LTBcoin is a brand new kind of thing. It is a crypto-rewards system where people who help LTB to be useful are rewarded for their efforts. And it’s built on Bitcoin!
LTBcoin is the proprietary token for the Let’s Talk Bitcoin Network. It is the exclusive token accepted for sponsorships. It will provide the user a significant discount in the network wide and ACT-specific e-commerce stores. It can be used in the network for tipping and will generally be useful in every corner of the LTB universe.
LTBcoin does not use computational mining. Instead, coins are distributed to the content creators, the community and the platform according to a fixed schedule. After a period of 260 weeks (5 years), all coins will be distributed and no new coins will be created.
LTBcoin is a user-defined asset using the Counterparty protocol. Counterparty is built on Bitcoin and is secured by the Bitcoin network. Because of this, LTBcoin addresses are exactly the same as Bitcoin addresses. LTBcoin can be traded on the Counterparty distributed exchange for Bitcoin, XCP or other user-defined assets. If you haven't got a Counterpart wallet yet, visit Counterwallet.co.
Please see the this blog post for an introduction of LTBcoin written by Adam B. Levine.
Disbursement
Initial Disbursement
Initial Disbursement
On the launch day, June 27th, 2014, 10% of the money supply (51,000,000 LTBcoin) were allocated > and distributed in the following manner:
40% were distributed to content creators over the past year based on the published records.
30% were distributed to the initial audience. This 30% was split as follows:
60% went to people in the initial LTBcoin community at large
40% went to key LTB thinkers and forum participators
15% were reserved as partner funds for future negotiations.
10% were allocated for current and future platform development.
5% were allocated as an initial vesting pool of CEO, CVO, CTO, CFO level positions.
Ongoing Disbursements
Ongoing Disbursement
LTBcoin will be distributed over a time span of 260 weeks with new tokens created and distributed weekly. The weekly distribution will be:
65% will be distributed to content creators
25% will be distributed to the audience.
10% will go to the platform development and maintenance.
The first weekly distribution will be on July 5th, 2014.
Supply
Money Supply Weekly Issuance
There is a total supply of 510,000,000 LTBcoin.
Each month new coins are created according to the published schedule, and they will be distributed according to the above disbursement information in a weekly or monthly fashion. At the end of year 5, and after the remaining LTBcoins are created, the ability to create more tokens will be locked via the >Counterparty Protocol.
Demand
What do I use it for?
Demand for LTBcoin is derived from the value it has as the exclusive currency used for purchasing ads on the LTB network. LTBcoin will also be the exclusive token that lets you participate in our contests, buy gear at discount in our stores, and participate in promotions and other surprises we come up with along the way!
Effective July 1st, 2014 LetsTalkBitcoin.com, the Let’s Talk Bitcoin! show, and the LTB network will only sell sponsorship space (on the web properties) or airtime (on the show) for LTBcoin, to the highest bidder, in LTBcoin, at our regular auction events.
How to Receive LTBcoin
First, visit CounterWallet.co and generate a free multi-wallet that holds bitcoins, LTBCoins and anything else built on Bitcoin using the Counterparty protocol. With one click you'll generate a secure 12 word password, you'll want to keep it safe as it's your private key. Once you've created your password, log into your wallet and you'll see three brand new bitcoin addresses you control.
Copy one of those addresses, then head over to LetsTalkBitcoin.com and login to your account in the upper right hand corner of the page.
Inside your account you'll have a few options, one of which is "My Profile" - Click on that, and at the bottom of the page you'll see a place to put your LTBcoin address. Paste your newly created bitcoin address, save the change and you're done! When we release LTBcoin later this month you'll be all set.
The LTB network will not sell LTBcoin.
