AMA Recap — LibCoin
The session of AMA ( Ask Me Anything ) with LibCoin was conducted on 4th Nov 2021 at 5:30 PM IST (12 PM UTC) and lasted for 1 hour.
ADMIN ROUND
I welcome you on behalf of Crypto players India team, hope you will enjoy today’s AMA session.
Very excited to have you with us.😊
Jonty|Host
Please tell us about yourself and the team working on LibCoin?
Vincent James
absolutely. Hello! My name is Vincent and I’m doing this AMA together with the executive president of the libcoin team, George H. Gergor. It's a bit early for him (he is in New York) but I have consulted with him on all the answers. We will tell a little bit more about ourselves and our teams in a moment but let’s first talk about Libcoin.
So what is libcoin?
Let’s start with the background in the broader market so you can understand why libcoin is so important.
The world is transitioning to electric mobility at warp speed. Despite economically adverse conditions during the global pandemic, electric vehicle (EV) sales kept growing strongly — and that is especially true in India — which is why we are so excited about this group!!
So most EVs sold today are powered by a specific type of Lithium Ion batteries… all this demand for Li-Ion batteries will be resulting in an increased demand for lithium-ion batteries and other innovative energy storage technologies in the coming years.
Let's talk some numbers… the global lithium-ion battery market size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030… a cool x3. Maybe it doesn’t sound like a lot in the crypto world where x10/x100 are the norm but we are talking about 116 billion market cap!! The entire DeFi market cap currently is only at around $100b so we are talking huge huge huge numbers.
Now let’s also talk India. The Green energy transition is top of mind for the Indian government. You guys know this.
India has set an ambitious target to achieve 100% electrification in the automotive market by 2030.
According to a CEEW Center for Energy Finance (CEEW-CEF) study, the Indian EV market will be a $206 billion opportunity by 2030 if India maintains steady progress to meet its 100% target by 2030. A lot of numbers… but the key thing to know is that India and the Battery market is going to explore in the next 10 years!!!!
so LIBCOIN.. (LIB stands for Lithium Ion Battery)
Libcoin has a mission to be a key player in this exploding market. How? They have partnered with some of the top battery technology companies, producers, and governments to create plans for building a Giga factory in India.
Yes, like Elon Musk / Testla’s factories but then in India.
This plan has already been directly endorsed by the government of India and BHEL -> see more information on the original press release here from the Ministry of External Affairs https://indbiz.gov.in/bhel-libcoin-to-build-indias-first-li-ion-gigafactory/
You can see the plans have been 2 years in the making so its super exciting to finally have this project gearing up for launch
This project will be funded easily by eager institutional and corporate investors. In fact, 75% has already been funded. Work will start in 2022 to actually build the factory. But part of the mission of Libcoin is to use new innovative methods of financing that will allow Indian and world citizens to be a direct stakeholders in the green energy transition
Why? Because we are direct stakeholders in the green energy transition. It's our future and we deserve to be own a part of it. Crypto opens up this new innovative method of financing by allowing anybody to own a direct stake in the Libcoin project. If you buy libcoin, you own part of their mission, their activities, and their revenue. Let's go into more detail.
I’ll drop some info on you guys and I’m sure you’ll have more questions than we can dive into later on
1. Revenue. Libcoin will be a depreciatory token. This means that it will go up in value over time. Why? The max supply is capped at 500m. No more tokens can be minted without a proper governance vote. But more importantly, Libcoin has committed 25% of annual profits from their battery factory to be used to burn libcoin.
This is HUGE. I’ll let you in on some basic facts. Revenue is expected to be in the billions. Testla’s Gigafactory is worth in the billions -> https://cleantechnica.com/2016/06/06/5-billion-tesla-gigafactory-worth-50-billion-analyst-estimates/ with a similar capacity and product Libcoin will see similar numbers. Remember this is a growing market that will x3 over the next 10 years! Now think about the current Libcoin coin Market cap and what will happen when 25% of profits are used to burn Libcoin coins… I won’t make it too obvious what will happen to the price
2. Governance & Rewards. It’s all about rewarding libcoin holders for believing in the mission of battery and green energy! If you stake your libcoin you will be eligible for rewards from the partners ranging from a vote in the governance up to cashback on partner products. We want to create a strategy here and listen to what the community wants but our team is 100% committed to ensuring the LIbcoin holders are engaged and see this as a long term investment!
Ready for questions on those 2 later on!
But for now, as you have gathered we see India as a key target market with excellent growth potential. And that’s why we are doing our first-ever AMA in this group. So excited to be here!
Now about who we are. We have a team of some of the most experienced bankers, lawyers, and technologists in the world.
I invite you to do your own due diligence on our team.
George, one of the top investment bankers with a decades-long experience as VP at Deutsche bank got on board because he was excited about this project and wanted to help. Our team are also investors and will ensure this project is a success! We published a medium article introducing a few key members of the team already. https://medium.com/@libcoin_token/meet-the-libcoin-advisors-8e367322145e
We will leverage our experience and strong locational advantages to provide an integrated solution for batteries, electric vehicle manufacturing and charging stations.
so that's a bit about Libcoin, the team, who we are and what our mission is.
Jonty|Host
What ar the functions and unique features of LibCoin? What role does it play in the ecosystem?
Vincent James
Libcoin is one of the very few crypto projects that is bringing the green energy transition front and centre through real-world assets and exposure. A few other projects like KlimaDAO are also in this space but they don't have the institutional backing and support libcoin does
What is unique about Libcoin is that its so connected with the real world economy and green energy transition. This is one of the first crypto projects that governments such as India have supported and as a result will be a safe bet despite future regulations in India.
This is because our partners and governments are taking this project extremely seriously and the tokenization of energy assets is the future. Just monitor the news in the coming weeks… you will see a lot of partners and news channels talk about Libcoin in the coming weeks and months (hint hint). So a big chance to be a first-mover here.
so to recap, what's unique? real-world exposure to some of the best in class battery technology in the world. I think we will talk more about our partners later but they’re huge.
Jonty|Host
Tell us about staking, rewards and your partners? Also share your Roadmap.
Vincent James
We have a long list of partners, please check out our website! libcoin.net
But let's call out a few
Our battery technology partner is Avass https://www.avass.com.au/
it’s an Australian company and they’re committed to establishing world-class, mass manufacturing facilities with aims to be one of the most powerful and respected Electric Vehicle Brands across the globe. Avass has already proven its technology on the ground: commercial buses are already running with more than 800km range on a single charge and the car prototype R800 is already produced with a ground-breaking technology of producing 1160km within a single charge.
check out their website, they hold the Guinness world record for EV bus with the longest range so you know they’re first-class
another one to call out is the Duggal Family Trust
The DFT Group is a big group of Companies and is active in Australia, Singapore, India, New Zealand, China and Indonesia but with activities all over the world in other countries such as Hong Kong, Macau, Mauritius, Peru, Turkey, Nigeria, Russia, South Africa, the UK and the US.
so that just gives you an idea of their reach and network, and they’re *fully committed* to make libcoin a success other key partners to call out are Dentons, a top tier law firm who is ensuring libcoin is compliant in all the jurisdiction regulations as well as KPMG who is doing the financial auditing and will ensure that 25% of project profits are returned to libcoin holders
and I already shared the press release with BHEL/Gov. India!
sorry was having some tech. difficulties. but i manage to upload a high lever version of the next few quarters. The key milestones will be the token launch jointly with a big media campaign. We want to do an exchange listing in Q1! We have already sold $2+m in private sales those are ongoing. more details on the token launch in the deck and whitepaper.
In phase 1 there will be a governance and reward component. We will not be fully decentralized but our goal is to become more and more decentralized over time. This will mean that libcoin holders who stake will get extra benefits that include voting on the future of libcoin.. and even rewards from our partners. They will be good as we have an amazing partner network, and as said early movers will be rewarded!
Holding Libcoin means you own part of the Gigafactory and the Libcoin ecosystem. As they represent real-world assets there will be a return that is returned to libcoin holders through a token burn. Any future fundraising for additional projects will only be done through a governance procedure. This is one strategy to keep libcoin holders engaged, you decide how the ecosystem is powered and plans future projects. Imagine each Libcoin holder getting MORE libcoin for a new raise (just by staking) — it’s all possible. And Libcoin has an ambitious pipeline to meet the demands for renewable energy in the next 10 years… so this Giga factory is likely only the beginning.
TWITTER ROUND
What kind of REVENUE MODEL has the Libcoin team determined in order to continue the development process it has planned without interruption? What financial resources will you use to move forward into the future?
Vincent James
We are fusing real-world assets with tokenization. 25% of Giga factory profits -> token burn. I shared some details on the expected revenue above so please do your own due diligence…
Libcoin’s launch will be a fundraiser to find the last 25% of the project that has been earmarked for tokenization in the crypto space through LIBCOIN.
In terms of Security, What work has been or planned from the following?
1- Have You gone to through any Audits yet?
2- Have You Partnered with 3rd party Security Companies?
3- Do You plan to bring big Bounty Program for the community?
Vincent James
1 and 2. our security partner is Certik. One of the most reputable security and technology auditors in the blockchain space. https://www.certik.com/projects/libcoin
3. Not yet but please monitor our telegram and socials as we are considering starting a bounty program soon.
Which blockchain is your token following? How much #Libcoin_Token do you have on supply, if you don’t mind can you please share the tokenomics for better undestanding. Where can we currently buy #Libcoin_Token ?
good questions lets start with tech choice.
Our tech team chose Ethereum. The team is very excited for Eth 2.0 and the roll-up solutions and believe ERC20 is the way to go for the most sustainable and scalable blockchain while still preserving security and composability. Ethereum uses PoW which is not the greenest but the move to PoS will make it one of the greenest chains while not sacrificing security and robustness as other networks have. This was our reasoning. So for tokenomics, there will be a max supply of 500 million. No more tokens can be minted without a vote from libcoin token holders. This is to ensure Libcoin will be depreciatory and value is returned to LIBCOIN HODLers. here is our latest pitch deck with more details on our tokenomics.
how can you join the libcoin community? watch out for our IEO in Q1. It will be listed on a CEX initially in Q1 if you’d like to know first we will update you in our Telegram community so be sure to join if you’d like first information and not miss out! After we will also list on DEXs like Uniswap and we are also considering BSC / Pancake swap based on some community feedback.
COMMUNITY ROUND
Ông Hoàng
Do you have strong team to achieve ambition and vision? How well experienced team background do you have?
Vincent James
I love this question because Libcoin has spent over a year focused on pulling together the best team. Our team and advisors merge legal, finance, crypto, battery tech, government, project management, marketing. It also is a very international team with strong India, US, Australia, and South Asian expertise. So like I said I really hope you guys do your due diligence in the team. They have all invested and when you buy crypto, the way you can best predict a project success is the team. I know I’m biased but I feel so lucky to be part of this veteran team!!!!
William Wordsworth
Marketing is a central element for every project so that everyone knows the potential that a project can bring is vital to achieving the goals set. What is your strategy to attract new users and Investors to your platform and keep them long term.
Vincent James
Absolutely! And I want to share this AMA is in a way our DEBUT. We chose this group carefully due to the special India connection. And Libcoin is a homegrown Indian crypto project so it makes sense that this group is the place to start! But we will invest a lot of resources in making a hybrid traditional and crypto marketing buzz. Our partners care a lot about their brand reputation and Libcoin will be trusted with some of the top tier marketing and PR partners. The goal is to make it a household name in the green investment community! For both institutions and retail investors.
Sophia
Is your platform a global or is there any restriction to certain regions??
Vincent James
We have a ❤️ focus on India but its GLOBAL. Our CEX partners may have certain jurisdictions where KYC is not allowed (the US for instance) but most platforms such as Kucoin, Binance, Gate have global KYC coverage!
Khương
What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year for your project ??
Vincent James
Amazing question. We have several advisors who are specialized in tokenomics and crypto who are focused on ensuring DEXs have sufficient liquidity to ensure no arbitrage opportunities mess up the Libcoin token value. We also will list LIBCOIN on top DEXs to ensure no scammers take advantage or even steal the LIBCOIN token from unknown users. We will earmark a portion of the sales for liquidity buffers.
EDIT
So many projects just like to speak about the “Long-term vision and mission” But what are Your short-term objectives? What are you focusing on right now?
Vincent James
Picked this question randomly but I appreciate the long vs short term tradeoff. We have a HUGE long term vision. Short term we expect investors to benefit from an appreciation of the Libcoin token price as the market learns about the value of the Giga factory (billions…) and we roll out our governance, staking, and incentives reward programs. Really exciting talks happening with partners so look out for announcements in the telegram!
Napa
Is👉 your platform suitable for crypto beginners? Or does it only limited for professional users?
Vincent James
We appreciate there is a barrier for those who are not in the crypto space to buy Libcoin, that's why we emphasize listing on a centralized exchange as the user journey is more intuitive. we want libcoin to be accessible to everybody who is interested and with 1b+ people in India, we are so so excited at the potential. That’s also why our marketing strategy will be hybrid crypto-traditional. as mentioned… a libcoin buzz will appear soon (hint).
Mark Tipton
Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Vincent James
yes! I picked this question just to re-emphasize that libcoin is depreciatory. Less and fewer LIB tokens will exist over time. The foundation will BUY AND BURN with the profits from battery manufacturing. Do your own due diligence… the market cap will be small when we launch.. want to be part of the journey.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Vincent James from LibCoin. AMA Concluded at 6:30 pm IST.
About us!
CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 25000+ telegram members and growing.
