Hello there, everyone! Here’s my brief review of the LipChain project. Basically, it’s a blockchain network for surfers where they can find everything they need.
What is LipChain exactly?
LipChain is a decentralised social network designed for surfers all around the world. It covers everything they need, like socialisation, monetisation of their content, sponsorship programs, and even charity events for oceans’ cleansing! The surfer’s sponsor will be displayed at the top of the video, and the operator’s sponsor will be displayed at the bottom. The app will distribute 60% to 40% between the surfer and the operator. If it’s sponsored, the distribution will be 40% to 20% or the other way around. In the sponsored case, 10% will go on the development and management of the app. The other 30% will go on:
- 5% on contest prize pools
- 8% on moderation reward pools
- 5% on the cleansing of beaches and oceans
- 2% on purchasing new contents
- 10% on the structure of centres with pools for surfers, providing year-round conditions for professional training, thus providing more than 1000 surfers per day with high-quality waves.
They will build the first centre in Ericeira, Portugal, 22 miles north of Lisbon. They’re also planning to structure the first waste-free eco-resort. The pool will be almost a mile in size, and the beach 32 miles long with shops, villas, and restaurants included!
The Problems LipChain Will Solve
- Natural factors and weather that do not always create favourable conditions for surfing
- Crowded state of places suitable for surfing
- The general expensiveness of doing professional surfing
- The lack of sponsorship for the beginners
- Limited access to international competitions
- Long-term to reach the professional level
- Pollution of the seas and oceans
The Safety System
Multimodal biometric authentication is used to ensure complete user protection. It’s a way to get access to the app using 2 or more of your biological features. Basically, that means you can use your facial features or fingerprints to do it. A 100% security feature, if you feel like it.
The functionality will include the following features:
- Transfer possibility: receiving and sending various tokens, including LIPS, from any or to any Ethereum wallets.
- No commission: no interest will be charged for the transfer of LIPS tokens, only a small fee for using the blockchain tech
- Transparency: the user can view transaction history in his Ethereum wallet at any time.
- Easy to use: the wallet is designed to be user-friendly.
- Reliability: the LipChain wallet is designed based on Ethereum, therefore it is equipped with all the methods of protecting Ethereum wallets, and will also have the private and the public key encryptions. In addition, the wallet will have a one-time password - OTP authentication and a touch-ID system (fingerprint identification). You will have an option of using that for authentication if required.
The LIPS Tokens And The Crowdsale Details
The LIPS tokens are a utility currency used for the sponsorship funding, purchasing, trips to the eco-resorts and LIPWAVE pools, moderating, and prize pools.
Token type: ERC20
Total cap: 1 billion LIPS
Soft cap: 3 million USD
Hard cap: 20 million USD
Total number of tokens available for purchase: 210 million LIPS
Bonus tokens: 125 million LIPS
Last day of crowdsale: November 15, 2018
The price for 1 LIPS: 0.1 USD
Minimum fee: 50 USD