In this article, we’ll discuss information about the Love Earth Coin project and LEC token
LOVE EARTH（loveearth.io) is a social engagement with global participation that implements a principle of sustainable and low-carbon footprint , aiming to build a new charity model in the age of Web 3.0.
In May 2021, Vitalik Buterin, the founder of Ethereum (ETH), showed how blockchain technology can help in charity practice! By donating cryptocurrency at once, a huge fund has been sent to India to fight against Covid-19.
This practice was first introduced by Buterin, this is the first but not the last!
We are going to explore a sustainable way for this practice! With more activists and conducting feasibility tests in a certain range.
In the early years, the project mainly served large humanitarian relief projects recognized by the United Nations. DAO, a community self-governing organization, proposes and decides which public charity organization to donate to through voting. It will vote on the 28th of each month and complete the donation at the beginning of the following month!
All contract code for the project will be posted to GitHub and will be audited by world-renowned code auditors.
Rules of token issuance:
The Creator team will issue 1 billion LoveEarth tokens based on ERC20 and will never issue more.
1. 50% is deposited in the address of the public charity fund, which is locked by smart contract, and can only be used for donations to large public charity undertakings (large humanitarian disaster relief is the main relief direction, taking up 90%; General public welfare undertakings no more than 10%);
2. 10% locked in the Treasury (smart contracts).
5% airdrop will be awarded to the top 100 addresses whose holding is no less than 100,000 coins. The airdrop will be made once a month on the 11th, and a total of 30 airdrops will be completed.
5% will be airdropped to 100 celebrities, caring charity personage and technical aid donors who have made important contributions to the community. Proposals will be formed and voted on by the community vote every month.
3. Put the remaining 40% into Uniswap for liquidity and put the LP token into the blackhole address.The development team does not own a single LoveEarth token and is 100% decentralized.
Rules for the use of public welfare funds:
The smart contract counts the number of valid coin-holding addresses every month, and it will be deducted from the charity address according to the donation standard of 0.1 coins per address. When the token price exceeds $10, or when the valid address exceeds 3 million, the community will vote autonomously on whether to reduce the amount and frequency of donations. These rules are built into smart contracts and no one can manipulate them!
The rate at which the Community Chest is released depends on the rate at which actual users grow. For each additional valid holder address (greater than 1 coin), only 0.1 more tokens will be donated per month. This will effectively avoid significant price fluctuations caused by large charitable donations, so the Love Earth creation team will not hand over 50% of the charity tokens to Vitalik.
Such a strategy ensures that Love Earth’s public charity is a long-term and continuous process, rather than a one-off thing! In a few years, 50% of the creation fund may be fully released. Will Love Earth’s public welfare work be disrupted? Of course not. At that time, Love Earth may have more than 10 million people in a decentralized public charity organization, and each person actually donates 1 Love Earth Coin every year, which means 10 million coins all together. If the value of LoveEarthCoin at that time exceeds 10 dollars, then the total value will be over 100 million dollars.
Team and Vision
The creator team has celebrities, management personnel of Fortune 500 enterprises, leaders in the technology field and big KOL in the media field. After the launch of the project, people will not leave, but continue to provide services to the community, waiting for the dream to come true together with everyone.
The creator team will create an independent public chain, Poka parallel chain, at the appropriate time, and experiment the cross-chain scheme to reduce loss and improve efficiency. At the same time, we will also strengthen cooperation with several public chains, including SOL, MATIC, BSC, HECO, OKC and other excellent public chains…
When necessary, the creator team will develop a special charity website and mobile application to help more people in need directly publish the “donation request”.
LoveEarth Community Autonomy Rules
A. Types of Proposals and Proposal Rights:
1. The proposals will be grouped into major matters and general matters.
2. Right to make proposals: those who hold more than 5/10000 coins have the right to make proposals.
3. The proposer is free to set a voting period of no less than one day and no more than 30 days at most.
4. When the sponsor initiates the vote, the tokens in the wallet will be locked until the vote is closed.
5. Donating is a monthly routine, but it doesn’t mean we have to give aid out. Community self-governing organizations can also veto donations for the month when there is no qualified donation goal.
B. Voting on general proposal (the winner with the first number of votes).
1. Charity to which you donate each month.
2. The Use of Treasury Fund (Celebrity Award)
3. Election of regional public opinion representatives (Regional representative: responsible for collecting and verifying humanitarian aid projects around the world)
4. The vote option will be included.
C. Name of autonomous organizations: Global Referendum Conference, Global Governance Committee, and Global Oversight Committee.
Global referendums, equivalent to shareholder meetings of listed public companies, are the ultimate hub of power.
A global governance committee, the equivalent of a board of directors of a publicly traded company.
A global supervisory board, equivalent to the supervisory board of a listed public company.
The Global Referendum would elect, remove, and reorganize the Global Governance Council as needed, giving it more functions or reducing its mandate.
Love Earth will have a governance oversight team of more than five people and fewer than 25.
In a team of 5 people, it includes the top 3 coin holders (who own the highest number of coins). If the user fails to respond, it will be deferred to the next largest coin holder. One is a senior person in the blockchain industry, and one is a professional in the charity and public welfare industry.
This team will be in a 3:1:1 manner, exist in singular numbers and gradually expand.
The voting process will basically be: proposal initiation, proposal screening and proposal voting, and the result of the voting will be calculated.
Different types of proposals have different support rates and participation rates.
Contract Address: 0xFa30e62EEDcf80D47d42947fBCc034beeD5C09FE
Vote Address: 0x4188F085e53a410D8a61a73Cec11b570F6ae84C6
Charity Fund Address: 0x22F1AfF379A875bee69e177E2885B722267a5639
Reserve Address: 0xD558023DBFdc53E5B814D0Ef02080f4559705015
LEC token is now live on the Ethereum mainnet. The token address for LEC is 0xFa30e62EEDcf80D47d42947fBCc034beeD5C09FE. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough ETH in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
Transfer $ETH to your new Metamask wallet from your existing wallet
Connect Metamask wallet to Uniswap Decentralized Exchange and Buy, Swap LEC token
The top exchange for trading in LEC token is currently Uniswap v2
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