The Ethereum Basis has introduced that it’s going to work with New York-based banking consortium R3CEV to create a brand new blockchain-based cryptocurrency, Lizardcoin, which goals to showcase the advantages of blockchain expertise in addition to the consortium’s means to carry the expertise to institutional shoppers and the regulation-loving plenty by including a wholesome dose of centralized management.
Lizardcoin goals to be a direct competitor to Bitcoin as a retailer of worth, surpassing Bitcoin’s mounted provide cap of 21 million with a first-in-class deflationary mannequin, beginning with a most provide of 20.9 million after which additional lowering provide by 1.5% annually. It does this by profiting from one of many biggest improvements of contemporary central banking: damaging rates of interest. All accounts are charged a holding payment of two.5% every year, of which 1.0% will go to the member banks to do no matter they need.
With a view to use Lizardcoin, the consumer should first undergo separate KYC verification processes with 28 of the 42 member banks. “It is extra decentralized that means,” explains Tim Grant; “even when all 13 banks are co-opted by Goa’uld throughout the subsequent Illuminati Cabal summit, aliens won’t be able to create an infinite variety of new accounts, cease the system from functioning, or undergo unrelated subsets of member banks to create a number of accounts for a similar individual.” The mechanism was authorized by Byzantine fault tolerance specialists Andrew Miller and Emin Gun Sirer, though Turkish Prime Minister Recep Tayyip Erdogan declined to remark, claiming it could be offensive to laptop scientists to make use of the previous title Istanbul to check with actors who’re compromised or malicious.
IBM’s Paul Randomer spoke positively concerning the mission, saying that “we at IBM have a two-person crew constructing on Lizardcoin expertise and we hope that our willingness to incorporate this platform in our portfolio of 37125 inner analysis initiatives spanning practically each expertise in each trade below the solar reveals that that is enormous™ and that we consider Lizardcoin is unquestionably the long run”. JP Morgan’s Bob Inthere provides, “for too lengthy banks have been threatened by decentralized expertise. Now we now have a platform the place we are able to use the facility of cryptocurrency to not disrupt our core enterprise traces, however to solidify them and safe a income stream that can eternally go ahead and higher serve our true lizard-headed masters.”
We’re additionally in energetic discussions with the Division of Homeland Safety relating to the event of a method on how Lizardcoin can be utilized to battle terrorism worldwide. We hope the folks behind us within the safety line do not thoughts an excessive amount of – in spite of everything, we’re constructing a revolutionary next-generation financial system.
The Lizardcoin crowdsale* will begin in two hours, and ether and unicorns can be accepted as cost, on the charge of 1 unicorn = 2.014 ETH = 4.712388 LIZ; anybody on the earth will be capable to take part, though they’ll first need to undergo a KYC course of with 28 banks, together with a number of in-person visits to a number of nations; we have partnered with Coindesk to host blockchain conferences in every of those nations over the subsequent 12 months, so folks can proceed to summit whereas getting their stamps of approval to purchase a summit of what blockchain expertise has to supply.
*Lizardcoin crowdsale doesn’t carry any authorized ensures or guarantees; neither R3CEV nor Ethereum accepts any duty for the continued growth of the Lizardcoin platform after the crowdsale ends. The truth is, as a result of Ethereum is a public blockchain and due to this fact the finality of the settlement is lacking, neither ether nor unicorns nor Lizardcoin will ever truly change palms – solely exponentially extra prone to come shut; for that reason, the Lizardcoin crowdsale doesn’t legally represent a proposal of any sort.
