Lotos Network – Decentralized Buddhist Religion Ethereum Blockchain?
Lotos Network is a proposed blockchain-based network that plans to build spiritual communities on the Ethereum blockchain. Here’s our review of the Lotos Network whitepaper.
What Is Lotos Network?
Lotos Network is a platform that aims to build decentralized spiritual communities on the Ethereum blockchain. The developers launched the Lotos Network whitepaper online on June 27. You can find the official website at Lotos.network.
Overall, Lotos Network claims to be the world’s first decentralized spiritual community. The goal of Lotos Network is to create a complete ecosystem for meditation. The ecosystem is designed to solve problems in the spiritual community today. It will teach people how to meditate and allow trained meditators to teach newbies in exchange for karma tokens, or KRM.
How Does Lotos Network Work?
There are three core parts of the Lotos Network ecosystem, including:
- Web app for matchmaking entities (teachers, students, and organizations) and content discovery and delivery (live classes and on-demand media)
- An economy supported by ERC20 tokens called KRM which will be purchased by monthly subscriptions on public exchanges
- Smart contracts that function as a Genius central banker, run the organization, and operate the Nomos DAO
The Lotos Network tokens are called Karma Tokens, or KRM. These tokens are designed to be the first tokens that implement “Buddhist Economics” onto the blockchain.
Essentially, anyone can form their own organization on the Lotos Network. That organization is built using a smart contract. The whitepaper encourages users to think of their smart contract organization as like their temple. Organizations host and regulate two types of users – teachers and followers.
What Problems Does Lotos Network Seek To Solve?
Why does the meditation community need a blockchain-based platform? What problems is Lotos Network trying to solve? Here are some of the problems according to the whitepaper:
- Lotos Network wants to help students progress more quickly through their meditation learning experience
- The platform aims to improve user acquisition and retention rates
- Boost accessibility and comparability of teachers and organizations, helping users separate scammy “gurus” from genuine meditation masters
- Incentivization for students and teachers
- Transparency of organizations and teachers
- Collection of data and advancement of scientific research of meditation
Lotos Network Features
Lotos Network aims to change the way we meditate, learn how to meditate, and teach others how to meditate. Here are some of the key features of the platform:
As mentioned above, Lotos Network allows any user to create an organization on a smart contract. No technical skills are required, as Lotos Network has an in-app GUI. Each smart contract-based organization represents a temple (or whatever you want to call your place of meditation). The organization can host two types of users, including students and teachers.
Public Universal Reputation:
Organizations and teachers will have a reputation based on two factors: student satisfaction over time (collected from surveys) and retention rates (collected based on account activity).
Users can setup default temple structures through the platform. Or, they can build experimental structures. Some Lotos Network temples have hierarchical voting, for example. Organizations can set the rules for attainments, proof of practice, and incentives, or may pass decisions onto followers. For proof of practice, for example, organizations can choose how students demonstrate their skills. Or, for incentives, an organization can provide two karmic incentives for meditation – like losing or earning karma.
Earn Karma Through Teacher:
Meditation experts can teach others how to meditate in exchange for karma. Teachers can lead live classes or sessions, then receive karma for their work.
The Nomos DAO is Lotos Network’s legislative body. Anybody who holds KRM can submit and vote on proposals. Voting does not cost any KRM.
Lotos Network’s smart contracts have a feature called Genius. Genius will manage the karma between wallets. Subscription revenues fund Genius with the karma it needs to operate. Genius will purchase Karma tokens at market rates when users pay their monthly subscription fees. Genius also has two additional roles: to issue new karma tokens from cold storage if/when necessary, and to exchange karma tokens for fiat if there is insufficient liquidity on public exchanges.
Lotos Network Pricing
Lotos Network’s students will pay a monthly subscription fee. In exchange for that fee, they’ll receive karma tokens (KRM).
Students can also use Lotos Network for free. However, free students will only be able to access content that’s been labeled as free by uploaders (say, if a teacher wants to make an introductory class available for free).
The Lotos Network Crowdsale
Lotos Network plans to use KRM to fund their MVP. The hard cap for their token sale is set at $20,000 USD. After this limit is reached, they will periodically sell KRM at lower rates to fund the development of the network.
Who Created Lotos Network?
Lotos Network was created by Antons Doos, a self-taught polymath and Buddhist meditator for over 15 years, Michael Hogan, a serial entrepreneur and former neuroscientist, and Jefferson Davis (a blockchain developer).
The company has also signed Jolee Lee as an advisor. Jolee is the Master Monk at Wat Suan Dok in Chiang Mai, Thailand.
Lotos Network Conclusion
Lotos Network is a meditation network built on the blockchain. Users can sign up for the network to learn how to meditate. Free content will be available, while premium content will require a monthly subscription fee. Meanwhile, master meditators can earn karma tokens (KRM) in exchange for creating temples on the blockchain, and then teaching students how to successfully meditate.
Ultimately, Lotos Network is a unique blockchain technology taking the industry to a place we haven’t seen it go before. Visit Lotos.network to learn more about how the developers plan to create the world’s first decentralized spiritual community.