In New Jomsocial version Karma is used as user badge used in JomSocial. It shows how active a user is in JomSocial. Karma will only be activated when a user has uploaded a photo in the user's profile or do other activity Based on the user point the user will get karma on his profile page. Otherwise, the user will never achieve any badges. In Jomsocial 4.5 The name is used as Badges, you can add new badge as well via admin panel.
This is how it looks like on Frontend when the user got the
In Jomsococial You can add new Badges from Jomsocial > Theme Designer > Badges.