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

[karlos_545]

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.

What elese benefits owning the shares will bring me? Besides the posibilty of increasint the reserve fund and my % of that reserve fund?
Will I be able to stake/mine tokens? According to the idea of unlimited share holders it would be wise to set the exact numer of share holders and give them an ability to set up the node as well

[all_inman]

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.

What elese benefits owning the shares will bring me? Besides the posibilty of increasint the reserve fund and my % of that reserve fund?
Will I be able to stake/mine tokens? According to the idea of unlimited share holders it would be wise to set the exact numer of share holders and give them an ability to set up the node as well

is nt it enough for u? I mean growth of the reserve funds and the value per eash your share u own? I guess it is huge field for making the profit from tokens owning. Just imagine how big cash flow here will be when there are at least 1 million active users? The same for the reserve fund. It would be enormously huge if there are enough active users. Thus each your share will be worth more then enough for you mate

[antropogen0009]

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?

There will be a trasperent voting. As it is the DAO so all the share holders will have a right to vote for some particular share holders. It is like choosing the delegates in Lisk or ARK.
And then according to the results of that vote the managment team will be chosen

[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?

There will be a trasperent voting. As it is the DAO so all the share holders will have a right to vote for some particular share holders. It is like choosing the delegates in Lisk or ARK.
And then according to the results of that vote the managment team will be chosen

But how many votes are needed for that?
Moreover how many shares I have to own to be eligable to participate in the voting process? Or anyone may take part? Quite important question I think

[prygunovpasha]

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?

There will be a trasperent voting. As it is the DAO so all the share holders will have a right to vote for some particular share holders. It is like choosing the delegates in Lisk or ARK.
And then according to the results of that vote the managment team will be chosen

But how many votes are needed for that?
Moreover how many shares I have to own to be eligable to participate in the voting process? Or anyone may take part? Quite important question I think

Anyone could be elected in managment team.
The only question I dont know how many percentage of votes are needed to be chosen into that team. I think there will be no exact number of users that have to vote for some particular person, it has to be in %.

[ApehaFan777]

What are the methods of payment here? May I contribute with Fiat? PayPak or wire transfer are preferable.

[semiwylson]

What are the methods of payment here? May I contribute with Fiat? PayPak or wire transfer are preferable.

As far as I know no. You may invest only crypto. Accepting fiat requires a lot of documents and partnerships with some bank.It is very long process

[selskoidima]

What will u do with unsold tokens? According to your idea tokens has to be stable. So Im curious what way will u choose to maintain the price stable

Im not sure but I think all unsold tokens will be burned.It is the common practice nowdays that allow to decrease the supply

[prygunovpasha]

What will u do with unsold tokens? According to your idea tokens has to be stable. So Im curious what way will u choose to maintain the price stable

Im not sure but I think all unsold tokens will be burned.It is the common practice nowdays that allow to decrease the supply

Whats the sense of decreasing supply here if the aim of the token is having in circulation as many tokens as possible? I mean a lot of users = a lot of tokens. if unsold tokens will be burned im not sure it will be really clever decesion.

[nofork_man]

What will u do with unsold tokens? According to your idea tokens has to be stable. So Im curious what way will u choose to maintain the price stable

Im not sure but I think all unsold tokens will be burned.It is the common practice nowdays that allow to decrease the supply

Whats the sense of decreasing supply here if the aim of the token is having in circulation as many tokens as possible? I mean a lot of users = a lot of tokens. if unsold tokens will be burned im not sure it will be really clever decesion.

All tokens has to be backed here. If there are unsold tokens so then they wont be backed thats why there is only one way out - burning. Bacause tokens without backing in this projcet CAN NOT exist

[kabackovas]

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.

SO until DAO is launched project would not be started or what?
If I wrong then how project itself would operate without DAO? On which managing model will you rely though?
Thx in advance for clarification

[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.

SO until DAO is launched project would not be started or what?
If I wrong then how project itself would operate without DAO? On which managing model will you rely though?
Thx in advance for clarification

Project will be started anyway. As all the rest developments project will being changed, fixed, developed overall being in mainet. So it will already exist and team will be doing all their best to push it to the true DAO govermance

[DIXItip4ik]

what are the benefits of being a delegate? Im managing the project, okay, but whats about proces for me?
Will I be able to get some kind of staking reward or just other type of passive incime for being a delegate? Probably the same way as it is imlemented in Lisk

[johnywalkerrr]

what are the benefits of being a delegate? Im managing the project, okay, but whats about proces for me?
Will I be able to get some kind of staking reward or just other type of passive incime for being a delegate? Probably the same way as it is imlemented in Lisk

You will be able to take a decesions in what way project will go in the way of developing and growth. It is some kind of power. U wont get any kind of passive income as far as I know, only power to decide on different questions regarding the project.

[antropogen0009]

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.

So who exactly will choose the board directors? As it is written that every share holders will be able to do that as well as each board director ( exisiting one? LOL_)
If Im a director right now what can prevent me from voting for myself?

[Boooogieeee]

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.

So who exactly will choose the board directors? As it is written that every share holders will be able to do that as well as each board director ( exisiting one? LOL_)
If Im a director right now what can prevent me from voting for myself?

I dont think it is possible. I mean voting for yourself. I think you will be able to vote ONLY for another person.
By the way Im curious about how exactly voting will be implemented? Each account will have the aliace name? Or we will vote just for ETH address as a representor?

[ApehaFan777]

As far as I understand u not gonna obtain any kind of specific licences, right? U will be just crypto based stable coin? I mean it would not work like tether where I may exchange token for 1 dollar.
So I curious what exactly benefits such decesion bring?

[nofork_man]

As far as I understand u not gonna obtain any kind of specific licences, right? U will be just crypto based stable coin? I mean it would not work like tether where I may exchange token for 1 dollar.
So I curious what exactly benefits such decesion bring?

Tieing to dollar requires a lot of legal procedures, working in accordance with local authorities, mayintaining money laundery police, partnering with banks are obligatory etc
It is not very convenient to have a stable coin tied to dollar, better to tie the stability to smth else, like as an example the concumer demand

[DIXItip4ik]

As far as I understand u not gonna obtain any kind of specific licences, right? U will be just crypto based stable coin? I mean it would not work like tether where I may exchange token for 1 dollar.
So I curious what exactly benefits such decesion bring?

Tieing to dollar requires a lot of legal procedures, working in accordance with local authorities, mayintaining money laundery police, partnering with banks are obligatory etc
It is not very convenient to have a stable coin tied to dollar, better to tie the stability to smth else, like as an example the concumer demand

A litle bit weird tieing to be honest. Putting it better Im not sure I understand it correctly. It will corresposnd with consumer demand of which particular country? Or will it be globaly? If globaly how to collect all the data?

[ricardovaldossa]

As far as I understand u not gonna obtain any kind of specific licences, right? U will be just crypto based stable coin? I mean it would not work like tether where I may exchange token for 1 dollar.
So I curious what exactly benefits such decesion bring?

Tieing to dollar requires a lot of legal procedures, working in accordance with local authorities, mayintaining money laundery police, partnering with banks are obligatory etc
It is not very convenient to have a stable coin tied to dollar, better to tie the stability to smth else, like as an example the concumer demand

A litle bit weird tieing to be honest. Putting it better Im not sure I understand it correctly. It will corresposnd with consumer demand of which particular country? Or will it be globaly? If globaly how to collect all the data?

It will rely on data if the most advanced coutries and the average point will be calculated.
The main benefit of Libre is not tying to consumer demand, it is fully transperancy and backing by crypto that could be converted back any time person wants