Ethereum Partners with R3CEV on Lizardcoin, Bringing Together the Best of Centralized Finance and Blockchain Technology
The Ethereum Basis has introduced that will probably be working with the New York-based banking consortium R3CEV on creating a brand new blockchain-based cryptocurrency, Lizardcoin, which goals to showcase the advantages of blockchain know-how in addition to the consortium’s capability to deliver the know-how to institutional purchasers and the regulation-loving plenty by supplementing it with a wholesome dose of centralized control.
Lizardcoin goals to be a direct competitor to Bitcoin as a store-of-value, beating out Bitcoin’s 21 million fastened provide cap with a first-in-its-class deflationary mannequin, beginning with a most provide of 20.9 million and then additional decreasing the provide by 1.5% yearly. It does this by taking benefit of one of the biggest improvements of fashionable central banking: unfavorable rates of interest. All accounts are charged a holding charge of 2.5% per 12 months, of which 1.0% will go to member banks to do no matter they rattling properly please.
With a purpose to use Lizardcoin, a consumer should first individually undergo KYC verification processes with 28 out of 42 member banks. “That way it’s more decentralized,” Tim Grant explains; “even if an entire 13 banks all get co-opted by the Goa’uld during the next Illuminati cabal summit, the aliens will not be able to create an infinite number of new accounts, stop the system from functioning, or go through disjoint subsets of member banks to create multiple accounts for the same person”. The mechanism has been authorised by Byzantine fault tolerance consultants Andrew Miller and Emin Gun Sirer, though Turkish prime minister Recep Tayyip Erdogan has declined to remark, claiming that it’s grossly offensive for pc scientists to make use of a former identify of Istanbul to check with actors which can be compromised or malicious.
Paul Randomer from IBM has spoken favorably about the undertaking, saying “we at IBM have a team of two people building on Lizardcoin technology, and we hope that our willingness to include this platform in our portfolio of 37125 internal research projects comprising almost every technology in every industry under the sun shows that This Is Huge™, and that we believe that Lizardcoin is definitely the future”. Bob Inthere from JP Morgan provides, “for too long banks have been threatened by decentralized technology. Now, we have a platform with which we can use the power of cryptocurrency not to disrupt our core business lines, but rather to entrench them, and ensure for ourselves a stream of revenue that will go forward forever, and better serve our true lizard-headed masters.”
We’re additionally in energetic talks with the Division of Homeland Safety concerning growing a technique for the way Lizardcoin can be utilized to fight terrorism worldwide. We hope that the individuals standing behind us in the safety line will not thoughts an excessive amount of – in any case, we’re constructing the subsequent era revolutionary financial system.
The Lizardcoin crowdsale* will begin in two wooks, and ether and unicorns can be accepted as fee, at an alternate price of 1 unicorn = 2.014 ETH = 4.712388 LIZ; anybody in the world will have the ability to take part, though they might want to undergo the KYC course of with 28 banks first, together with a number of in-person visits in a number of international locations; we have now partnered with Coindesk to host blockchain conferences at every of these international locations over the subsequent 12 months, so that individuals can proceed summitting whereas getting their approval stamps to buy the summit of what blockchain know-how has to supply.
*The Lizardcoin crowdsale doesn’t carry any authorized ensures or guarantees; neither R3CEV nor Ethereum settle for any duty for persevering with growth of the Lizardcoin platform as soon as the crowdsale is accomplished. In truth, as a result of Ethereum is a public blockchain and therefore lacks settlement finality, neither ether nor unicorns nor Lizardcoin will ever really change fingers – it would solely get exponentially probabilistically near doing so; because of this, the Lizardcoin crowdsale the truth is doesn’t legally represent an providing of any type.
