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KARMA Updates On Rewards Changes & More

KARMA | 05.28| 375

Why voting rewards were removed?

As with all changes on KARMA, the discussion for these changes began by active members of the community voicing their ideas for the betterment of KARMA. Voting rewards were being taken advantage of, by malicious users at a noticeable level and the community felt that something needed to be done. Some users were creating fake accounts to attempt to steal KARMA rewards from real community members acting with integrity. The goal is to have rules and systems in place that help create as fair of a rewards distribution as possible. Content creation is a key driver in value creation for KARMA and it should be rewarded as such.

A genuine point of concern for the removal of voting rewards was the question of, “Would people vote less without this “incentive” to vote?”.

Since the changes have been made, there’s been no drop in the daily number of likes and engagement within KARMA, it has increased actually.

Current Numbers today (May 27th, 2019) for KARMA:
Daily Impressions: 386,688
Daily Transactions: 40,427
Number of Posts: 3,040

KARMA New Reward Updates/Improvements:

  1. The removal of voting rewards, and the allocation of that KARMA to post rewards.
  2. Power up rewards, now go straight to your (KARMA Power ) powered up balances (so they’d have to be powered down to be transferrable).
    Post rewards will still go to active balances after being claimed.

Members of the KARMA community asked for clarification of the following:

Current Annual Inflation Of KARMA:

5%: Based On Total Supply of KARMA

Current Reward Breakdowns For KARMA Inflation:

Post Rewards (Videos): 71.5%
Post Rewards (Photos): 8.5%
Power Up Rewards: 15%
KARMA Development Fund: 5%

In addition to: https://medium.com/therealkarma/karma-rewards-for-early-adopters-beyond-b50a0216377c

KARMA Voting Weight

The example listed below has been the formula for KARMA post rewards since the app launched. This is a slight change from the initial idea proposed in the original KARMA White Paper. The original proposal put a cap on the voting weight that users could give to others with their “like” relative to the amount that they had powered up. This gives users with less KARMA Power the opportunity to make up for it, with more activity (i.e. benefit to the network) in how rewards from their “likes” are distributed to other users.

Example:
User A has 10 Million KARMA powered up (staked)
User B has 1 Million KARMA powered up (staked)

User A has a vote worth 10x of User B.

Each upvote/like from User A carries a weight of 10 Million. So if User A casts 10 votes in a given day, User A contributes a total voting weight of 100 Million towards the daily totals. Each post receives its share of the daily post rewards, relative to its total voting weight received by those who liked it compared to all other liked posts that day.

To see where post rewards are going in real time on the EOS blockchain: https://bloks.io/account/karmarewards

Definitions

Voting Rewards: KARMA earned when you like another users post. (Removed)
Post Rewards: KARMA earned when you get likes from other users.

Join The Discussion: https://t.me/karmaapp
Download For iOS: HERE
Download For Android: HERE

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