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How to begin on the blockchain      

CHAPTER 1 : Blockchain fondamentals

  1. Blocks & transactions

    • A blockchain is an open database structured in sequentials numbered blocks.

    • Blocks are emitted by miners, computers all over the world which compute blockchain's data continuoulsy to build blocks.
    • Every n seconds (n = 11 for Ethereum, 3 for BNB Chain, 2 for Polygon), a new block is emitted containing pending transactions.
    • Miners are reward for each block they mined with a fixed and defined amount plus a variable amount depending on the used gas by the block's transactions.

    • Pending transactions are transactions submited by users trought their wallet (example: Metamask).

    • A basic transaction consist to transfer value (ETH, BNB, MATIC, in function of the blockchain) between wallet owners.
    • Advanced transactions, with smart contract, permit to execute code into the blockchain.

    • All transactions who changes the blockchain states required "gas" as transaction fees.
    • Gas is simply the amount of blockchain's main asset (ETH, BNB, MATIC, ...) spent to execute any transaction.
    • The gas spent is directly donated to the block's miner.

  2. Wallet

    • You holdings are stored into the blockchain, not into your wallet.
    • The wallet is only a keyring containing the password (private key) required to validate each outgoing transaction.
    • To operate with the blockchain, your wallet must be configured to. (Most of wallets re pre-configurated for the Ethereum blockchain).
    • Your wallet displays your holdings and the corresponding balances.
    • Note that anyone who knows your public address can view your holdings and balances.

CHAPTER 2 : Basic usage

  1. Obtaining first assets

    • When arriving on a new blockchain (where you don't have asset), you need a minimal amount of the main currency to execute transactions.
      You have some ways to obtain asset :
      - receive asset from another address
      - bridge asset from another blockchain (you can often bridge only USDC which do not resolve the problem)
      - use a faucet to receive a few quantity of currency
    • Karma Chain Faucet :
      To obtain free KARMA, go to the faucet page, enter your address into the recipient input and click "Get Money".
      Sometime it doesn't work. You can see the result on the pending transactions page then on the transactions page.
      You can get free money 1 time per 24 hours. This faucet distribute random amount between 10 and 200 KARMA at each request.

  1. Transfer

    • Select a recipient, enter the amount and validate. Your wallet will ask you to sign and confirm the transaction.
    • Your wallet send the signed transaction to a blockchain node which dispatch it to all nodes and miners of the network.
    • Your transaction becomes a pending transactions and miners try to integrate it into a valid block.
    • You can track the transaction in your wallet.
    • Seconds later (when transaction is integrated into a mined block) the transfer is done and the new balances are effective.

CHAPTER 3 : Advanced usage - DeFi

  1. Smart Contracts & Tokens

    • One usage of the smart contract is to create and emit tokens.

  2. Transfer tokens

    • As you can transfer the main currency between wallet owners, you can transfer tokens too.
    • In modern wallets (exemple: Metamask), you can transfer the main currency or tokens exactly in the same way.
    • With a detail : tokens are not always detected by the wallet. You may have to manually add it, and after that your wallet could display it.

  3. Stacking

  4. Liquidity Pools

  5. Swap tokens

    • On decentralized exchanges, using liquitiy pools in backend, you can swap any token against another, with a defined change rate.

  6. Lending

    • By deposit some asset in collateral, you can borrow another asset (about 70% of your deposited collateral).
    • You can now do whatever you want with the borrowed asset (holding, trading, swapping, stacking, ...) as long as :
      - your collateral covers the borrowed amount (depending the different assets price variation). Otherwise what you are liquidated (you colalteral is recovered by the liquidator who repay your loan)
      - you don't repay the borrowed amount
    • If you never repay, you will never get back your collateral.

  7. Bridge

CHAPTER 4 : Free to play

  1. Connect your wallet

    • Click the "Add this chain to Metamask" at the bottom of this page or add it manually
    • You should now see your KARMA balance

  2. Get KARMA

    • Get KARMA on the faucet
    • Check if your transaction appears in pending transactions. (and wait for it disappear)
    • Check the transaction status in the transactions list. Status can be success of failed.
    • If failed, retry. If success you can see the raw transaction details by clicking the "raw tx" button.

  3. Transfer some KARMA

    • Choose a recipient (can be another address you own in your wallet) and send some values.
    • Check your transaction progress on the explorer.

  4. Deposit KARMA and get WKARMA

  5. Swap tokens

  6. Create a token

  7. Add liquidity to a liquidity pair

  8. Create your own liquidity tokens pair