The Lithium project

One of current ICO’s is the ICO of Lithium. They have showing a totally new approach in this regard. Instead of promising things after the ICO, they have been building their platform partly before and during their ICO. Already finishing their exchange and block explorer, their project really got my attention so I decided to look further onto it.

Main features of the Lithium ICO
  • The ICO will last for 30 days or when all coins are sold.
  • In total 85% of all the coins (~25.5M) coins will be sold during the iCO.
  • ICO investors are divided in 3 levels, where the investors from Level 3 will get 90% of the income generated from the Lithium exchanges (fees etc.).
  • The ICO goal is set to 40-50 BTC.

Main features of the Lithium Project
  • The code is 100% unique, which means they are not using tokens from ETH or Waves, like many other coins.
  • Both the webwallet as The android wallet are launched before The ICO has been finished.
  • This show some good faith from the developers, because normally it's released after the ICO sale and developer with ill intention don’t even launch it at all.
  • Their developer is very active on bitcointalk, a thing which is not completely new, but at least shows commitment.
  • The team behind Lithium will be giving away over 5.000.000 coins to users in their free distribution program.
  • The Lithium will develop and keep developing Innovating projects in the Lithium project.

Proof of Transaction and token Reward.
What makes me kind of excited of Lithium Is their Proof consensus. Sure the codebase is new but they could have chosen for Proof of Work (mining) like Bitcoin or Proof of Stake (interest) like f.e. Blackcoin, however even in this regard they implemented something completely new, alas Proof of Transaction was born.

How does this work?
The transaction confirmation is set to reward a random public key involved in a transaction included in each new block created. As a failsafe their implemented a way to prevent scamming the network. Every public key is considered once, then a random key from a pool of candidates is selected. Even if a group of users or 1 large holder tries to spam the network, their chance to get a reward is the same as any other public key. The system will self regulate itself while at the same time providing a 51% attack proof Blockchain, in a totally new approach!

Currently there are 3 clients available; The client for windows (ALPHA), a web wallet and an android wallet. I tested the web wallet out, when the free distribution program was launched and I have to say it’s impressive. The system works 100% for an average user even bug free. which means their code is not only new, but also developed by professionals.

If you got some spare BTC, this could be an interesting project.

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