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Author Topic: [ANN] [pre-ITO NOW token swap 1 to 5 at ITO] Karma. Economy of Trust  (Read 763 times)
George Goognin
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August 13, 2017, 05:53:53 PM
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Dear bitcointalkers,
my name is George, I'm from Moscow, Russia.

I would like to have your advice on how to make Karma project more interesting for the bitcointalk community.

What is Karma
Global decentralized blockchain-platform,
where people and companies can interchange directly to each other.

We create the ecosystem, where people can create infinite types of relationships: from hardcore pawnshop-type short-term loans to social loans with zero interest rate, zero collateral rate and without exact timing on repayments (e.g. borrower can pay when there will be an opportunity and the lender is OK with it).
Such agility and infinite relationships diversity makes the whole ecosystem more sustainable.


Mission
  • Create a community with high level of mutual trust.
  • Create a powerful impulse for small and medium entrepreneurship in every country in the world, increase SME’s share in economy.
  • Distribute capitals evenly across the world.Create opportunity for direct resources interchange

We believe we can implement Bernard Lietaers' ideas on Commercial Credit Circuit C3 (http://www.lietaer.com/2011/09/commercial-credit-circuit-c3/) and create the ecosystem where no money is needed for exchange. Occasionally, such kind of system works well in Switzerland (WIR, since 1939) and there's also a pilot project in Uruguay. Also there'll be a Mututal Aid Society like one described in Daniel Larimer's blog post (http://bytemaster.github.io/article/2016/01/01/Mutual-Aid-Society-vs-Insurance/).


10 Key Features

01. Decentralized Roles
Any participant can play any role, earn money and reputation
  • At Karma ecosystem anyone can play any role: involve new members, escrow, transaction transport, analytics, scoring, underwriting, insurance, currency exchange hedging, lawyers etc.
  • Each community member earns money and reputation for useful actions: involving new investor or good borrower, hi-quality scoring, asset management, analytics, insurance etc.

02. Decentralized Interchange Rules
All community members work directly with each other and create new kinds of relationships by themselves
  • At Karma investors give their money directly to borrowers.
  • Community members can offer any loan conditions: with collateral or without it, with interest rate or without it, with mandatory repayment or without it.
  • Open market and high number of bids will speed up the evolution.People will choose the best types of relationships for different situations by themselves.
  • API for connecting external money transfer protocols and interfaces: exchanges, payment systems, USSD-gates etc.

03. Decentralized Location
Creating the opportunity for resource interchange all around the world
  • Effective SME owner from Latin America can attract money from Swiss investor, who has a negative deposit interest rate in his country.
  • The ecosystem of thousands of hedge funds and currency exchange risk insurers will be in a competition to create the best option for risk minimization.
  • Local lawyers provide correct e-contracts.
  • Local agents provide debt recovery.

04. Decentralized Data and App
Decentralized data storage and processing based on blockchain technologies
  • Due to blockchain technology Karma doesn’t rely on single server or hosting provider, and can provide sustainable service.
  • The data is securely stored in a decentralized network.
  • Karma app is decentralized too and executes in different servers.
  • Anyone can connect the server to the Karma delegates’ network and earn money storing and processing data.

05. Different Types of Collateral
Anything than can be digitalized
  • Cryptocurrencies and tokens, via bitShares technology.
  • Real Estate. There’s already an API in Russia, Sweden, Saudi Arabia and Ukraine and there’ll be more.
  • Goods and services. Automatic p2p-factoring is already exist.
  • Gold and other digitalized assets: Digix, ChronoBank, BankEx.
  • Every debt is transferable and splittable. All loans are made in form of bills of exchange.
  • Loan can be provided in fiat currencies via banking API and automatic payment commentaries analysis (already works).
  • After the statistics accumulation: loans issued in internal Karma tokens. A huge step to barter direct interchange economy.

06. Total Automation
Processes simplification and increasing the reliability
  • All interaction processes in the ecosystem are automated as much as possible and don’t require a physical presence:
  • Electronic loan and surety contracts;
  • Reassignment of obligations;
  • Collective claims;
  • Collateral registration and release;
  • Currency exchange risk insurance.
  • Loan approval time is as low as possible, and the loan itself is easy-to-use for borrowers:
  • Semi-automated scoring;
  • One escrow account for bulk repayments for all investors;
  • Payment auto-split to multiple investors via smart-contract.

07. Smart Scoring
Continuous education and development
  • Automated scoring: Big Data, Machine learning.
  • Scoring based on reputation accumulated after several successfully completed contracts.
  • Social networks attached (Facebook, LinkedIn).
  • Online commercial data attached (Shopify, Etsy, Amazon, Ali, Spark).
  • API for external scoring algorithms. The more precise scoring you make — the more money from approved loans you earn.
  • Regular online re-scoring: control over actual borrowers’ KPIs.
  • Lots of hackathons for developing new scoring algorhytms.
  • Social-responsible ecological scoring: If somebody haven’t passed the scoring at traditional bank, he’s just get refused. In Karma he gets the recommendations on how to grow his score, he also gets the mentors list and special education courses.
   
08. Mutual Responsibility
Each participant of the transaction commits with his money and reputation
  • We create strong community based on mutual responsibility.
  • If somebody fulfilled the obligation, his Karma is growing up.
  • If he failed — it goes down.
  • Also, Karma changes for everyone involved in contract:
  • —Who brought the borrower into the ecosystem;
  • — Who sureted for him;
  • —Who scored his quote as positive.

09. Business Development
The opportunity to turn your loyal customers into investors
  • Powerful tool for ecosystem growth.
  • Goods and services manufacturers can easily involve their loyal customers as an investors in the growth of their business. If someone loves the goods they can crowdfund the manufacturer.
  • Karma itself is not only a financial market. It creates opportunities to promote manufacturers worldwide, involve new distributors, and move to the new markets.

10. Loans For Future Delivery
Goods and services with discount for prepayment
  • One can sell his goods or services today and deliver them later. It’s like a forward contract, for example:
  • — To crowdfund real estate construction at the early stages (day-usage-tokens instead of square meters);
  • — Agricultural businesses to crowdfund their harvesting (potato-tokens);
  • — For air tickets or tours presales.
  • Profitable for investors:
  • — Significant discounts, or re-selling tokens at the exchange for profit.
  • Profitable for manufacturers:
  • — Make money today, make turnover faster;
  • — Promote his own goods and services for a huge audience;
  • — Can pay with his goods and services.
  • Key point: This is a foundation for the barter economy like Swiss WIR.


What if the loan will not be repayed on time?
Answers for one of the most popular question:
  • Mutual responsibility: in case of loan default the reputation and deposit goes down for each participant of the transaction. In case of success — they both goes up.
  • Every loan is an e-contract having a legal force.
  • The network of the p2p-insrurers provides the insurance. Also, the Karma itself moves some part of the income to the global mutual insurance fund.
  • The network of the local p2p-agents can help to rebuy the loan.
  • Open API for connecting the thousands of scoring parameters.
  • Recommendations for creating maximum diversified investments portfolios.
  • Gentle involvement of the new community members via existing solid professional or local communities.
  • Karma itself moves part of the income to the Mutual Aid Fund to cover some losses of the community members.
  • Karma has the «social delegate» role for offline check of new members (like in AriBnB).

A bit of stats:
97% repayment rate at the international Kiva platform. 1.6 mil. of people.
8% late or charged off at Lending club p2p-lending project (US).


Why one should trust the team?
  • Most people from the team are public persons, we can provide links to Facebook or Linkedin accounts. One of us, for example, is an IT-Architect of MOEX (largest Russian fiat Stock Exchange). Also there’s a lot of conferences where we’ve attended as a speakers. Our reputation costs lot more than 500k at pre-ITO.
  • We’re not trying to raise tons of millions of USD from nothing. We prefer to be conservative and earn reputation step by step.
  • There will be a multi-sig wallet locking the pre-ITO funds. Wallet opens with 3 of 4 signatures, 2 of them are owned by lawyers from Netherlands and UK.
  • UK-based company Goodeast Consulting Ltd. (company number: 10596223) takes the responsibility on targeted use of collected funds during the period from preITO to ITO.
  • After the ITO both tokens and funds of co-founders will be locked up to 1 year.
  • We have p2p-funding experience since 2014: SME’s loans for business development projects, p2p-factoring for e-commerce.


Blockchain technologies
Karma is an OpenSource-project.
We use the fastest and the most affordable blockchain— Graphene:
  • Up to 100,000 transactions per second (30 in ETH, 7 in BTC);
  • Transaction cost as small as 0.02 USD (1.5 in ETH, 5 in BTC);
  • HTTP-REST API for web-applications;
  • Smart-contracts via Graphene plug-ins (like Steem, Open Ledger);
  • Active ecosystem growth (EOS, OCASH).

Why do we need blockchain in Karma?
1. Secure transactions ledger;
2. Fast and easy cross-border money transfers; — Crypto-currencies usage.


Roadmap

pre-ITO
17—30 August 2017
1KRM = 100USD.
5000 KRMP to be issued for sale.

Alpha-version development
Cryptocurrency as a collateral and as a loan
(including bitUSD for fiat-conversion).
Interest rate, collateral rate and need for return to date — as agreed by parties.
Legal issues resolving, non-profit organisation registration.
PR and marketing for the ITO.

ITO
November 2017
1KRM = 200USD
50 000KRM issued for sale.
Pre-ITO backers exchanging their KRMP tokens to KRM in proportion 1 old to 5 new.
After the ITO, 50% of net profit will be allocated for tokens buyback.

Token distribution:
75% backers,
25% founders (1 year vesting).

ITO funds distribution:
50% product development,
20% conservative endowment fund,
15% marketing and PR,
5% bounties for active community members,
5% founders, 1-year vesting,
5% lawyers.


Website: http://karma.red
English presentation: https://www.dropbox.com/s/kh5msm3v2ehkpus/Karma.%20Blockchain%20p2p-lending%20protocol.%20v.5.5%20EN.pdf?dl=0&raw=1
Russian Whitepaper: https://docs.google.com/document/d/12dvzE9VoV2cjZ8C65KW2bcjQozqhNwjBRRFYy_KG0Lk/edit#
(English version coming soon).

Telegram RU: https://t.me/karmaproject
Telegram EN: https://t.me/karmaprojecten
Slack: https://join.slack.com/t/karma-project/shared_invite/MjE5MTc5NDE5NDg4LTE1MDE0OTYwNDgtYjcwZWI0OThhZA

Will be glad to answer your questions and listen to your constructive proposals on project.
Have a nice day Smiley

Co-founder and evangelist at Karma.
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August 13, 2017, 05:58:28 PM
 #2

I really like this idea!
Do you have bounty program?

Let me know about it more, please
George Goognin
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August 13, 2017, 06:02:45 PM
 #3

I really like this idea!
Do you have bounty program?

Let me know about it more, please

Yes, we'll pay the bloggers with tokens for blog posts.

Also volunteers are welcome for:
- Russian to English translation
- Participating in project as a local ambassadors for creating branches like we've already made in Russia, Ghana, Sierra Leone, Botswana and now negotiating with Netherlands, UK and Singapore.

Please, let me know if you see any other types of bounty actions.

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George Goognin
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August 13, 2017, 07:22:31 PM
 #4

interesting project

Thanks for your support Smiley

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FROSTDD
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August 14, 2017, 11:15:03 AM
 #5

1. Can you explain to me why the token will grow up in the future if I buy it now?
2. What guarantees for investors?
3. What is your model of scalability for the project?
4. How much money do you plan to spend and for what?

Thank you.
George Goognin
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August 14, 2017, 07:27:56 PM
 #6

1. Can you explain to me why the token will grow up in the future if I buy it now?
2. What guarantees for investors?
3. What is your model of scalability for the project?
4. How much money do you plan to spend and for what?

Thank you.

1. We cannot give any obligations on token price growth, it's illegal and not fair Smiley
We only can provide the info about the fundamental factors of price changes:
a. Execution of our roadmap obligations.
b. Regular product updates.
c. Rational fund spending and investing.
d. Active people involvement.

2. On guarantees for token owners:
a. Pre-ITO-backers will have an opportunity to send their KRMP presale tokens to the smart-contract at November 2017. And the smart-contract will send back 5 new KRM tokens on each 1 KRMP.
b. Karma is a non-profit, so we are obligated to allocate all the net profit between several funds:
-- Mututal Aid Insurance Fund for partial compensation of in-system investors on borrowers' defaults.
-- Fund for providing loan liquidity inside the ecosystem.
-- Endowment-fund for team self-sufficiency. We will not spend the fund but will spend only the interest rate. The investment instruments for this fund will be very conservative.
-- Token buyback.

3. We will scale the project by creating local communities across the globe. The more local partners we will involve, the faster the project will be developed.

4. The money allocation is described on the website and in presentation.
pre-ITO funds distribution:
Product development:
20k USD: blockchain-architect, teamlead.
40k: team from 3 devs and 2 QA for 3 months.
15k: project management.

Marketing:
40k: prepayment for promotion partner for ITO international marketing campaign:
60k: content translation, publications, transfers, conferences, partners involvement.

Lawyers:
25k for consulting and organisation registration.

Financials:
150k: fund for investing in first p2p-loans inside the platform.
100k: mutual aid insurance fund.
50k: risk-management, endowment-fund for project development, bounties.

ITO funds distribution:
50% product development,
20% conservative endowment fund,
15% marketing and PR,
5% bounties for active community members,
5% founders, 1-year vesting,
5% lawyers.

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August 14, 2017, 07:32:59 PM
 #7

it is a great project and the high price for the pre-ICO.. it reach 100USD per KRM.. so, how the rate on the exchange market??

George Goognin
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August 15, 2017, 04:54:41 AM
 #8

it is a great project and the high price for the pre-ICO.. it reach 100USD per KRM.. so, how the rate on the exchange market??

Dear visionE2, thanks for the positive project evaluation!

KRMP and KRM tokens both have decimals, so you can buy on less than 100 USD.
After the ITO in November 2017 initial token price on the exchange market will be defined by the first matched bid+ask. So I couldn't imagine the exact price at that point Smiley

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akai
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August 15, 2017, 05:19:18 AM
 #9

This is a good project, and the blockchain is still very good for P2P. It is a good idea to reduce management risk, simplify operation and improve efficiency.

🚂 Unstoppable Organisation - The Movement DAO
George Goognin
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August 15, 2017, 07:12:11 AM
 #10

This is a good project, and the blockchain is still very good for P2P. It is a good idea to reduce management risk, simplify operation and improve efficiency.

Dear akai, thanks for the positive evaluation Smiley
Yes, we are already doing p2p-lending in offline and online (without blockchain) since 2014, and have very positive experience.

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George Goognin
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August 17, 2017, 05:21:11 AM
 #11

Dear friends, the pre-ITO started, we've got 72k of 500k, and there's 40k pending in BTC transactions (converting to ETH).

Feel free to participate, because at the ITO we'll swap pre-ITO tokens to ITO-tokens 1 to 5.
And also: yesterday we've signed the contract with Open Ledger and they will be our promotion partner for both pre-ITO and ITO Smiley

If you have any questions — feel free to ask in Telegram:
https://t.me/karmaproject — Russian
https://t.me/karmaprojecten — English

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FROSTDD
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August 17, 2017, 07:48:03 AM
 #12

How can I see my token balance?
George Goognin
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August 17, 2017, 09:39:23 AM
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It depends on which wallet you have used to buy tokens.

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August 17, 2017, 12:32:26 PM
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It depends on which wallet you have used to buy tokens.


Jaxx. I sent $2000 in ETH.
George Goognin
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August 17, 2017, 08:15:10 PM
 #15

It depends on which wallet you have used to buy tokens.


Jaxx. I sent $2000 in ETH.


1. You can login via your private key at http://myetherwallet.com/ (keep calm, they don't hold your keys). Then push the Add Custom Token button rightside.

2. If don't want to use your private key outside the Jaxx, you can ask us gently, and we'll check your token balance via smart contract method and send you a screenshot.

Co-founder and evangelist at Karma.
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