Specs for the new coin. Let us know your thoughts.Name: Karma or Karma Coin. ("karma coin" to prevent confusion with the word "karma" when used in conversations with others. Similar to how the average person may know of "Bitcoin" but if someone says "I have 3 bits" then it may be confusing, which may diminish the value of the initial impression.)
Platform: Ethereum
Initial Supply: 888,000. However, this number will fluctuate according to supply and demand, like the time-tested US money supply. This prevents too much inflation if the Karma economy is down, and prevents deflation as the economy expands. Importantly, it will ensure that the coin gets into more hands. The more the economy grows the more Karma there are. An increase in Karma supply will stimulate increased spending because it puts more Karma in the hands of users.
Not all coins will be released at the same time. (Will have to think more about this.)
(We can also add a function to buy Karma when the price is cheap and sell when the price is expensive in order to stabilize the currency.)
Initial Market Cap: about $300,000. for 888,000 coins (?) Is it way too high?
ICO: No. It's better to show some value first, not just make promises as ICOs do. First, we'll show some value. The Karma price can increase commensurately with the value that we have produced. We will then leverage the increased market value for funding needs. Rinse, then repeat as we grow.
Companies that begin with too much capital on their hands usually end up wasting it. (
See startups in the 90s and today.) It's also a way to provide fat paychecks and benefits to the people who run the companies behind ICOs.
With Karma, if an 'executive' or manager wants to benefit from Karma they will have to buy it on the open market just like everyone else. (Not that managers are necessary with Ethereum. We could set up a decentralized autonomous organization to manage most of Karma automatically, with 1 or 2 people to make sure everything is running smoothly.)
Raising funds can be had by increasing the money supply from the initial. (See above) This function can be democratic eventually, but initially I will manage it according to supply/demand until the 'sweet spot' is found.
Mining: In order to prevent dumping and distribute the currency more evenly to users, there will be no mining for the coin. However, in the spirit of Karma there will be online services that users can go to 'mine' Karma by adding social value to the community. (For example, posting a video on Karmaplex.com or writing a blog post) This will not only likely allow for better stability and increased long-term value, but will also expand awareness of Karma to more users than mining along could not have been able to do. Mining is too much of a silo. Under the old algorithm it is good and supports the coin. Under the new platform, it is not needed. But if users want some Karma for a little effort (that helps Karma to grow) they can have it. It's the future.
(However, we do have the option of doing merged mining with ether. In that case anyone who finds a block on ethereum would also get a reward from Karma. Their reward may not be enough Karma to satisfy them, however. This will probably change in future as Ethereum moves from POW to a mixed proof of stake and betting system called Casper.)
Ability to freeze accounts: Karma can have the (democratic) ability to freeze any specific account. We don't need to have this function but it is an option in the case of stolen coins. Any account that is frozen will still have their funds intact, but won't be able to move them. After an investigation is performed the account can be unfrozen (by democratic vote in the blockchain).
The Code: The code will be publicly available in the blockchain and can be checked an audited by everyone. (Something that can't be done with our current wallet unless you understand the code you're looking at.) You could read the entire code in less than 10 minutes. That's something you wouldn't be able to do with the current code, if at all. This will increase economic trust in Karma substantially, which is exactly what Karma needs right now.
Wallet: Already done
Blockchain explorer: Already done
Swap: No. Too much "bad" Karma. This is a fresh start. We all have Karma. Some of us have lots of Karma (like myself) and don't really want to lose it. But we also must think about the big picture and how performing a swap might severely hurt (or kill) Karma in future as those stolen coins are also swapped with the good ones.
Everyone here will have a chance to buy Karma before everyone else catches on to it. (But the release will be publicly-announced here. And everyone will have an opportunity to buy cheap coins and make up for their losses. Current market cap at which buyers can be found is about $2,000,000. And that's without adding any value. The new market cap will start out at about $300,000 with plenty of room for growth. To the MOON!)
New Thread: On the way.
One last note An interesting tidbit.. as the value of Ethereum rises, so does Karma! As more and more companies like Toyota, Microsoft, governments like Singapore and Russia, and banks like JP Morgan buy up ethereum for their services, the price will increase. (That's the #1 driver of the price of Ethereum the past year, which has seen an increase of about 30x. Another 30x?
1 trillion dollars in value. That's something that would help Karma tremendously. As more funds shift to ETH, more people would be willing to speculate in Karma because it will be priced in ETH)
By the way.. good karma
always comes back!
