Now is the time to welcome a new blockchain project, 2local®, which is developing its own decentralized ultra-fast blockchain and offers an excellent vision to use the richness of the blockchain to achieve sustainability and prosperity for all.
Many investors are not aware that most cryptocurrencies are just smart contracts on Ethereum that are only used for Initial Exchange Offering (IEO) crowdfunding’s. The exchange rate of these cryptocurrencies is usually artificially increased high when they are listed and then they are sold in large quantities by team members and those who were paid with these cryptocurrencies during the development phase. As a result, the price will drop to almost zero: the so-called “Pump and Dump”.
To avoid this Pump and Dump, 2local® ensures that the L2L cryptocurrencies have sufficient volume in relation to the available coins. The IEO coins will be locked over time, but most importantly, the coins are also used as “money” to ensure sufficient volume. 2local® is also building a platform to make connections between sustainable or local-to-local operating companies and consumers. The native L2L coin has a predetermined coin flow by offering a discount when buying this coin with people’s own app, giving cashback on sustainable and local-2-local purchases and by 2local®’s trading activities in coins at the exchange.
The cash back system is funded by transfer fees and profits of the rising exchange rate. The collection of transfer fees is integrated in the blockchain. This makes 2local® the first platform with an integrated utility in its own blockchain, and not as a smart contract running on another blockchain. The profits of the rising exchange rate are obtained by selling, holding and buying the L2L coin from the exchange with a smart trading algorithm that ensures a steadily rising exchange rate. This way, people don’t have to hold the currency to take advantage of the rising exchange rate, but can simply spend it to connected companies.
2local® does not profit from its users, but creates value with its users: a win-win situation.
Antony Chang
22 November 2020
