The community has gone through a tumultuous month when the community decided to take the project in a direction that the original developer did not agree with. I don’t have exact details, but that is the gist from what I have read.
Part of moving forward and changing the direction was re-branding Karmacoin to simply Karma, or KarmaShares. In order to accomplish this and bring everyone together, people in the Karma community got together to create KarmaShares, LLC and a centralized online forum for discussion.
The Karmateam is being lead by “kosmost” and Shawn Leary. With help from the community, they hope to form a foundation I got in touch with Shawn Leary to find out more about the Karmashares project, here’s what he had to say:
“We have implemented many changes in Karma, formerly known as Karmacoin. We have successfully rolled out nearly 66% of all our coins. The last 33% will be generated over the next 16 years in order to maintain the network. The development team is staying abreast of various crypto algorithm changes i.e. merged mining, POS (Proof of Stake), and hybrids of both. We are happy with the move to POC (Proof of Coin) which generated the LLC and allowed us to mirror POS without having to change the underlying POW model. At our low point, Karma was seeing exchange rates in the low 10-14 Litoshi range prior to instituting our PoC (Proof of Coin).
The Karma community decided to form a for profit component to assist our mission of doing good. We formed KarmaShares LLC to assist the development of revenue generating products that utilize the underlying blockchain of Karma. KarmaShares LLC now holds nearly 20% of all currently outstanding KARMs. KARManiacs rejoice!
We have several projects in the works and have recently debuted LiLL.com (beta). We will fully launch LiLL once Karma is fully integrated. The ability for businesses to bypass standard advertisements in favor of a faucet type system based on search actions is an entirely new process. We can begin to envision a web were advertising is completely optional with micro-transactions based on Karma. June 2nd will kick off elections for the board members of KarmaShares. Proper execution of our business plan during the next four to six months will prove vital to our success. We see great things coming down the road and invite those interested in doing good as well as building a successful business around crypto.”
The CoinJoint team is very excited to hear more about what happens with Karma and KarmaShares. We wish that we had known more about the Karmashares program before, and in case you missed it like we did, here’s what happened with their Quantum Funding period, and how you can still get involved:
There were three Quantum Funding periods where Karma holders could buy into the LLC. The first period was the most successful and had a 10x multiplier offered. Quantum 2 was 5x and Quantum 3 was 2.5x. Currently and at any point moving forward, individuals can buy into KarmaShares with a 1.75x multiplier. Person do not have to transfer their Karma to receive revenue payouts from the LLC. The only requirement is persons must hold Karma for 30 days prior to dividend payouts.
“When you exchange your Karmacoins for Karmashares, you will get points. We will add up all the points on May 11, 2014, to see who owns what percentage of Karmashares. You can watch the process unfold at http://karmashares.com/explorer-v01 (updated every 24 hours). On this list you can see everyone’s wallet address(es), including your own. This will let you know how many coins you exchanged. how many points you have, how many points are left to be claimed, and more.
From now until May 10 you will get a bonus reward for coins you exchange, as follows:
•If you exchange coins from April 20 through April 26, 2014 (GMT time) you will get 10x more points
•If you exchange coins from April 27 through May 3, 2014 (GMT) you will get 5x more points.
•If you exchange coins from May 4 through May 10, 2014 (GMT) you will get 2.5 more points
You will get 1 point for every 1,000 coins exchanged. But during these periods (“Quantum” periods) you will get a multiple. So let’s say you exchanged 47,000,000 coins for shares on April 23. You get 47,000 points multiplied by 10 to equal 470,000 points. You can see how this compares to others on the http://karmashares.com/explorer-v01.
If you waited until April 27 to exchange your 47,000,000 coins your multiple drops to 5. In this case you’d get 235,000 points.
•At the end of the Quantum period (period of time where you get a high multiple of points)
•There is a 5,000,000 coin minimum.
•There is no limit on the number of points you can claim
CoinJoint wishes the Karma community success in their future ventures!
If you would like to leave any comments or questions for CoinJoint or Shawn Leary, please leave them below and we will make sure that they are attended to!