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Version: 0.1.0

FAQ

Here are some answers to the community most asked questions. Thank you for asking! Reach out to use if there's still something that is not super clear after reading the answers below!

How do I get more coins?​

Appreciate people who've done good for you in your life and follow-up with them that they sign up to the app to redeem the appreciation you sent them. You just use the app to earn karma rewards which are part of karma mining. You get 10 Karma Coins for signing up. You get 100 Karma Coins when you appreciate someone when it signs up. You can get this reward multiple times - for each appreciation that was received by a new person. You can also get an additional one time karma reward of 10 Karma Coin for sending 2 appreciations in a calendar month that were received. Up to 500 users are randomly selected by Karma chain every calendar month and automatically get rewarded. You are going to also be able to stake your coin on Karma Chain in the near future to earn validation rewards directly from the app.

How can I purchase coin​

There’s currently no way to buy or sell Karma Coins that we are aware of. We believe this will change once lots of people will have karma coins from Karma Mining and the product proves its utility for people worldwide. If you are working for an exchange and would like to list Karma Coin then please get in touch with the dev team to learn more about the unique Karma Coin crypto economic model.

Will you get listed​

It is likely that major exchanges will list Karma Coin in the future if it will show real utility in the real-world for lots of people.

What does it mean to appreciate?​

You send an appreciation via the app to anyone with a mobile phone anywhere in the world. An appreciation is sent to the receiver’s phone number. It includes how you want to acknowledge the receiver, e.g. you are smart, you are sexy, you are creative, etc... and how much Karma Coin you send it - it can be any amount up to your Karma Coins balance. Your receiver will receive a text message about the appreciation and can redeem it just by signing up to the app with the phone number that you used to appreciate it.

When do I get my 100 KC rewards?​

As soon as the person who you appreciated signs-up to Karma Coin via the app using the phone number you used to appreciate him or her.

How can I become a validator?​

You are going to be able to stake your karma coins via the app for the purpose of karmachain 2.0 validation in late 2023. You will be able to stake as little as 1 Karma Coin. Karmachain 2.0 supports on-chain validation so there’s no need to trust a 3rd party organization in order to validate and validation is secured by Karmachain. You can’t validate yet on Karmachain 1.0.

Who is building Karma Coin?​

We are a small internation dev team who self-funded the project with our own savings out of passion and love to do some good in this world. We have been working on it full time for more than a year.

How is the project funded?​

Karma Coin launch without any pre-mint for the dev team. The only coin in existence are created by the Karma chain protocol as rewards for creating and validating blocks and for using the app.

How can I help the project?​

Just use the app to acknowledge good action done to you on an ongoing basis, and help it grow in usage and utility. It is our opinion that Karma Coin will be more valuable to everyone and more immune to speculation, the more it is being used in the real-world by real-people... Please follow up with people you appreciate to make sure they get your appreciation! Our aim is creating together with you a cryptocurrency that has value due to economic value in the real-world by real people for the benefit of all of us. Please also join our community on Telegram and share your own appreciation story with us!

How do I learn more about the project?​

Start in our rabbit hole entrance. We link all available resources from it and keep it up to date as new resource are becoming available.

Can I invite people to the project without the app?​

No. Our vision is that the Karma Coin community will be made by people who use the Karma Coin app in the real-world. Karma Coin accounts are based on verified mobile phone numbers, and it is designed to be used on mobile phones. We made the app easy to use so anyone with a mobile phone can start appreciating and be part of the community. Other cryptocurrencies that don't have a strong product or app-specific chain rely on social media channels for growth. We designed Karma Coin so that organic growth is integrated in the product and the technology and there's no need to exist just in social media feeds.

What is the value of Karma Coin?​

Karma Coin price is currently 2 US Cents. This value may change once the currency will be available for purchase in cryptocurrency exchanges based on supply and demand market forces and economic activity created by app usage.

There’s no need to generate referral links. Your appreciation is used as a referral. Once your referred person signs up to Karma Coin via the app, it receives your appreciation and your referral reward is issued to you automatically via Karmachain.

What’s the utility of karma coin​

Karma Coin’s vision is to become the global currency of appreciation and tipping. It provides a global way for anyone to appreciate and tip anyone else in the world. Tipping is a global custom. Billions of people tip billions of dollars yearly mostly using cash. Many world countries wage a war to eliminate cash usage by its residents. As cash use declines globally, people tip less and less. Karma Coin provides a more convenient, modern and global way to tip that doesn't involve cash and enables cross-border tipping and appreciation.

What are the benefits of inviting people​

Karma coin is a decentralized cryptocurrency. As such, it doesn't rely on a government nor a central bank to have value, and has value based on its economic utility by its users. The more people use Karma Coin, the more valuable the currency becomes, so inviting people to use Karma Coin is the best way to make it valuable for everyone.

Do I need to know someone’s karma username to appreciate them?​

No, you can appreciate just by entering his or her mobile phone number and country. To appreciate someone you need either their Karma Coin user-name or their mobile phone number.

I appreciated someone, but I don't see my referral reward​

This is likely because they didn't sign up via the app using the phone number you sent an appreciation to. Follow-up with them to make sure they've done so. Once they do, you should see your referral reward reflected in your Karma Coin balance in the app.

What if I don’t have someone’s phone number?​

Ask him or her for their Karma Coin unique username and send an appreciation to that username.

How do I appreciate using a user-name?​

Tap Appreciate in the app's main screen. Tap the User button at the top of the screen. Enter user's username to find it in the users list. Tap the user in the list to appreciate him or her. Its phone number should be now filled in the appreciation screen, continue to specify how to appreciate and how much Karma Coin tip to send and tap Appreciate.

I am not getting my text verification (signup)​

We use a 3rd party service called Firebase authentication for phone authentication which is a robust service used by many other popular apps. Firebase sends you the text message on our behalf and verifies you for us. In most cases, the verification code is delivered to your mobile phone in a few seconds. In some cases, it takes up to a few minutes for the text verification message to arrive and in some cases it is not delivered by your phone carrier. In addition, in some cases Firebase flags your number as a suspicious number if you tried to sign up too many times too quickly. In this case, just wait a few hours and try to sign up again. Please allow up to few minutes for the verification code to arrive at your mobile device.

More about Karma Rewards​

Signup Rewards​

Signup rewards are designed to solve the cryptocurrency on-ramp problem. How can everyday people start using a new cryptocurrency without going through a tiresome long process of buying the currency using their national issued money? Karma Coin solves this problem by eliminating it altogether. Upon sign-up, the protocol mints 10 KCs reward to each new user with a verified mobile phone number.

  • A total of 300 million KCs is allocated by the protocol for signup rewards.
  • A user who gets this reward also gets the Karma Rewards Winner special appreciation.
  • The first 10 million users get 10 KCs on signup.
  • The next 200 millions user get 1 KC on signup.
  • Users beyond the first 210 million users get a small reward of 1,000 KCents on signup. This amounts to perpetual minting of 100 KCs for 1 million new users.

Referral Rewards​

Referral rewards are awarded to users who appreciate someone who joins Karma Coin as result of the appreciation. There is no limit on the number of rewards that each user can be awarded.

  • A total of 300 million KCs is allocated by the protocol for referral rewards.
  • Referral rewards are awarded to users who appreciated someone who signed up as a result to Karma Coin.
  • You refer a person by appreciating their phone number using the Karma Coin App.
  • You get a referral reward, when your appreciated person signs up on the Karma Coin.
  • You can get multiple referral rewards. One for each of your referrals.
  • The first 10,000 referees get a 100 Kcs reward when their referral signs up.
  • The next 9,900,000 referees get a 10 KCs reward when their referral signs up.
  • The next 200 millions referees get a 1 KC reward when their referral signs up.

Karma Rewards​

Karma Rewards are rewards awarded to users who appreciate using the app after signing up.

  • Each month period, the protocol mints 10 KCs to up to 500 random users who had appreciated at least two times in that time period, and who didn't previously get this award.
  • The appreciation must be received by a Karma Coin user. Appreciations that are sent and not received by the receiver do not count for purposes of this reward.
  • Up to 300M KCs are allocated for this reward. When these have been allocated the protocol stops rewarding users with top karma.
  • Deterministic randomness is provided from Karmachain.
  • The rewards allocation continues monthly until the allocated amount has been distributed.

Community Resources​

License

Copyright (c) 2022 by the Karma Coin Authors. This work is licensed under the Karma Coin License.