Introduction to LVN: What You Need to Know
What began as an Australian rewards-based mobile payment network is set to become a trailblazer in the world of cryptocurrency.
Liven was founded in 2014 by friends Grace Wong, William Wong and David Ballerini, as a way for customers to pay for food and beverage purchases via the Liven app. The company currently has over 200,000 users shopping across over 1,000 of Australia’s best restaurants, cafes, and bars.
Those users then earn rewards back as 10–30% of their bill which they can either save, transfer, or spend within Liven’s network of merchants, or even donate to charity.
Liven is now expanding this model, with the introduction of an Ethereum ERC20 token, to be known as LivenCoin, or LVN. Powered by blockchain technology, LVN will be the first global food economy, and a revolution in the everyday use of cryptocurrency.
Five billion LVN tokens will be created as part of the LVN Initial Coin Offering, and 1,750 million of these will be up for grabs to for investors keen to get in on the ground floor of this exciting development in the Australian blockchain ecosystem.
Expressions of interest can currently be registered at livenpay.io, and the public pre-sale will launch in a few months time.
Enter the LVN
Unlike other cryptocurrencies such as Bitcoin, which are prone to extreme price volatility, LVN will be subject to an internal conversion rate that allows consumers and merchants to transact within the Liven network with confidence.
We believe lack of stability is one of the things holding both businesses and consumers back from adopting crypto on a larger scale. While traditional ‘fiat’ currencies such as the US dollar deviate by just 0.5 to 1 percent daily, the value of many current cryptocurrencies can vary by up to 15 percent in the same time period.
Meanwhile, consumers have been discouraged by fears that the coins they hold lack an intrinsic value. This is the gap in the crypto market that Liven hopes to conquer.
Benefits for both merchants and customers
LVN will tackle some of the major drawbacks of other cryptocurrencies, with it’s unique internal conversion rate helping to reduce volatility and provide for intrinsic value within the Liven Platform. By springboarding this new currency off the back of an already well-established business with an already implemented virtual currency system, Liven aims to use the funds raised via its ICO to further expand the Liven network to cities including New York, San Francisco, and London.
Liven also strives to solve the financial and technological constraints that deter small business owners from adopting cryptocurrencies, by making the payment gateway as user-friendly as possible. For example, merchants will be able to choose whether they would like the funds they receive paid as LVN or traditional currency, regardless of which payment method their customer has used.
Liven currently offers a reward system, giving consumers a percentage of their bill back as LivenCash, which can be put towards their next bill or donated to charity. The introduction of the blockchain-powered crypto-payment gateway means that customers can continue to enjoy the reward program, with more control over how to spend their rewards. Businesses will further benefit from the closed-loop system, which means all LVN will, at some point, be redeemed within the network.
Unique opportunity: An Australian ICO with global reach
Moving from the current internal currency (which is pegged to the Australian dollar) to the new internal model will make the Liven Network accessible to global travellers, and enable the business model to expand on an international scale.
LVN is unique among initial coin offering projects, as it has been built onto an existing payment network that already boasts more than 1,000 brick-and-mortar businesses, and over 200,000 consumers.
Further details on the LVN presale and the economic model on which the coin is based will be provided in the whitepaper, which is due for release shortly.
Read more about how The LivenPay project is building a stable cryptocurrency for the real world, and making the capabilities and benefits of blockchain technology accessible for brick and mortar businesses and everyday consumers in this announcement.