Startup Social Network KARMA Is Leaving EOS for WAX (WAX)


KARMA, a decentralized social network designed to promote the sharing of positive and original content, announced this week that it is planning to move from EOS (EOS) to World Asset eXchange (WAX).

According to the announcement, the decision to leave the EOS blockchain is based on the following reasons:

  • Block Producer’s lack of a response to the EIDOS situation & upgrades
  • Account Creation cost (between $0.40 — $1.50)
  • Cost of CPU/Bandwidth
  • Lack of a functioning Worker Proposal System

In contrast, KARMA sees WAX as a viable alternative due to its quality block producers, free accounts, low CPU/Bandwidth costs and NFT crafting system, among other reasons.

KARMA tokens, which are used to boost posts and incentivize original content, will be automatically converted to the new chain inside the app. For tokens held outside the app, WAX will be creating addresses for all EOS accounts, which can be accessed using the same private key. Once the swap is complete, the old EOS-based tokens will be burned to maintain the total token supply.

KARMA token details as of November 29, 2019 (KARMA)

Despite its departure, the KARMA team noted that it’s still excited about the potential of EOSIO, adding that the future is still bright for the underlying tech.

“The KARMA project has been building on EOSIO since day 1,” states the team. “We are as optimistic as ever on EOSIO technology. It’s important to understand the difference between EOS (the chain/token) and EOSIO (the software used to deploy chains, tokens & smart contracts).”

This news comes several days after Splinterlands, a crypto collectibles game that describes itself as a mashup of Pokémon cards and World of Warcraft characters, announced it will be integrating WAX into the game.

Download KARMA: iOS / Android

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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