Goodomy [GOOD] - Launching May 24, 2018 // From the creator of the first ICO - page 26.

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

Quote from: Tara11 on June 17, 2017, 04:16:31 AM

As for old karma dev wanted to fair distribution I think. That's why he sent me 500000 karmas. Then I went to social media asked people to give me karma wallet address for giveaway but nobody bothered taking them. Back then nobody cared to getting free karmas. This time we will succeed I think. Cool

Edit: What's the difference between coin and token?

Hi. "Coin" is often used incorrectly (as it is usually a proxy issued by governments, through banks). But since we have "bit-coin" people have been using the word to represent the abstract value that a piece of software produces by itself.

Tokens can be thought of as the values coming from a platform that can issue many different 'coins', like Ethereum or Waves.

tylerderden

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Airdrop?

Tara11

sr. member

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Merit: 251

As for old karma dev wanted to fair distribution I think. That's why he sent me 500000 karmas. Then I went to social media asked people to give me karma wallet address for giveaway but nobody bothered taking them. Back then nobody cared to getting free karmas. This time we will succeed I think. Cool

Edit: What's the difference between coin and token?

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

I am happy to report that the code is now finished, compiled, and deployed. It is open source and will be viewable by anyone on the Etherscan website.

Next stop.. exchanges!

I'm also working on the website and instructions on how to use the wallet

Then, I'll update the OP with some additional info, links, etc.

Then, I will draw up a more complete road map.

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

Quote from: nezto77 on June 17, 2017, 02:26:34 AM

How about the karmacoin in market alcurex and yobit? Whether in swap for new karma

Hi. The Karma classic (X11 algorithm) community is working on an updated wallet, whereby you should be able to swap. But you'll have to follow that thread in order to see about progress.

This is a 'fork' of Karma with a different blockchain (Ethereum), not directly related to Karma classic.

Please let me know if you have any other questions. - Thanks

Eric pink

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If you need Chinese translation, reserve

nezto77

hero member

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How about the karmacoin in market alcurex and yobit? Whether in swap for new karma

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

Quote from: jaipagare01 on June 16, 2017, 08:24:34 AM

Is this karma Token KTN? http://coinmarketcap.com/assets/karmatoken/

I believe so, though don't know much about KTN since I didn't have anything to do with it.

jaipagare01

member

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Is this karma Token KTN? http://coinmarketcap.com/assets/karmatoken/

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

Quote from: hugasinora on June 16, 2017, 05:44:49 AM

is there any bounty for this coin ?

I'm not sure about that but let's see after it's released. What did you have in mind?

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

Quote from: eXpl0sive on June 16, 2017, 07:34:17 AM

I'm not much into the original Karma coin, but I have a simple question: Why is there a need for a new Karma token and how is it *significantly* different from the older one?

As noted above, the token was a project by a former member of the team. Most of the coins used in the swap, it seems, were stolen from one or more exchanges. (Our main exchange was MintPal, followed by Cryptsy. Both wallets are now in questionable hands. About 30 billion coins, or nearly half of the old Karma's value)

But more importantly, the purpose, direction, focus, and leadership of the two are very different.

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

Quote from: ?? on ??

sad to see that the previous attempt of making karma to be known was unsuccessful now its needed to be rename or re-brand what about those karmatoken what will happen did you settle those coins or it will be forgotten since another dev is working on it?

Hi. Karma classic is still on-going, as noted in the second sentence in the first post of this thread.

The fundamental problems with Karma are 2-fold: too many coins, and too many bad coins (coins that we stolen from exchanges, and also ones that the original developer mined unfairly at the beginning). There are other important barriers, as anyone who has been following the thread can attest, but we won't get into that here.

This is a place for good karma

The KarmaToken was a side project by a former team member. It allowed the exchange of both good and bad coins (of which I estimated the majority of coins swapped for the token we stolen from one or more now-defunct exchanges). I believe that is also still on-going, though there isn't much activity in the thread.

Hope this answers your questions. Thanks for giving me the opportunity to clarify some of that.

eXpl0sive

hero member

Activity: 574

Merit: 502

waiting to explode

I'm not much into the original Karma coin, but I have a simple question: Why is there a need for a new Karma token and how is it *significantly* different from the older one?

hugasinora

full member

Activity: 420

Merit: 100

is there any bounty for this coin ?

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

Running List of Innovations and 'Firsts'

Goodomy Innovations

REMI (to be announced; early 2018) <-- Liftoff!

FITE (to be announced; early 2018) <-- Fuel!

Community Distributed Invoices, or CDIs (November 1, 2017)
The Indefinite Coin Repurchase, or ICRs (July 21, 2017)

Innovations by the founder of Goodomy, via his leadership with Karmacoin

World's first ICO ("proof-of-coin" and "IPOCOs", April 2014)
Early pioneer of the Distributed Autonomous Organization (April 2014)
first coin to be revived (March 2014)
first coin to hire an economist (May 2014)
among the first coins to successfully switch algorithms (June 2014)
among the first coins to rebrand itself
the first to provide detailed project plans
the first to provide a schedule to the community
first to allow the community to vote on matters
first to incorporate and run as a business
one of the very first cryptocurrencies to issue press releases
among the first to apply for a trademark
first to offer a contact number on its website
first to schedule a conference call with coin-holders

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

Quote from: 2bfree on June 16, 2017, 01:23:15 AM

So what's going to happen with the old karma?

That depends on the efforts of the original community, actually. Also, the current moderator of the thread (and former team member) would need to make changes, organize resources, and move things forward.

I have posted a more in-depth reply at https://bitcointalksearch.org/topic/m.19590981

Please let us know if you have any questions or concerns. And thanks for visiting!

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

FAQs

You didn't invent the ICO. Come on!

Somebody did. And it just so happens it was me. It was launched on April 18, 2014, for the old Karmacoin (through a new entity called Karmashares).

JR Willet of Mastercoin is often cited as the "inventor of the ICO". However, according to JR Willet's post on Bitcointalk (as user 'dacoinminster'), "MasterCoins are intended to be an investment opportunity on par with buying bitcoins when they first came out....Bitcoins raised in the fundraiser are being used to fund the development of software implementing the MasterCoin protocol. The fundraiser was structured like a kickstarter, but it is also an investment. If we're successful, the purchased MasterCoins could be worth a tremendous amount of money someday."

According to their original whitepaper, the "Initial distribution of Mastercoins will essentially be a fundraiser to provide money to pay developers to write the software which fully implements the protocol."

Unfortunately, a "crowdsale" is not the same as an "ICO". Crowdfunding is merely a method of fundraising, whereas an ICO raises coins for both capital and as a representation of ownership interest in an enterprise, like a digital stock certificate. We referred to our new model as both POC (proof-of-coin, to secure the coin's economy) and IPOCOs (Initial Public Offerings for COins, for subsidiaries or derivatives). In fact, we even had digital certificates to go along with our list of owners http://web.archive.org/web/20140626124054/http://karmashares.com:80/explorer-v01 as well as bonus periods for earlybirds.

The intention of Karmashares was to provide ownership interest in the enterprise and a decentralized means to manage it to the Karma community, not merely to raise funds. Because of this ownership interest by means of a coin, it thus meets the definition of "initial coin offering".

MaidSafe's crowdsale was announced on April 21, 2014, three days after Karmashares and Karmashares IPOCOs (Initial Public Offering for COins) launched and twelve days after Karmashares was announced. The crowdsale raised both Mastercoins and Bitcoin. (And, interestingly enough, a Karmacoin team member was the 2nd person to post on the official Mastercoin Foundation thread, complete with signature talking about Karmacoin.)

Here is my post that proposed the idea, and a pre-announcement of the world's first ICO. We also reached out to other coins to spread the news about how effective it had been in such a short period of time, and 'burned' unallocated shares.

So why isn't this an ICO?

You'll notice that most legitimate ICOs today do not allow anyone that lives or resides in the US to join in the distribution. What's not being considered is that the people running the ICO should not be US residents or citizens, either. It is likely to constitute an “investment contract” by the SEC per the US Securities Act of 1933 as thus fall into the domain of an unregistered security. It is the reason I shut down Karmashares.

Until the SEC changes their guidance on securities and equity derivatives in favor of ICOs, I won't even think about it (and advise others residing in the US or who are US citizens not to, either).

I've had nearly 4 years to think about the benefits of ICOs and have since then come up with something that I think will be far more effective, the ICR. Our own unique implementation of the ICR should prove tremendously more effective than any ICO could have done. Where an ICO is a one-time event to raise funds, an ICR has no limitations. We'll unveil the 'secret sauce' that will power Goodomy to the top of the charts as we approach our first ICR event.

888,000,000 tokens? That's TOO MANY!

Actually, it isn't enough. When considering how many tokens are had, we must look not only at whole numbers but fractions of tokens. For example, most Bitcoin transactions are not for whole Bitcoins. Someone can use 0.0003 Bitcoin to buy a cup of coffee. So we must look at how many units a token has. Let's look at it this way:

Bitcoin 2,100,000,000,000,000 units (2.1 quadrillion units, 21M whole)

Goodomy 888,000,000,000,000 (888 trillion units, 888M whole)

OmiseGO 140,245,398.245,132,780,789,239,631 (140 billion quadrillion units)

QTUM 100,000,000,000,000,000,000,000 (you get the idea)

Although "888 million" might seem like a big number, the Goodomy token has only 6 decimals. (Compared with the usual 18 decimals for most Ethereum tokens of high market cap.) Bitcoin has about 2x more tokens than Goodomy, while OmiseGO has 157 million times more tokens.

Why we'll need every single token will become more obvious when we reach phase 2.

Let me guess. You invented the decentralized autonomous organization (DAO) too, right?

As a concept, a DAO is thousands of years old, in my opinion. (It's just the "invisible hand" of the marketplace, but transformed to work for an individual company.) Karmashares was modelled after this operational methodology, as noted here in April 2014.

Why Ethereum? Is it a good idea? Why not like most other coins?

We are going where the big money is going, as part of our future plans:
https://bitcointalksearch.org/topic/m.19793618

However, we may be moving to the EOS platform when it launches, for various benefits such as speed, scalability and, most importantly, free transactions for users. Raiblocks or IOTA's tangle (via Peaq) are also possibilities.

No mining? Where do the tokens come from? Who profits?

Goodomy is based on the Ethereum platform as an ERC20 contract, so there is no need for mining to support the health and security of the token.

ERC20 tokens are deployed from the contract itself, either in an automated way or via an agent following a release schedule (in this case, the developer). Any Ethereum received in the exchange goes directly to the Goodomy contract -visible on the blockchain- and is used as capital to increase the token's utility as well as expand its economy. Although the developer has done pioneering work on ICOs in past, he believes that this method of raising capital on an as-needed basis spread out over many years is far more effective, not only allowing Goodomy to keep a close eye on costs but also to sustain growth long after similar ICO-backed companies have burned through funds.

Although some companies that raised capital through an ICO sale have become "successful" it is easy to assume that these companies are doing well because of their market capitalization. However, their valuation is based on the value of coins that flow through their network, not the value of the company behind the coin. This network valuation may be confusing for some when considering which currencies to invest (or speculate) in. Some of the most valuable altcoins don't have any real money for growth and, thus, most likely will not be able to expand as rapidly as those who are cash-rich (such as Ethereum, who issued over $1B worth of Ethereum to its foundation before their ICO, in today's value). Goodomy is more business-wise, seeking to operate just as some of the most successful corporations in the world would, all the while helping people to do good things for each other.

Note: If you are uncomfortable with capital being raised in such a way to grow the GOOD economy and the value of the token itself, please do not speculate (or, "invest").

Who is Developing this Platform?

A Canadian inventor, entrepreneur, founder of multiple successful startups, and project lead for Karmacoin in 2014 (taken over from the developer, who abandoned the coin). Through his leadership, Karmacoin became the first coin to be revived, was among the first coins to successfully switch algorithms, the first to provide detailed project plans and a schedule to the community, the first coin to allow the community to vote on matters, the first to incorporate and run as a business, the first coin to hold an ICO issuing 'sharepoints' for Karmashares and sub-entities (IPOCOs) and inspired other coins to consider the same "proof of coin" model that has evolved into the modern ICO, was one of the very first cryptocurrencies to issue press releases, among the first to apply for a trademark, the first to offer a contact number on its website, the first to schedule a conference call with coin-holders, saw a coin price high of 3,900% more than at the beginning of his leadership, and many others milestones.

A short bio: "The Canadian founder of Goodomy knows a thing or two about both community and business. An entrepreneur from an early age, he has also worked for some of the biggest companies in the world, including Leo Burnett, Energizer, Thompson, KPMG, Unilever, Proctor & Gamble, and others. At age 20 he was the youngest executive in the history of the largest financial public relations firm in the US, reporting directly to the board of directors of Fortune 100 clients such as EMC and others. During the time he served as a volunteer English teacher for immigrants he was also the sole project manager for the City Colleges of Chicago's 'Year 2000' project where he was responsible for auditing 27,000 PCs, workstations, and servers across 19 locations with a team of 30. Afterwards, he served as a community organizer and leader before moving to Hong Kong and starting several multi-million dollar internet businesses from less than $200 of his own investment capital. He cares deeply about humanity and is committed to bridging the chasm between new technologies and traditional social values."

Why is there only 1 person in the team? What is the vision?

In my opinion, teams find it very difficult to create something truly decentalized. Bitcoin could have never been created by a team. It could have only been created by the mind of a single person with a singular vision. Once the foundation is laid (phase 2) then we will get other team members on board.

Whether we like it or not, the greatest companies are formed by 1-2 people, then others join as they mature. HP, Apple, Microsoft, Google, Ford, Standard Oil, Walmart, Amazon, even ebay.. the list goes on.

"Teams" sound great, but it's not so great when you're laying the foundation. It would be far easier to understand the vision once it can actually be seen in operation and use.

Can you imagine Jeff Bezos trying to get a team together to form Amazon? To explain the vision, not only about how books are just the entryway to dominate ecommerce, a sector no one really cared about at the time? He tried. They laughed at him. So he built it anyway and now he's the richest man in the world.

Here is his original thinking: "The wake up call was finding this startling statistic that web usage in the spring of 1994 was growing at 2,300 percent a year. You know, things just don’t grow that fast. It’s highly unusual, and that started me about thinking, 'What kind of business plan might make sense in the context of that growth?" He chose books only after analyzing the top 20 mail order businesses and determining that books were the commodity for which no mail order catalogue existed, because such a catalogue would be too big to mail out. The internet would be his book catalogue, and a passion was born. The very next day, Bezos flew to Los Angeles to attend the American Booksellers’ Convention to learn everything he could about the book business.

There is currently no worldwide entity for consumer retail (other than credit card consortiums) because only distributed ledger technology and its derivatives make it possible Just as the internet made it possible for Bezos to put a singular book catalogue into the hands of billions, the blockchain allows us to put a singular economic system into the hands of billions. In this way, Goodomy is the currency of Shopomy, a kind of distributed banking authority cleverly disguised as an app.

Huh? A distributed banking authority?

Yes. In the same way that Amazon is actually an eCommerce infrastructure company that looks like a bookstore or department store built to take advantage of the explosive growth of the internet, and McDonald's is actually a real estate company that looks like a chain of fast-food restaurants, Shopomy is a distributed bank that looks like a consumer shopping app.

I personally don't care that much about shopping apps or whatever, just as Bezos didn't really care about books. But I do care about making a worldwide distributed bank and becoming the first trillion-dollar crypto that benefits all who are a part of it.

2bfree

sr. member

Activity: 686

Merit: 251

I'm investigating Crypto Projects

So what's going to happen with the old karma?

kosmost

hero member

Activity: 1022

Merit: 501

Creator of the ICO

Market Information

CoinExchange.io

GOOD/BTC @ https://www.coinexchange.io/market/GOOD/BTC
GOOD/ETH @ https://www.coinexchange.io/market/GOOD/ETH
GOOD/DOGE @ https://www.coinexchange.io/market/GOOD/DOGE

IDEX

GOOD/ETH @ https://idex.market/eth/good NEW!
(How to use IDEX guides)

Telegram
Goodomy Telegram

GOOD ERC20 Token Address
0xae616e72d3d89e847f74e8ace41ca68bbf56af79
6 decimals
Contract name: "Good Karma" (Goodomy's old name. We may perform a swap to new tokens, whereby the contract name would change to 'Goodomy' also.)

GOOD Contract Code
https://etherscan.io/address/0xae616e72d3d89e847f74e8ace41ca68bbf56af79#code

Total Number of Coins: 888,000,000 verified limit
https://etherscan.io/address/0xae616e72d3d89e847f74e8ace41ca68bbf56af79#readContract

GOOD Block Explorer
https://etherscan.io/address/0xae616e72d3d89e847f74e8ace41ca68bbf56af79

Please note: This is respectful forum. Posts deemed to be disrespectful to other members or the community as a whole will be deleted, as well as irrational conjectures, inflammatory statements, false accusations, posts without content, and other improprieties that can normally be found on Bitcointalk. FUD will be deleted without question, unless backed up by rational arguments. Continued abuse will be reported to the system moderator.

Securities Disclaimer: The information contained in this website forum is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in the Company or any related or associated company or entity. Any such offer or solicitation will be made only by means of the Company's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly the information contained in this forum does not constitute investment advice or counsel or solicitation for investment in any security. This information does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. Goodomy and its agents expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.

Topic: Goodomy [GOOD] - Launching May 24, 2018 // From the creator of the first ICO - page 26. (Read 23139 times)