What is the Karrat Protocol?

The KARRAT Protocol is a decentralized gaming infrastructure layer supported by the KARRAT token and empowered by a decentralized community of individuals sharing the same goal and vision of revolutionizing the gaming and entertainment industry.

As the gaming and entertainment industry continues to experience explosive growth, with the gaming industry projected to have a market volume of about $390 billion by 2028, a large part of it is still being centrally governed. The KARRAT Protocol aims to solve this governance issue.

The KARRAT Community (KARRATco)

The KARRAT community is a very important feature of the KARRAT ecosystem, which helps the KARRAT ecosystem achieve its decentralization goal. The KARRAT community comprises all KARRAT members holding the KARRAT token, including users who have been delegated voting rights by token holders.

Since members of the KARRAT community hold the KARRAT token, they can vote in the decision-making process of the KARRAT ecosystem. The KARRAT community also votes in annual elections, electing KARRAT’s security council members.

Security Council

The KARRAT ecosystem has a Security Council whose role is to secure the KARRAT ecosystem. The KARRAT community often elects members of these Security Council through annual elections.

The security council can upgrade the KARRAT protocol and cancel any proposal that jeopardizes the KARRAT ecosystem, including the protocol, community, and/or foundation, especially in emergencies requiring swift security actions.

Hence, instead of broadcasting any attempted exploits by malicious actors to the KARRAT community, the security council acts swiftly to mitigate or resolve the issue.

In addition, the security council also triggers non-emergency upgrades, such as routine software upgrades and maintenance. These upgrades are in the best interest of the KARRAT ecosystem and do not require the approval of the KARRAT community before they are initiated.

The KARRAT Constitution

The KARRAT constitution is a feature of the KARRAT protocol that ensures the complete decentralization of the protocol’s governance. The KARRAT constitution contains recommended guidelines that must be followed by all entities within the KARRAT ecosystem.

The KARRAT constitution contains laws that must be adhered to by all in the KARRAT ecosystem and helps to checkmate the powers of the security council.

According to the KARRAT constitution, the security council must release a transparency report after initiating an emergency response to threats. The timely release of a security report prevents the Security Council from misusing its powers.

History of the Karrat Protocol

The KARRAT protocol was launched in April 2024 by the KARRAT Foundation. The foundation’s goal is to decentralize the protocol and give all members of the KARRAT community equal voting rights.

To make this a reality, the Karrat Foundation also launched the KARRAT token, which powers the KARRAT ecosystem. The KARRAT token allows all holders to participate in the decision-making process of the KARRAT blockchain network.

Seeing its effort to decentralize the gaming industry, AMGI Studios, a technology and gaming company, decided to be the first to integrate the Karat protocol and the KARRAT token into its “My Pet Hooligan” game.

My Pet Hooligan is the first launch title for the KARRAT protocol. It features cutting-edge motion capture tech, AI-driven conversational, non-playing characters, and real-time face-driven animation. Gamers can embody an NFT in-game.

The KARRAT Team

While very little is known about KARRAT’s team, the goal of the KARRAT team is to transform the gaming and entertainment industry from an isolated and exclusive one to one that is transparent, inclusive, and collaborative.

This shift from a centralized to a much more decentralized system of governance allows all members of the KARRAT ecosystem and holders of the KARRAT token to democratically participate in the decision-making process of the KARRAT blockchain network.

The decentralization spearheaded by KARRAT’s team also allows members of the KARRAT community to be more actively involved in the game product development processes, thereby helping the KARRAT team create products that resonate well with consumers.

How Does the KARRAT Protocol Work? KARRAT Improvement Proposals (KIPs) and KARRAT Improvement Proposal (KIP) Process

KARRAT Improvement Proposals (KIPs)

A KARRAT improvement proposal is a proposal that can be put forth by any member of the KARRAT community, voting for a change within the KARRAT blockchain network. Through the KARRAT improvement proposal, members of the KARRAT community can have a say in the decision-making process of the KARRAT blockchain network.

Without the KARRAT improvement proposal, the KARRAT protocol will not be able to achieve its goal of being a decentralized gaming infrastructure. This is because a few selected stakeholders will make key decisions within the KARRAT ecosystem.

KARRAT Improvement Proposal (KIP) Process

After a member of the KARRAT community makes an improvement proposal, it must go through the KIP process, which is the rules and procedures for submitting and voting on improvement proposals within the KARRAT network.

Before an improvement proposal is approved, it has to go through 5 phases or stages of the KIP process:

• Phase 1: This is the first phase of the KIP process, where the proposal undergoes a temperature check. After the proposal is dropped, it is discussed and debated by all members of the KARRAT community.

Snapshots of polls on the proposal will also run for the week. A simple majority of the community decides the proposal. If a KIP fails the temperature check or has not undergone a temperature, it won’t be voted on.

• Phase 2: This is the phase where the KIP is submitted via governance contracts on the Ethereum MainNet. Members of the KARRAT community are also called upon to vote on a KIP that has passed the temperature check. This phase lasts for three days.
• Phase 3: This is the phase where members of the KARRAT community can finally vote for a KIP. It usually lasts 14 days.
• Phase 4: This is the phase where a KIP is locked for 7 days after approval.
• Phase 5: This is the last stage of the KIP process when a KIP is finally implemented.

Features of the KARRAT Protocol: Token Play, Claim Tokens Contract, Voting Contracts and KARRATco Treasury

Token Play

Karrat protocol’s token play is a toolset that enables the seamless importation of digital assets and their corresponding metadata into gaming platforms. The protocol utilizes ACL smart contracts and a gaming engine plugin to achieve this. The Karrat community has the right to propose the addition of digital collectibles into the protocol’s token play.

Claim Tokens Contract

The Claim tokens feature is a smart contract deployed on the protocol to enable users to claim airdrop allocations. The contract operates automatically, ensuring that the token drops are only released to eligible wallets. Ineligible wallets are automatically declined from claiming KARRAT allocations reserved for airdrop.

Voting Contracts

Voting contracts enable users to participate in the decision-making process of the KARRAT protocol and the KARRATco treasury. The KARRAT community can make several decisions, such as voting to introduce digital collectibles or 3D gaming assets into token play. This is achieved through constitutional KARRAT improvement proposals.

What is the KARRAT Token?

Image source: Karratcoin.com

KARRAT is the native token of its blockchain network. It is an ERC-20 utility and governance token that powers the KARRAT ecosystem. An ERC-20 token is the standard token for issuing smart contracts on the Ethereum blockchain.

While 1 billion KARRAT tokens are in total supply, only about 100 million are in circulation. Out of these tokens in circulation, 20% is allocated to early contributors of the KARRAT ecosystem, 15% to the team, advisors, and service providers, 15% to the development team, and 50% to KARRAT’s community and foundation.

Uses of the KARRAT Token

• The KARRAT token is a governance token within the KARRAT blockchain network. Its holders can participate in the decision-making process of the KARRAT ecosystem.
• The KARRAT token is a utility token within the KARRAT blockchain network. Gamers and other KARRAT users can use the KARRAT token to make in-game purchases and access services within the KARRAT blockchain network.
• The KARRAT token incentivizes network participants within the KARRAT blockchain network, fostering community involvement and participation.

Is the KARRAT Token a Good Investment?

The KARRAT protocol aims to make the gaming and entertainment industry more decentralized, allowing members of the KARRAT community to have a say in the decision-making process of the KARRAT ecosystem.

Due to its frontline advocacy of the decentralization of the gaming and entertainment industry, there is a high chance of gamers being attracted to the KARRAT project, including gaming companies integrating the KARRAT protocol into their gaming projects.

This will, in turn, lead to increased demand for the KARRAT tokens. As the demand for the KARRAT tokens increases, the price and value of the KARRAT tokens are bound to also increase, making them a good investment for token holders.

Risk Analysis

Advantages

A major advantage of the KARRAT protocol is its decentralized system of governance. Unlike most traditional Web2 games, where the responsibility of making decisions lies on the shoulders of a board of directors or a few stakeholders, the KARRAT protocol involves all members in the decision-making process, fostering more community inclusivity and engagement.

Another advantage of the KARRAT protocol is its AI integration. Since the platform supports AI technologies, users can enjoy a whole new level of immersion. That was the main reason AMGI studios integrated the protocol into its “My Pet Hooligan” game: to provide gamers with a more immersive experience.

Disadvantages

Since the KARRAT protocol is a relatively new project in the blockchain space, some users may be hesitant to invest in and become a part of it. This prevents their funds from being lost due to cryptocurrency’s volatility. Users often trust established projects, so they may sometimes be skeptical about hopping on new projects like KARRAT.

Competitive Product Analysis

Decentraland, Axie Infinity, and The Sandbox are some of the major competitors of the KARRAT protocol. Although these platforms also focus on building blockchain games for Web3 users, KARRAT’s unique competitive advantage is integrating AI technologies into its protocol.

Integrating AI into its protocol provides users with real-time animation and AI-driven non-playing characters, allowing users and gamers a more immersive gaming experience.

In addition, KARRAT’s high level of decentralization and governance allows users to fully participate in the protocol’s decision-making process, fostering more community engagement and participation.

How Can You Own the KARRAT Token?

To own a KARRAT token and become a part of the growing KARRAT blockchain network, you can follow the simple step-by-step process;

Set up a Wallet

To own a KARRAT token, you need to purchase it from a cryptocurrency exchange. To do this, you must create a Gate.io account, complete the KYC process, and add funds to the account to purchase the token.

Use the KARRAT Tokens

Once you have your token, you can explore the wide range of functionalities in the ecosystem, such as staking, blockchain gaming, and governance. Stakers can earn an estimated APR of 20.15% on the Gate.io exchange.

Take action on the KARRAT protocol

Users can sign up and purchase or trade KARRAT tokens here.