/biz/ - Business & Finance

>>14832722
Thanks man.

>>14832722
Is someone gonna post live commentary? I can’t watch

What they saying?

still waiting

>>14832839
Sure, I'll try to summarise important bits with their timestamps

LOH WASSER WASSER WASSER WASSER WASSER WASSUUP?

>>14832903
What a kind human

END OF Q3 milestones confirmed

>>14832953
*bagholder

The stream has started. [3:50]

1. Do you think you will be able to deliver you roadmap before the deadline started? A lot of projects fail to deliver in time.

A: Sometimes things take longer in tech world. A lot of tech companies don't make deadlines. It's going very well for us and we promise (lition has never broken promise so far) that we will deliver online. He is overseeing the technical development and alpha is very stable. Deadline of 1.0 is in 2.5 months. End of Q3. Clear YES.

2. Can you provide us with links to your partnership with SAP and Windows?

A: Actual contract with SAP is under NDA. They don't want to mess with the lawyers an cannot share contract. He has video interview with SAP board member. Youngest boardmember in germany. CTO explained relationship of Lition with SAP in that video. Also explained in whitepaper.

Press releases with SAP: Whenever SAP does announcement, they typically only do it when they have a final solution. They don't typically do that when they are still working on something. Same for Lition. Once something is done, they will give press release. They're part of Microsoft for Accelerators program. He got a welcome mail from the acceptance to the program. They also got funding from MS.

3. Do you plan to get your token listed on more exchanges?

A: Yes. Already on 7exchanges and they want to be on more liquid exchanges. They want to be on binance dex. The vote is still going on till next week. Then the master nodes on binance dex are able to vote for them. They're very confident that they will WIN this vote.

Any support is appreciated

working on going to Binance DEX confirmed

4. Do you have enough funding to continue operations for many years in the future?

A: Yes we do. In whitepaper it shows how exactly we will use our funds. It's broken down by cost category: marketing, developments etc..They owe investers transparency. They've been below budget so far. They're confident they can sustain the current cost levels. Lition energy is a pure energy business and is in itself profitable. That's a very good organic revenue source. Lition is here to stay.

5. Have you sold coins you raised during ICO?

A: They've sold the coins (majority of ETH)

6. What is timeline for mainnet launch. Still september?

A: Clear yes

7. What is happening with LIT? Why the price drop within one week.

A: Due to token unlock. Private investors and seed investors. 90 days after 17th of april unlocked now. While we of course would appreciate if our investors hold onto the token, and we believe it's the right thing to do because we believe lition will increase in value a lot.They are still free to decide to hold onto the token or sell it. Lition has NOT dumped. We do not dump our own coin and we believe in the long term value of our own coin. Team token unlock is also really long away. (270 days from now). However we were also surprised a bit by the amount of sales and the sales impact. We have decided that we will discuss OTC deals for the unlock with investors so they do not dump tokens, but we have bilateral agreements to minimise price impact (THIS IS NEW NEWS)

team tokens will be sold in 270 days from today.
they were surprised by the amount of sold tokens from investors that were unlocked recently fro trading.

8. Are there further plans Q3.

A: New plans. VR bank in Q3.
1. Increased liquidity. I will release comprehensive strategy on this next week.
2. STO. Security token on lition blockchain. Security token offers data privacy on LIT blockchain.
3. Additional reallife usecases. Mainnet in Q3. Being best solution for commercial projects with data privacy and legal. We will have new reallife usecases that use our mainnet. Thats the purpose of lition, to have reallife usecases.

These are three very important messages I would like you to know that we will deliver in Q3 this year.

9. What utility does LIT have?

A: Lit has a lot of utility. Every transaction requires LIT token on the network. They will migrate energy usenet on final release of lit sidechain (mainnet). Then LIT token has real utility from customers outside of crypto world. (They'll use it in their own company to deliver services)

OTC deals nice. No market dumping nice. No litlers btfo.

10. Utilities outside of germany possible?

A: Only in germany for now. Go to lition.de. Enter your name, bank account and meter number. Lition handles switch

11. Moving to TOMO blockchain?

A: Ethereum is rather slow. If you're unlucky and network is slow, it will take a lot longer. It's okay for Lition use case if sidechains used. Some use cases are time critical though. For VR bank for example it's important to be fast. TOMO chain has block confirmation time of few seconds. TOMO chain also has cheaper transaction costs. We will also offer TOMO chain as additional mainchain.

12. What will drive Lition demand in future?

A: Whenever you have real life use case, there is a transaction. Every transaction requires transaction costs, which have to be paid in Lition token.

13. What is the reward for the 20k masternode?

A: We are not planning to have masternodes. Not sure where this information came from. These nodes in lit run sidechains. They validate and anchor sidechain to mainchain. To run node you dont need 20k lit. You just need 1000 lit. Why? We want as many nodes as possible. The more decentralized network is, the more robust it is. Also to participate in staking.

One more thing about staking: We know the staking rewards are result of how many users use blockchain. If many transactions, lot of lit transaction fees, these lit paid to stakers.

In start we will have 20% staking revenues (genesis stage). If you run node and by staking.

No wonder the market dumps like it does when there are people like this pouring their money in it. I cant believe there are people out there with enought money to invest in speculative projects with that much money who are this fucking stupid.

14. What are core qualities you look for when hiring a developer?

A: You really need to understand how coding works. He asks for hobby project. Picks some sort of algorithm, lets them code algorithm on paper and then asks questions (technical). To get feeling of if someone is a programmer at heart or if he just follows instructions. Only people that go the extra mile make the difference. At lit they want to make difference. 9/5 person doesn't make difference. You need a 'code heart'. That's what he's looking for.

7 developers at lit, internal external from outsourcing company and works well.

15. Could the technology have negative effects for people?\

A: With decentralization and privacy in general you have more positive than negative effects. If bad people use source for negative, they can, but they dont believe in centralized systems.

16. How many people at SAP work with you?

A: Well over a dozen (12) people are involved. Business people, architects and some other people you don't realize you have to deal with. Communication people, every wording needs to be aligned, legal people for corporate guidelines. Lower management, upper management. A lot more than you think of. He has to consider a lot of overhead when working with a tech giant with higher marketcap than BTC and ether combined (100Bil), then there's a lot of things to keep in mind.

17. How many outsourced devs?\

A: 2/3 developers outsourced. 1/3 insource. Website for developers isn't up to date. They will release their source on github when theyre at a level that theyre comfortable to share information. Probably next month.

18. Where do you LIT going 2 years from now.

A: In 2 years leading solution for commercial use cases that handle private data in a legally secure and safe way. We believe there's a large portion of companies that this applies to.

We hope blockchain stops being a niche and becomes an industry standard. We're becoming hard at this and we want to ensure Lition will become one of the leading technology providers in this area in the future.

This year Lition energy will be at 3 mill in revenue. Next year 7 million in revenue. Blockchain is separate. Blockchain revenue can go both ways.

18. Can you predict for 6 months what I'll have worth?

A: Not sure, he talks about HODL highway tool.

19. Question on staking

A: In Q3 (v1.0) or start of Q4.Definitely before genesis. For staking you need node (VPS) running.

>This year Lition energy will be at 3 mill in revenue. Next year 7 million in revenue. Blockchain is separate. Blockchain revenue can go both ways.

>currently mcap less then 3m.
>normally startups are valued 5-10X revenue.

massively undervalued token

20. Tell us more about the partnerships (Microsoft)

A: Whenever partners use Lition blockchain they need the tokens.

21. Biggest risk for Lition?

A: Corporate risk adversity. Bad crypto news often in news. Not good if you want to put private customer data on blockchain solution (LIT). SAP relationship helped a lot with that. CTO board member is giving a lot of credibility for them. VR Bank use case also gives a lot of credibility there. Lit also has real life revenue that helps them a lot. Still difficult to convince old-world corporates to use Lition blockchain.

22. Revenue of lit in future?

A: Look at forbes article. https://www.forbes.com/sites/alisoncoleman/2019/06/16/the-german-tech-startup-thats-shifting-power-from-the-energy-conglomerates-to-the-consumer/#9300dc265a45 We're in 200 cities. 3mil rev this year, 7 mil next year.

>>14833471

This!

Just loaded more...

Mainnet coming in 45 days...

Easy 10x!

23. Updates on japanese community?

A: Soon, stay tuned.

24. Lition wars funds usage too much?

A: Good point, we might reconsider if rewards are not too much. We'll discuss this internally in team

25. When will LIT be tradable on Binance Dex?

A: We're working on it.

26. Can you explain more about banking use case? When will it be live?

A: Banking use case has one lone taker and multiple loan givers. Loan givers use private keys to sign off the loan. We're in discussion with partner banks. Needs to be discussed in a way that it can be rolled out. Quite difficult to be adopted by normal bank users (people that work in loans, getting them to use blockchain solution). We are not there yet without the official go-ahead and this is not yet guaranteed.

27. Tone down lit wars a bit.

A: After so much feedback I think we should do something. Thanks for feedback.

28. Not any blockchain in world offers such a feature (data deletion for GDPR). But some support encryption, wouldn't this be just as secure?

A: I disagree. According to GDPR if customer wants data deleted, then the company is forced to delete the data. Let's say you have gym card membership card. Your bank account, size, weight etc..

If customer asks you to delete the data, the gym is legally forced by law to DELETE this data. The law is very clear about that. It does not say "Encrypt in such a way that technology cannot decrypt it". Large companies don't take risks. When laws says, you should delete the data, they will do that. That's why they need a technology that is bullet proof and that does actually delete the data.

this guy loves his company! there will be no scam or other bs.

29. Are you capable of .....?

A: We can make grid congestion available to network to increase prices. Congestion based pricing.

Lition is supposed to be a scam!!!

30. Does Lition energy work without the token?

A: Yes. We will migrate energy use case to our sidechain 1.0 (mainnet) though. On our website we do not tell our customers that we are using a blockchain. The normal customers are often overwhelmed by technical terms they do not understand. Let's face it, the normal person does not understand blockchain yet. With a too technical explanation, we'd scare off customers instead of convincing them. We (will?) mention it in FAQ section though.

>>14833318
kek

im so fucking bullish my balls hurt

>>14832938
Underrated

31. Could you tell us more about binance dex. There's deadline for the 26th of july. (On chain vote)

A: This means that binance vote operators need to vote for lition. We are confident that we are able to have a positive voting outcome. In the end it's open and decentralized voting process. We will appreciate if you as a community will support our application on binance dex forum where our application is listed.

32. Please specify 1.0 functionality

A: V1. is fully working system that contains all core components of LIT sidechain solution so operators can use it to run their solutions (VR bank will)

1. Put data on blockchain
2. Use lit token to operate it.
3. Anchor to solutions of sidechain to mainchain
4. Get staking rewards
5. Delete data

Things like smartcontracts, byzantine fault tolerance are also in it. Basically solutions a commercial company can use. In our whitepaper we said deleteability would come in V1.5, but we're ahead of schedule. It will come in 1.0.


33. Describe in detail your relationship to SAP.

A: Yes there is a contract. Exact details of relationship (described by jorgen muller in interview). Wording is in separate section in our whitepaper. Wording is specific and accurate. Needed to be aligned with SAP.

See whitepaper for this info.

34. Will partners of LIT utilize immediately after mainnet?

A: Word mainnet is a bit misleading. We developed sidechain on ETH or TOMO chain. Technical correct is V1.0 of LIT sidechain solution.

Lition energy will migrate immediately. VR Bank will migrate as soon as they reach commercial production.

35. Any new partners?

A: We will only announce new partners once we have contract signed

36. Staking incentive?

A: First year 20%.

37. How many employees work at Lition?

A: 20 people full-time.

38. What is your role in advising german government in regulating STO?

A: Whenever government has hearings they invite experts from field. There we are usually invited. Also as speakers on public events. I was invited to parlement and able to speak about blockchain innovation. Members of parlement come to him to get advice about STO's because they believe STO's are good for fundraising, but they don't want any scam STO's. They want adoption in a right way.

39. How does this help Lit? ^ above

A: We can design STO solution and speed, privacy, security to fullfill requirements. We are on a good track. We can become one of the leading STO platforms (at least in Europe).

50. Any plans to get 50k USD of trading volume on binance dex?

A: Comprehensive strategy next week. We take the topic very seriously and believe in the technology. (Liquidity, exchanges next week)

51. What are 600k token transactions from team?

A: Yesterday investor 90 day period passed. 2.2 mil tokens release. Some investors dumped. They're free to do that. This is a decentral world. We do not dump as a team as mentioned earlier. We also do not want that others dump because we believe in value of our token. That's detrimental to our token. Therefore we will approach our investors to create OTC deals to protect the price. Timeline: within a month or so.

52. Will Lition energy pay gas fees etc to stakers on mainnet?

A: Yes. it's a reallife use case and that needs to be processed. For that you need LIT token.

53. Code activity on git low

A: Yes. We are coding on bitbucket. Code next month. Will be open source. Otherwise no mainstream adoption we need.

54. Developers wanted?

A: Yes. if you are in Berlin, please apply.

55. What is your message to LIT hodler like me?

A: If you're a LIT hodler you're in it for the technology. We believe in a decentralized future and that's why we created LIT token. If you're not swinglitting or speculating, you think just like us.

56. Use cases besides energy?

A: Banking, STO's, law (data notarization), logistics (some info needs to be public)

57 (LAST QUESTION)
What is the status of the HODL highway?

A. You're halfway through. Hold on for the next three months and you'll get the full 25%.

Seems like very bullish news.

Alright, that was it guys. If you want to reward me in LIT for my efforts, send some here.

0xBb9c8496d37260cEF72d8C51Bc1Ba66F65317b82

>>14833914
gj anon!

>55. What is your message to LIT hodler like me?

>A: If you're a LIT hodler you're in it for the technology. We believe in a decentralized future and that's why we created LIT token. If you're not swinglitting or speculating, you think just like us.

OMG SELL SELL. I WANT MY MONEY BACK FUCK TECH

>>14833914
> -15,000.00 LIT
yesterday. You literally dumped over half of your LIT yesterday. I thought about it, but I will not support weak hand fags who dump a project like this when it goes down a few%

>>14834037
? It's actually on a sell order (X10 on Idex)

I only actually sold 7k LIT to short BTC from 10k to 9k. I don't want to miss out on pumps anymore senpai.

>>14833914
Sent

>>14834098
Thanks!

>>14832722
Lohwasser literally means "toiletwater"

>>14834518
LOL OMG SO FUNNY

>>14835079
Thanks for the upvote!

>>14834518
Pajeets come in all colours these days

>>14834518
kek

AHAHAHAHAHHAHAHA OUTSOURCED TO PAJEETS CONFIRMED

"NDA BUT WE'RE STILL BRAGGING ABOUT IT" LMAO

Jesus christ this will dump to 0.00000001

>>14835697
>cope