There are different digital currencies being launched around the world. They include some who are dependent on existing networks while others who are trying to develop an entirely new concept from scratch. Most of the successful platforms currently in existence have tried the latter: to do their own thing and innovate as much as possible.
Liquid Bit is a digital asset initiative that has chosen to take the longer, bolder path ahead. The system is completely independent and not pegged to other cryptocurrencies. The issued asset is called Liquid Bit denoted by L-BIT and its much more scarcer than Bitcoin itself while being faster, having privacy options and promising fair distribution of new blocks.
Let us take a deeper look into the working of the network, exchange offering and pre-sale events.
Liquid Bit transactions (aka drips) are fast, secure, efficient and anonymous. In Bitcoin, while the recording of the transactions is anonymous, everyone can see the amount and link sender and receiver with each other. Depending on the way one looks at it, Bitcoin has a loophole that if even one transacting partner is identified in a money trail, potentially, everyone else can also be found by investigation.
Liquid Bit therefore envisages completely anonymous transactions. The information regarding the transfer is not available at all publicly and only the sender and receiver know the exact amount being spent. This allows completely transactional anonymity for users. Transaction fees are also quite low and can be as low as $0.01 which is considerably lower than the current fees being charged by the mining communities around the world.
A part of the reason why Bitcoin’s value increased is that it had a limited supply. The total number of Bitcoins are limited to 21 million BTC but they are also further divisible to Satoshis which are 0.00000001 BTC or 1/100 million BTC. This means that the total supply of Bitcoin in satoshis is 2100 trillion units. It cannot be divided lower than one satoshi. So, in practice, Bitcoin is not actually in short supply as its primary unit will remain plentiful in supply.
Liquid Bit on the other hand is a much scarcer digital asset. The total supply of L-BIT or drips is 102.4 billion units which are not divisible further just like Satoshis. So, the system is much more scarcer from a practical point of view than Bitcoin. 20507 times scarcer to be precise.
To ensure a fair supply of the issued asset, L-BIT tokens will be distributed/sold in two separate events; an airdrop and then later an exchange offering. No founders or developers or early bird adapters will be given an unfair advantage in holding of the cryptocurrency and thus, they won’t be able to liquidate and crash the price of the cryptocurrency.
The Airdrop was successful and 400M L-BIT have been claimed by the 31 456registered members 18 days before the deadline. The transparency report of the airdrop can be seen here.
Now the initial pre-sale will take place from 1-28 August 2020. The price will be set @ 0.00000001 BTC / L-BIT. While there are some bonuses available for pre-sale events, the overall process will be fair and transparent. A total of 2 billion L-BIT tokens will be available for pre-sale. The main exchange offering will take place in the Q4 of 2020. L-BIT will be listed on exchanges where the token can be bought.
Visit the official website: https://l-bit.net
Don’t worry, we hate spam too
one weekly digest, just the important stuff.