Notice 24 | LTT, Credits, and $LTT, USDC: Important Considerations.
February is a transitional month for Lootverse.
First, our 7 core sites are now released (although, there is still a lot of work to do, features to add, refinements to make), and second, we are dealing with the first third-party integration between Lootverse Core and a third party in-world exchange, Lootnance. This integration will act as a template for many more portal operator activities that are planned to roll out shortly.
With trades in LTT, we have to balance regulatory requirements and this means some very important changes as to how we deal with LTT and Credits. This notice addresses these changes.
(1) Cross-World, In-World Wallets.
(a-i) The Fund will soon have a full Cross-World Wallet and an In-World Wallet (A rudimentary version is there currently, but this is being upgraded). Cross-World Wallets contain currencies that can be converted to USDC ERC20 and extracted out of Lootverse, while the In-World Wallets are non-extracted currencies used within Lootverse.
As such when dealing with a Cross-World Wallet, we refer to $LTT and USDC ERC20, and when we refer to LTT and Credits, we refer to an In-World Wallet.
An account gets credited with $LTT as a result of:
(a) Mining in Loot Arena;
(b) Resales of products (inc. NFTs of all types that you own);
(c) Sales if you are a portal providing a product or service;
(d) Rent paid to you, sales of resources, and consumable units.
It is a pre-requisite to complete our know-your-customer check and agree to our terms prior to extracting USDC ERC20 out of Lootverse. The x-bridge from the Fund must be used for sales of $LTT to USDC ERC20. A 5% fee applies for using the bridge, which includes the exchange transfer fee.
(a-ii) Resources get credited as tokens to a Cross-World Wallet for the owner of a Natural Resource Extraction Plant (NREP). Resource A is considered pollutants in Lootverse and Resource B as clean energy. These can be sold for $LTT using the X-bridge (and $LTT 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 which is credited to the Cross-World wallet. If Resource A is used, this generates pollution that requires to 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 $LTT using the X-bridge (and $LTT 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 at the time rent is paid for a Unit. If there are no Consumable Units available at the time of rent payment, rent is burned and not received by the Unit owner.
A note about Offset tokens. These tokens are minted by the Lootversian Foundation based on each dollar spent buying carbon credits or supporting green activities or positive real-world activities (charities, etc). These must be purchased by polluters to offset Pollution Units.
(b) In-World Wallets.
In-World Wallets are the same as Cross-World wallets (with the exception of Pollution Units and Offsets), except that tokens therein cannot be used to convert to USDC ERC20 (and out of Lootverse). You can transfer $LTT to LTT or USDC to Credits, Resources, and Consumables to In-World Resources and Consumables. All of the In-World activities use In-World Wallets so you must ensure that you manage your In-World wallets adequately.
The Emissions are only produced in-world and cannot be traded. They are only relevant for Utility Plant owners.
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.
(a) In Loot Arena, miners will be shown their BUN, $LTT and Credit balances and transaction history.
(b) In Satoshi’s Lounge, Lootizens will be shown their LTT and Credit balances and transaction history.
(c) In the Government, Lootizens 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.
(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.
Learn more about Lootverse: lootnft.io
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