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Topic: [ANN] LibreCash – stablecoin with transparent proof-of-reserve backing - page 7. (Read 1570 times)

member
Activity: 406
Merit: 10
What exchnages are u going to be integrated? According to your concept there has to be big demand otherwise project would have so sense.
By the way how are u going to encourage the market makers to use your platfrom? Spread allows them to make money, but u guys have firstly properly show it off to the audience.
So Im curious abput the ways how are u going to attract the market makers to use LibreCash??
Decentralized smart contracts maintain the exchnage rate within the established limits ( between emission price and redemption price ), that sometimes may be useful for the purpose of savings the deposit in crypto while market fluctuating or going down very hard.
However you are exactly right that marketmakers and exchnages services have an important role for the successful project evolution. LibreCash will have have the real value as a currency and medium of exchnage if its capability to be converted into other currency ( including fiat all over the globe) will be at the high level. Thats why we are considering the exchangers, payment processors, local sellers and market makers as an integral ecosystem elements. We will have the grant system in LBRS tokens that in fact give the opportunity if someone willing to become the part of the system and take part in DAO managing.
At the initial stage, while Libre is not in so big demand, there are special offers for the partners that may be disscussed individualy.
In the future, big investors with high reputation like excnganges or funds may be an escrow or keep the part of the reserve fund if DAO agreed.
newbie
Activity: 308
Merit: 0
Who is eligable to issue tokens? As far as I inderstood the idea your DAO will give the access to different parties that would be in respond to token emission. But how are u going to check that parties? KYC or smth?
U know the question of the trust to the persons or apps that will be able to issue tokens is quite urgent.
member
Activity: 406
Merit: 10
I have read the remission could be stopped due to the recent market growth or dump.
U are claiming to be decentralized stable coin, but it is not true decentralization if someone can stop the emission/remission. How does this process work at all? It really needs clarification.
Good comment, thank u.
You refer to description of security mechanism during the increased market volatility or liquidity swing. For the first time, while token is not used a lot in the reasl sector, the demand may fluctuate that may lead to the liquidity crisis while panic in the market.
The emission/token burning capacity limitations are implemented in the smart contract code. In futher versions more flexible variant will be implemented - DAO will set the limits. Surely taking into account the situation on the market but within the established limits.
member
Activity: 406
Merit: 10
What currencies except ETH will be accepted as reserve? As far As I know BTC smart contracts are still under development, as for the rest popular coins they dont have smart contracs yet as well ( NEO, EOS, TRON etc)
The task of assets managing in different blockchains may be solved via atomic swaps for thoses tokens where it is possible now as well as usage of gateways and DEX like Waves, Bitshares that announced the support of atomic swaps in the nearest future. We also foresee the implementation of native support even for that currencies which dont have smart contracts yet.
Despite the technology itself is only  at the initial stage we can see the huge progress even now. As an example the swaps between BTC and ETH, LTC and BTC are available now. Zchash is planning to implement the atomic swaps support in August.
One more question, if the any particular blockchain is being forked and new chain apperas ( like ETC or BCH) who will own the amount of reserve fund in that new tokens??
Surely. All the forks that occur will stay within the reserve fund and become the part of the reserve fund.
member
Activity: 406
Merit: 10
Who will have the access to smart contracts where all the reserve fund will be stored? How users can ensure that all the reserve fund ( their money litteraly) are being kept in safe?
Moreover, imagine the situation if reserve fund is stolen or just gone due to the hack or some blockchain vulnerability ( if u remember the situation when 70 million USD value in ETH stuck due to the Parity vulnerability), what will happen to the token price and the system at all?
First of all you have the understand that there are differences between the final version of the platfrom which we are developing now and the semi-centralized version that exists now. LibreCash token is immutable, only the rights for token emission will be delivered to the autonomus smart contract (DAO will have the right to change several parameters like Oracle priority) when work is done and security audit is complete.
If we are speaking about final version:
Smart contracts owner where reserve fund is being held is DAO contract, and the concensys of majority share holders is obligatory for the purpose of trasfering funds. The detailed explanation about DAO model will be included in WP that we are prepearing now for the realese.
If the system is compomised and major part of reserve fund is stolen or will get stuck within the bugged smart contract, so I think it will affect tokens price as well as any other token that may face the same situation. Thats why we care a lot about security and smart contract audit.
newbie
Activity: 56
Merit: 0
Who from the team is taking care of this BitcoinTalk thread?
There is the founder, software developers, business developers and community managers. All of us are here.  Smiley
member
Activity: 392
Merit: 10
Who from the team is taking care of this BitcoinTalk thread?
newbie
Activity: 308
Merit: 0
What exchnages are u going to be integrated? According to your concept there has to be big demand otherwise project would have so sense.
By the way how are u going to encourage the market makers to use your platfrom? Spread allows them to make money, but u guys have firstly properly show it off to the audience.
So Im curious abput the ways how are u going to attract the market makers to use LibreCash??
hero member
Activity: 658
Merit: 536
Z-pay.io
Will u set the spred by your own or it will be set according to the market by itself?
I need more detailed explanation what for spred is needed on the platfrom. How exactly can it protect the Fund from market manipulation?
Thank u in advance.

Right now we have released temporary Libre/ETH Exchange Smart-Contact, which is fully autonomous, without owner, with fixed exchange commission 2.5% set in stone, and min-max rate calculation algorithm, based on 5 feeds, to cover volatility  risks and protect from speculative games against reserve.

We aim to decrease a spread in future releases, as well as provide many other exchange methods with low commissions. 
newbie
Activity: 252
Merit: 0
Will u set the spred by your own or it will be set according to the market by itself?
I need more detailed explanation what for spred is needed on the platfrom. How exactly can it protect the Fund from market manipulation?
Thank u in advance.
newbie
Activity: 252
Merit: 0
I have read the remission could be stopped due to the recent market growth or dump.
U are claiming to be decentralized stable coin, but it is not true decentralization if someone can stop the emission/remission. How does this process work at all? It really needs clarification.
member
Activity: 406
Merit: 11
What currencies except ETH will be accepted as reserve? As far As I know BTC smart contracts are still under development, as for the rest popular coins they dont have smart contracs yet as well ( NEO, EOS, TRON etc)
One more question, if the any particular blockchain is being forked and new chain apperas ( like ETC or BCH) who will own the amount of reserve fund in that new tokens??
member
Activity: 406
Merit: 10
Who will have the access to smart contracts where all the reserve fund will be stored? How users can ensure that all the reserve fund ( their money litteraly) are being kept in safe?
Moreover, imagine the situation if reserve fund is stolen or just gone due to the hack or some blockchain vulnerability ( if u remember the situation when 70 million USD value in ETH stuck due to the Parity vulnerability), what will happen to the token price and the system at all?
copper member
Activity: 10
Merit: 0
LibreBank DAO and LibreCash stablecoin
Exchange LibreCash to Euro with Paynote

We’re happy to announce our European partner Paynote.eu.
Paynote.eu is Legal Licensed company of electronic currency exchange, with the great rate, and instant SEPA bank transfers.
You are able to exchange LibreCash to Euro with Paynote.eu now.
newbie
Activity: 56
Merit: 0
studied your report of April 27. I'm glad that you are doing well!

Glad to see your weekly reports. Keep going!

Thanks for your feedback! Join our social channels to stay tuned.

https://medium.com/@LibreBankDAO/
https://twitter.com/LibreBankDAO
https://www.reddit.com/r/LibreBankDAO/
newbie
Activity: 56
Merit: 0
after what time does your token appear on the exchanges?
We working on it, but it takes time. We will announce listing on an exchange as soon as we come to agreement.
newbie
Activity: 56
Merit: 0
the idea is excellent, I hope the project will progress and make us happy
Thanks for your feedback! Stay tuned.
newbie
Activity: 66
Merit: 0
Glad to see your weekly reports. Keep going!
newbie
Activity: 72
Merit: 0
studied your report of April 27. I'm glad that you are doing well!
newbie
Activity: 126
Merit: 0
after what time does your token appear on the exchanges?
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