5 Things You Should Know About Lugh

Lugh
4 min readSep 6, 2021
  1. LUGH launched EURL, the most reliable euro stablecoin

The LUGH company has created the first european digital asset backed by the Euro (EURL).

The Lugh represents a real breakthrough for crypto-currencies by the syncretism it operates between the multiple advantages of crypto-currencies and the stability of one of the world’s most-traded currency.

This stablecoin is distributed to regulated brokers and exchange platforms to:

• Provide hedging in crypto-assets transactions

• Accelerate crypto-asset transactions

• Reduce transaction costs

EURL is backed with €, therefore ensuring the stability of its value and giving customers the chance to perform important transactions or hedge against volatility, without risk. Initially, the EURL is offered to Coinhouse customers in order to facilitate cryptoassets transactions for retail or professional investors seeking to protect themselves from the risk associated with the volatility of these markets.

Now, we will foster a massive adoption among crypto traders by multiplying the brokers and exchanges platforms offering the EURL.

2. LUGH uses one of the best-in-class blockchain technology

LUGH benefits from the expertise of Nomadic Labs, a French specialist of the Tezos blockchain, where the digital asset was issued.

It also benefits from the expertise of SCEME, which has encoded EURL smart contract on the Tezos blockchain and edited EURL emission and management platform. EURL is based on the public blockchain Tezos, an FA1.2 token was issued on this blockchain.

We chose Tezos for three main reasons:

· Robustness (formal verification, complex programming language)

· Local Initiative (French government backed blockchain, Francophile environment)

· Low carbon footprint

3. LUGH has developed a trust-environment around the EURL

LUGH is supported by an ecosystem of renowned partners (Coinhouse, Sceme, Tezos):

· Coinhouse is a Digital Assets Service Provider (DASP), a leading player in France in the field of crypto investment for individuals and companies. Coinhouse is a french company offering management and transaction services for crypto-assets since 2015, it is the first company to have obtained the compulsory registration of its activities within the Autorité des Marchés Financiers (AMF).

· Sceme is a leading player in the issuance of digital assets and infrastructures for managing and monitoring stablecoins. Sceme supports its customers from the specification and development phases of digital assets and their governance, and provides them with a management platform integrating on-chain control and accounting tools.

· Tezos is a decentralized, public and self-evolving blockchain. With low energy consumption, this breakthrough technology offers an unprecedented level of security in the use of smart contracts thanks to the use of formal proof.

The project is supported by experts in their field :

· Societe Generale is the account holder of the issuing company

· A Big 4 audit firm has been requested to certify each month the number of Lugh tokens issued and the balance of the associated Société Générale bank account. Indeed, we provide official monthly report access to our customers, attesting the presence of EURL counterpart in circulation on our bank account. All our monthly reports are available on our website.

We are also intending to be part of the current regulatory framework and we work closely with the French regulatory authorities (AMF, ACPR)

4. LUGH meets the expectations of new blockchain financial services

LUGH has identified various opportunities to leverage this infrastructure, this governance and this technology that we have created to explore new opportunities offered by the blockchain.

On/Off-ramp to buy tokenized assets

Lugh can serve as an on/off-ramp to platforms selling tokenized assets. When a transaction is made, both the sale and the payment will be made on the blockchain without having a central intermediary.

International transfers

International transfers as they currently exist are slow and costly. The use of a stablecoin based on the Euro allows for easier exchanges, more efficient international transfers and drastically reduced costs.

DeFi

Stablecoins are useful in the context of cryptocurrency loans. The value of the loaned asset remains stable over time and thus allows for optimal repayment and better management on the part of both the lender and the borrower.

Retail Use Cases

Lugh aims in a near future to use stablecoins in the retail world as a mean of payment and loyalty tool. Smart contracts can support native rules of loyalty programs attached to the payment. This technology can create multiple stablecoins pegged to euro instead of loyalty points and having inherent properties.

5. LUGH is growing fast

A few months after launch, more than 100M EURL have been traded on Coinhouse and our highest market cap was above 8M€.

Lugh team is dedicated to provide the most reliable stablecoin pegged to the euro. Stay tuned, there are more things to come…

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