About the Coin
LTBcoin is a brand new kind of thing. It is a crypto-rewards system where people who help LTB to be useful are rewarded for their efforts. And it’s built on Bitcoin!
LTBcoin is the proprietary token for the Let’s Talk Bitcoin Network. It is the exclusive token accepted for sponsorships. It will provide the user a significant discount in the network wide and ACT-specific e-commerce stores. It can be used in the network for tipping and will generally be useful in every corner of the LTB universe.
LTBcoin does not use computational mining. Instead, coins are distributed to the content creators, the community and the platform according to a fixed schedule. After a period of 260 weeks (5 years), all coins will be distributed and no new coins will be created.
LTBcoin is a user-defined asset using the Counterparty protocol. Counterparty is built on Bitcoin and is secured by the Bitcoin network. Because of this, LTBcoin addresses are exactly the same as Bitcoin addresses. LTBcoin can be traded on the Counterparty distributed exchange for Bitcoin, XCP or other user-defined assets. If you haven't got a Counterpart wallet yet, visit Counterwallet.co.
Please see the this blog post for an introduction of LTBcoin written by Adam B. Levine.
On the launch day, June 27th, 2014, 10% of the money supply (51,000,000 LTBcoin) were allocated and distributed in the following manner:
- 40% were distributed to content creators over the past year based on the published records.
- 30% were distributed to the initial audience. This 30% was split as follows:
- 60% went to people in the initial LTBcoin community at large
- 40% went to key LTB thinkers and forum participators
- 15% were reserved as partner funds for future negotiations.
- 10% were allocated for current and future platform development.
- 5% were allocated as an initial vesting pool of CEO, CVO, CTO, CFO level positions.
LTBcoin will be distributed over a time span of 260 weeks with new tokens created and distributed weekly. The weekly distribution will be:
- 65% will be distributed to content creators
- 25% will be distributed to the audience.
- 10% will go to the platform development and maintenance.
The first weekly distribution will be on July 5th, 2014.
There is a total supply of 510,000,000 LTBcoin.
Each month new coins are created according to the published schedule, and they will be distributed according to the above disbursement information in a weekly or monthly fashion. At the end of year 5, and after the remaining LTBcoins are created, the ability to create more tokens will be locked via the Counterparty Protocol.