Lotucoin Whitepaper

LotuCrypto Ltd

10 min readApr 29, 2021

LOTUCOIN WHITEPAPER

PREPARED FOR

Lotucrypto Limited

PREPARED BY

The Lotucrypto Team

ABSTRACT

Cryptocurrencies, have emerged as a subset of alternative currencies to fiat currencies. Representing money in digital form, they differ markedly, from conventional currencies as well as digital payment services or mediums. Formally introduced in 2009 with the advent of Bitcoin (the first and basic cryptocurrency), this genus of currency has waxed stronger as there are now no less than a thousand different types of cryptocurrencies globally.

This document gives an insight into Loutcrypto, a secure platform for trading cryptocurrencies and gift cards with utility bills payments, and its native Cryptocurrency Lotucoin (Merchant Coin), developed as a means of linking fiat with cryptocurrency, Lotucoin distribution and how it benefits the Lotucrypto team and community, and goes more in depth on the Lotucrypto Economy, explaining revenue generation as a means of clearing the doubts and increasing the trust of Investors in the Project. Finally, a roadmap of feats achieved and intended to be achieved within the next 24 months are discussed.

1. Table of Contents

Table of Contents
Introduction
Brief on Cryptocurrency
Distribution
Tokenomics
Lotucrypto
Lotucoin
Lotucrypto Economy
Mission and Vision
Road Map
Acknowledgement
Reference

2. Introduction

There exist two worlds — virtual and real, both powered by currency. Crypto for virtual and fiat currency for the real world. Many if not all of us live and transact in both worlds. We make payment for food stuff with fiat currency and trade cryptos or store cryptos via exchanges or wallets. Most of the time, these transactions are done on different platforms. What if you have a platform that can perform both transactions? Imagine how comfortable that will be?. It is with this thinking that we build LOTUCRYPTO. With your help, we hope to build a platform that can be useful for both crypto traders and fiat currency traders.

3. Brief on Cryptocurrency

Blockgeeks

Cryptocurrency is decentralized digital money, based on blockchain technology. You may be familiar with the most popular versions, Bitcoin and Ethereum, but there are more than 5,000 different cryptocurrencies in circulation, according to CoinLore.

You can use crypto to buy regular goods and services, although many people invest in cryptocurrencies as they would in other assets, like stocks or precious metals.

How Does Cryptocurrency Work?

A cryptocurrency is a medium of exchange that is digital, encrypted and decentralized. Unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, these tasks are broadly distributed among cryptocurrency users via the internet.

Bitcoin is the first cryptocurrency. First outlined in principle by Satoshi Nakamoto in a 2008 paper titled, “Bitcoin: A Peer-to-Peer Electronic Cash System”, Nakamoto described the project as, “an electronic payment system based on cryptographic proof instead of trust.”

That cryptographic proof comes in the form of transactions that are verified and recorded in a form of database called a blockchain.

What Is a Blockchain?

A blockchain is an open, distributed ledger that records transactions in code. In practice, it’s a little like a checkbook that’s distributed across countless computers around the world. Transactions are chronologically recorded in “blocks” that are then “chained” together onto previous cryptocurrency transactions which are stored in “blocks”.

Euromoney

“Imagine a book where you write down everything you spend money on each day,” says Buchi Okoro, CEO and co-founder of African cryptocurrency exchange Quidax. “Each page is similar to a block, and the entire book, a group of pages, is a blockchain.”

With a blockchain, everyone who uses a cryptocurrency has their own copy of this book to create a unified transaction record. Software logs each new transaction as it happens, and every copy of the blockchain is updated simultaneously with the new information, keeping all records identical and accurate.

To prevent fraud, each transaction is checked using one of two main validation techniques: proof of work or proof of stake.

4. Distribution

Upon creation a maximum supply of 100,000,000 LOT (Lotucoin) was pre-minted, to achieve the Lotucrypto (Cryptocurrency ⇔ Fiat linking) goal. Below, a brief explanation is giving on the token distribution for each division, in percent and LOT value.

Circulation (50%) : Out of the 100,000,000 LOT total supply pre-minted, 50% amounting to 50,000,000 LOT will be in circulation for the general public to buy, sell or store. Pre-sale and ICO are inclusive in this 50,000,000 LOT.
Team members and Advisory Boards (20%): 20% share (20,000,000 LOT), will be set aside (vested) for the dedicated team members working on the Lotucrypto Project, this also covers for Partners and Investors.
Development : Product Development is a never ending process and a criterion for success, and as such, the Lotucrypto Team is setting aside a 10% cut, amounting to 10,000,000 LOT, for the continuous development of the Lotucryptio Project, and other side Projects that will increase adoption and use of the Lotucoin.
Marketing : Just as development is a constant process the role of Marketing can not be overemphasized. The success of every Product or Project depends greatly on the marketing (marketing strategy, marketing team etc) of the Company. The success of Lotucrypto and Lotucoin is our topmost priority, as we are poised on ensuring every Lotucrypto user and Lotucoin holder gets the maximum return on investment the Project can ever give. With this in a mind, a starting 10%, 10,000,000 LOT allocation has been set aside for this task. Exclusive of airdrop promotions.
Scouting and Coupon: As an external form of marketing and part of its solution to linking fiat and cryptocurrency, when Lotucoin goes live, the Lotucrypto team, will employ the service of agents, whose sole duty is to scout for product (both digital and physical) merchants that will utilize the Lotucoin as a means of payment at their business places, A coupon, which is a ticket or document that can be redeemed for a financial discount or rebate when purchasing a product, will be giving to registered and accredited merchants, both as a means of supporting and enhancing the growth of the merchants business, and as way of increasing Lotucoin market adoption. 5% amounting to 5,000,000 LOT is allocated for this.
Airdrop : An airdrop, in the cryptocurrency business, is a marketing stunt that involves sending coins or tokens to wallet addresses in order to promote awareness of a new virtual currency. Small amounts of the new virtual currency are sent to the wallets of active members of the blockchain community for free or in return for a small service, such as retweeting a post sent by the company issuing the currency. 5%, 5,000,000 LOT, will be airdropped to the Lotucrypto community who participate in and complete tasks assigned.

5. Tokenomics

6. Lotucrypto

Bitcoin is a digital currency that was created in January 2009. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.

Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies and it is operated by a decentralized authority.

Ever since the advent of Cryptocurrency, Bitcoin the pioneer Crypto has constantly been paving way and breaking world monetary records, and it obviously has no intentions of stopping anytime soon.

To every new technology there exists a problem of adoption. There will always be two groups of people, those who will stick to what they are already accustomed with and the enthusiasts who seek out for better ways of doing things faster and easier. When it comes to the concept of exchanges there are those who want to stick to traditional currency and those that appreciate the use of cryptos. In a changing world as ours, cryptocurrency is the new normal. Whilst we provide an avenue for alignment with the rest of the world, we also provide an opportunity for fiat currency enthusiasts to find financial expressions. Lotucrypto strives to provide a system that unifies these two divides; we seek to unify both views with a platform that can be used for financial transactions by crypto advocates or pro-fiat. LotuCrypto is that unifying ground, where people from both divides can meet to transact seamlessly, whether in fiat currency or cryptocurrency.

Judging from the fact that bitcoin is an asset that will continually increase in value, Lotucrypto ventured into the Crypto market with Bitcoin as a starting point. Regardless of the name Lotucrypto, the company does not entirely specialize in cryptocurrency trade.

In summary, Lotucrypto is a fintech that provides a secure and robust platform where its users can trade cryptocurrency, Gift cards, with easy and seamless access to Utility bills payment. In Other words, Lotucrypto makes it possible for users anywhere in the world to buy and sell popular Gift cards like Amazon, Apple, Google etc. and aid users in Nigeria (the start target demography), Pay up electricity, television, mobile data and airtime top up.

7. Lotucoin

The Lotucoin is the official Cryptocurrency of Lotucrypto, and it is tagged a “merchant coin”, that is to say, it was designed not only to be a means of exchange like fiat and bitcoin, but also as means to ease and promote merchants and their businesses. By adopting lotucoin as a means of payment, a merchant gets the benefits of a seamless, secure and swift transaction on the blockchain, and also gets coupons and vouchers to offer to customers who pay using Lotucoin. With the LotuCoin you can transact in the Lotucrypto app, which has a huge daily trade volume. Transacting the coin in our robust platform, Lotucrypto will enable the enlisting of the coin in other crypto exchange platforms. When this happens, early investors profit.

8. Lotucrypto Economy

Adoption of the Lotucoin will come naturally as a result of trust and confidence, and we are aware of the fact that the Lotucrypto community can have this trust and confidence in a working system with clear channels of income and well defined use of the Lotucoin.

Here we list and explain the Lotucrypto Economy and revenue generation.

Lotucrypto Mobile App:

The Lotucrypto app is a platform that meets the needs of both worlds (fiat and digital). And part of its services are crypto trade, Gift card trade, and Utility bills payment. From each transaction performed on the App, commissions are earned.

Escrow Agency:

Lotucrypto will provide buyers and sellers of commodities such as real estate, automobiles, etc an avenue to trade with ease, security and absence of conflict. For example, a potential real estate buyer can make payment on the Lotucrypto platform and the money will be escrowed until the seller provides necessary documentation. Upon verification of documents, the money and documents will be released to the seller and buyer respectively. For each deal, Lotucrypto will earn an agent fee (commission).

Merchant Payment:

Lotucoin used a means of payment for goods bought on physical (offline) stores, or digital (online) stores or platforms, like e-commerce, gaming sites etc. This service does not only return monetary cash inflow, but also value for the Lotucoin as this is a means of Lotucoin adoption and utilization by the public.

9. Mission and Vision

Vision:

Our vision is to be a leading fintech globally; one that will accomodate the relentless changes of the financial ecosystem.

Mission:

We desire to be the foremost platform that performs both crypto and non-crypto transactions.

10. Road Map

November 2020 : Lotucrypto launched its Android and iOS Apps.

March 2021 : Lotucrypto launched its Cryptocurrency, the Lotucoin.

March 2021: Pre-sale for Lotucoin was conducted and all presale coins swiftly within days.

April 2021: Lotucoin ICO officially started, with 2.5 million LOT, out for sale.

Below are milestones intended to be achieved within the next 24 months.

At least 100,000 Lotucoin holders and Lotucrypto App users.

Lotucoin available in at least 10 popular Exchanges (binance inclusive).

At least 1000 active merchants accept Lotucoin.

At least $1Million 24 hours trading volume.

11. Acknowledgement

The Lotucrypto team would like to acknowledge the efforts of the Lotucrypto community members, for their continuous contributions to the success of the Lotucrypto Project. We owe it all to you.

12. Lotucoin Team

LotuCoin has been developed by an experienced team of software developers and engineers led by Otu Andiong who is a Tech enthusiast, Chemical engineer and Entrepreneur. He has a history of building successful digital businesses. He founded and grew the ILance Global Concepts Ltd which is still running after 10 years. As the CEO, he has assembled a team of vibrant developers, digital marketers and crypto traders to build LOTUCRYPTO Ltd.