[ANN] LibreCash – stablecoin with transparent proof-of-reserve backing

[kabackovas]

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.

[AlexNeto]

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. 

[prygunovpasha]

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??

[okspam]

Who from the team is taking care of this BitcoinTalk thread?

[WalkieTalkie]

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.  

[aragon4ikSS]

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.

[aragon4ikSS]

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.

[aragon4ikSS]

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.

[selskoidima]

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.

[aragon4ikSS]

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.

[semiwylson]

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.

I did not know that that there will be different parties issuing the tokens, I thought that LibreBank on its own is responsible for that.
If so the question about KYC or probably the other way of verification of issuing parties arise.
Im considering investing and I really hope to get the proper answer from the team.

[johnywalkerrr]

How exactly will u implement the tokens swap? From one blockchain to another?
And one more question, until RSK smart contracts are not ready yet, LibreCash will operate only with ETH, right? Are there any way of including other top ALTs into the reserve fund like Litecoin or Bitcoin Cash?

[ApehaFan777]

I dont really understand why the exchnage rate of LibreCash is tied only to USD? Why not EUR or smth else? Probably it will be changed in future?
I think exchnage rate has to be adjusted according to inflation rate, moreover not the local one in any particular country like the US or GB but international one.

[Boooogieeee]

I dont really understand why the exchnage rate of LibreCash is tied only to USD? Why not EUR or smth else? Probably it will be changed in future?
I think exchnage rate has to be adjusted according to inflation rate, moreover not the local one in any particular country like the US or GB but international one.

Tieing to USD is the temporary event and then when there will be enough LibreCash users, exchnage rate tieing will be switched to against inflation index or putting it better will display the purchase power. So in general your sugesstion is right.
I would even say thats the key feature here as tieing to USD is not fair enough. IMHO

[LibreBankDAO]

Software Developers Report for May 7-11, 2018

Greetings, friends! It’s LibreBank’s development team reporting.

We decided to take a break and have two additional weekend days last week. We are certain that such a break is going to benefit us and that this week, we are going to impress you with new features and expanded capabilities.

So, here’s what we did last week.

Scientistnik:
We mainly focused on refactoring, integrating the Travis CI automatic testing system, and fixing a few display errors found in dApps (for example, we decided to increase the notification display time), as well as completing the following tasks:

• Refactoring: Deposit and Faucet
• Refactoring: Loan, Loans, NewOffer
• Refactoring: DAO and NewProposal
• Placing validators into a common (shared) plugin
• Loan date: present in the form of days

Evercodex:
This week’s tasks were intended to improve the UI/UX, which made working with dApps a lot more convenient:

• A variety of plugins were refactored
• A streamlined form for convenient, machine-treatable report parameter filling integrated (for the owner)
• An additional contact parameter display was integrated
• We also integrated Vuex for centralized, pervasive parameter storage of dApp contracts and settings, which made the app work faster overall.

[wldn]

Hi. I learned your concept and concluded that holders of LBRS will have double risk for investments. If the crypto will fall, then the assets of the reserve fund  will be used + risk of an ordinary LBRS collapse. Why investors will  invest in your project in such a risky scenario?

[antropogen0009]

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.

So u would not create your own atomic swap tech but rely only on the existing ones, right?
If so why have not u consider to issue token on Komodo platform? They already have atomic swaps and DEX where more then 100 000 atomic swaps were already made. So it is ready to use cross platform DEX and it perfectly suits your usecase.
As for the forks, that forks that will appear in reserve funds, they will belong to the DAO itself? Will the LRBS holders have a rights for that new generated coins?
Forks are now some kind of trend both on BTC and ETH and I think team has to think about this topic as there will be a lot of users that would demand forks tokens during the getting back their ETH/BTC for stable coin.

[AlexNeto]

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.

I did not know that that there will be different parties issuing the tokens, I thought that LibreBank on its own is responsible for that.
If so the question about KYC or probably the other way of verification of issuing parties arise.
Im considering investing and I really hope to get the proper answer from the team.

There could be different LibreCash issuance smart-contracts, based on different platforms, but all of them will follow the same general rule: Proof-of-Reserve issuance, when equal value of base asset transferred to the fund (or kept frozen in contract), reserved for future buy-back operation.
Actually, anyone can create this autonomous  blockchain applications and offer it to LB community. After security audit, LibreBank DAO can confirm this contract as a part of system, issue “crypto-licence”, and that means LB is taken responsibility to buy back this tokens, but also claims surplus of reserve.


But, conceptually, LibreCash can be also issued as physical banknotes or chips in some cases.
This is not near future, but I believe that blockchain will thansform the world, and free market economy will become possible. LibreBank supports projects as freesociety.com and will take any opportunity to make this world the place for self owned, free people.

[nofork_man]

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.

at what stage of the development are u now? I would like to try out or at least take a look at the product u have as for now.
When the final DAO implementation is planned?
And one more, u said that for any transaction from the reserve fund the share holders consensys is needed BUT how much share holders can exist? I mean those one that will have a right to vote?

[Nskaolimpiyskiy]

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.

Well but what will u do if that "initial stages of project evolution" will be longer then u expect?
What exactly are u going to do to make coin really used by the core audience?
As for code implementation, imagine u have created the smart contract and deployed it while market is bullish but then market suddenly goes down and u see that u would get broke if u did not stop the redemption. Who will be in respond to make such correction? Team? If so it is not real DAO or decentralization at all as you will rule the project by your own