There are some big changes coming to Karma, a digital currency we talked about in a very recent article which you can find here. Ever since the rebrand from KarmaCoin to Karma occurred, the team has been pushing hard to make the coin a success.
Karma will be hard forked in order to implement an improved hashing method, X11. On top of that, this hard fork will also bring automatic checkpointing (prevents transaction rollbacks), time warp limitation (protection from difficulty adjustment attacks) and Nite’s Gravity Well (prevents multipool abuse).
All of the above are solid choices to further the growth and development of Karma. The X11 algorithm is very effective and energy efficient, so it makes a for a good choice. It’s also a smart move when you keep the future in mind, as X11 is free of ASIC threats (for now at least).
This hard fork is expected to take place within roughly 3.5 weeks. A detailed whitepaper will be released, discussing the changes more in depth. We will also receive a schedule as to when the change will occur exactly.
You can find the original announcement in regards to this change here :
I did mention there was a second Karma announcement, which involves the development of a sidechain to augment the Karma ecosystem. In turn, this will make Karma the very first digital currency with a working sidechain.
The sidechain, dubbed “Karmx”, will be a Proof-of-Work/Proof-of-Stake/Proof-of-* hybrid, which will be merged mined with Karma. This will provide additional security to the Karma blockchain, and allows for the introduction of new features down the line.
The merged mining aspect of this sidechain will reward mines with both Karma and Karmx during the Proof-of-Work phase,and maybe even after that. This could very well help reduce the number of Karma coins in the future.
The Karmx Proof-of-Stake aspect will offer variable interest rates. For example, if the network hashrate of Karma would be to drop significantly, the Karmx interest rate from staking would be increased.
“Additionally, Karmx will be a mathematically-controlled 1-way peg that introduces pricing stability into the Karma ecosystem during its PoW period. Karma will be sent to the sidechain, exchanged for Karmx at a rate commensurate with the price of gold (or a composite or equity with greater stability, such as the DJIA; open for debate)”
“With our plan to create a global enterprise based on decentralized currencies and entities using them, we chose to peg the exchange rate of Karma to Karmx to gold in order to create a connection with price oscillations in the real world. In this way, we plan to make our system sensitive to changes in the global economy and respond appropriately to them.”
I know a lot of you readers will be confused because of the Po* bit. We have not received any further information about what this will entail exactly, but there will be a detailed announcement in due time.
“Karmx is, essentially, Karma blockchain v2.0 Sidechains allow us to do things that we couldn’t do (or would not want to risk doing) to the Karma blockchain. It creates a firewall, protecting the Karma mainchain.”
1-way, indirect peg to price of gold
ends 120 days after launch
estimated coins: 3,456,000
Variable PoS interest depending on how much network security is needed
stake with Karmx wallets
possible continued peg to price of gold
Other unique features of this coin may be announced closer to launch
merged mined with Karma
40 million total supply
20 coins per block
60 second block target
No new Karma coins need to be created
You can find the original announcement about the Karma sidechain here :
We will keep an eye out for any further announcements from the Karma team, and keep our readers updated accordingly.
Karma donations are welcome to : KV1DVbz7DHhAgVKAQHs8FWokkCRhnnJUwg