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

[ApehaFan777]

Have u consdidered the opporunity of using side chains instead of atomic swap tech? I guess it is a little bit simpler, moreover there are several projects on the market providing advanced side chains.
Whats the benefits of using exactly atomic swaps??

If side chains are used it means that the reserve fund will be allocated within only one ecosystem. U know it is unsecure. Secondly, all the projects with side chains (Ardor, Lisk, Ark) are not really popular coins, they are just ordinar alts and can not be used as a reserve for LibreCash token. The last but not the list all of the coins I have mentioned dont have smart contracts thats why DAo implementation is also impossible.

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[Nskaolimpiyskiy]

Why is is stated in your Light Paper that token will be tied to power purchasing unit in 2020? Why not to be tied to USD forever? Whats the difference between these things at all? Could someone explain me? Thank u in advance.

[selskoidima]

How does the election of the managment team work? There are plenty of LBRS share holders and how exactly some of them will be chosen as one of the manager?
Moreover how many members may be in the management team at all and for how lonf they are being chosen?

[Boooogieeee]

How will u choose the fields or start ups where will u invest the money from the reserve fund? Dont u think it is very risky deal that may cause the liquidity crisis if your choice was wrong? U may loose he reserve fund and LibreBank itseld will be broke.

[kabackovas]

Who will pay for the fees? Lets say Im sending tokens back to the smart contracts and getting ETH or BTC or smth else in exchnage but then my tokens has to be burned and fees must be paid in the basic currency of the particular blockchain. So LibreBank will pay for that fees or what?

[DIXItip4ik]

Who will pay for the fees? Lets say Im sending tokens back to the smart contracts and getting ETH or BTC or smth else in exchnage but then my tokens has to be burned and fees must be paid in the basic currency of the particular blockchain. So LibreBank will pay for that fees or what?

I have not thoughth about that earlier but know it seems very imortant question. As if there is huge demand LibreBank would spend for fees per each transaction enormous sums. How team is going to handle that problem?
Or probably fees will be paid by users?
I really hope for the explanation form the team ASAP!

[ricardovaldossa]

Do u have any plans of debit card implementation in the future? Similar to the Monaco or tenX projects but your card will operate only with LibreCash tokens. It would be reallu killing feature and boost the token popularity and adoption as the problem of cashing out funds from crypto is so urgent now for a lot of users.

[antropogen0009]

Do u have any plans of debit card implementation in the future? Similar to the Monaco or tenX projects but your card will operate only with LibreCash tokens. It would be reallu killing feature and boost the token popularity and adoption as the problem of cashing out funds from crypto is so urgent now for a lot of users.

Idea itself is brillian BUT it is very complex task that requires prpject to be run under strict regulation. Moreover it requires strong partnerships with one of the popular banks but u know they are very conservative in the way of dealing with crypto start ups.
Summing up, even if it is possible it is very and very long run task.

[johnywalkerrr]

Any plan to implement DEX exchnage? It would give more liquidity to the token and mass adoption as all the trades will be against LibreCash.
Moreover that fact u will use atomic swaps will make your DEX the most advanced one.

[semiwylson]

Any plan to implement DEX exchnage? It would give more liquidity to the token and mass adoption as all the trades will be against LibreCash.
Moreover that fact u will use atomic swaps will make your DEX the most advanced one.

DEX is the not the priority for the team. Firstly team has to implement the DAO in a spotless way. As for getting liquidity and adoption it fully depends on the marketing and relations ( listings) on major exchanges.
Nevertheless I like the idea of DEX. Probably it will be inculeded in the roadmap when all the tasks as for now would be completed.

[zajtsewatan]

Im so aware about listings. LBRS will be security token thus it wont be listed on exchnages. Only LibreCash has a chance.
Im also curios how much ETh will u deposit to the autonomus smart contract as a reserve fund after project launch??

[wldn]

I think this will depend mainly on investors...
So it is difficult to say the exact amount, correct me if not so

I think this will depend mainly on investors...
So it is difficult to say the exact amount, correct me if not so

[WalkieTalkie]

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.

Here is what we have now:

• The LibreCash token.
• A smart contract for the purchase and sale of LibreCash for ETH.
• A web wallet.
• A DApp that provides access to information on funds in the LibreBank balance, the number of emitted tokens, and the current exchange parameters and informs users about key project events.
• The oracle system for loading data about the current exchange rates.
• The prototype of a smart contract for the purchase and sale of LibreCash for ETH, with the possibility of emission and liquidation.
• 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.
• The prototype of a DApp for the smart contract of the DAO, with the ability to post offers that allow voting.

Look at the section "What has already been developed?" above in the first message of this topic for more details. You'll find some links, additional explanations and source code.
If you have questions, don't hesitate to contact us.

When the final DAO implementation is planned?

At the moment we don't have exact date of the final DAO implementation, there are a lot of work should be done for this. It's very important don't rush with final implementation the DAO before tons of public tests of it. We should remember experience of the first DAO.
We're going to publish some details about it in the roadmap.

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?

There aren't any restrictions for quantity of shareholders. We're still working on it, but here is the preliminary management model of DAO. It will include:

• shareholders, who have LBRS-tokens and ability to vote;
• delegates, who represent the shareholders interests;
• board of directors, which will include current delegates;
• the constitution of the DAO, the document with main principles of the organisation;
• constitution guarantors - a few persons or/and organisations, which will control the decisions comply the constitution.

Every shareholder is able (by voting):

• to elect a delegate, who will represent his interests;
• to try become a delegate;
• to elect a guarantors.

The board of directors is able (by voting):

• to change the constitution;
• to elect guarantors, who will keep a part of reserve fund for diversification;
• to elect contractors for software development, marketing, business development, etc;
• to change some economic parameters of LibreCash emission and liquidation;
• to invest DAO's surplus and incomings.

The constitution guarantors are able (also by voting) to veto any decision, made by the board of directors.
And once again - this is the draft of the management model.

[WalkieTalkie]

How are u going to use tha reserve fund? They will be just stored or u gonna invest it in some start ups or tech that in future will be able to get the revenue for the LibreBank and increase the market cap overall?
Making it short, do u have any plans of investing your capital ( reserve fund u will obtain) into the commecrial start ups? Thanks in advance for tha answer

Here is can be misunderstanding with terms, but at the moment we use the terms "reserve fund" and "investment fund".

The reserve fund contains backing of emitted LibreCash and additional funds for the LibreCash rate stabilisation (in case the ETH price will drop). This funds can't be used for anything, because it's backing.

The investment fund will contain LibreBank's surplus and income. These funds can be used for investing, including investing into commercial startups.

[WalkieTalkie]

How are u going to use tha reserve fund? They will be just stored or u gonna invest it in some start ups or tech that in future will be able to get the revenue for the LibreBank and increase the market cap overall?
Making it short, do u have any plans of investing your capital ( reserve fund u will obtain) into the commecrial start ups? Thanks in advance for tha answer

Yes, it is a plan. At least as far as I know.
Reserve fund will be used for the investments in different start ups or project for the purpose of total market cap increasing.
This process, i mean decesions about any investments will be made using the DAO govermance model. So only shareholders will be able to vote for any particular decesion about investment.

Thanks for the respond. You're right.

[WalkieTalkie]

Whats about anonymity? How can I ensure that all my transaction data is secure and wont go to 3rd party companies or persons?
Im also curious whats about the KYC verification? Is it needed? Otherwise it provides big opportunities for laundering of money. U know it is quite urgent question and a lot of countries would create the obstacles for the project development if u wont follow all the measures against laundering of money

All the data will be stored directly in blockchain and wont go anywhere else. Moreover LibreCash will use atomic swaps tech that makes tracking the your financial operations impossible as no one knows what blockchain u would like to use.
As for the KYC I would also like to know the answer as it seems it has to be implemented for sure if project gonna be adopted worldwide.
Hope for the answer from the team

We don't verify customers. Implementation of KYC verification depends on our partners. If some of them operate in a jurisdiction, where he/she should verify customers, he/she should do it to comply local laws. Users of LibreBank have ability to choose which partners work with.

[decodedbrain]

where is all the records of operations will be stored?
I mean u will have different smart contracts with different coins in reserve fund and all the transactions, all the data will be scattered.
Probably u have any plan how to unite all that data and info about transaction within only one blockchain? Or at least just in centralized mode somewhere at the dedicated server?

On current version of the contract, logging is implemented on the basis of the events mechanism, accordingly all emission and remission operations, exchange, request and update of the course are logged in the contract.

The current version of dApp's shows full information about the current status of the contract, its parameters, the percentage of collateral and total emissions. This mechanism is decentralized and allows verification
In the future, when you add a token to other platforms, the corresponding accounting functionality will be quickly added to dApp, thereby ensuring the transparency of the system

[ApehaFan777]

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.

Here is what we have now:

• The LibreCash token.
• A smart contract for the purchase and sale of LibreCash for ETH.
• A web wallet.
• A DApp that provides access to information on funds in the LibreBank balance, the number of emitted tokens, and the current exchange parameters and informs users about key project events.
• The oracle system for loading data about the current exchange rates.
• The prototype of a smart contract for the purchase and sale of LibreCash for ETH, with the possibility of emission and liquidation.
• 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.
• The prototype of a DApp for the smart contract of the DAO, with the ability to post offers that allow voting.

Look at the section "What has already been developed?" above in the first message of this topic for more details. You'll find some links, additional explanations and source code.
If you have questions, don't hesitate to contact us.

When the final DAO implementation is planned?

At the moment we don't have exact date of the final DAO implementation, there are a lot of work should be done for this. It's very important don't rush with final implementation the DAO before tons of public tests of it. We should remember experience of the first DAO.
We're going to publish some details about it in the roadmap.

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?

There aren't any restrictions for quantity of shareholders. We're still working on it, but here is the preliminary management model of DAO. It will include:

• shareholders, who have LBRS-tokens and ability to vote;
• delegates, who represent the shareholders interests;
• board of directors, which will include current delegates;
• the constitution of the DAO, the document with main principles of the organisation;
• constitution guarantors - a few persons or/and organisations, which will control the decisions comply the constitution.

Every shareholder is able (by voting):

• to elect a delegate, who will represent his interests;
• to try become a delegate;
• to elect a guarantors.

The board of directors is able (by voting):

• to change the constitution;
• to elect guarantors, who will keep a part of reserve fund for diversification;
• to elect contractors for software development, marketing, business development, etc;
• to change some economic parameters of LibreCash emission and liquidation;
• to invest DAO's surplus and incomings.

The constitution guarantors are able (also by voting) to veto any decision, made by the board of directors.
And once again - this is the draft of the management model.

How exactly your web wallet will work? Will it be multichain or will work only within ETH network and only with tokens based on TOP of ETH?
If yes, would it be possible in future to manage all the tokens that will be issued on different blockchains within one web wallet??  think it will be very convenient for ordinar user

[nofork_man]

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.

Here is what we have now:

• The LibreCash token.
• A smart contract for the purchase and sale of LibreCash for ETH.
• A web wallet.
• A DApp that provides access to information on funds in the LibreBank balance, the number of emitted tokens, and the current exchange parameters and informs users about key project events.
• The oracle system for loading data about the current exchange rates.
• The prototype of a smart contract for the purchase and sale of LibreCash for ETH, with the possibility of emission and liquidation.
• 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.
• The prototype of a DApp for the smart contract of the DAO, with the ability to post offers that allow voting.

Look at the section "What has already been developed?" above in the first message of this topic for more details. You'll find some links, additional explanations and source code.
If you have questions, don't hesitate to contact us.

When the final DAO implementation is planned?

At the moment we don't have exact date of the final DAO implementation, there are a lot of work should be done for this. It's very important don't rush with final implementation the DAO before tons of public tests of it. We should remember experience of the first DAO.
We're going to publish some details about it in the roadmap.

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?

There aren't any restrictions for quantity of shareholders. We're still working on it, but here is the preliminary management model of DAO. It will include:

• shareholders, who have LBRS-tokens and ability to vote;
• delegates, who represent the shareholders interests;
• board of directors, which will include current delegates;
• the constitution of the DAO, the document with main principles of the organisation;
• constitution guarantors - a few persons or/and organisations, which will control the decisions comply the constitution.

Every shareholder is able (by voting):

• to elect a delegate, who will represent his interests;
• to try become a delegate;
• to elect a guarantors.

The board of directors is able (by voting):

• to change the constitution;
• to elect guarantors, who will keep a part of reserve fund for diversification;
• to elect contractors for software development, marketing, business development, etc;
• to change some economic parameters of LibreCash emission and liquidation;
• to invest DAO's surplus and incomings.

The constitution guarantors are able (also by voting) to veto any decision, made by the board of directors.
And once again - this is the draft of the management model.

How exactly your web wallet will work? Will it be multichain or will work only within ETH network and only with tokens based on TOP of ETH?
If yes, would it be possible in future to manage all the tokens that will be issued on different blockchains within one web wallet??  think it will be very convenient for ordinar user

Well, it would be not be a problem at all. IMHO.
If the atomic swap will be implemented properly then connecting the API to thw web wallet would be easy enough.
Im more curious what platfrom will be the next where tokens will be issued? Probably EOS?

[aragon4ikSS]

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.

Here is what we have now:

• The LibreCash token.
• A smart contract for the purchase and sale of LibreCash for ETH.
• A web wallet.
• A DApp that provides access to information on funds in the LibreBank balance, the number of emitted tokens, and the current exchange parameters and informs users about key project events.
• The oracle system for loading data about the current exchange rates.
• The prototype of a smart contract for the purchase and sale of LibreCash for ETH, with the possibility of emission and liquidation.
• 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.
• The prototype of a DApp for the smart contract of the DAO, with the ability to post offers that allow voting.

Look at the section "What has already been developed?" above in the first message of this topic for more details. You'll find some links, additional explanations and source code.
If you have questions, don't hesitate to contact us.

When the final DAO implementation is planned?

At the moment we don't have exact date of the final DAO implementation, there are a lot of work should be done for this. It's very important don't rush with final implementation the DAO before tons of public tests of it. We should remember experience of the first DAO.
We're going to publish some details about it in the roadmap.

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?

There aren't any restrictions for quantity of shareholders. We're still working on it, but here is the preliminary management model of DAO. It will include:

• shareholders, who have LBRS-tokens and ability to vote;
• delegates, who represent the shareholders interests;
• board of directors, which will include current delegates;
• the constitution of the DAO, the document with main principles of the organisation;
• constitution guarantors - a few persons or/and organisations, which will control the decisions comply the constitution.

Every shareholder is able (by voting):

• to elect a delegate, who will represent his interests;
• to try become a delegate;
• to elect a guarantors.

The board of directors is able (by voting):

• to change the constitution;
• to elect guarantors, who will keep a part of reserve fund for diversification;
• to elect contractors for software development, marketing, business development, etc;
• to change some economic parameters of LibreCash emission and liquidation;
• to invest DAO's surplus and incomings.

The constitution guarantors are able (also by voting) to veto any decision, made by the board of directors.
And once again - this is the draft of the management model.

How exactly your web wallet will work? Will it be multichain or will work only within ETH network and only with tokens based on TOP of ETH?
If yes, would it be possible in future to manage all the tokens that will be issued on different blockchains within one web wallet??  think it will be very convenient for ordinar user

Well, it would be not be a problem at all. IMHO.
If the atomic swap will be implemented properly then connecting the API to thw web wallet would be easy enough.
Im more curious what platfrom will be the next where tokens will be issued? Probably EOS?

We are keeping an eye on multiple platfroms included EOS.
They have made recently the swap to the mainet so we will consoder the opportunity of issuing tokens on EOS even more.
But firstly we focus on ETH side. When we properly implement all the features we have planned earlier wintin ETH network, then we will focus the development power on other things