What is Cryptocurrency?
Cryptocurrency is a medium of exchange much like normal currencies, such as the USD. Cryptocurrency, however, is a digital or virtual form of currency in which encryption techniques that exchange digital information are used to both generate and transfer units of currency, all while operating independently of a central bank. This process, called cryptography, is used to secure the transactions and to control the creation of new coins.
In comparison, fiat money is currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of both fiat money and cryptocurrency is derived from the relationship between supply and demand.
There are several different types of cryptocurrencies, some being Bitcoin, Ethereum, and Litecoin. These digitized currencies can be used globally as money or to make smart contracts. Cryptocurrencies fluctuate in value, similar to the stock market.
What is a Crypto Wallet?
A crypto wallet is essentially a virtual wallet to keep currencies like Kala. Just like with fiat money, you need a safe, secure place to keep your cryptocurrencies. Crypto wallets help people convert their digital currency into and out of their local currency. There are many wallets, and the best one for you may depend on your geographical location and/or local currency. Here is a list of some top wallets to consider:
What is Kala?
Kala is a cryptocurrency built on a variant of the Bitcoin open-source blockchain protocol. Kala is used specifically in the Symatri ecosystem. Kala is rare in the cryptocurrency world because it resides within a complete ecosystem that includes an already established marketplace, REACH, where Kala can be redeemed (once integrated). Kala can also be mined through traditional mining rigs. Like other cryptocurrencies, the value of Kala will fluctuate, and it will be expected to trade on market exchanges.
How Is Kala different?
- Inherent Value – Unlike most other cryptocurrency coins, Kala will have inherent value because it can be spent on a wide array of products and services on our REACH marketplace (once integrated).
- Proof of Effort – Kala makes cryptocurrency accessible to anyone with internet access with our unique way of “mining” through Proof of Effort.
- Existing Ecosystem – CORE and REACH are both existing platforms that are being used, tested, and improved before integrating Kala.
- Multiple Mining Methods – Kala can be mined through both Proof of Effort and Proof of Work efforts.
How Can Kala Be Mined?
Kala makes cryptocurrency accessible to anyone with internet access with our unique way of “mining” through Proof of Effort or Proof of Work mining (like Bitcoin).
Proof of Work is the system where miners work to solve mathematical equations in Kala’s blockchain through mining rigs or through traditional mining efforts. Once a miner solves the complex equations to validate the blockchain transaction and it is accepted by Kala’s network, the miner then receives a Kala payout.
Proof of Effort gives people the opportunity to complete activities and earn points through our CORE platform that can be converted into Kala. No roomful of servers, no expensive buy-in to mining pools. It doesn’t take special knowledge or equipment; anyone with a computer or smartphone can participate.
What can I do with Kala?
Unlike many other cryptocurrencies, you will be able to spend Kala on a vast array of products and services, gift cards, and more in our Reach Marketplace, once full integration of Kala is complete.
You can also choose to hold onto your Kala and take advantage of the inherent fluctuations in value to get the most out of your spending power. Also, units of Kala will be fungible and transferable, and expected to trade on cryptocurrency exchanges.
How can I get Kala?
Now that our ICO is closed, Kala can be purchased from other Kala users, earned through Symatri’s CORE platform, or mined with an exclusive Kala Rig. Once Kala is on an exchange it can be purchased there. More details on mining with Kala Rigs.
How many Kala will be issued?
Over the lifetime of Kala, 21 billion coins will be produced. In keeping with our mission to make the Symatri ecosystem as widely accessible as possible in order to help more people, Kala will be a two decimal place based cryptocurrency token to make it simpler to understand and adopt.
What is your refund policy?
Any payments and/or purchases made of Kala are final and permanent. There are no refunds. (See our Terms and Conditions.) We encourage everyone to take the time to fully understand Kala and the ICO before purchasing. You can find information in our White Paper. Many questions are also answered on our Blog, and you’re always welcome to contact our support team at [email protected]