitcoin Still The Perfect Technology For Storing And Transferring Wealth?
The Karmaship team are big fans of Proof Of Work which is ironic considering our initial Karmada chain uses a form of Proof of Stake for consensus. This is done for both practical purposes and because our initial OCI phase has a controlled consensus via Supernodes that allows us to be flexible with development as we perfect the Karmaconomy. Because we are giving the coin away and are completely self-funded we counter any fears of centralization with our good will and complete transparency with our community. Once Proof Of Experience is finished and we incorporate that into the updated PoW algo we have developed we will basically become the next gen PoW coin! (more on that in our next article…)
But back to Bitcoin… Many Bitcoin critics claim that it is outdated technology, that ASIC mining is harmful to the environment and that the blocks are too slow and too small. All of this may be true if in fact Bitcoin was trying to be a transactional currency but we all know now that Bitcoin has become the opposite of that. BTC really has become the ideal storage of wealth asset thanks to all of these imperfections! It has just the right amount of entropy and security to ensure a stable means of storage and wealth transfer while denying points of attack that could be more common if block size, mining etc are changed. With its long blockchain history and massive node network it is the foundation for which this ecosystem will grow for the unseeable future. Because of this we embrace it and use it as the foundation for our economy as well!
What Exactly Is The ‘Bitcoin Experience’?
Here at Karmaship many of us remember the days when mining Bitcoin was fun and financially very rewarding! While Crow, our head of development, still runs a successful mining farm that is very profitable, the days of massive returns for mining seem to be long gone. This is why we have decided to internally peg our currency to Bitcoin as we distribute it out to the community for free. We wanted to give those who never got a chance to experience the Bitcoin mining boom that very experience within the Karmada.
Anyone that validates at one of our Genesis Events to receive their Karma Experience tokens (KEX) can then use those to Gather Karmics (KMX) via one of our Supernodes. Because this KMX is pegged 1 to 1 internally to BTC we have jump started the value association in hopes that the community will embrace this peg and create consensus. We have in fact matched everything that Bitcoin does for this initial Karmada round to offer the ultimate Bitcoin Experience! So we have 21mil total supply of both KEX and KMX and we change the block rewards based on block height just like Bitcoin. The only difference is that instead of halving the rewards, we double them. Because all Gatherers receive an equal distribution of the block reward we are doubling to keep rewards up as the amount of Gatherers increases.
Everyone Currently Gathering KMX Is Now Pretty Wealthy…Or Are They?
Since our first Genesis Experience at Outside In Equinox, attendees, volunteers and employees that received their experience airdrop have now been Gathering for weeks. As we wait for the official wallet to drop, the Gathering accounts have easily accrued up to $50K in Bitcoin value! People are hitting us up left and right asking if this is correct. Internally this is correct but externally this means nothing to the world. In order for this to become a real value in one’s daily life, we need consensus among enough people who can offer things of value in exchange for this new currency. Thanks to the law of Diminishing Marginal Utility there is currently no way anyone could actually spend all of this internal currency so what to do with it? Share it! Send your Karma forward. As soon as the wallet is out in the next couple weeks we want everyone to send their KMX to friends and family so they can join in on the Bitcoin Experience! In doing this we build consensus.
We will be taking the Karmada to festivals around the world for the next 2 years to distribute out Karma Experience and have Gatherers spreading KMX across the globe. The end goal is to transfer this internal fantasy realm into reality so that this current ‘play money’ becomes real money without using any centralized mechanisms! As we have always stated, KMX will never be available for purchase or sale on a centralized exchange. Instead, we will use the Bitcoin Experience to drive interest and adoption within our own internal economy and then, once our new decentralized experience-based consensus protocols are ready we will retire the Karmada and go to main Karmachain which will release the currency to the world.
How Will We Transfer The Bitcoin Experience Into The Real Karmaconomy?
Once Proof Of Experience and PoWX (our Proof Of Work with Experience protocol) is complete and we are ready to launch the fully decentralized open-source Karmaconomy, we will hard fork to our official chain and the Karmada will be done which means the Bitcoin Experience will be over as well. What we do next is revolutionary.
In the same way that Satoshi Nakamoto envisioned Bitcoin equaling $1mil USD (or Yen or Sterling Pound etc) we will make KMX set at $1mil of your local currency. We will set this in the code where the first Satoshi starts at 1 penny and then goes up by multiples of 10 ending at 1 million. This will be hard coded into the chain and allow for us to have a stable coin without ‘pegging’ like the current ‘stable’ coins do! If we do our job correctly and distribute to the target 400K wallets during this Karmada phase, we feel like the consensus to agree on this amount will be easily attainable or at least have a good start towards being reached by Karmanet launch. Furthermore, we will have the Karma DEX (decentralized exchange) built directly into the main wallet, allowing for instant liquidity for those BTC holders looking to get into the Karmaconomy on an initial discount as consensus is formed.
The Bitcoin Experience is a way for the current internal economy of the Karmada to flourish and be fun for newcomers to cryptocurrency. We have made the barrier to entry extremely low thanks to our Supernodes and soon-to-be-released web wallet and will be bringing this fun experience to an already hungry micro economy built within the transformational festival circuit. Anyone can create a wallet and start receiving KMX but the only way to become a Gatherer is by attending one of these genesis events where vendors and merchants are being rewarded to accept KMX. In our next few blog posts we will go into more detail about these rewards, the tax shelter we have created with KMX and how our upcoming crowdfunding (Karmafund?) will work for KMX holders! The Karmada has officially launched! Come join in on the fun!
— Mike Winner, Co-Founder of Karmaship and Alfa Vedic
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