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General Provisions
A Major Opportunity For The Luxury Sector
A Worthy Investment For The Luxury Sector
Addressing The Threats
Identifying Risk
Replacing The Traditional Loyalty Programme
The Blockchain Revolution
Customer Loyalty In The Luxury Sector
The Technology
Keeping It Safe
Overcoming Scalability Issues
Token Generation Event
Use Of Proceeds Funding The Business
The Luxure Global Citizen Foundation
Eliminating Unsold ICO Coins
LGC-Coin Sale
LGC-Coin Flowchart
Inspiration For A Family Legacy Within Our Currency
Background Behind The Certificate Of Ownership
Summary
The LGC-Coin Core Team
References And Influencers
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Contents
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Term Definition
Blockchain A distributed, decentralized ledger combined with a consensus validation mechanism that allows for peer to peer transactions without the need for an intermediary; the definition may vary and some use it interchangeably with the term Distributed Ledger Technology ('DLT').
Coin Another term for a blockchain-based token.
Cryptocurrency A form of digital currency secured by cryptography rather than a central system administrator; often used interchangeably with the term 'token'.
Dapp Decentralized application built using smart contracts.
Digital currency A more broad term used to define currency that is electronic, such as electronic SAT currency, virtual currency, cryptocurrency, etc.
Ethereum An open-consensus blockchain on which the cryptocurrency Ether is used.
ICO Initial Coin Offering, or the process of raising money from a public token sale; the term was coined based on an Initial Public Offering, or IPO, which may be misleading as it suggests all ICOs are securities; often used interchangeably with terms token sale and crowdsale.
Mining One mechanism bringing new coins or tokens into existence; typically associated with POW or POS.
POS Proof of stake, a mechanism for achieving consensus on a blockchain; several blockchains such as NXT use POS.
POW Proof of work, a mechanism for achieving consensus on a blockchain; used on the Bitcoin blockchain.
Smart contract A digital contract that may self-execute or self-enforce.
Token A coin built, or programmed, on a blockchain; tokens can have different uses on and off the platform such as an incentive for miners, a digital representation of an asset, ownership interest, or loan, or a form of currency for the platform; depending on the functionality, the definition can be narrowed by adding a descriptor such as 'utility token' or 'equity token'.
Token sale/Token offering
The process of raising money by selling tokens, often used interchangeablywith terms 'ICO' and 'crowdsale'.
TGE Generation event for the creation of coins (LGC-Coin)
Wallet A place to store cryptocurrency; can be a software wallet (software coded onto a smartphone or computer) or a hardware wallet (an integrated hardware/software solution for physically storing private encryption keys).
White paper An informational document used by people and entities to convey their business plans and ideas; it is often used as a way for investors to understand more detail about the project motivation and technical aspects of the platform, project, or token.
Multisig Cold Wallet
A form of technology used to add additional security for cryptocurrency transactions.
General Provisions
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A Major Opportunity For The Luxury Sector
From its birth 10 years ago, and as an integral part of its planned development, Luxure Global Citizen was formed with the sole intention of delivering a bespoke and innovative luxury membership programme through selected brand partners – by invitation only.
Luxure Global Citizen is an unrivalled global rewards programme connecting many of the world's largest and most luxurious brands with clients by offering a 5% cash reward as opposed to more mundane traditional reward point systems. The Luxure Global Citizen offering rivals the well-known Harrods rewards scheme, that limits a customer to spending their loyalty points only within the department store.
The Luxure Global Citizen business was created originally to assist in handling all clients’ special requests via a smartphone app connecting clients globally with their desired luxury purchases. With many luxury boutiques worldwide enabled to accept the Luxure Global Citizen membership card, its success is making a mark in the world’s most prestigious retail locations.
LGC recently expanded into agriculture and construction to develop the substantial potential in this sector in response to a significant volume of enquiries from existing corporate members.
The luxury industry has undergone a series of dynamic changes in the past 20 years. Changing economic trends, wealth creation, digital transformation and evolved consumer habits are creating a competitive landscape where traditional strategies are insufficient to maintain healthy long-term growth.
Introducing the ‘World’s First Cryptocurrency’ for the luxury market, the LGC-Coin.
Luxure Global Citizen sees cryptocurrency as complementary to its core business in two ways: accepting a digital currency as a form of payment against luxury goods and products and offering its members a 5% cash equivalent reward in a Luxure Global Citizen digital currency.
Cryptocurrency represents an environment that is constantly growing and changing. The excitement and rapid growth in the value of cryptocurrencies cements them as attractive prospects for investors. The ability to buy and sell goods through an exchange of digital information presents a real opportunity for the luxury goods sector.
Cryptocurrency opens up new possibilities for customer engagement by creating loyalty programmes for people who share a taste for the world’s finest luxury brands. Investors in the LGC-Coin will also benefit from further updates and new brand partner announcements via the Luxure Global Citizen website which will be updated on a weekly basis www.luxureglobalcitizen.com.
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There are also long-term benefits for the cryptocurrency ecosystem as a whole, in the shape of increased consumer confidence and in turn, increased adoption.
As cryptocurrencies are adopted on a wider basis, the luxury market as well as other market sectors will be able to leverage these tools to offer lower rates on payments and transfers, thereby reducing delays in traditional banking processes and ultimately giving the power of the monetary system back to the people who use it every day.
We hope this proposed design for a safer, better system will provide a solution for the luxury goods sector, and one day revolutionise the way we all use money.
Brand Exclusivity Since 2015, all agreements with our associated brand partners restrict them to accept the LGC-Coin exclusively. This enables LGC to ring fence the luxury market and attach the new LGC-Coin into our long established business model.
This is an extract from our Brand Partner Contract (Party B refers to brand partner). These signed contracts prevent Party B from accepting any other cryptocurrency indefinitely.
A Worthy Investment For The Luxury Sector
Today’s luxury consumer demands a secure, positive and enjoyable user experience. Cryptocurrencies could provide luxury brands with a world of opportunity, enabling them to engage with their customers, boost customer loyalty and make cost savings.
Taming the world of Cryptocurrency There is still some reluctance to fully embrace the opportunities presented by crytocurrency. The reason for this is twofold. Firstly, people have yet to gain confidence in the underlying process behind transactions, and inexperienced users of cryptocurrency are concerned about exposing themselves to risk.
This is coupled with a lack of education and training in the use of cryptocurrency. Many luxury retailers are loyal to traditional trading methods and are unsure how to purchase, securely store, transfer, exchange and monetise the cryptocurrency they accept from their customers.
But there are some new ways to empower cryptocurrency users with the convenience they have come to expect from more commonplace electronic transactions, without the unnecessary costs, delays, and middlemen normally associated with those methods.
This White Paper shares details of a fresh approach with the potential to bring peace of mind to those who invest, trade, and pay for luxury goods and services with cryptocurrencies and blockchain technology.
Cryptocurrency
The only acceptable digital currency for any purchase through Party B shall be restricted to the LGC-Coin.
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But the fraud checks that exist in traditional finance, such as stolen card detection, unusual spending activity and the blacklisting of bad actors in the economy (and freezing of assets) are absent in the world of cryptocurrencies. This lack of safety checks is holding back the growth and adoption of cryptocurrencies.
Luxure Global Citizen will ensure investors in the LGC-Coin are protected against potential threats by implementing the following measures:
• The LGC-Coin will be kept in a ‘Cold Wallet’ protecting users from major security breaches that can be found on other “hot wallet” exchanges.
• The LGC-Coin will allow members to redeem their 5% Cash Rewards in LGC-Coin.
• The LGC-Coin can be used as a form of payment against Special Orders submitted on the LGC App Platform.
• LGC membership will be awarded to all new purchasers of LGC-Coin.
• LGC-Coin is believed to be the world’s first cryptocurrency for the luxury, plant and agriculture markets alongside the UK’s first Crypto Exchange powered by Luxure Global Citizen.
In the crypto world, threats, human error and deliberate scams can have a negative impact on users when they are acquiring, holding, or transferring virtual currency. To add to these problems, threats are continually evolving and are often hard to detect, if at all, by investors or users.
However, many of these threats may be mitigated by highlighting and measuring the risk factors at play.
Addressing The Threats
Consumers and merchants in the established luxury sector expect to be able to make financial transactions with confidence, following the rapid adoption of electronic payment technologies over the past 30 years.
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Machine learning
Machine learning is a popular approach to detecting fraud, stolen cards, and other threats for credit card issuers – and there is strong evidence to suggest that the same approach could be taken on the blockchain.
An algorithm would bring together a complex set of data from a wide range of sources, such as current and historical trading analysis, transactional history, community based transaction feedback, relative currency strength, analysis of currency code and platform, development strength, adoption and usage.
How machine learning addresses risk
The primary requirement for machine learning is to have an adequate amount of labelled data. For our purposes we may use either a binary classifier to indicate a simple 'good' or 'bad' transaction, as well as a linear regression to address an overall risk score, such as '98% - High risk' or '1% - Low risk'.
By harvesting community data, performing heuristic static code analysis (or problem solving though learning) and manual review, we would be able to collect a large labelled data set for exactly this purpose.
Over time, it should be possible to do a simple linear regression on these data points. These should be normalised using sigmoid activations due to the shallow nature of the neural network necessary for analytical analysis. A sigmoid activation function simply causes each individual component to be normalised relative to each risk factor.
1. The logistic curve of a sigmoid function. https://en.wikipedia.org/wiki/Sigmoid_function
Identifying Risk
By harnessing the power of machine learning along with expert analysis of the cryptocurrency community, it should be possible to improve the way we identify the good and bad players. This will ultimately reduce the risk inherent in the crypto world.
More details about how this could work are outlined below.
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Traditional rewards programmes can be costly and complex to administer, particularly in the luxury goods sector where customer expectations run high.
As a result, some organisations are starting to consider replacing traditional points-based programmes with a cryptocurrency decentralised application (dapp).
Dapps are software programmes that harness the power of blockchain technology, and brands can use them to increase consumer engagement, reduce costs, enhance security and provide a better customer experience.
Using this technology, organisations gain the ability to create a loyalty ecosystem and shopping platform that maximises customer engagement through virtual tokens, which can be exchanged for goods and services with other luxury suppliers.
Replacing The Traditional Loyalty Programme
With steps in place to address threats and minimise the risk of cryptocurrencies, luxury retailers can start to consider the enormous potential that digital loyalty schemes can offer.
PEER TO PEER TRANSACTION
TRANSACTION
MONEY APP
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01Single merchant schemes
A number of these projects are operated by a single merchant or benefactor. For example, payment software supplier Softjourn has developed an 'in-house loyalty coin' which can be earned by Softjourn employees and is redeemable at company vending machines, with plans to expand the system off-premises [1].
Using a similar approach to Softjourn, Burger King Russia operates a blockchain-based loyalty rewards programme. However, unlike Softjourn’s coins, the programme’s 'Whoppercoins' are hosted on the public Waves platform, and may be traded on exchanges.
This means that users earn Whoppercoins proportional to the number of Russian roubles they spend, but they can only be redeemed at participating Burger King locations [2] so their value in increasing customer spend is limited.
02Multiple merchant schemes
Some blockchain platforms allow multiple merchants to participate in one programme, these include Incent Loyalty, Elements and Loyyal.
Incent Loyalty [3] and Elements [4] are similar in approach but they differ in implementation. Incent operates as a token on a public blockchain and merchants can integrate their services with the Incent platform to specify discounts for their customers for various goods and services at different outlets within the same scheme.
Elements, however, hosts its own blockchain on which merchants must host a node (a data point on the network), allowing them to mine (validate a transaction in) Element’s cryptocurrency [5] which reduces risk.
Cryptocurrency is already making waves by replacing traditional loyalty schemes and creating blockchain-based tokens that represent loyalty points. However, these types of programmes have been limited in one way or another.
Examples of existing cryptocurrency loyalty programmes:
The Blockchain Revolution
Miner Node
Blockchain
Miner Node
Blockchain
Miner Node
Blockchain
Miner Node
BlockchainMiner Node
Blockchain
Miner Node
Blockchain
Public keyPrivate keyAccountAddress
PeersPeers Peers
Peers
Peers
Transactions
Node diagram:
Whereas both Elements and Incent are hosted on public blockchains, Loyyal [6] is a loyalty platform based on Hyperledger (a private blockchain) which allows issuers to set a fixed exchange rate with other businesses. Consumers can access rewards through a cryptocurrency wallet on their mobile app improving flexibility and ease of use.
Public keyPrivate keyAccountAddress
Public keyPrivate keyAccountAddress
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For luxury goods merchants and their customers who are accustomed to excellent service and premium quality, a successful rewards programme must reflect these high expectations.
To respond to these needs, Luxure Global Citizen has created the LGC-Coin platform. LGC-Coin differs significantly from other blockchain based loyalty platforms in that LGC-Coin can be exchanged for items of the same type and value.
This puts flexibility in the hands of the customer by allowing them to choose where and when they spend their investment with other luxury brands around the world.
Luxure Global Citizen’s LGC-COIN
Luxure Global Citizen provides a universal loyalty rewards token (LGC-Coin) for consumers to earn and use worldwide.
Any Luxure Global Citizen member can earn LGC-Coins and use them as a form of payment when making purchases through a brand partner, by either using our app platform or directly where applicable (to follow in phase 2 of development).
Our brand partners include many of the world’s finest luxury brands such as: The Ritz Hotel, The Four Seasons Hotel, Bulgari, Audemars Piguet, Harry Winston, Patek Philippe, Cartier, Lalique, Zilli, Ferrari, Lamborghini, Rolls-Royce, and 1,200 other brands.
For 2018, plans are in place for the world’s first UK based physical exchange to be based in the heart of London where Luxure Global Citizen can release reserved LGC-Coins into the market based on community demands. Within the next five years, planning for multiple physical exchanges will appear in the most prominent locations around the world.
In contrast to Incent or Elements, which compel merchants to buy or mine the coin before distributing it, LGC-Coin merchants can participate without the need to bear the costs of hosting a node in order to facilitate their programme.
Customer Loyalty In The Luxury Sector
While the schemes outlined above work well in a number of sectors, the luxury goods market calls for an approach with a much more positive user experience at its heart.
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The Technology
Ethereum
Ethereum is a decentralised platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.
The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
On traditional server architectures, every application has to set up its own servers that run their own code in isolated silos, making sharing of data hard. If a single app is compromised or goes offline, many users and other apps are affected.
On a blockchain, anyone can set up a node that replicates the necessary data for all nodes to reach an agreement and be compensated by users and app developers. This allows user data to remain private and apps to be decentralised like the Internet was supposed to work.
Courtesy of the Ethereum Foundationwww.ethereum.org
How smart contracts work
It is worth noting that Bitcoin was the first to support basic smart contracts in the sense that the network can transfer value from one person to another. The network of nodes will only validate transactions if certain conditions are met, but bitcoin is limited to the currency use case.
By contrast, Ethereum replaces Bitcoin's more restrictive language (a scripting language of a hundred or so scripts) and replaces it with a language that allows developers to write their own programmes.
Ethereum allows developers to programme their own smart contracts, or 'autonomous agents', as the Ethereum white paper calls them. The language is 'Turing-complete', meaning it supports a broader set of computational instructions. Smart contracts are usually written in Solidity, a programming language specifically developed for this purpose. It is then compiled into byte code, which is submitted to the Ethereum blockchain. Here it will remain active in readiness to be triggered by a specified event. After that, all nodes in the Ethereum network will execute it.
The Ethereum virtual machine (EVM) will execute the code and record all approved transactions, and by way of the principles of the distributed node structure and functionality, will create an immutable ledger containing transactional data.
Smart contracts can:
• Function as 'multi-signature' accounts, so that funds are spent only when a required percentage of people agree
• Manage agreements between users, say, if one buys insurance from the other
• Provide utility to other contracts (similar to how a software library works)
• Store information about an application, such as domain registration information or membership records.
Based on information from CoinDesk - Leader in Blockchain www.coindesk.com
The technology behind LGC-Coin will allow investors to make faster payments and create a bigger capacity for transactions. Below we outline the key advantages of using Ethereum and smart contracts as the basis for LGC-Coin.
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Keeping It Safe
The Luxure Global Citizen programme will be run on the Ethereum open software platform based on blockchain technology, which is currently the most robust platform available and offers many advantages over other cryptocurrencies, such as Bitcoin.
LGC-Coin users also have the advantage of being able to use their tokens through the LGC-Coin application via their smart phone rather than using them directly on the network. This makes the process far smoother for the customer and provides enhanced levels of security for the retailers.
Other security features of the LGC-Coin include:
Address labelling
This will allow owners of an address to indicate a name and associated image with their address, so that they can communicate their identity in a transparent way. This is most relevant when a new member or company (Brand Partner) joins, or when an exchange for goods is made.
Validating known addresses
By clearly identifying known parties at the moment of transaction, and presenting it in the wallet interface, users can confirm the recipient is who they believe it to be.
Multi-dimensional scoring of addresses
A risk factor aggregating a weight measurement of the common threats is delivered from the centralised API. This allows a wallet to indicate unsafe transactions.
Centralised blacklist
A blacklist of known bad addresses can be stored on the centralised server. These addresses can be updated based on the current score of any transaction occurring on an address, which provides a quick one-shot check resulting in a list of blacklisted or non-addresses.
Admin Portal
Membership Levels
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The cost of executing transactions on Ethereum is based on a supply and demand mechanism. The supply is capped at 550,000-650,000 a day while demand is growing, with overall costs growing as well, as shown in figure 2.
Furthermore, the Ethereum updates, Serenity and Plasma – which will help Ethereum with scalability – and third party off-chain networks, are years away from being ready [8].
But by enabling LGC-Coin users to transact via the app rather than directly on the network, many scalability issues can be overcome. The additional advantage to this approach is that it will provide enhanced levels of security and minimise the risk of fraud.
LGC-Coin is able to bypass some of the scalability issues that affect Ethereum.
Currently, Ethereum scales only to 550,000-650,000 transactions a day at maximum capacity. The maximum number of transactions ever executed in a day during the history of Ethereum has been 546,837 [7].
Assuming more individuals will submit transactions using the LGC-Coin token after launch and assuming the number of participants executing transactions on the network continues to grow, as shown by the chart in figure 1, it will not be economically viable to allow users to use their tokens directly on the network.
However, LGC-Coin will maintain an internal ledger of all the individuals that hold their LGC-Coin tokens in the LGC-Coin Application.
The advantage of this is that LGC-Coin users can use their tokens through the LGC-Coin application, rather than using them directly on the network.
Figure 2Ethereum average
transaction fee
Overcoming Scalability Issues
Ethereum Transaction ChartSource: Etherscan.io
Figure 1.Graph showing the rate of transactions on Ethereum
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LGC-Coin Allocation
The maximum number of LGC-Coins that could be created is capped at 600 million, which are allocated as follows:
• Founders: 20% (120 million LGC)
• Advisors: 5% (30 million LGC)
• Corporate: 10% (60 million LGC)
• Reserve: 15% (90 million LGC)
Token Sale
i. Early Supporters 10% (60 million LGC)
ii. Pre-Sale 20% (120 million LGC)
iii. Public Sale 20% (120 million LGC)
Note: LGC-Coin held in Reserve may be sold in subsequent rounds of TGEs or in the market, upon reaching the next milestone.
Token Audit
If the LGC-Coin Sale is successful, it is destined to become one of the largest token generation (TGE) events in TGE history. Whilst this would be an amazing achievement, this would place a higher than usual burden of responsibility on the LGC-Coin team and their advisors.
Given this, and LGC-Coin’s overriding principle of security and full transparency for LGC-Coin holders, each ERC20 compliant Smart Contract linked to the Ethereum blockchain will be subjected to independent crypto audits prior to the Token Sale. This will ensure full transparency in the way the process is carried out.
Token Generation Event
LGC-Coin Category Restriction
Founders Maximum 10% of holding may be sold during Year 1 No restriction thereafter
Advisors Maximum 25% of holding may be sold during Year 1 No restriction thereafter
Early supporters Maximum 50% re-sale permitted during Year 1 No restriction thereafter
Public subscribers No restriction
Restriction on the TGE
The LGC-Coin Sale therefore includes the following restrictive conditions:
www.luxureglobalcitizen.com/news
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Reserve
Finance profit made by a company that is not available to pay as dividends to shareholders: Included in the Profit and Loss Account.
LGC-Coin held in Reserve may be sold in subsequent rounds of token generation events or in the market, upon reaching the next milestone.
How much of this capital will be allocated to each area of company growth will be determined once the Pre-ICO is completed.
The development plans will increase the strength of the LGC-Coin and we have identified three main areas for primary cash expenditures:
Use Of Proceeds Funding The Business
To help safeguard prospective investors, our Use of Proceeds Statement provides clear notice of spending intent – based on the assumption that 180,000,000 LGC-Coins are sold. On that basis, we would anticipate receiving approximately £280,500,000 in net proceeds from the TGE.
Capital expenditures:
• Expansion and scaling up - Larger offices and administration staff – office spaces in prestigious locations around the world
• LGC-Coin exchanges will be founded globally in the most prestigious addresses around the world - The world’s first physical Exchange will be based in prime Central London – a physical presence that will give the community additional peace of mind
• Global marketing/advertising campaigns/PR – Creating brand awareness worldwide targeting specific areas of the luxury landscape to expand upon the current LGC offering
• Joint ventures and events with our Luxury Brand Partners - Global awareness, joint-venture marketing with our luxury brand partners
• Charity – investing in humanitarian work focusing on Project Africa and Project Music&Water - The Luxure Global Citizen Foundation will be formed and is designed to help charities in Africa and for Cancer
Working capital:
• Consultants to be hired with expertise in our sectors - To bring further knowledge and know-how/ training staff/training boutique partners using the Luxure Global Citizen membership as a tool to enhance their business
• Expansion into new sectors - In order to have a strong presence within all luxury industries
• Developing the online app - The new Luxure Global Citizen app will have the ability to connect clients and brands together globally, creating a digital experience that will enhance every member’s luxury shopping
• Developing the LGC website - Keeping investors up-to-date with new brand partner relationships
• In-house technology development - Testing and launching innovative systems for the website and app platform
• Additional Legal Representation - To ensure compliance with regulatory and other requirements
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Within the Luxure Global Citizen foundation we will have the Music&Water Charity and Project Africa. Luxure Global Citizen will invest 5% of all proceeds raised through our ICO to Music&Water and Project Africa to help in the fight against cancer in children and to assist with providing clean drinking water in underprivileged areas in Africa.
The Luxure Global Citizen Foundation
Music&Water
The founder and CEO of LGC-Coin, Mr. Luke Wilson has made it part of his personal agenda to support research into the cure for cancer. By investing in technology to develop a resonant frequency device that can be used to treat malignant cells, Luxure Global Citizen aims to contribute towards a new approach to cancer treatment.
The Music - High Frequency Technology & Dr. Royal R. Rife (1888 - 1971)
After several years of tracking the cancer virus, Dr Rife developed a technique referred to as the RIFE Frequency. Simply put, he used the resonant frequency (the frequency that the virus vibrates at) to cause the virus to oscillate and then turned up the intensity or volume if you will. This resulted in the structural integrity of the virus collapsing and destroying itself. This phenomenon was referred to by Rife as the “mortal oscillatory rate” or MOR.
The good news is, every cell and bacteria resonate at their own unique frequency with healthy cells and Probiotics vibrating at a higher frequency. As a result only the targeted cancer virus gets destroyed, leaving the other tissues intact. The germ gets killed and the body is relieved of the infectious agent without damage.
Introducing Dr. Anthony Holland PhD
Dr Anthony Hollands PhD heads the first company currently producing documented research of the impact of the Rife technique in a major cancer research laboratory.
http://novobiotronics.com/Cancer1.html
The Water
Luxure Global Citizen Foundation intends to partner a new British technology company that has developed a water drink to speed up recovery from illness and enhance the body’s performance.
Combining the hydration benefits of water and oxygen, the product is designed to help promote overall health and wellbeing.
LGC - Foundation will work alongside the founder and CEO of the water business to deploy funds for medical research and development.
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The Luxure Global Citizen Foundation (cont)
Project Africa - Luxure Global Citizen will launch a charity called Project Africa.
Initially we will undertake construction of fresh water wells to provide water to those villages without. Each well will be able to supply up to 2,000 people with fresh drinking water.
Water is one of the most basic of all needs – we cannot live for more than a few days without it. And yet, most people take water for granted. We waste water needlessly and don't realise that clean water is a very limited resource. More than 1 billion people around the world have no access to safe, clean drinking water and over 2.5 billion do not have adequate sanitation services. Over 2 million people die each year because of unsafe water – and most of them are children!
Robert Alan Silverstein
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This means that they have received free money, since the coin has gone up in value as a result of the ICO. Companies can simply sell the remaining cryptos on the market and make a healthy profit from them. Some ICOs have a policy of burning any ICO coins that are unsold. One example of this is Neblio that fulfilled its promise to burn the coins that weren’t bought during its ICO. In this way, they ensured that they were only going to use the value received from the actual sale of their cryptos to develop their blockchain application.
Thus, the income of their ICO was based on the actual demand for their cryptocurrency, which is a very fair approach.
When burning cryptocurrencies, the coins that are to be burned are sent to an address that can never be accessed or used. Usually, this address is invalid which makes it unusable. The same thing happens if you were to send bitcoins to an address that doesn’t exist on the Bitcoin blockchain; those bitcoins will be lost forever in cyberspace.
Thus, to burn a cryptocurrency, the cryptos have to be sent to a verifiably unspendable address. By doing this, the cryptos are taken out of circulation because they can’t be used anymore, ever. The address can’t be accessed and can’t be used for trades.
At the end of our ICO, should there be any remaining coins, these will be burned.
To provide investors with evidence that the cryptocurrencies have actually been burned, a method has been developed, which is called Proof of Burn. This method employs the same logic as blockchain technology, namely that trust can be established by the system without the need for third parties to verify actions and transactions. Proof of Burn provides anyone interested with empirical and untampered evidence that the cryptos have actually been burned.
With the continuously rising value of cryptocurrencies, burning them yourself is definitely something not recommended. However, for crypto-issuing companies, it can provide a system for justifying value creation, paying for transactions and as a means to pay out dividends to investors.
When a company claims that they’re going to burn cryptocurrencies, it is always important for users to make sure the company employs the proof of burn method, and to keep track of the process.
Eliminating Unsold ICO coins
Most Initial Coin Offerings (ICOs) set the number of coins that they will sell during the ICO. In some cases, when the ICO coins are not sold out once the ICO ends, the unsold amount ends up in the wallets of the company.
Burning Crypto and Proving the Process
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01Private Sale
The private sale will be by invitation only for existing and accredited Luxure Global Citizen members solely, an email containing a unique link will be sent on the launch of the Private sale and once the link is clicked they can register and buy the required amount of LGC-Coins. (Coins purchased will be created and distributed at the end of the TGE.)
02Pre-Sale
The Pre-Sale will be announced to the public through our website, social media outlets, partners and through targeted advertising, the price is estimated to be £1.50 per LGC-Coin. (Coins purchased will be created and distributed at the end of the TGE.)
03Public Sale
The public sale will be announced to everyone through our website, social media outlets, partners and through targeted advertising, the price is estimated at £2.50-£5.00 per LGC-Coin (Coins purchased will be created and distributed at the end of the TGE.)
Luxure Global Citizen will create and launch the LGC-Coin that will be sold in three stages.
Members can either have their coins stored securely in a multi-sig offline cold wallet at our exchange or they can store them in a compatible wallet of their choosing, (please note that any LGC-Coin stored in members’ own wallets will not be reflected in their balance on our exchange or mobile app).
Bond Street is revered throughout the world for its wealth of elegant stores, exclusive brands, designer fashion, luxury goods, fine jewels, art and antiques. Home to some of the biggest names in luxury including Louis Vuitton, Chanel, Dior and Hermès, Luxure Global Citizen Exchange will be housed in the prestigious street with an exclusive ‘by appointment’ suite advising clients on luxury investment purchases as well as offering Global Citizens the opportunity to purchase the LGC-Coin.
LGC-Coin Sale
Members will have two options when purchasing LGC-Coin.
Bond Street, London W1: Home to the world’s luxury brands
We will endeavour to put the LGC-Coin on the top ten global exchanges such as; Binance, HUOBI, Coinbase, Gemini and Kraken - further information to follow We are proud to announce that there will be a forthcoming physical exchange located in a very prestigious part of London, England.
Exchanges
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Please see the flow chart below for a detailed example of how the LGC-Coin journey operates from initial purchase to the sale of luxury goods.
LGC-Coin Flowchart
Clients visit on-boarding portal
Clients will be contacted to process transaction manually
Clients Complete AML / Application
Clients Confirm Amount of LGC-COIN
Clients Makes Payment / Bank Transfer
Clients has to decide where to store coins
ICO Ends / LGC Exchange Launches
Clients Collect Wallets / Coins
Clients Purchase goods by contacting Luxure Global Citizen
Mobile App Launches and Wallets sync to App
Clients Deposit on Exchange
Clients recieve goods
Clients Cash Reward deposited on LGC Exchange for Future Spending
Clients can buy more LGC-COIN or sell their LGC-COIN on the LGC Exchange
Clients make a choice for Cash Reward
Clients recieve cash rewards in 30 days
LGC Exchange
Pass AMLSTART
Fail AML
Is Corporate
OwnWallet
FIATCurrency
LGC-COIN
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Inspiration For A Family Legacy Within Our Currency
Mr. Luke Wilson’s son’s grandfather was awarded an OBE and held a senior position at the Royal Mint for over 30 years and is now retired.
This dedicated service to the Royal Mint inspired Mr. Wilson to take the LGC-Coin to new heights and to be the coins proudest ambassador for the next 30 years until he can hand it down to the next generation.
The Royal Mint is the world's leading export mint, making coins and medals for 60 countries every year. However, its first responsibility is to make and distribute United Kingdom coins as well as to supply blanks and official medals.
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The certificate of ownership comes in the values of one hundred and one thousand LGC-Coins. Each investor will be assigned a certificate of ownership that will be linked to
01 a serial number 02 a Luxure Global Citizen membership and 03 a wallet number
The certificate of ownership will be dispatched to investors within 28 days of purchase. This information will be archived internally with future plans to be able to accept these within LGC’s own physical exchanges.
Bearer bonds were implemented to ensure ease of transfer and the fact that these bonds could be issued in very huge amounts, using relatively few certificates, made bearer bonds preferable to using stacks of cash or some other negotiable financial instrument in the conduct of transactions.
Bearer bonds are also known as ‘coupon bonds’ because the physical bond certificates have coupons affixed to them that can be exchanged at an authorised agent bank for biannual interest payments, an activity that is commonly called ‘clipping coupons’.
Background Behind The Certificate Of Ownership
The idea behind issuing a certificate of ownership to attest the value of LGC-Coins purchase stemmed from the original concept of the bearer bond.
The inspiration of the old with the innovation of the new.Luke Wilson, Founder & CEO
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Summary
The foundation mission for Luxure Global Citizen has always been one that's focused on both value and quality. As a highly regarded global rewards platform, the main strength of the business is to work continuously alongside the world's most prestigious brands and to provide the ultimate shopping experience for our valued clients.
By introducing the world’s first cryptocurrency for the luxury market, investors will receive a signed certificate of ownership from myself and a future presence on the renowned Bond Street, Mayfair. Luxure Global Citizen will remain a family holding for generations to come.
Luke Wilson, Founder & CEO
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Luke WilsonFounder and CEO
The LGC-Coin Core Team
Luke Wilson was born in Nottingham’s Long Eaton, an area famous for furniture making. It was here that he undertook, and excelled at, an apprenticeship in that very craft. By the age of 22 Luke had founded his very first company. Headquartered on London’s famous Bond Street no less, Luke Wilson was the youngest business owner in one of the world’s most exclusive shopping districts.
Here he built an impressive portfolio of clients, the royal family among them. Within a select circle, he gained notoriety for his private commissions, including the world’s most expensive piece of furniture which sold for more than £3 million. With his creative work receiving widespread acclaim, the world’s most famous department store headhunted him and he became Harrods’ Private Client Director for fine jewellery and luxury watches.
During Luke’s time in Knightsbridge he conceived the Harrods luxury commodities idea. This translated as ‘alternative investment purchases’, with the potential to open up a new market for the retailer worth billions of pounds. Confident he could realise the potential of his new idea independently, Luke decided to leave Harrods.
After being introduced to the Editor-in-Chief of Luxure Magazine, a publication with a ten year history and a readership which includes royalty, diplomats and a range of other VIPs, Luke saw the synergy with his commodities idea.
To encompass the business of luxury commodities/alternative investments, the idea of starting the Luxure Global Citizen Membership scheme was born, which stands alone as its own entity with Luke Wilson as the Founder and CEO. The premise was clear from the start and remains: rival the Harrods Rewards Scheme by offering a 5% Cash Reward on purchases. This competes against Harrod’s points-based system where accruals take place after the purchase.
Testament to Luke’s vision and knowledge of his market, growth has been exponential. The membership scheme now covers 12 categories, namely: watches, fashion, jewellery, hotels, restaurants, cars, travel, yachts, jets, art, agriculture and construction. With expansion into more sectors planned, this is just the beginning.
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References And Influencers
01 “Blockchain Loyalty Programme: Cryptocurrency with Smart Contracts,” Softjourn, 2017. [Online]. Available at: https://softjourn.com/project/financial-java-innovative-blockchain-loyalty-programme
02 “BLT with DLT: Have it your way with WhopperCoin on Waves,” Waves Community, 25 Aug. 2017. [Online]. Available at: http://wavescommunity.com/blt-with-dlt-have-it-your-way-with- whoppercoin-on-waves/
03 “Incent Loyalty: Home,” Incent Loyalty, 2017. [Online]. Available at: https://www.incentloyalty.com/
04 “Incent Loyalty Merchant Prospectus,” Incent Loyalty, 2017. https://docs.wixstatic.com/ugd/3c35cd_78f9957e529a44a2a249bef04e450eb1.pdf
05 “Elements Whitepaper,” Elements, 2017. [Online]. Available at: https://theelements.io/assets/img/ELEMENTS-1.pdf
06 “Elements Mining Pool,” Elements, 2017. [Online]. Available at: http://52.53.50.42:8080/
07 https://etherscan.io/chart/tx
08 https://bitinfocharts.com/comparison/ethereum-transactionfees.html
09 https://patentimages.storage.googleapis.com/98/44/18/d476930eb25168/US5908441.pdf
10 https://www.youtube.com/watch?v=1w0_kazbb_U
With thanks toOur expert advisory ambassadors within the global crypto community:
Ms. Katarzyna Galos at Kas Graphics
The Future Converting LGC-Coins to Fiat Currency on our exchange for luxury global spending… coming soon.
www.luxureglobalcitizen.com
