From the Inventor of the ICO, 'The Good Side of the Blockchain'
Good Karma is a digital currency for consumer rewards. When you buy socially and environmentally-conscious products and services, you can be rewarded with Good Karma ("GOOD"). You will also be able to reward your friends on Facebook, Twitter, Instagram, videos you like on YouTube, your favorite blogs, and much more, as a kind of 'like' with real-world economic value.
Enterprise clients in the Ethereum Alliance such as Toyota, Microsoft, JP Morgan and others can use Good Karma to automatically reward their customers with Good Karma when they purchase a hybrid car, buy 'green bonds', move business applications to the cloud to reduce energy usage, and much more.
When you do something good, it will come back to you. That is Good Karma.
A Multi-Billion Dollar Opportunity
The 'green' industry is one of the fast-growing segments of the broader economy. Organic products in the US alone are now available in nearly 20,000 natural food stores and nearly 3 out of 4 conventional grocery stores, comprising a $45 billion dollar market that is growing bigger every year. Imagine a consumer being rewarded with Good Karma when they choose organic oranges over regular oranges. Not only does this help to offset the usually more expensive organic choice in the consumer's mind, they will have an experience that can be shared with others.
Good Karma can be used as an incentive for customers in just about any industry. Companies may also choose to reward their employees with Good Karma for their achievements and performance. The possibilities are limitless.
And, all across the web, hundreds of millions of people are doing things for each other every day. Perhaps someone replied with a helpful comment or uploaded a photo that made them smile, or maybe the saw a video that really helped them on YouTube. Now they can give back to anyone on just about any kind of website in a more meaningful way than just a 'like' – they can reward them with Good Karma at the touch of a button via an easy-to-use browser add-on.
Technical and Launch Specs
- Coin Launch: June 18, 2017
- Services Launch: Nov. 2017
- Ticker Symbol: "GOOD"
- Asset Platform: Ethereum
- Asset Type: ERC20 Token
- Contract Source Code: Open
- Decimals: 6
- Contract Type: Immutable
- Total Number of Coins: 888,000,000 verified limit
- Mining: No
- Developer Coins: 0
- ICO: No
- Block Explorer: Etherscan
- Exchange: CoinExchange.io
- Forum: Bitcointalk.org
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Why Ethereum? Why Not Bitcoin?
The Good Karma currency is represented by the Good Karma token, a permanent and open-source contract on the Ethereum network. Ethereum is the world's first distributed computer built from technologies and concepts originally pioneered in Bitcoin.
Bitcoin and Ethereum are based on similar technologies such as "blockchain" and peer-to-peer networking, but different in very important ways. Although they are both publicly distributed ledgers kept secure with cryptography, Bitcoin uses its ledger to keep a record of transactions between two parties using its digital currency whereas Ethereum uses its ledger as a type of distributed computer. In that way, the purpose of Bitcoin-the-network is to keep track of bitcoin-the-currency, whereas the purpose of Ethereum is to facilitate just about any type of application (called contracts) that can run everywhere on the network. Bitcoin is also very slow. A single transaction on the Bitcoin network could take several hours to clear (with 1-2 days not uncommon) and is prohibitively expensive. On the Ethereum blockchain transactions typically take 15 seconds or less are are much cheaper to process. Bitcoin is like the 'gold standard' of cryptocurrency, while Ethereum is the currency that is much more mobile and useful, like paper currency.
Businesses will purchase GOOD to reward their customers with "goodies" for their purchases. A typical rewards schedule falls between 1-5% of a purchase (e.g., 1 goody for every $1 spent if each goody was purchased by the business for 1 cent).
As far as Good Karma goes, there's no limit to what we can achieve in future when running on the Ethereum platform, whether it's providing anyone and everyone with easy access to financial services, creating an autonomous organization to manage peer-to-peer lending, sending out rewards automatically to top-performing employees, using the rewards received from sharing a video over the weekend that thousands of people on Facebook liked to pay for a coffee on Monday (or even part of their rent), being a platform for companies and organizations to provide incentives for people to make good social and environmental decisions, and much more.
The History of Karma
Good Karma was born out of a desire to allow people to be rewarded for kindness both online and offline, wherever they may be. A derivative of the 'Karmacoin' cryptocurrency project that was abandoned by its main developer in 2014, the founder of Good Karma ("Kosmost"), stepped up and spearheaded a plan to revive Karmacoin and its amazing community, with Kosmost as project leader.
Through his leadership the Karmacoin community grew substantially and in early 2014 became the first coin to be revived, was among the first coins to successfully switch algorithms, the first to provide detailed project plans and a schedule to the community, the first coin to allow the community to vote on matters, the first to incorporate and run as a business, the first coin to hold an ICO, issuing 'sharepoints' for Karmashares and sub-entities (called IPOCOs) and inspired other coins to consider the same model that has evolved into the ICOs we know today, was one of the very first cryptocurrencies to issue press releases, among the first to apply for a trademark, the first to offer a contact number on its website, the first to schedule a conference call with coin-holders, saw a coin price high of 3,900% more than at the beginning of his leadership, and many others milestones. After, Kosmost decided to reformulate his vision into a digital currency for everyday transactions and life rewards, the Good Karma token.
About the Founder
The Canadian founder of Good Karma and inventor of the ICO knows a thing or two about both community and business. An entrepreneur and inventor from age eight, he has also worked for some of the biggest companies in the world, including Leo Burnett, Energizer, Thompson, KPMG, Unilever, Proctor & Gamble, and others. At age 20 he joined Financial Relations Board, then the largest financial public relations firm in the US, where he quickly rose through the ranks to become the youngest executive in the history of the company. With a staff of two assistants he provided a full suite of shareholder management services directly to the board of directors of Fortune 100 clients such as EMC, Starwood Financial Trust, Flextronics, and Molecular Biosystems while simultaneously acting as both interim Director for the department and interim Director of Research for the company. After being both honored with an inclusion in Standard and Poor's Register of Corporations, Directors and Executives as its youngest member and personally commended by the president for rescuing a large and difficult technology client, he moved on to function as the sole project manager for the City Colleges of Chicago's 'Year 2000' project, successfully auditing more than 27,000 PCs, workstations, and servers across 19 locations with a staff of 30. Afterwards, he served as a community organizer and leader before moving to Hong Kong and starting several multi-million dollar internet businesses from less than $200 of his own investment capital. He cares deeply about humanity and is committed to bridging the chasm between new technologies and traditional social values.
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