FAQ - Karmaship
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Joining Karmaship

What Is Karmaship?

Karmaship is a new innovative blockchain project focused on the development of a universal and permissionless experiential economy based around the decentralized protocol, Proof of Experience.

Unlike other cryptocurrencies and public blockchains that depend on other computers or stake holders to maintain decentralized consensus, Karmaship is developing a system based on human interaction and experience.  The goal is to create a new self-perpetuating fair economy for all humanity that rewards good Karmic interactions with spendable money while denying centralized control or whale manipulation.

Karmaship is currently in its coin distribution phase called the Karmada.  You can find out more here!



Why should I join Karmaship?

  1. The earlier you join, the higher your reward.  We believe that Karmaship will reach mass adoption due to its unique reward system and free distribution strategy.  By joining in the Karmada you have the chance to earn immense wealth with little to no initial investment.
  2. Why not?  It’s free and safe, with no KYC or email required.  You can maintain your privacy while creating your Karma identity that will act as your avatar in the new platform.
  3. By joining you increase the chance of success as we move towards the network effect for complete adoption.  As a ground floor adoptee you will have the ability to earn life-changing wealth while helping the rest of humanity do the same.
  4. You will help reduce the enormous waste and pollution caused by Bitcoin and other cryptocurrencies currently using Proof of Work.  The energy consumption is currently equal to 6,000,000 households!



What are the risks of becoming a Gatherer?  Do you gather our personal information?

There are no risks with joining Karmaship!  Because we are giving the coin away for free and will not be participating in an ICO (Initial Coin Offering) KMX is not considered a security or currency by any officialdom.  Karmaship also doesn’t ask for or store any personal information.  No KYC means no security risks!



What is a ‘Karmaconomy Ambassador’ and how do I become one?

Karmaconomy Ambassadors are key in propelling the new economy forward towards the network effect.  They are rewarded with additional KEX (Karma Experience tokens).  In order to become an Ambassador you first must start Gathering KMX.  This can be done at any of our Genesis Experiences.  You only need to attend one Genesis Experience to become a Gatherer.



Account Creation and Gathering

How can I create my account?

Karmaship is a universal, permissionless system which means anyone in the world can create an account on our web wallet located here.

Karmaship is designed to incentivize building one, single public address that represents your ‘account’.  Not only does this improve overall user trust and security within the ecosystem, but it is also makes using Karmaship extremely easy compared to other cryptocurrency platforms.



What is my seedphrase?

Your seed seedphrase is your account.  It must be at least 15 digits long and can consist of any character, even spaces.  Because Karmaship is a blockchain-based decentralized ecosystem, every user on the platform is the single gatekeeper to their account.  The benefit of this is ultimate security and trust in knowing your account is completely secure.

However, this also means that there is no way to recover your account if you forget or are unable to find your chosen seedphrase.  Also, once you set your seedphrase you can not change it!  So it is extremely important to use a seedphrase that is long and memorable but only unique to your life.  We recommend a long rhyme that is something only you would know.

Example seedphrase: grammysallovestobakeapplepieseverysummer

When creating your account seedphrase, please make sure to double check your keyed entry by selecting the ‘eye’ icon.  It is imperative that you remember this so write it down and store in a secure place!  We recommend not storing on any online device as that may be susceptible to hacking.



Why is my account not showing when I login with my seedphrase?

If you have correctly created a new account with a seedphrase you know but are not seeing your correct address or username when logging in that means you have entered an incorrect seedphrase and have accessed another account.  Because Karmaship is a completely decentralized system there is no central party keeping tabs on accounts so it is up to you to be a responsible steward of your account!



How do I get my unique Karma profile name?

Only users who have received a certain amount of Karma Experience tokens (KEX) can then set their unique profile name.  Once created, you will be the only person with that name on the blockchain and can receive KMX sent to that name directly.



What is Gathering and how do I start?

Gathering is the process of earning KMX block rewards by delegating your KEX to a Supernode.  In the current coin distribution phase called the Karmada, any Experiencer with 42 KEX can begin Gathering KMX.  You can get KEX by participating in any Genesis Experience or by participating in upcoming Karmafund crowdfunding.

Gathering pays out an equal dividend of KMX every block to every Gatherer on the chain.  The more Gatherers, the smaller the reward.  However, Karmaship was designed to scale by doubling Gatherer rewards on specific block heights.  You can see the current Doubling Chart here.



Karmada and Coin Distribution

What is the Karmada?

The Karmada is Karmaship’s coin distribution phase.  It is called the Karmada because the coin distribution is designed in a way to protect the developing economy from price manipulation, centralized corruption, consensus conflicts and needless forks.  Because Karmaship is aiming to create a truly organic economy centered around adoption and use, the currency itself is not buyable on an exchange.  Instead individuals interested in getting KMX must either attend an experience, real or virtual,  or be sent KMX from another coin holder.

In the Karmada the primary focus is on distributing KMX out to as many trusted, real individuals as possible with the purpose of creating the ‘network effect’.  Until the network is robust enough with at least 625K Gatherers on the chain the Karmada will forge forward.    In the Karmada all development is private and consensus controlled by the Supernodes.  This allows the Karmaship team the ability to pivot and fix any issues with the platform.  Once the Karmada phase is over, Karmaship will go fully open-source.



How many KMX will be distributed?

In the Karmada, Karmaship’s economy is designed to closely match Bitcoin.  This means a total of 21mil KMX will be forged during the Karmada.  KMX value are internally pegged 1 to 1 with Bitcoin as well.


Why is KMX not on any exchanges and how can I trade it for other assets?

In order to organically grow the value of KMX while protecting it against manipulation, KMX will never be available on a centralized exchange.  Because the coin is initially given away for free by attending Genesis Experiences, there is no outside value of the coin.  This is why it is pegged 1 to 1 with Bitcoin.  It gives the community a starting point to value the coin at.  People within the economy can choose to go by this or make their own evaluation.  The end goal is the network effect which means as many people using the coin for real-world exchanges as possible.  In this way we will have real exchange of value, not just a speculative asset for token exchange.

If you look at the Roadmap, you will see Karmaship has 2 upcoming decentralized modalities for creating liquidity within the ecosystem.  This is how people in the near future will be able to trade their KMX for Bitcoin and other cryptocurrencies.

  1. Karmafund – This unique decentrlized crowdfunding add-on to the Karmaship dApp will allow any KMX holders the ability to crowdfund a project with their KMX, rewarding Bitcoin investors with matching KMX and a KEX reward for taking part in the crowdfunding experience.
  2. Karma DEX – Karmaship will have a truly decentralized exchange built into the platform with Atomic Cross Chain Transfers used between the KMX and Bitcoin blockchains.  Unlike other current ‘DEX’ platforms that actually use smart contracts or third party arbiters to perform the exchange, Karma DEX will be truly P2P on-chain.  Furthermore, by using KEX as the access-point to exchange KMX on the DEX, Karmaship has developed a novel approach to creating & maintaining liquidity in a DEX.  More information on this is coming soon!

By maintaining a fully decentralized system, Karmaship keeps centralized controllers like governments and corporations away from regulating or taxing the currency.



What is a Genesis Experience and how can I attend one?

Because value in Karmaship is based around proving experiences and because Karmaship is not an ICO, Genesis Experiences are being used to validate the initial Experiencers on the blockchain.  Karmaship is partnering with major events all over the world to fairly distribute the coin as well as providing unique virtual experiences to specific trusted online communities.  You can find a list of upcoming Genesis Experiences here.

By attending one of these Experiences you can become a Gatherer and start earning KMX every block.

The Karmaconomy & Accepting KMX

What is the Karmaconomy?

The Karmaconomy is the new experiential economy that drives Karmaship.  It is based around the creation and proving of experiences on the Karmaship blockchain where Karma Experience tokens called KEX are earned and accumulated to create KMX, the spendable cryptocurrency within the ecosystem.



Who are Karmaconomy Ambassadors and how can I become one?

During the Karmada coin distribution phase, Karmaconomy Ambassadors are Gatherers that pay their Karma forward by sending KMX to friends and family who are currently not Gathering coin.  They are instrumental in spreading the economy and can be rewarded with KEX for doing so.  To become an Ambassador you currently need at least 42 KEX to become a Gatherer.  The easiest way to do that is to attend a Genesis Experience.



Once I have KMX where can I spend it?

Currently in the Karmada KMX is being generated via Gatherers at Genesis Experiences.  These experiences are primarily focused in and around the transformational music festival scene.  The reason for this is multi-pronged.  These events already have their own internal economy that KMX can easily be integrated into and serve as a test case for the currency.  Furthermore, typical attendees of these events are already looking for an alternative currency and have a more ‘alternative’ outlook on life.  At these events KMX is accepted by most vendors and also used as a bartering token.  Future event tickets will also be available for purchase with KMX.

Because KMX is universal, fee-less and nearly instant, it can easily be used for any P2P transaction anywhere in the world.   This opens it up for any type of transaction one can imagine.  It is up to all of us to make Karmaship a full adopted reality.



As a vendor at Genesis Experiences, why should I accept KMX?

Currently in the Karmada, KMX is being earned by Gatherers that attend Genesis Experiences.  This means there will be an audience looking to spend it somewhere.  This gives vendors a free marketing tool to use as they see fit!  While KMX’s value is internally pegged 1 to 1 to Bitcoin, it is up to the vendors to define the value as they see fit.  This means vendors can earn a lot of KMX based on how they barter for it.  Also, by accepting KMX as a discount ‘coupon’ where it is used along with traditional payment, vendors have the ability to bring in new business while taking profits within a tax sheltered asset.

Once the Karmafund crowdfunding portion of the dApp is launched in early 2019 vendors will be able to use their KMX balance to raise funds for their business.  People with Bitcoin but no KEX will now have a way to enter the Karmaconomy and earn KEX and KMX through the Karmafund platform.  This way, vendors will now have a free way to raise extra capital for their business, all tax-free.

Karmamesh and Supernode Networking

What is Karmamesh?

Karmamesh is the decentralized mesh networking operation built within the Karmaship platform.  Currently still in development, this will allow for network independence and a truly robust P2P internet connection for Karmaship users.  Karmamesh will first be implemented at upcoming Genesis Experiences, allowing Karmaship dApp users the ability to easily communicate and transact at the event without traditional internet or cellular access.

Karmamesh will later be integrated into the full Karmaship platform upon Mainnnet launch, allowing those with Supernodes to host their own mesh network.  This will both play into the Proof Of Experience protocol as well as allow for businesses and events to provide free access to internet without the need of a traditional ISP.



What is a Karmaship Supernode?

Karmaship utilizes Supernodes to both host the blockchain and provide mesh networking to the ecosystem.  By doing this, Karmaship makes it extremely easy for the average person to use the decentralized system since they themselves don’t need to run the blockchain.  This means Gatherers can earn KMX right on their phone with a few clicks of a button.

For providing this network stability Supernodes earn their own block reward.  Currently this reward is 0.026 KMX per block.



How can I become a Supernode?

Currently in the Karmada Supernodes are only run by the developer team and select event partners.  This is setup to ensure that the initial development and consensus for the project is controlled and fluid.  Once Karmaship’s mainnet is launched, Supernodes can be earned by any Experiencer based on their KEX amount.  Currently that number is 50K KEX.   In this way, Supernodes can not be ‘bought’ but must be earned via experiences.

Karmaship Mainnet

When will Karmaship mainnet launch and what will it entail?

As we push forward in the Karmada, Karmaship’s world-wide team of developers are working on the decentralized Proof of Experience protocol and Experience Marketplace that will be the center of the full Karmaship platform.  Until then, the Karmada will be used to build the economy through organic adoption and viral reach.  The goal is 625K Gatherers.  Once that goal is reached and the full Karmaship platform has been fully tested, a mainnet launch date will be announced.

Karmaship’s mainnet platform will include the full Karmafund, DEX and Experience Marketplace along with a unique UI that will incorporate many aspects of gamification and social exchange.  Think Pokemon Go meets Snapchat meets Kickstarter but fully decentralized and with much more under-the-hood functionality.

Once mainnet is launched all Gathering will stop.  Now Experiencers with KMX and KEX will be able to create Experiences in the open Experience Marketplace and earn KMX & KEX.  The DEX will allow anyone with BTC to come in and KMX will be set to $1mil (more on this below).



How will KMX and KEX be affected by the swap to mainnet?

Because Karmaship is developed on its own blockchain and not Ethereum or a similar ICO token system, the coin and token swap will be very easy!  No need to send coin anywhere and because Karmaship isn’t using centralized exchanges there is no concern with that either.  We aim to make this the easiest swap the crypto world has ever seen!



What will KMX be worth on the swap?

With the swap to the fully decentralized, open-source Karmaship platform KMX will be set within the code to equal 1 million in fiat.  In the same way Satoshi Nakamoto envisioned Bitcoin working with the Satoshi decimals, KMX will do the same with each Satoshi locked in as a multiple of ten starting at the lowest fiat value.  So in USD that would be 1 penny.  This will allow KMX to be a truly stable coin with near zero inflation.  We want KMX to be a currency, not a value storage asset so stability is important.



Will my KEX be swapped over in equal amount?

Within the Karmada, KEX was used as more of Masternode marker for Gathering.  Once mainnet is launched, KEX will be used to mark the Experience Weight of all Experiencers on the chain.  This means satoshi levels will be implemented.  All KEX will be reduced by 1000 to make this work.  This will be relative and equal across all accounts on the chain.