Liquidaeon is designed to tear down barriers to entry and bring equity to participants in the global cryptocurrency economy. It is a new technology built around a universally owned and understood asset: time.
Intended as an inheritable asset, Liquidaeon will introduce new concepts to the cryptocurrency ecosystem, with time being a key factor.
PROOF OF CONFIDENCE – A NEW MECHANISM FOR TOKEN GENERATION
Past systems of distribution, although well meaning, have failed to address the issue of centralization of distribution. As everyone in the cryptocurrency space is aware, Initial Coin Offerings are the most common way of distributing tokens to those with enough capital to risk in doing so. An ‘airdrop’ by developers is centralized around the list of recipients maintained by the developers themselves (either through online signups, social media campaigns, or forum threads). Proof-of-Work is an excellent way to secure decentralized consensus, however it is centralized in the sense that you had to have access to capable mining hardware (such as a computer), physical space to operate the hardware (with associated issues such as noise and heat), and also capital needed to purchase and operate said hardware. Proof-of-Stake is another innovation in decentralized consensus, however, still suffers from the same centralization of capital.
Opportunity Cost, Not Capital
Instead of shifting risk towards those who support the project, the onus is on developers to deliver utility and value to the ecosystem. Tokens acquired from the ‘Initial Confidence Offering’ period only have value if the developer delivers on the project vision. For far too long projects have launched with simply a whitepaper and fancy website. Liquidaeon’s vision goes far beyond quick cash-grabs and solves the issue of project risk and centralization of distribution, while opening up the opportunity to those who may not have capital to speculate with but instead opportunity.
In order to acquire tokens via Proof of Confidence, Ether must be locked in a smart contract during the duration of the Initial Confidence Offering. Proof of Confidence was designed to drive away speculative whales who manipulate market supply while simultaneously driving valuation through scarcity and opportunity cost. An interesting side effect is that there is no false price floor set by the developers, and the result is that value grows organically with project utility and adoption.
It’s Not an ICO
In order for Liquidaeon’s vision to be fully realized a new, radical alternative to crowdsale Token Generation Events was born. Instead of funding development up front as in a typical ICO, participants vote their confidence in the project by staking Ether in a trustless smart contract. When the Initial Confidence Offering ends or if you change your mind at any time you can withdraw 100% of your Ether. The Liquidaeon ERC20 and Initial Confidence Offering source code is published and deployed to the live Ethereum Mainnet simultaneously. Depending on how soon you stake your Ether for the duration of the Initial Confidence Offering, determines the amount of tokens you receive. When the Whitepaper and full website are released, Proof of Confidence will be considered the optimal distribution method given the context.
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