Notice 24 | LTT, Credits, and $LTT, USDC: Important Considerations.

February is a transitional month for our ecosystem, as our seven core sites are now released, although there is still much work to be done with features to add and refinements to make. Additionally, we are dealing with the first third-party integration between Lootverse Core and Lootnance, a third-party in-world exchange. This integration will be a template for many more portal operator activities anticipated to roll out shortly.

Making some critical changes to balance regulatory requirements when dealing with TIX and Credits is necessary. This notice addresses these changes.

(1) Cross-World and In-World Wallets:

(a-i) The Fund will soon have a full Cross-World Wallet and an In-World Wallet (a rudimentary version is currently available, but this is being upgraded). Cross-World Wallets contain currencies that can be converted to USDC ERC20 and extracted from Lootverse, while the In-World Wallets are non-extractable currencies used within Lootverse. As such, when referring to a Cross-World Wallet, we refer to $TIX and USDC ERC20, and when discussing TIX and Credits, we refer to an In-World Wallet.

An account obtains crediting with $TIX as a result of the following:

(a) Mining in Arena;

(b) Resales of products (including NFTs of all types that you own);

© Sales if you are a portal providing a product or service;

(d) Rent paid to you, sales of resources, and consumable units.

Completing our know-your-customer check and agreeing to our terms is a pre-requisite before extracting USDC ERC20 out of Lootverse. The x-bridge from the Fund must be used for sales of $TIX to USDC ERC20, for which a 5% fee applies, including the exchange transfer fee.

Fig 1. The Cross-World wallet in the Fund. To note the USDC ERC20 will be replicated in the Government where USDC comes in from earth and USDC gets sent to earth. There, the USDC will have a button that says “Get Paid.” This will generate an invoice and the USDC ERC20 transferred to a user whitelisted address.

a-ii) Resources get credited as tokens to a Cross-World Wallet for a Natural Resource Extraction Plant (NREP) owner. Resource A is considered a pollutant in Lootverse, and Resource B is clean energy. These can be sold for $TIX using the X-bridge (and $TIX can be converted to USDC using the same X-bridge).

(a-iii) Resources must be sent in-world (or purchased on an exchange) and used in Utility Plants to convert to Consumable Units, credited to the Cross-World wallet. If Resource A is used, this generates pollution that must be offset (or canceled) with Offset tokens (this is not the case with Resource B). A Utility Plant owner must have 0 Pollution Units at the time Consumable Units are transferred (or burned); for ease, Offset tokens are automatically burned with Pollution Units at the time of an event of transfer (or burn). Consumable Units can be sold for $TIX using the X-bridge (and $TIX can be converted to USDC using the same X-bridge). They can also be transferred for use In-World.

(a-iii-1) Consumable Units (in an In-World Wallet) are automatically burned when rent is paid for a Unit. If no Consumable Units are available at the time of rent payment, rent is burned and not received by the Unit owner.

Offset tokens are minted by the Lootversian Foundation in response to each dollar spent to purchase carbon credits or support green or positive real-world activities (e.g., charities). Polluters must buy these tokens to offset Pollution Units.

Fig 2. How Lootverse works for World Builders. The elements replicate real-world interaction but with some simplifications that are extensible with more granularity.

(b) In-World Wallets. In-World Wallets are the same as Cross-World Wallets (with the exception of Pollution Units and Offsets), do not allow for conversion to USDC ERC20, and tokens stored within them may only be used to transfer $TIX to TIX or USDC to Credits, Resources, and Consumables to In-World Resources and Consumables. All in-world activities necessitate In-World Wallets, so users must manage them accordingly. Emissions are produced exclusively in-world and are not tradable, only relevant to Utility Plant owners (see Figure 3).

Fig 3. In-World Wallets shown in the Fund.

IMPORTANT. When the upgrade is implemented for Cross-World, In-World wallets, you will be required to log into the fund to transfer $LTT to LTT to bid in Satoshi’s Lounge plot sales or perform any in-world activities (such as sending LTT to Lootnance from their portal; this is because if you would like to receive USDC for $LTT sales you must use the X-bridge). Your balance in LTT will otherwise show a 0 balance.

(2) Impacts.

(a) In the Arena, miners will be shown their BUN, $LTT and Credit balances and transaction history.

(b) In Satoshi’s Lounge, users will be shown their LTT and Credit balances and transaction history.

(c) In the Government, users will be shown their LTT and Credits, together with their $LTT and USDC ERC20 and transaction history. To note, the Government is the official portal to enter and exit Lootverse. The exits from Lootverse will be required to be done through a portal owner wallet or exchange provider.

(d) The Fund will show all wallets, including that of emissions specifically for Utility Plant owners.

Fig 4. The various token types (excludes NFTs) shown across the world. This streamlines the management on a per site basis to all Lootizens, showing them what they need at any particular point in time.

(e) An in-world connector by the “Bank of Lootverse” (much like Metamask for Lootverse) will allow people the ability to authenticate with Portal Operators to deal with their in-world assets (transfer, pay invoice, etc.). This is currently in use in a restricted capacity with Lootnance.

Should you have any queries or clarification about the topic visit the Parliamentary Floor at Discord or contact our team on Telegram.

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