What is LITION?
Lition, in co-innovation with SAP, is a foundation that develops the next generation blockchain infrastructure designed for businesses to bring blockchain applications from their currently predominant Proof-of-Concept stage into commercial products with mass-market adoption in a legally compliant way. The infrastructure is the only scalable public-private blockchain with deletable data features.
Now that you have some idea of what Lition is from the above paragraph, it is time to learn what Lition can be used for and some of its proposals and products.
Data Privacy: Sensitive data is STO red on private sidechains and are Quantum-computer safe.
Security Token Offering: Made for European regulated STOs. Designed with the Government.
Regulation-proof and deletable: Anyone will be able to store their private data as long as they want to. Fully compliant with data privacy regulations.
Infinitely scalable and low-priced: Every new sidechain increases throughput. Smart contract executions for $0,01 with 3 sec block confirmation times.
P2P Energy Exchange (LIVE): Lition has established the world’s first P2P energy trading solution that is fully licensed and commercially live in a mass market (Germany). More info on this is at the MVP section below.
STO Platform: Security tokens can be issued and traded on the Lition Blockchain when it goes live.
Cross Industry Applications: Lition Blockchain will be used to solve various issues and increase efficiency in some industries like Healthcare, Banking , Automotive , Pharmaceutical and more. You can read more on this here. A very good article on how Lition can help in the finance section can be found here.
Lition is developing a solution that assures data privacy while being permission-less. This is made possible by connecting a permissioned sidechain to a public mainchain. Lition is currently using and building a Layer 2 Solution on Etherium's blockchain but its true goal is to build a universal layer 2 solution for all public blockchains once interoperability between public blockchains becomes more feasible.
So one of the things that fascinated me about Lition is that they claim to be a blockchain with deletable data features. How does this work? As per their whitepaper, separate storage of private and public data is core to Lition's blockchain architecture. In a nutshell, we split between:_
The design for a blockchain network covers minimum requirements for a governing agreement among a privileged subset of the nodes' operators, ensuring that private, sensitive data can be handled and securely deleted on-demand - even connected to smart contracts for deletion. The guiding design criteria are postquantum security for data integrity, a path towards post-quantum security for data privacy, data minimization under the constraint of providing fault tolerance, privacy of sensitive data, a provision to delete all occurrences of sensitive data, and the freedom to join as a (non-privileged) node without any special provisions or legal obligations.
A deletion request is basically a transaction signed by the original data owner with the data hash that should be deleted. Upon receipt, all nodes will delete the data of the requested transaction, but the transaction hash stays intact. Therefore, the Merkle tree of the block remains Intact, and an unobstructed trail from the most recent block all the way to the sidechain's genesis block is passable.
Lition uses Proof of Stake consensus to process transactions and also secure the network. By observing Lition's blockchain from a high level, six main stages are needed to complete the transaction (:Tx) flow. In this order Put Gas on Sidechain. Create Tx, Process Tx. Propagation within sidechain, New block creation (Sidechain) and Mainnet synchranization. To have a better understanding of the following explanations, please refer to the architecture table below.
To further your understanding about the technology, you should read the well written whitepaper or the technical whitepaper
Lition faces stiff competition in both the traditional native blockchains (ETH , EOS) , Layer 2 Blockchain solutions (Loom Network) and energy-based blockchain companies (Wepower , Eloncity). Below is a comparison with some of Lition’s competitors.
Lition already has a Working P2P Energy Exchange dApp with customers in more than 25 cities in Germany. Lition has established the world’s first P2P energy trading solution that is fully licensed and commercially live in a mass market (Germany). Lition also recently open sourced their code and you can read more about it here. This dApp will be migrated to Lition Mainnet once mainnet is launched.
You can view the live demo here using the information below
User Name: demo
Password: demo1234
and source code here
Lition also has a banking use case MVP that is still being tested and hasn't been released to the public yet. Together with a soon-to-be-announced leading bank (~$1trillion total assets) and a real estate development company (~$100million) Lition has signed a contract to develop an MVP for a syndicated loan i.e. a DApp on the Lition blockchain for syndicated loans, starting with a loan for a real estate at a volume of 20 million EUR covering a syndication of 2 banks.
Below is an image of what the banking mvp currently looks like
Dare I say it, but Lition has one of the most detailed Roadmaps I have come across so far in my time reviewing projects. I implore you to look through the whitepaper for a more detailed map but I will highlight the main dates here. Testnet will be launched on or before token sale and Mainnet is slated to be launched in Q3 2019 which is roughly about 6 months after token sale which is a long-ish amount of time for investors to wait to start using their tokens in Lition.
Q4 2017 - Formation
Q1 2018 - Building P2P Use Case
Q2 2018 - Commercial Launch P2P Use Case
Q3 2018 - Initialization Of Blockchain Ecosystem
Q4 2018 - Testnet MVP
Q1 2019 - Testnet & Ecosystem Growth
Q2 2019 - USE CASE
Q3/Q4 2019 -Mainnet Launch & Ecosystem Growth
2020+
Ticker: LITION
Total Supply: 160,000,000
Token Price: $0.10
% of Tokens sold: 50%
Softcap: $2,000,000
Hardcap: $8,000,000
Country: Liechtenstein
Unsold Tokens: BURNT
I like that 50%of total token supply is being sold to investors, which is quite rare to see considering most projects sell less than 40% to their investors. The team and advisors keep 11% of the token supply while the rest is mostly used for development marketing and general ecosystem growth. Even with the current challenging ICO market where projects are finding it very difficult to raise money, Lition has successfully reached their Softcap of $2m, which means the project will go on with development and Mainnet release.
Private sale investors get no bonus while public sale investors will only get a bonus based on the duration of time they hold their tokens in their wallet.
Once you receive your tokens after TGE and tokens are unlocked you will be in full control of how long you are willing to hold on to your tokens in order to be eligible for a certain amount of bonus tokens. To be eligible, all you have to do is to not move your tokens from the wallet which you have participated in the sale for a given amount of time.
More on the HODL Highway can be found here
Use of Proceeds if Hardcap is reached
Seed, Private and Public Sale
Advisor: same lockup as private & seed, vested 90 – 180 days, each 30 days 25% unlock
Team: vested over 720 days, each 180 days 25% unlock
PR: vested 90 - 360 days, each 90 days 25% unlock
Eco Users: 12,5% instantly released after TGE, next 12,5% after 90 days and so on
Eco Devs: 12,5% instantly released after TGE, next 12,5% after 90 days and so on
GAS - Any transaction or smart contract execution requires a specific amount of tokens. The number of tokens needed is deterministic, like Ethereum'S Ether-Gas function. Due to the Proof-of-Stake (PoS) consensus mechanism, the overall costs of transactions and smart contract executions are set to USD 0.01. Potential fluctuations in the LITION/USD exchange rate are covered through periodical gas modifiers. This allows DApp users to calculate with fixed transactions costs. which is crucial especially for large corporations.
STAKING - Tokens need to be staked in other to be a node in a sidechain. Each sidechain has its own network of nodes. Each node has to subscribe for a particular chain by filling in some parameters in a sidechain-specific smart contract to the backbone Mainnet. By doing so, it is assured that an X amount of Lition tokens are being used to stake exclusively for one sidechain. To incentivize good behavior in the network, nodes must be economically involved as collateral. 20.000 Lition tokens are required to enter the network. This amount is adjusted during time accordingly to the USD market value of Lition tokens. The goal is to maintain the network accessible over time.
MINING REWARD - This incentivizes people to run nodes and act as validators which secures the network. Lition itself is not charging for the service but the actors that are part of the validation system are not doing the validation task for free. Therefore, the whole system needs a fuel to run an incentive. This incentive is a reward of native tokens. In the meantime, from a developer perspective, the system has to be bug-free. Bad behavior that could potentially temporary crash or in the worst case break the system has to be disincentivized. In some cases that is assured by stakes that validators would lose in the case they misbehave.
SAP - Watch the video below to understand Lition's co-operation with SAP as told by SAP's CTO Dr. Jurgen Muller
LONGHASH - Longhash is a well-known blockchain accelerator with offices in Tokyo, China, Hong Kong, Singapore and Berlin. They have chosen Lition as their second investment of their German office next to the project MXC. Longhash has a strong network of technical and financial partners and supports them in these matters together with their co-founder and Lition Advisor Yan Fena Chen.
LD CAPITAL - A financial partner to Lition, LD Capital is one of Asia's earliest organizations focusing on value investing in blockchain field. LD Capital has successively discovered and invested in projects such as Qtum. Vechain and Eas which all achieved over 100 times return.
ALPHA LABS - Another financial partner to Lition, Alpha Labs is one of the largest crypto assets fund based in Seoul, South Korea. Alphalabs gained reputation as serial entrepreneurs, VCs, and early blockchain supporters focused on catalyzing high-impact projects from China, South America, Southeast Asia, and Japan.
GASAG - An energy partner to Lition, GASAG is a leading utility with over $1bn in revenue and over 1m customers. Lition Energie has connected GASAG power plants to Lition's blockchain energy exchange, and GASAG operations, in turn, provides outstanding customer service to lition's userbase.
Dr. Richard Lohwasser - Co-Founder & CEO of Lition. Before Lition, Richard worked as a Project Manager for Mckinsey & Company for 6 years, was the youngest director in the history of Vattenfall (a US $10bn European utility corporation) and was responsible for operations of ExtraEnergie with approx. 350 employees under him where he worked for 2 years.
Dr. Kyung-Hun Ha - Co-Founder & CO of Lition. Current Director in GASAG, Current CEO of Fixie Fever - an e-commerce shop for fixies and single-speed bikes in Europe. Was also a director in Vattenfall along with the CEO of Lition.
Dr. Manfred Gabriel - Founding Partner at ADVISUM. Board member in Lition along with Jan Wiedenhaupt and Reinhard Lohwasser
Stephan Vogel - Head of Business Development
Stephan Bialek - Head of Finance & Operations Manager
Dr. Jürgen Müller - Technology Advisor to Lition. Jürgen is the Chief Innovation Officer of SAP, the world’s leading enterprise software company with over 335,000 customers in over 180 countries and €22 bn in revenue.
Yan Feng Chen - Digital Leader of the team that built WOOKONG, the first multi-signature hardware cold wallet for various currencies, and co-founded Cybex, the decentralized Exchange, and the LongHashken Economy Advisor to Lition.
Kelly Ford - Sales & Marketing Advisor to Lition. Before Lition, Kelly was head of marketing for EBAY in New York and then CMO for PayPal in Germany, Austria and Switzerland.
Prof. Dr. Markus Bick - Research Advisor to Lition. Head of the Chair of Business Information Systems at ESCP Europe, one of the top tier Business Schools in Europe, since 2005.
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Disclaimer
This analysis is based on information that is currently publicly available and that was provided by the Lition team. The above information is not financial investment advice. Please do your own research before making investment decisions. This information is for educational purposes only. I have not personally invested in Lition.
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