The Ethereum Foundation has announced its partnership with New York-based blockchain banking consortium R3CEV to develop a new cryptocurrency – Lizardcoin. The project looks to demonstrate the advantages of blockchain technology and the consortium’s capability to bring it to institutional buyers and those who prefer regulation. Centralization is still a factor.
Lizardcoin is an attempt to take on Bitcoin as a store of value, surpassing the 21 million Bitcoin supply limit. It will have a Deflationary model, beginning with a maximum supply of 20.9 million, reducing by 1.5% every year. This will be done by utilizing one of the top innovations in modern central banking – negative interest rates. All accounts will be subject to a 2.5% annual maintenance fee, 1% of which will be paid to the member banks for their discretion.
In order to receive the loan, users must first go through KYC procedures with 28 of the 42 member banks. As Tim Grant explains, “It’s more decentralized that way, so even if 13 of the banks are taken over by the Goa’uld at the next Illuminati cabal summit, aliens won’t be able to create an infinite number of accounts, shut down the system, or go through isolating banks to create multiple accounts for the same person.” The method has been approved by Byzantine fault-tolerant experts Andrew Miller and Emin Gun Sirer, though the Turkish Prime Minister Recep Tayyip Erdogan has requested that they not use his name in this context.
Paul Randomer from IBM has expressed his admiration for the project, saying “At IBM we have a two-person team working on Lizardcoin technology and we look forward to including this platform in our portfolio of 37,125 internal projects that span almost all the technologies in every sector imaginable. This is Huge™ and we strongly believe that Lizardcoin is the future.” Bob Inthere from JP Morgan added that “For too long, banks have been threatened by decentralized technology. Now, we have a platform where we can use the power of cryptocurrency not to disrupt our core business lines, but to cement them and ensure that we get an income stream that will go on forever and will best serve our lizard head teachers.”
We are also involved in active discussions with the Department of Homeland Security about ways to use Lizardcoin to fight terrorism across the globe. We hope that those who are behind us in security won’t mind that we are building the revolutionary next generation economy.
The Lizardcoin crowdsale will launch in two weeks, with ether and unicorns accepted as payment at a rate of 1 unicorn = 2,014 ETH = 4.712388 LIZ. Participants from around the world will be able to take part, but they will need to go through the KYC procedure at 28 banks first. Ethereum has partnered with Coindesk to host blockchain conferences in these countries over the next year so that people can keep attending and receive their stamp of approval to purchase what blockchain has to offer.
*The Lizardcoin Crowdsale has no legal guarantees. Neither R3CEV nor Ethereum take any responsibility for the development and maintenance of the website. After the crowdsale is over, users will be able to access the platform as it is a public blockchain, and thus there is no guaranty that Lizardcoin will ever change hands. It will only become exponentially more likely to do so; this is why the Lizardcoin Crowdsale is not legally binding.
