LimonX Review: Opening Up Global Use-Case For Cryptocurrencies
As Blockchain technology is continuing to build great momentum, cryptocurrency-based projects are also catching up with the speed and generating traction while trying to permeate all aspects of everyday life. There are many sectors in which digital currencies can be implemented, and it is only a matter of time until we see this technology everywhere. Think about the E-mail or the Internet– no one wanted them initially, and everybody was skeptical until, without even realizing, both changed our day-to-day life and improved it. Today, we couldn’t portray ourselves without them…
We recently discovered a new project – LimonX, a team dedicated to creating an ecosystem through which you will be able to use your cryptocurrency and contribute to their adoption. Even more encouragingly, the team has been successfully operating for a year in France under their former brand depensersesbitcoins.com. They are already in negotiations with several partners to deploy their Bank As A Service solution, further cultivating a compelling value proposition. Let’s see more details about LimonX in this article.
What is LimonX?
LimonX already allows you to convert your digital assets into usable vouchers, e-gift cards, or prepaid cards top-ups in a frictionless and convenient way: a simple e-mail address is enough to order. The team is ahead of its roadmap, with 500+ onboarded brands, which can be bought using the LimonX ecosystem. The prominent cards already available include Amazon, Zalando, Battlenet, PlayStation Network, XBOX, Netflix, Google Play, Steam, Mastercard Prepaid Debit cards.
The process to procure these cards is simple; you choose the desired gift/card from their catalog, decide the amount (ranging from 20 to 250 EUR, for up to 1K EUR in a single order) and make the payment in your preferred cryptocurrency. You can currently choose from 15 cryptocurrencies, such as BTC, ETH, ZEC, XMR, XEM, NEO, VTC, KMD, LSK, ETC, DOGE, DASH, DGB, or BCH.
How Does LimonX Stand Out
Here is a quick glimpse of the prominent markets where LimonX can create disruption and bring in a rapid crypto mass adoption.
E-commerce: Global retail e-commerce business is already a $3 Trillion economy and growing rapidly (it is expected to be $20+ Trillion within the next 5 years). Amazon is one of the major global players in this segment, and thus the partnership opens up a huge market for crypto mass adoption.
Gaming: With a $135 Billion market size, this segment is again expected to clock $1 Trillion by 2025. Add to that the emergence of mobile gaming, this domain is again huge. LimonX already has the power horses on board with XBOX, PlayStation Network, Google Play, iTunes, Battlenet, Steam, etc. These players have a major market share in the gaming industry and gaining momentum constantly.
Entertainment: A whopping $1.7 Trillion industry and, for many people, a lifestyle. The trends, however, are changing with the increasing penetration of mobile and data. The new-age trend is streaming, and LimonX already has a big deal with Netflix. Ticket Premium is also found on their partners, as well as iTunes for the music industry.
Prepaid Cards: These are as good as debit cards and technically the best route for crypto to make inroads into the Fiat domain. With MasterCard, we are talking about $2 Trillion worth of transactions. This alone has the potential to enhance the crypto market cap multiple folds.
Things are just getting started here! Currently, LimonX has started operations across Europe with obvious plans for global expansion and on-boarding more and more brands and categories. Moreover, LimonX is also building its own blockchain network, called LimonXchain. Simultaneously, their platform’s underlying base currency will be the LMXC coin, which uses cases within the ecosystem to get cashback on your purchases instead of paying fees.
LMXC coin is based on Proof of Stake (PoS) protocol and runs Particl’s open-source code algorithm. In simple terms, the minting/transaction verification is done based on the amount of LMXC coins held, while the use of Bitcoin Core 0.17.1.3 codebase will allow LMXC coins to be segwit and lightning network-enabled right at the time of its launch. Moreover, the team opted for the hardware cold staking, allowing a safer and more user-friendly alternative to masternodes. The total supply of LMXC is capped at just 13.1 million coins.
Other noticeable features of the project include:
- Coin Burn: 20% of company earnings will be used every quarter to buy back LMXC at the exchange rate and burn them. This controls inflation and reduces the total supply, and the probability of LMXC valuation growing increases substantially.
- LimonXlist: A Peer-to-Peer platform for exchanging goods and services using LMXC coin as the primary form of payment. The platform is expected to be available at the launch of its blockchain.
- LimonXshops: This will be the next stage of development, allowing merchants to set up online stores for selling their products or services in exchange for the cryptocurrency of their choice.
- P2P Transaction: In a nutshell, to act as a global bank for fund transfers.
- LimonXPro: This feature is already live on the portal. It is designed to meet corporate needs, ranging from using crypto to buy office equipment, furniture, and stationery by gift cards to payroll management, workforce business expenses through the use of pre-paid cards.
Private Sale & IEO (Initial Exchange Offering)
The team made a smart move by developing a working product before going live with its blockchain solution and IEO (Initial Exchange Offering). Having already a working product before it clearly shows the team’s dedication to making the project successful and helps investors with the decision making process.
The Private Sale of LMXC coin is set to launch on the 1st of May 2019 with a Hard Cap of 4.1 million, out of which 10% will be company reserve locked for 2 years, and the team is looking to apply for well known IEO programs during the private sale phase. The funds will be used for business activities like marketing, partnerships, operations, legal, etc. The Network will go live for PoS on 1st January 2020, while the annual reward allocation is 1 million till the end of 2028 when the total supply cap will be achieved. Thus, the rewards become a great store of wealth, and early adopters are expected to gain immensely due to growth if the under assets’ value assets and compounding benefits. 10% of the block rewards will be allocated to manage the cash-back program.
Briefly, we now have a tool in our hands, which can fast track the global crypto mass adoption process. It not only makes use of crypto easy for the masses but, most importantly, contributes towards greater usage, which will eventually help crypto become a household name in days to come and provide financial freedom, which we all aspire for. Remember, the end goal is using your crypto, not holding it forever!