ForexMinute.com – Based on the Litecoin’s Scrypt algorithm, Karmacoin started like any other run-of-the-mill cryptocurrency, claiming to be innovative in its approach and aim.
The currency initially symbolized itself as a mode of celebrating goodwill and righteousness. It was designed so that people can share it with each other as a sign of care, while promoting positive behavior. Karmacoin lived up to its claims and slowly made headlines by participating in various charitable and fundraising events – the most famous one included raising money for providing food and education for orphans.
This time, it has taken a further leap in terms of being innovative and noteworthy. A few months old Karmacoin has recently announced to incorporate and issue shares to the community; and by doing so, has registered itself as the first ever cryptocurrency to launch shares.
As per their recent press release, the creators of the Karmacoin are focusing on forming a Limited Liability Company (or LLC) that will involve people to generate revenues and, in return, will give them 100% of profits to the members by “offering Karma-branded products and services to schools and organizations, retail shops and small businesses, local governments, and the general public.”
These products include “a geographically-oriented mobile shopping app, a reward-based social networking site, a Karma-branded NFC card and system for retail shops and small businesses, and a “freemium” version of the Karma system for the general public,” as per stated in the press release. These rewards will also add value to the Karmacoin’s position in cryptocurrency market, which will further impress more investors and members to strengthen the Karmacoin community.
There is no doubt that Karmacoin has beaten all the odds especially when it belongs to the highly criticized digital currency clan. This new-age digital currency is high on such experiments that are ultra-innovative and promises fruitful results in future. “We’re different, to be sure,” says Sorel. “We want our community to know we’re in it for the long haul and we’re going to set the bar for standards and ethics within our industry.”
It is time to see how far Karmacoin can go with its new ventures. Fingers crossed!
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
Subscribe to our daily finance newsletter by visiting www.forexminute.com/newsletter