Usually, to attempt a particular challenge, you will most often only need to be at a certain level. But sometimes, some of these challenges might require that you spend some Khara Points too.
Anyway, what you need to remember with regards to this Khara System is that there is no limit to the number of challenges that you can take concurrently, so just accept each and every one of them once you've cleared its challenge conditions.
Blood Points, Victor's Points & Trophies
Basically, what I've found out about them is that they are used as some sort of an exchange currency and can be used to acquire special purple-colored level 50 equipments from a handful of NPCs (at designated locations in Prontera and/or Alberta).
These officers sell a variety of items ranging from purple-colored armors, weapons and accessories to even some useful consumables. And though expensive to acquire (requiring tens of thousands to even a hundred thousand blood points each), if you managed to get a complete set of these special equipment, you would likely prove to be a formidable opponent in PVP instances due to the fact that these equips specialize in boosting and reducing PVP damage (in percentages).
Though they are unfortunately also level 50 equips, what sets these apart from those obtained through blood points is that the items acquired here are mostly set items or items with empty rune-hole slots so they should likely be pretty useful as well (at least in PVE situations if not PVP too).
With that, I have basically summed up as much as I could find regarding this game called Ragnarok Online 2: Legend of the Second. And frankly speaking, the game at its present stage, appears to be somewhat lacking and is "just another" generic and ordinary MMO (with few places and dungeons to explore plus the hint of dangerous adventuring is gone, almost zero interesting storyline or plot, boring/silent background music for the maps and little variability/variety for their characters in terms of job classes and skill specs). So if you asked me, I reckon you might have a more enjoyable time playing something like Dragon Nest instead of this.
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