$UMY Loan for Land Purchase

Summery: Adding a loan feature could make the land dream of so many KaraStarers true for so many players and scholars who want to own a land of their own. And also a Sink to throw over generated $UMY produced out of the system (read until end to know it as huge sink method for our infinite supply or $UMY utility token)

Goal: To make the land gameplay approachable for every player who cannot afford land right now, whoever who owns minimum three Kara pet NFT could avail the N land on affordable terms.

Plan: To make it possible and hassle free for everyone, the dev team will take care of some core aspects of this core loan system to make some simple one click contracts to interact with their wallets and sign the loan contract with those wallets which could be eligible for a loan as per terms and conditions. The recovered loan amount’s huge portion will go to burning on 1st day of every month. The one borrower with one wallet connected to his/her game account can avail one loan for only one land, and already who have already land in their game account cannot avail this loan, the price of one land on loan could be 4000 $UMY and after completion of the loan amount the borrower will be the owner of that land he/she purchased by loan amount, there will one a 15 day cycle for due date for loan instalment, the borrower needs to leave the amount of $UMY equal to the instalment amount if his game account unclaimed, the system will auto deduct the amount on due date from in-game. Instalment cycle: The instalment cycle could of 90 days The 90 days instalment cycle will be as following: One instalment after 15 days 666 + 34 on per due date (Here the 666 is the actual amount will be given back of 4000 $UMY amount in 6 instalments and the 34 is the interest on every instalment which will be given along with the instalment of 666, so total amount on every due date will be 666 + 34 = 700 $UMY) During the game account is under loan’s terms and conditions, the three Kara NFT pets allowed as guarantee from the borrower to KaraStar game cannot be transferred or gifted and cannot be sold out in market, but those three NFT as guarantee could be evolved or breed. If the amount is less than the instalment amount to be recovered on due date in the form of in-game unclaimed $UMY, there will be addition of 5 $UMY as penalty in case of failure to keep the required unclaimed amount of $UMY to be paid on due date, after due date the penalty amount will be added to the instalment amount each day until there will be enough unclaimed amount to be recovered, the system will try to deduct the amount each day before adding the penalty. In failure to give back even one instalment for more than 45 days after that particular instalment’s due date, the land will be reclaimed by the system from the loan borrower and as penalty the Kara NFTs of that loan borrower could be temporarily bound by the KaraStar system and will be given on lease to some scholar to recover remaining of the loan amount due, and those NFT Karas will be given back to the borrower after getting back at least 2000 $UMY recovery from those Kara NFT pets.

Terms and conditions:

1. The borrower should not have more than 100 claimable $UMY already in his/her game account.
2. The borrower’s $UMY instalment will be deducted automatically on due date from his in-game earnings, so borrower has to make sure he has enough $UMY to pay the instalment on time, (e.g., if instalment amount is 700 $UMY the player should leave 700 $UMY in game account unclaimable there).
3. The instalment will be paid on every 15-day cycle so borrower could have enough time to earn enough $UMY for loan instalment and also for himself.
4. Only one land could be owned by one borrower.
5. If borrower have a land NFT already he/she cannot apply for any loan.
6. There should be minimum three KARA pet NFT in wallet as guarantee to avail a loan of minimum of 4000 $UMY. Those NFT on guarantee cannot be gifted or sold before completion of the loan amount decided, but to breed, evolve and putting them on land for mining or gameplay (Traditional or Land gameplay both) are allowed.
7. Wallet with equal or more than 12 KARA pet NFT cannot avail the loan.
8. On not paying loan on time, there will be 5 $UMY penalty per day after due date.
9. In failure to give back even one instalment for more than 45 days after that particular instalment’s due date, the land will be reclaimed by the system from the loan borrower and as penalty the Kara NFTs of that loan borrower could be temporarily bound by the KaraStar system and will be given on lease to some scholar to recover remaining of the loan amount due, and those NFT Karas will be given back to the borrower after getting back at least 2000 $UMY recovery from those Kara NFT pets.

Evaluation of success: Adding a loan feature will not only make land gameplay more approachable to a common user who have at least three kara pet (one team) but also $UMY consumption and burning could take wider perspective, we can adjust the system with everyone's ideas, we cannot neglect the possibilities it can give to the whole economy. The dumping problem also will get some relief when minting will be on hold indirectly for some time, because borrower has to hold some portion of his earnings every 15 days to pay the instalment $UMY amount. Huge amount of that $UMY paid back by borrowers will be burned so we are taking $UMY back and burning it and removing from system so this loan system will work as a sink.