Dec 10, 2021
Recap of the Libcoin AMA with Blockchain Space
On Thursday, December 9th, we had the pleasure to welcome to our Telegram chat:
Vincent James, A member of the Libcoin team.
We asked him questions about the development of Libcoin.
INTRODUCTION
Q~ Thanks for joining us today, could you introduce yourself and the team background to our community firstly ?
A~ First of all, Hello! My name is Vincent and I’m doing this AMA together with the executive president of the Libcoin team, George H. Gergor.
We have a team of some of the most experienced bankers, lawyers, and technologists in the world and we came together in the latest and greatest mission, which is to help the energy transition in South Asia.
We posted an article recently about our team, i invite you to get to know some of the people
George, our executive president for instance, is an experienced international banker, with special expertise in international capital markets, structured and projects finance, and securitization of assets and credit. He has held senior positions in four of the largest financial institutions in the world (Citibank, Bank of America, Nomura and Deutsche Bank) and has played prominent roles in pioneering capital market techniques in Argentina, Mexico, Turkey, Poland, Taiwan and Germany.
He’s just one of many who are now onboard with Libcoin creating something brand new. We believe we have one of the strongest teams in the crypto space and we are confident that our expertise is going to create a lot of magic in the next years so lets get more into the project and what we are doing.
Q~ Let’s learn some more about the project. What is Libcoin all about in detail, and what are some of the real-world pain points that Libcoin aims to solve ?
A~ Let’s start with the background in the broader market cause we need to understand why its important we do this work.
The world is transitioning to electric mobility at warp speed. Despite economically adverse conditions during the global pandemic, electric vehicle (EV) sales kept growing strongly – and that is especially true in India!!
* India has set an ambitious target to achieve 100% electrification in the automotive market by 2030. *
What will this mean?
Most EVs sold today are powered by a specific type of Lithium Ion batteries…
LIB stands for Lithium Ion Battery (LIB) and we are helping to meet the exponential demand using new innovative and modern ways of financing.
To give you an idea of the opportunity… all this demand for Li-Ion batteries and other innovative energy storage technologies in the coming years.
Lets talk some numbers… The global lithium-ion battery market size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030… a cool x3. Maybe it doesn’t sound like a lot in the crypto world where x10/x100 are the norm but we are talking about 116 billion market cap!!
The entire DeFi market cap currently is only at around $100b. Maybe you can check defi pulse for the latest. But we are talking huge huge huge numbers.
Libcoin has a mission to be a key player in this exploding market. How? They have partnered with some of the top battery technology companies, producers, and governments to create plans for building a giga factory in india.
Yes, like Elon Musk/Tesla’s factories but then in India.
This plan has already been directly endorsed by the government of India and BHEL -> see more information on the original press release here from the Ministry of External Affairs
This project will be funded easily by eager institutional and corporate investors. In fact, 75% has already been funded. Work will start in 2022 to actually build the factory. But part of the mission of Libcoin is to use new innovative methods of financing that will allow Indian and world citizens to be a direct stakeholder in the green energy transition? Why? Because we are direct stakeholders in the green energy transition.
Crypto opens up this new innovative method of financing by allowing anybody to own a direct stake into the Libcoin projects.
I’m not sure we will go into it later so I want to explain how it will works.
Libcoin will be a depreciatory token. This means that it will go up in value over time. Why? The max supply is capped at 500m.
No more tokens can be minted without a proper governance vote.
But more importantly, Libcoin has committed 25% of annual profits from their battery factory to be used to burn libcoin.
This is a lot of cash… I’ll let you in on some basic facts. Revenue is expected to be in the billions. Tesla’s Gigafactory is worth in billions ->
With a similar capacity and product Libcoin will see similar numbers. Remember this is a growing market that will x3 over the next 10 years!
Now think about the current Libcoin coin Market cap and what will happen when 25% of profits are used to burn Libcoin coins… I won’t make it too obvious what will happen to the price 😉 do your own research.
The tokenomics and value transfer flows are detailed in our whitepaper, deck, website libcoin.net, it also goes into the rewards and governance plans. So just want to make sure I share all this – because this is what libcoin is all about🙂
We can go into more specifics later, looking forward to the questions and a lot of great content on our medium, website and social media.
Q~ The strongest projects complement the DeFi ecosystem, can you highlight some of the recent partnerships you have secured ?
A~ Yes its all about partnerships otherwise we cant achieve our goals.
For technology partnership we have a great smart contract provider, Mazarsoft and its audited by Certik (one of the top security auditors in the crypto space) but the 2 key partners to actually build the projects are Avass and DFT.
Avass was founded in 2011 in Melbourne, Australia, and has a proud and successful history in developing the world’s leading battery storage technology and electric vehicle manufacturing.
They actually hold the Guinness world record for EV bus with the longest range in the world. So they’re the ones who will bring the expertise and knowledge to manufacture world class lithium ion batteries.
Then the other key piece is the business execution power, which is the Duggal Family Trust (DFT) and the DFT Group of Companies. The DFT Group established in 2012, is an investment trust that invests and manages in a range of industries that includes real estate, commodity trading, facility protection and integrated security services, engineering and construction, electric transport and battery storage.
They have a track record of HUGE energy project execution, windfarms, solar, and battery.
So they have already locked down the plans for building the first giga factory in India (the link i shared that was endorsed by the govt of India and BHEL)
Q~ Can you give us a rundown on the $LIB tokenomics and it’s usecases ?
A~ Yup, There are 2 phases.
There’s a great overview on our website on how LIB will work in the first phase.
First i want to say that this tokenomics has been designed by Edge and Pace.
They’re a tokenomics advisory bureau and they have the a strong connection to Outlier Ventures. So this is designed by some of the industry heavyweights.
if you don’t know Outlier Ventures – they’re a top Crypto VC.
It works as follows;
Those who acquire libcoin will contribute funds to Libcoin. The Libcoin foundation will earmarked $15m in 2022 to invest into projects being created by partners such as a battery giga factory. Libcoin will be entitled to 25% of these project profits and they will use these to burn LIB token.
This results in a depreciatory pressure on the token increasing the price over time. That incentivizes the community, you guys, to buy early and that will help libcoin partners kick off the projects. Win-Win.
In phase 2, see picture, we will introduce a rewards ecosystem with our partners. More details will be revealed in 2022. For instance, Token holders can stake and will be empowered by giving them voting decisions to mint new tokens. Those being active in polls and governance decisions will be rewarded.
Key thing to remember though is that potentially millions will be used to burn LIB every year. So buy early before the price is too high like other green depreciatory tokens like KLIMADAO which is already in the thousands.
Q~ What are some of Libcoin’s significant achievements and your future plans for Libcoin ?
A~ Looking at our roadmap our team is in full execution mode for the Initial Exchange Offering coming up.
We have already started conversations with exchanges and are looking forward to formalizing a partnership in the coming weeks so we can let the ecosystem know where they can purchase Libcoin.
On the marketing and PR side we are also full swing as we want to educate and bring Libcoin to a broad audience because we believe that the green energy transition and crypto is not meant for the niche players.
This is a huge societal movement and we want to ensure institutions, companies, private investors but also the general public all have access! As a result we have onboarded marketing partners like Momentum6, Marston Webb, and Carmine Communication to help on this front. Expect a lot of buzz in the coming weeks and months!
In terms of actually green energy project the endorsement from the government of India and BHEL are done. Its full execution phase and ground will be breaking in early 2022.
QUESTIONS FROM TWITTER
Q~ India has the fifth largest vehicle sales place on the planet but far behind the development of electronic vehicles. So how do you plan to replace 100% of combustion vehicles with these? Do you have government help? Approximately how long would it take you to carry out this plan?
A~ Great question and here is why the government puts such urgency on the electric vehicle transition. India will scale perhaps faster than any other country over the next decade and we need the capital, resources, partners and support to make that happen. Libcoin is directly endorsed by the government because they need all hands on deck. Libcoin’s contribution will be to increase battery capacity to use for clear Indian electric cars and at the same time ensuring that the economic benefits are cryptographically ensured and returned to the LIB holders.
Also… Libcoin has more plans than one giga factory. Currently there are actually *four more* that are in advanced talks so we are talking about a new Tesla Giga competitor in the making, but powered by crypto.
And this will certainly put india’s energy transition on the map.
Q~ I have seen that companies like Tesla also use Lithium Ion packages. So, since you plan to use the same type of batteries, what will be the specialty that you would have with this battery use? Also, how would you overcome the adoption of one of the largest companies like Tesla?
A~ This market is growing so fast that supply is not meeting demand. And avass is creating some of the best batteries in the world and already beating tesla, so for this we are covered.
Q~ It strikes me that George H. Gregor is the new CEO of Libcoin. So, since he has held senior positions in financial institutions. What will be the performance it will have for Libcoin? How would it help to improve your project?
A~ George’s Bio speaks for itself 😉
George brings over 3 decades of senior experience… George has held senior positions in four of the largest financial institutions in the world (Citibank, Bank of America, Nomura International, and Deutsche Bank).
So why crypto? Because george knows its the future and he wants to use his talent, network, and expertise to help support the transition into new digital asset classes!
Read more about his bio from this tweet
Q~ ETH2.0 still comes with a lot of challenges like high gas fees, and LIB token will be built on it, why not Solana, BSC, Polygon, etc?
A~ Ethereum layer 2s should become a very attractive solution for cheap, sustainable token trading…. We are focusing on CEXs in the first phase and as 2.0 rolls out and layer 2s become more usable, we will become more and more decentralized.
Q~ When is the sales of the LIB token planned to happen, is it still set to debut in December 2021, as I haven’t seen any announcements regarding that?
A~ As per the current roadmap on the website, it is scheduled for Q1 2022. A lot of moving parts including ensuring all the partners are on-board and our legal and compliance is checked off (we have Dentons - a top law firm - reviewing the project) but we are already talking to exchanges and will hopefully be able to target an IEO in January, 2022! This group will be the first to know before any of our other channels.
A lot of information but hopefully this helps answer your questions 🙂
QUESTIONS FROM TELEGRAM
Q~ What makes this project a safe and reliable project? Tell me, why will it be long-lasting, why will this be a long-term project?
A~ The partners, the audits are done by top-tier audit firms. Libcoin partners are all in. And your lib is on chain so you directly own part of the project. These huge companies are staking their brand, you just stake the coin 😉
Q~ Why are you called Libcoin, what’s the rationale behind the name?
A~ LIB = Lithium Ion Battery L+I+B
Q~ Many projects have a negative impact on the environment and very few are capable of improving energy. So what does Libcoin offer to be totally environmentally friendly and different from other green companies? What are its advantages?
A~ Libcoin will actually have an impact on real world energy transition like supporting the increase in EVs. We are real world asset connected and our ecosystem believes that green energy transition can not be only digital.
Q~ Please could you give a brief rundown of the Rewards System for staking $LIBCOIN in %APY?
A~ We have not built a staking mechanism but we will avoid ‘race to the bottom’ type staking liquidity pools. This is not a scam coin, so we want the staking to be governance focused for real long term concrete rewards.
Q~ What are the chances of increasing the value of your $LIB coins and tokens, what strategies do you have for this?
A~ Its intended to be a HODL coin. it will increase based on the success of the green energy projects. The more green energy LIBCOIN funds and profits from, the more the LIBCOIN ecosystem will prosper.
CONCLUSION
Thank you so much! glad you guys are here and looking forward to sharing more announcements from Libcoin in the coming days/weeks/months as we gear up to our Initial Exhange offering.
Follow us if you want the firsthand info on when we launch or want to ask any questions to the team 🙂
Website
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