Blockchain Based Social Network Guide
KARMA is a social network application built on the EOS blockchain, and is founded by CO-Founders, Dallas Rushing and Matthew Spataro. The KARMA development team believes that it takes a collaborative effort to build great things and this is the vision that they are targeting to achieve with the community and their app, KARMA.
While using the Social Networking KARMA app, Users can be rewarded with KARMA points when they do good deeds, share positive or useful contents and have their contents upvoted, similar to receiving "likes" in other conventional social media websites.
A difference with other Social Media platforms, is that users are able to down-vote on posts if they deemed those offensive, faked, or spams. There will be 3 strike rule, when a user is reported as spam or inappropriate for 3 times or more, their posting ability will be frozen temporarily until their accounts get reviewed by the KARMA arbitration. The KARMA arbitration will then decide after review if the user is guilty to be banned permanently from posting. Regardless of whatever final decision implemented, the users will still get to keep their tokens.
Users can earn KARMA as well by validating posts as a witness of the good deeds. They can store their KARMA in their mobile wallet just like other cryptocurrencies. These KARMA can be used in a variety of ways in-app or via the outside world. Users can give their KARMA away to friends, family, relatives or anyone they know and think they deserve for doing good to the society. The developers had informed that more features for the KARMA wallet will be developed as the project advances.
Users can share their posts as well on other existing social media platforms. The developers hope that by opening up KARMA to other platforms will encourage new users to participate in the KARMA app.
One feature of KARMA is that it allows users to filter by the type of posts, this will allow users to be able to find articles or posts that they are more interested in, instead of spending a lot more unnecessary time reading other non-related topics.
Another feature of the app is the KARMA idea generator, users can click the KARMA idea generator button to get a KARMA idea, this feature is developed to spark ideas for what someone can do to provide value for others or to the world. Users can choose to get inspired further by clicking the button again, another idea will be revealed to them and they can keep doing so until the user find the idea of their interests for them to act on or post in the KARMA app.
Like Facebook, users are able to choose whether to develop their own profile, upload their pictures, stories, private details eg. status, age and share other great information about themselves.
KARMA is a fee-less application, users can expect no transaction fees will be charged to them and the developers have established an inflation scaling with a multitude of factors for the KARMA tokens that users can own, informing that having too high an inflation will de-value the intrinsic value of the tokens, while too low of inflation will result in smaller incentives to reward users with decent amount of engagements. Hence, the team announced that the inflation will start initially at 1% annually and will scale up depending on the platform activity levels of the daily posts as the Key Performance Indicator (KPI). The minimum inflation has been set at 1% and maximum 5% anually.
KARMA Rewards PoolThrough inflation, new KARMA will be created and flow into the following 4 pools, each with a purpose to add value for the KARMA project.
1) Content Creation Reward Pool (70% of daily created KARMA)70% of daily created KARMA will be rewarded to users that receive upvotes from other users for their positive posts at the following ratio: 95% video posts and 5% photo posts.
Posting videos are strongly encouraged more than pictures because videos can more easily be validated as real and provide greater experience for the platform viewers. This will reduce the amount of fake posts and spams on the KARMA platform.
2) KARMA Staking Rewards (15% of daily created KARMA)15% of daily created KARMA will be used to incentivize users that stake their KARMA. "Staked" KARMA will be unlocked for transfer 3 days after being "staked", and users can claim reward once every week. Users will have larger influence on the content creation rewards if they staked more KARMA.
3) KARMA User Engagement Rewards (10% of daily created KARMA)This reward pool is created for users that have no KARMA to get a chance to acquire KARMA through participations with posts.
4) KARMA Platform Administration (5% of daily created KARMA)KARMA app being an open source project, will have the remaining 5% of created daily KARMA allocated to administrators that maintain, develop and improve the KARMA platform.
Conclusion: To wrap up, the KARMA app looks promising as it incentivizes users with tokens of real values and that will encourage social media activities and information sharing of postive nature along with good deeds that no other conventional social media platform provides. This may bring a difference because so far no social media platform in the world have solutions for fakes news and spams yet.