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What is Karma?
A worldwide cross-border P2P loan ecosystem. Karma is a P2P platform for creating socio-economic relationships between people, regardless of location, around the world. The goal of this project is to create an ecosystem with a rich variety of relations between participants. People will have the opportunity to exchange their available resources directly with other people, with and without interest, for a period of time to be determined between peers.
— George Goognin, CEO
ICO Alert: How does the Karma token (KRMP) function within the platform and why is it needed?
Karma: There are special rights and opportunities for members *with 10,000,000 KRM or more. KRMP was a token for the pre-ICO. The conversion is: 1 KRMP : 100,000 KRM. The platform has a commission, which is taken in tokens. See below:
ICO Alert: Can you give us some insight into the lending market and how interest rates vary around the world? What are the factors that contribute to some countries seeming to have relatively high interest rates?
Karma: Many poor countries have higher rates. For example, in Africa it’s almost impossible to get loans for more than $100-1,000.
Karma is a project of digitizing trust in people; transparent ecosystem, with reliable data storage about how well people keep their promises.
The most obvious measure of belief in a person is how much money they are ready to give him. Look at any ICO: the more famous people (sponsors) on the board of directors, the more money the project collects. Moreover, a neighboring project with similar functions collects less money, because there are fewer trusted people in it. Therefore, one of the mechanisms of accumulation and measurement of belief is the history of financial relations of a person with other people.
Karma is an ecosystem with the ability to design an endless number of options for relationships between people and communities. From pawnshop loans to social interest-free loans with an open return date. Due to this variety and flexibility, the system becomes stable under any economic conditions.
The global tasks of Karma as a financial and social project are:
- Creation of opportunities for fast and economical P2P exchange. At times, faster and cheaper than existing methods.
- Accelerating the turnover of money and other resources in the economy.
- Alignment of resource allocation between countries and communities.
- Smooth transition from the credit fiat economy to the creation of a netting economy and an interest-free exchange of resources, where money is just a transaction coefficient and a commitment to supply goods.
- Establishing a network of trusted relationships around the world.
- A powerful impetus for the development of society. If we simplify access to finance and increase the level of trust, people will be able to solve core life issues quicker and focus on tasks in a fundamentally different and more positive way.
ICO ALert: Besides connecting global lenders with borrowers, what are some of the other services found on the Karma platform?
Karma: Any participant can play any role: investor, borrower, guarantor, lawyer, auditor, or seller. Due to the open market, people can choose which types of economic and social relationships are better suited for different situations. Due to direct interaction, people will enjoy the benefits of transparency coupled with high speed transactions.
Karma is created to simplify the exchange of resources and finances, accelerate the development of the economy, and unite clusters of mutual trust around the world.
ICO Alert: Can you take us through a specific user experience when lending or borrowing on the Karma platform?
Karma: Yes, check this out!
ICO Alert: What happens when my loan to a borrower in another country is not paid back?
The following image will help in answering:
ICO Alert: Why would I utilize Karma instead of the more traditional services for lending and borrowing resources?
The following images will help in answering:
ICO Alert: An alpha-version of your platform will be available this month, can you give us any updates on the project?
Karma: We’ve connected all the UX to the blockchain and started our inner Q&A session from this week. When we will polish the UX enough to show it to the very loyal participants in private ,we will do it ASAP.
The ICO for Karma tokens (KRMP) will begin on November 27, 2017 and end on December 15, 2017. Accepted currencies include BTC, ETH, USD. A hard cap of $10,000,000 is set for this period.
$.01 = 1 KRMP
Visit the Karma website for more information and the contribution address.
Token Distribution Information
There will be a maximum supply of 3,000,000,000 KRMP tokens created, with 1,275,000,000 (42%) available during main ICO period.
KRMP tokens will be distributed to the contributors wallet immediately after the transaction. The whitepaper is available for additional details regarding distribution.
Maximum supply: 3,000,000,000
Supply available during pre/main ICO: 1,770,000,000
59%: Token sale
24%: Reserved and future bounties
17%: Founders (1 year vesting)
Use of ICO Proceeds
45%: Development and marketing
20%: Future product funding
18%: Marketing bonuses
5%: Founders (1 year vested)
George Goognin, Founder, Evangelist, Producer
George’s first IT-startup was developed in 2008 where he held roles of director of ADV web integrator, automated large financial holdings: MICEX, VTB, FG Life, PSB, ICB. He is also the founder of the digital school RIC. He also worked with Hoff, re:Store, Samsung, LEGO, Nike, and Facebook.
Artem Laptev, Founder, Director of Investments
Artem has managed a private fund of P2P-lending for small and medium-sized businesses since 2010. Artem has more than 10 years of experience in asset portfolio management in the financial sector, including with Troika Dialog, Sberbank, and Ancor. He also has his CFA.
Ronny Boesing, OpenLedger, Partner in Denmark
Ronny is the founder of the world’s first decentralized crypto exchange OpenLedger, as well as several other projects, including CoinsBank, OBITS, and Apptrade. Together with partner Dan Larimer, develops the ecosystem of Graphene/BitShares.
Stephane Konan, Advisor
Stephane has managed a large department of the Ministry of Internal Affairs of Ivory Coast, spearheaded cyber-criminality investigations, forensic analysis, and the screening of individuals and organizations. Stephane has also developed official partnerships with the international intelligence community, including: FBI, Korean Cyber-Terror Response Unit, the French Ministry of Defence, and Interpol.
View the Karma Website here.
View the only comprehensive list of active and upcoming ICOs here.
(1) Karma Website, Karma, (2017)
(2) Karma Whitepaper, Karma, (2017)