Karma Q1 Software Development Report
By: Karma Project
Tags: Blockchain, Ethereum, Development, Finance, Bitcoin

Move all personal data to the middleware database

All personal data is now stored off-chain in our middleware database.

Turn on the loan feature at the mainnet

The loan feature is now live. Please, take maximum care if you'd like to lend money to somebody, because Karma legal framework for mass credit adoption is in progress, and the reputation system is in Alpha version.

Turn on the BTC/ETH in-out gateways at the mainnet

ETH gateway is now live!

There are no fees for deposits and withdrawals from Karma platform except our blockchain commissions, which includes transfer between accounts inside Karma platform. The blockchain fee is 0.5 KRM for any transfer between Karma accounts.

BTC gateway will be released in several days.

Alpha-version of deal commission algorithm

All the deals inside the Karma platform are to be charged with 0.5% comission. The commission will be allocated to the special account where all the commissions will be held or/and distributed.

Alpha-version of Karma reputation calculation algorithm

First implementation of Karma rank system has been delivered and is now calculated as following:

Scale ranges from 0.00 (lowest value, cannot be negative) up to 5.00 (maximum value)

— +0.05 Karma for each monthly payout in time

— +0.20 for each successfully paid credit in time

— -0.1 for failing to pay montly payment

— -0.50 for credit default

All accounts get initial Karma rank equal to 1.00.

This is a social experiment, so we will constantly track the real practice and make additional fine-tuning of the ranking algorithm.

Salesman social role (referral program)

Karma is a open platform and envolvement of new participants is essential for its development so we can offer a socail role to attract people via referral program. By registring in your account you will have a referral link that will net you 0.1% of each deal during next 375 calendar days.

This feature is enabled in the blockchain via credit_referrer property and to be implemented in the front-end in the next weeks.

New block explorer version

New explorer is avaliable here https://explorer.karma.red/, it has a lot of features:

Accounts;

Transaction URLs;

Fees for every type of transactions;

Witnesses list. Active witnesses (delegates) are the nodes who store blockchain, participate in consensus, signing new blocks and getting a reward in KRM for every signed block. Reserve witnesses also can do it, but they have to gain more votes from the community to jump into the active witnesses' list. Delegates are like miners in PoW-blockchains (BTC/ETH), so they can decide, which blockchain fork will be installed next.

Committee list. Those guys are also elected by the public voting of the token holders. They can decide on commissions updates.

Currency exchange oracles

We have implemented price oralces mechanism that elliminates price spikes and makes collateral valued fairly. All active deligates have to transmitt the prices of all active assets. Only active witnesses can update quotes.

After this is done, a median is then chosen to be the consensus price of an asset. And it's displayed on top of the Karma app: