A crucial milestone for cryptocurrency adoption is everyday usage for micropayments. Unfortunately, ten years into blockchain, existing proposals have not really taken off due to internal(technical) and external limitations.
LITEX is the world’s first truly decentralized payment solution, improving on precedents TENX and Bitpay. The limitations of the latter is their overreliance on bankcard associations such as VISA and Mastercard. Recent developments at VISA and Mastercard such as refusal to recognize Bitcoin as a currency and to administer exchange services means we have to rethink an alternative solution. LITEX proposes a more viable solution that decentralizes the crypto-to-fiat conversion for settlement.
Currently, LITEX(LXT)can be traded on HADAX, the world’s first autonomous exchange with a high liquidity pool at roughly $0.04 per token.
TOKEN DISTRIBUTION
Total tokens: 2,000,000,000
Pre-sale 35%(700,000,000)
Ecosystem development 15%(300,000,000)
Airdrops and node incentives
Development Fund 30%(600,000,000)
Founding Team15%(300,000,000)
Unlocked 1/36 every month for 36 months since token generation by smart contracts
Advisors and Collaborators 5%(100,000,000)
VISION & TECHNOLOGY
The LITEX Network(LTXN) will support instant micropayments with low service charge. The LITEX Network nodes utilize a complex matching model and a routing algorithm to coordinate cryptocurrency transfer and fiat money conversion and settlement. This protocol aggregates customers who are able to complete cryptocurrency payments however small and in turn merchants are able to receive any amount of money with no minimum withdrawal thresholds. In addition, coin purchasers are able to acquire cryptocurrencies cheaply and quickly.
Advantages of utilizing LITEX are shorter confirmation times, lower transaction costs and security of funds due to no vulnerability to hacking.
Overview
Users sign their transactions through their smartphones eg by scanning the seller’s QR code. A node relays transactions in a payment route, earning payment and exchange commissions. Nodes have to deposit a predetermined number of tokens via smart contracts in order to obtain corresponding amount of transaction processing rights. Difference in tokens pledged, ability to process transactions are different.
ROADMAP AND TEAM
2017Q4 ~ 2018Q1
Design the system architecture.
Test the basic functions of the BOLT protocol.
Consult with acquiring parties.
2018Q2 ~ 2018Q4
Launch LITEX payment APP.
Complete the LTXN architecture and test the theories.
Connect the acquiring parties and service providers to test.
2019Q1 ~ 2019Q3
Launch the Alpha version of LTXN.
Launch the official LITEX payment APP.
Connect the merchants.
Expand the acquiring parties.
Test run of transaction.
2019Q4 ~ 2020Q2
Launch the Beta version of LTXN.
Complete the safety test.
Open LITEX's official paymeny Software Development Kit.
Further expand acquiring parties.
2020Q3 ~ 2020Q4
Upgrade the APP, SDK and LTXN constantly.
Incease the application scene.
Merchants are connected in large scale.
Constantly expand acquiring parties cooperation to enhance the stability of service.
Guanghong Xu Wang Shuobin Zhang Huaqiang
Lou Huanqing Chu Tianshu
For more information on LITEX:
http://litex.io/
http://litex.io/wp_en.pdf