As we learnt from our earlier post on this projet, laborcrypto is an emerging gig market that utilizes the blockchain technology. In this post, we would be looking at the nature of its token (LBR) and some vital information about it as well as the token generating event or sales.
Labourcrypto ecosystem is built on the ethereum network protocol. The labourcrypto token(LBR) is therefore an erc20 token and it can be safely stored in any ethereum wallet.
Laborcrypto will organize a token generating event in two phases to raise funds for the project. These phases would be the presale and the crowd sale. The total amount of laborcrypto token, LBR to be created is 100 billion tokens (100,000,000,000 LBR). Of this total supply, 60% (that is, 60 billion LBR tokens) would be made available for sale during the token generating events - six percent (ie 6 billion tokens) would be sold during the presale, while the remaining 54% (54 billion tokens) are earmarked for sales during the crowdsale. The expected soft cap from the event is $2 million, while the hardcap is $22 million. Furthermore, 20 percent ot the total LBR created(ie 20 billion tokens) would be split between marketing, the team, bounties, etc and the remaining 20% would be held in reserve to address future market demands in order to ensure stability of the tokens.
During the token generating or fund raising events, participants would be able to purchase LBR at discounts using ethereum or bitcoin. These are the only currencies that would be accepted for contribution. Minimum contribution acceptable for the presale would be 5 ethereum with no set maximum limit. To be eligible for participation in the fundraising events, participants would be expected to undergo a KYC( know your customer) procedure. This would act as anti money laundering measure. This implies that laborcrypto is a compliant platform that would fully cooperate with international anti money laundering regulations to ensure that its platform and tokens are not used for criminal purposes. The KYC procedure would also help to keep off individuals who are restricted by their countries’ regulations from possessing digital currencies.
Every token generating event is intended to raise funds for the development of a project. Funds raised from the laborcrypto TGE would be used to develop the labourcrypto ecosystem. Some percentage of the funds would also be reserved for expansion and maintenance of the ecosystem as it grows and gains more traffic overtime.
Laborcrypto token, LBR is a utility token. LBR would be the major currency in the ecosystem. With this, consumers would be able to purchase freelance services in the ecosystem. The good thing here is that LBR would not be restricted to only the laborcrypto ecosystem. The laborcrypto team envisions wider use cases for LBR tokens hence, the project has made partnerships with other freelance sites one of its major targets. By implication, the LBR tokens would, with time, be integrated into other freelance platforms when the expected partnerships have been implemented. Such development would undoubtedly help strengthen the value of the LBR token as well as bring about its wide adoption overtime.
Another good tiding worth sharing here is for holders of LBR tokens. Do you know that as a holder of LBR who actively participates on the platform you are eligible to earn about 5% in revenue sharing from the platform based on your holdings? O yes! Laborcrypto has outlined a revenue sharing program for its active token holders. This might just be a reason you might consider looking into the project.
For more information on laborcrypto project, visit their official website here: https://laborcrypto.com/
