The Most Prestigious And Powerful Meme Of All. And the Illuminati golden retriever is ruling doggos behind the scene?!
The core - the community banking contract has been completed and deployed. It is currently functional via contract ABI.
The normal user interface is still being developed, and will be ready long before the first annual voting session starting on June 9, 2023.
The following is a brief infographic of the community banking process.
A major currency must be readily accepted by both money spenders and receivers. A deflationary currency, for example, would by design, favor money receivers than money spenders. A money spender, as a result, would tend to use alternatives, ceteris paribus. This phenomenon is called Gresham's Law. If there is a currency that's fair to both money receivers and spenders, it would be a likely candidate to become a major currency.
This can be problematic for the crypto industry, given how old projects were designed. But for $Lumin, it could have the best monetary properties through the first direct democracy design on monetary policies. With every proposal and vote transparent and immutable on chain, it will also beat the old centralized systems in transparency and democracy.
Annuit cœptis - "Providence favors our undertakings" is the latin text beside the meme triangle eye. It can favor our undertakings, too.
$Lumin is intended to provide a more transparent and democratic banking system than all others. (Truth be told, an economy needs banking, or there wouldn't be any adjustable safeguard during inflation, or any monetary tools to stimulate economic growth.)
We want more people to pay attention to democracy, or the opposite of it, to find out what alternatives we can have (Lumin). The meme can also serve to fund the project through NFTs and other related programs.
"Money is primarily an information mechanism for labor allocation." (Elon Musk, Link) But currently, most cryptos are not very good at it.
As the world's economy grows at 3%-4% per year, almost all cryptos are deflationary in nature. This can cause less incentive to consume, and thus less impetus for production. Additionally, old projects very often pre-programmed staking rewards based on their market cap, but the market cap and economy are constantly changing. When the returns become relatively too high, investments to the real economy and startups could cease. When the returns become relatively too low, the monetary system would not be well sustained.
On the other hand, the $Lumin community can make the system more adaptable than any others. Attacking the system would be very costly for ill-intentioned voters, as they need $Lumin themselves. On the other hand, it can provide the best public funding and economic stimulants, because the community owns the project and the community is the public.
The founders have a long term vision for $Lumin, and hopefully the community does too. There are some initial steps to make this crypto and meme a reality for the world.
All the relavant contracts will be deployed in May. The team will reach out to different communities and media outlets to facilitate a healthy presale.
The two rewarding pools are pre-set to start in July and and last 2 years. The pools are big to facilitate a fairer onboarding process for all community members.
The governance contract will be set since launch, with the first voting starting later in 2023. We will build relavant facilities to make voting more convenient for all.
We may bring metaverse items to the project, depending on the community focus. Or we may keep developing the first on-chain enterprise. More on that later.
The first central banking session will start on June 9, 2023. Community members will be free to make proposals and vote on/off chain.
We may launch a side chain incorporating all the monetary mechanism at this stage or in H1 2024. Transactions and governance will be cheap and on a massive scale.
A currency needs both spenders and receivers' favor to become mainstream over competitors. A constant-purchasing-power currency could dominate in almost all transactions over inflating or deflating ones because of its attractiveness to both parties. However, the current cryptos are all ill-equipped in this aspect. They will hit major roadblocks against some well managed old centralized money when the projects mature.
$Lumin is the first crypto currency to address the issue and more, with the monetary policies delegated to direct democracy to compete directly with the old centralized systems in monetary properties. The overarching goal is to make wide blockchain adoption come even faster, and to provide the best monetary solutions for the economy, as in our opinion, most alternatives would actually hinder the blockchain adoption or economic growth in the long term.
A central bank session is held once every year around June 9th and will last for 10 days. There is no administrator. Anyone could initiate the session, vote, count the votes and make proposals.
The frequency of the session is set so that $Lumin members would not need to monitor the governance too frequently. The proposals to be voted on will be in the form of smart contracts. There might constitute some technical barriers, but we will try to eliminate the barrier through future app updates and community services. The voting will determine for example whether there would be any new supply, who would receive the supply, and under what conditions.
The two rewarding pools are set up for two years to ensure a fairer distribution of $Lumin and to incentivize the liquidity providers to lubricate it more and also the coin holders.
After two years, depending on whether $Lumin will be bridged to its own side chain at the time, the community will vote during the annual banking session on whether there will be new rewards, and the amount of rewards that can go to each group, including for the sidechain block producers.
You can leave questions in the Telegram or Discord communities, or through the icon in the bottom right corner of this website. Please note that we are spending most of our time developing new supporting facilities for $Lumin, and due to the sheer volume of requests, we might not get back to you on time.
$Lumin coin is available on the Binance Smart Chain. MetaMask is a third party BEP20 (BSC) browser wallet, and the very best at that! On Google Chrome, visit metamask.io to download the extension and set up a wallet. On mobile? Get MetaMask's app for iPhone or Android.
Acquire BNB through MetaMask itself or transfer it to your MetaMask wallet address from another wallet (e.g. Coinbase or Binance).
You can currently swap BNB and other tokens for $Lumin on Uniswap Swap. At launch, all available $Lumin was put on PancakeSwap.
Enter the amount of $BNB you would like to swap for $Lumin. Click Connect Wallet then Swap