Topic: [ANN] LibreCash – stablecoin with transparent proof-of-reserve backing - page 14. (Read 1581 times)

We will disclose the information about the token sale a bit later.
Also, you may join our social networks in order to follow our upcoming announcements.

Here are the links:

Telegram: https://t.me/librebankdao
Twitter: https://twitter.com/LibreBankDAO
Medium: https://medium.com/@LibreBankDAO/

Sorry, I haven't seen the link to the Litepaper. However, I haven't found the information about the token sale. When will the token sale begin?

Thank you for your feedback.
Probably, we will run a bounty campaign later. It will be announced here. Please, stay tuned =)
However, for now we have a bug bounty. Please, check it out here

Really glad to join LibreBank project.

I personally will make sure that LibreCash is exchangeable for major cryptocurencies at current rate, any time and can be usable as medium of exchange and store of value.

Potential LB partners, who is willing to integrate Libre to your services, please contact me to discuss how we can provide liquidity in your preferred way.

Let’s build global payment network based on LibreCash.

A good project. сryptocurrency is tied to real money that's cool. Do you plan to run a bounty campaign?

Thank you for your question. Currently, the Whitepaper is being developed.
However, you can check the Litepaper of our project here.
If you have any questions after reading the Litepaper, feel free to ask them here.

How can you post a thread without the link to the whitepaper? Where can I find all the details about the project?

Thank you for your feedback. All the upcoming announcements will be posted in this thread.

Very nice project LibreCash with great potential to succeed!
I believe this project will make waves in the Cryptocurrency world.
Glad to be part of this project.
Good luck team.

Hello!
For the last six months, we have been working on the development of a stablecoin with transparent security, controlled by smart contracts and a DAO. We would like to share with you the results of our work.


What is LibreCash?
LibreCash is a stablecoin tied to a one-to-one dollar rate, with emissions and token-burning through smart contracts on the basis of the proof-of-reserve principle. Current implementation: ERC20-token of OpenZeppelin.


What is a stablecoin, and why is it needed?
A stablecoin is a coin or a token with a constant, stable rate and no volatility. If the economic model makes it possible to provide a truly stable value, then there can be many ways to use such a coin, similar to fiat currencies but without excessive regulation by authorities and large commissions for withdrawal. Possible uses include the following:

• Predictable storage and accumulation of funds without withdrawal to fiat.
• Insurance of exchange-rate risks for the period of withdrawal from volatile assets.
• For sellers, the pricing of goods and services without the need for constant monitoring due to a constantly changing exchange rate. For buyers, the payment for such goods and services at reasonable prices.
• Micropayments.
• Lending.
• Signing contracts—short term, long term or contracts with deferred payment.

What is the difference between LibreCash and similar projects?
We know at least 15 projects that aim to create a stablecoin. Some of them have already been known for a long time and have repeatedly appeared in the news, while others are only at the stage of concept elaboration.
The main differences:

• Users initiate issue to circulation of LibreCash token after buying it through the autonomous smart contract.The realization is secured by ETH, which is frozen in the reserve fund as a security. When withdrawing tokens from the turnover, the user receives the security from the reserve fund at the current exchange rate.
• The LibreCash economic model is transparent to the user. The number of emitted tokens, their supply, and the exchange parameters are calculated automatically, protected from forging, and available in DApps and blockchains.
• LibreCash is not based on funds in bank accounts and trust funds, and the security is not related to the assets of the traditional financial system. This setup circumnavigates the risks of centralization and regulation, which prevents loss of token value.

What is LibreBank?
LibreBank is a decentralized autonomous organization (DAO) responsible for ensuring the liquidity of LibreCash, the stability of the system, and the financial privacy of its users. The DAO also takes it upon itself to solve technical, commercial, legal, and any other issues related to the development of the system.
When reading this text, please note that when we use the term "DAO," we don’t mean the technical solution of the Ethereum platform or its analog but rather the organization as a whole, which is decentralized and in which the algorithm prescribes certain rules for the interactions of its members.
We will provide special tokens—LibreBank Reserve Share (LBRS), which are the shares of all LibreBank assets and liabilities—to manage LibreBank and provide liquidity to LibreCash. LBRS owners assume the risk of volatility in the capitalization of the reserve and other funds as well as the potential for increases in their value and profit. Holders also reserve the right to vote in the management of the DAO in accordance with their share.





How does it work?
The release of LibreCash into circulation:
1) The user initiates the purchase through a smart contract.
2) The user pays a fee for the release of LibreCash and transfers ETH to the smart contract address. The received commission and ETH are placed in the LibreBank reserve fund.
3) The user receives LibreCash.

Example:
1) Price: 1 LibreCash = 1 USD, 1 ETH = 499 USD.
2) Commission for the release of LibreCash: 2.5% (0.025).
3) The user wishes to buy LibreCash for 2 ETH.
4) The user transfers 2 ETH, paying a fee of 0.05 ETH (2 ETH * a 2.5% fee). 1.95 ETH (2 ETH − 0.05 ETH) is frozen in the reserve fund as a security for the tokens to be transferred to the user. 0.05 ETH are also placed in the reserve fund as additional supply.
5) The user receives 973.05 LibreCash (1.95 ETH * 499 USD).

The withdrawal of LibreCash from circulation:
1) The user initiates the withdrawal of LibreCash from circulation through a smart contract.
2) The user pays a fee for the withdrawal of tokens from circulation and transfers them to the smart contract address. The received commission is placed in the LibreBank reserve fund. The received LibreCash tokens are withdrawn from circulation.
3) The user receives ETH.

Example:
1) Price: 1 LibreCash = 1 USD, 1 ETH = 501 USD.
2) Fee for the withdrawal of LibreCash from circulation: 2.5% (0.025).
3) The user wishes to sell 973.05 LibreCash.
4) The user transfers 973.05 LibreCash, from which a commission in the amount of 24.33 LibreCash (973.05 LibreCash * 2.5% fee) is deducted. The commission is placed in the reserve fund to increase the stability of the system. The user receives ETH equivalent to 948.72 LibreCash (973.05 LibreCash - 24.33 LibreCash).
5) The user receives 1.893652695 ETH (948.72 LibreCash / 501 USD).

What if ETH fell to 250 USD and the user wanted to sell LibreCash? Building off of the example given above, for a total of 948.72 LibreCash, instead of 1.893652695 ETH, the user would receive 3.79488 ETH (948.72 LibreCash / 250 USD).
The funds would be compensated to the user at the expense of the LibreBank reserve fund.

Another example: What if the ETH price rose to 750 USD and the user wanted to sell LibreCash? For 948.72 LibreCash, instead of 1.893652695 ETH, the user would receive 1.26496 ETH (948.72 LibreCash / 750 USD).
The LibreBank would receive a profit from the growth rate, and the funds would be left in the reserve fund to increase the stability of the system.

The idea behind the project is a social and economic risk-distribution scheme in which the LibreCash holder eliminates the risk of losing funds due to volatility but also abandons the profit potential by shifting it to LibreBank and LBRS token holders.


What has already been developed?

• The LibreCash token. The ERC20 standard is implemented in the version from OpenZeppelin with the possibility of additional emission, liquidation, and transfer of rights of the owner. Source code.
• An autonomous smart contract for the purchase and sale of LibreCash for ETH. Source code.
• A web wallet based on MyEtherWallet that enables the purchase and sale of LibreCash for ETH, as well as the transfer of tokens to other users. Source code.
• A decentralized application (DApp) that provides access to information on funds in the LibreBank balance (data from public block explorers), the number of emitted tokens, and the current exchange parameters and informs users about key project events. Source code.
• The oracle system for loading data about the current exchange rates from external sources into smart exchange contracts LibreCash. Oraclize and LibreBank’s own oracle LibreOracle are being used. Source code: oracles, libreoracle.
• The prototype of an autonomous smart contract for the purchase and sale of LibreCash for ETH, with the possibility of emission and liquidation. Source code.
• The prototype of the DAO smart contract for managing the parameters of an independent emission smart contract based on the standard contract of DAO Ethereum. The influence of a user’s vote is determined by the user’s balance in the LBRS. The role of an elected arbitrator who can veto the outcome of any voting is implemented. Source code.
• The prototype of a DApp for the smart contract of the DAO, with the ability to post offers that allow voting. Source code.

What are we working on?
1) The development of the decentralized system of oracles, the mechanism of their automatic ranking, and the deletion of distorted data, as well as the development of the economic motivation model of data providers.
2) The fully automatic emission and elimination of LibreCash tokens.
3) An economic audit and safety audit in the prototypes’ test network of the emission smart contact, the DAO, and the DApp for voting.


Addresses
Mainnet:
Exchanger = 0x869D0969915436e67cBF0E47a2C110333F00604b
LibreCash = 0x72B91D9941E2BCCeCac2358e6bf044E262D7965b
Report = 0x6AF43411Ee83354C53FC6ff1c8987790fa84AE4d

Rinkeby test network:
Exchanger = 0x9F604D4D39968e9b68565BF90050600981c24D20
LibreCash = 0x41766109E5e40BF7bB57Ce7ae49d139baef73920
DAO = 0x658F994a612188A80c99d721Bb8E3Ded8FCe9B9c
Liberty = 0x60072ecff986b0d4715ac21f203a3c8bccdbebdd
Faucet = 0xE8FEf7656F332633362bAB63e0200E80E8fd4d84


Join our team
If you are interested in our project and think that you can help develop, test, or support it, please contact us at [email protected].
We are continuing to form our team and are looking for people who can contribute to the project.


To our partners
We invite for cooperation:

• Exchange services
• Exchange markets
• Wallets
• Payment services
• Escrow services
• Any other projects that benefit from the integration of a token with a stable value

Contact us at  - [email protected].


More information and contacts
Litepaper https://librebank.com/litepaper.pdf
Presentation https://librebank.com/presentation.pdf
Main Web Wallet https://wallet.librecash.com
Main Web Wallet (Test network) https://testwallet.librecash.com/
Simple Web Wallet https://librewallet.io/
LibreCash Website https://librecash.com
LibreBank Website https://librebank.com

Telegram https://t.me/librebankdao
Twitter https://twitter.com/LibreBankDAO
reddit https://www.reddit.com/r/LibreBankDAO/
Medium https://medium.com/@LibreBankDAO/
Blog https://blog.librebank.com


Updates
First weekly software developers report for April 23-27, 2018 https://blog.librebank.com/software-developers-report-for-april-23-27-2018/
Weekly software developers report for April 30 - May 4, 2018 https://blog.librebank.com/software-developers-report-for-april-30-may-4-2018/
Exchange LibreCash to Euro with Paynote https://blog.librebank.com/librecash-on-paynoteeu/
Weekly software developers report for May 7-11, 2018 https://blog.librebank.com/software-developers-report-for-may-7-11-2018/


The moderators of the topic: LibreBankDAO, WalkieTalkie, CryptoMan7245