SpotlightStartups

The Outside in Equinox Festival by Karmaship Envisions to Break Central Bank Monopolies

Over the years, since the advent of central banks, it has been established that they are the ones who control the economy of the world, which are further controlled by the 0.1% of the world. The economists and financial experts have had their mouths zipped about this for a long time because the centralized world had low possibilities of solutions to the problem. But since blockchain technology came into being, it has provided solutions to almost any world problem that can be thought of. This problem was tapped by the founders of Karmaship in blockchain by introducing the first ever blockchain festival Outside in Equinox.

The blockchain Festival

The blockchain festival Outside in Equinox aims to create a counter-economy to free the people from the 0.1% who lead the world economy. The festival is a weekend long camping event, which targets thousands of people who have interests in technology, music and art. The festival would be conducted in the Santa Barbara mountains, from September 21st to 23rd this month. The aim is to bring together the set of people with artistic mindsets who want to shape the world economy.

Why a music festival for a purpose like this? The question was answered by the co-founder Alfa Warrior talking to BlockPublisher,

This is a great idea to start the economy by bringing the concerned minds to a place where we can inaugurate a festival for crypto much like Burning man, while we’re in development. After that we can open up to almost everything in the world.

The motto of the festival is to make currency not central banks. Upon asking how they envision to break the monopolies of the central banks, the co-founder explained that it all came down to the single aspect, “adoption” of blockchain in the mainstream and adoption of non corrupt and responsible projects like Bitcoin, DigiByte etc. Each of these projects are committing to shutting off the banks, and Karmaship envisions to contribute to these in a way that will allow individuals to get away from fiat money and from the transfer mechanism of converting fiat to crypto.

One of the aims of the festival is to start the Karmaconomy by giving away the native crypto currency Karmex for free for the ones who attend the festival. As of yet, there are no plans for a token sale. The project focuses more on the bigger picture rather than collecting funds. The airdrops would be in events that the founders envision to host in the near future all around the world. They plan to host such events in Dubai, Costa Rica and in Asia to take the project to a global level. This would not only help build the counter-economy and bring people to the same page with the Karmaship project, but the festival’s provided experiences would attract a large amount of audiences to blockchain in general.

Autonomous Economy

The project thinks of eliminating the need of central exchanges as they’re strictly against listing their currency on centralized exchanges. According to Alfa,

Our currency will never be listed on a centralized exchange.

Talking about the centralized exchanges, Karmaship were of the view that centralized exchanges were degrading the ecosystem and hence they did not support central exchanges. Their Grey paper states,

The aim of this project is to create a new ecosystem for the economic development of an “open-source everything” society, where experiences are used to generate and back the exchange of value, not machines or centrally controlled agencies. The Karmaship team aims to create a truly decentralized, universal peer-to-peer(P2P) community-based blockchain protocol and ecosystem that incentivizes good community behavior through karmic Proof Of Experience.

The Karmaship protocol will allow the people to get the currency for free only if they physically attend the event, or they could be transferred from an individual who was there. Once the Karmaship protocol is officially launched in MainNet, the project will have their own decentralized exchanges (DeX) where the Karmex currency will be listed. Eventually, they plan to install ATMs at the event suites where people would be able to put in their fiat money and get Karmex in return, transferred to their phone wallet or a printed paper wallet.

Native Currency

The native currency for the project is Karmex (KMX). The currency is built specifically to transact fast. With the consensus protocols that they envision to integrate in the currency, they plan for the currency to have an annual inflation rate of 4.5-5% with infinite supply once the MainNet or ‘KarmaNet’ launches with Proof of Experience. The total supply of Karmex for Phase 1 alpha phase is 21 million. They’re also launching a KEX token which would incentivize on the basis of Karma experience. Exciting isn’t it?

Upon asking how they envision to scale their blockchain project, they told BlockPublisher that the only way to get out of the issue is to make separate ledgers which would be concerned for a certain project, like smart contracts etc. Ethereum gets clogged because they have accumulated a lot of diverse projects on their single blockchain platform. Karmaship has a blockchain of their own which is an opensource project. By building this blockchain focused solely for transactions, scalability is out of the list of challenges that the project thinks they would face. They would be integrating newer technologies like super nodes too in the near future in the launching phase.

Proof of experience

The basic concept of the currency is to spend it and not gather it. It works on the principle of proof of experience, which is an interesting concept. The basic idea is that the more the user spends the currency, he/she gets experience points which are the way to mine the cryptocurrency (It’s a much more complex idea which is explained in their grey paper). This spending gives them an opportunity to get more coins which are then spent and the loop continues.

The incentivization process of proof of experience (PoX) is indeed an interesting concept that ensures a safe future of the token as the regulation of the currency can be visualized easily by the kind of incentives that the company offers.

Fundraising

The team is strictly against ICOs and believe that the ICO system is a failure, hence they prefer the traditional fund raising techniques. The co-founder explicitly said that “We’re not doing an ICO, we will never do an ICO.” For the initial stages the team is funding the project by themselves for phase 1.

The company believes that the traditional ICOs are forcing the companies to spend tens of millions of dollars on something that can be achieved by hundreds of thousands of dollars. They are as of now, looking into the launch of Phase 1 later this month by self funding, but if they require additional funds for the project once it kicks into phase 2 traditional crowd funding techniques could be adopted.

Adoption and the implementation of the vision statement of the currency (building a counter-economy) is the main focus of the project rather than fundraising. For this, they are giving away free cryptocurrency. For further adoption, they are incentivizing the vendors to accept the currency, so the people would be able to buy tee shirts and merchandise through the tokens during the event. Furthermore, the vendors need to buy spaces for the event to sell their business, these spaces would be rented out in the native tokens.

This phase as termed by Alfa himself is a phase of the “OCI” which is the opposite of ICO, in which they would be Offering Coins Initially instead of the traditional Initial Coin Offering.

Roadmap

The project is currently in the phase 1 which they are calling Karmada, which is a multiple phase launch. The aim of this phase is to give multiple airdrops in different events. They will be going to phase 1 MainNet on September 21st which could go on for 1 to 3 years. As they develop, once the PoX is fully tested on testnet and the Alpha and Beta testings are done, a hard swap would take place in which they would take all the experience tokens and Karmex, and push it all to a new chain, which would be the official Karmaship launch. They hope to see this phase launching in the next two years.

To build the counter-economy the company thinks that blockchain would have massive adoption in the coming years and they would be able to implement their vision of eliminating central banks out of the game in the coming 5 to 6 years. The vision statement has a lot to say about forming a new economy controlled by everyone and not the 0.1% people of the globe. The hopes are high that the Karmaship would be able to bring about the revolutionary change that they envision by toppling the monopolies of the central banks. The project’s hosted festival Outside in Equinox is the festival to look out for this months for people who agree with the notion of building a counter-economy. Even if not, what is there to lose? They’re giving away free cryptocurrency! Excited already? Join their community on telegram, facebook and Twitter for the updates about their event and Karmaconomy!

Show More

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.