Bithumb Global, a Korean-based cryptocurrency exchange and one of the world’s most liquid, as per an update on Mar 24, listed the LCMS token. It is the native currency of the LCMS Platform whose parent company, LCM Science, plans to eventually list at the South Korean Stock exchange.
Listing and Creating LCMS’ Scarcity
LCM Science helps the platform realize its potential. This way, they can open up more opportunities for early LCMS coin buyers to benefit from price gains now that LCMS prices are still in discovery.
Aside from Bithumb Global, the token is also available for purchase at Digifinex.
Additionally, considering the LCMS token is used to transfer value and a channel of donating, users who want to contribute to novel causes or initiatives are free to do so.
As per the project’s whitepaper, LCMS coins used to fund projects in developing countries or for the underprivileged will be burned. By destroying coins, the value of the LCMS would rise as its scarcity increases.
A big part of the LCMS Platform is driven by the idea of charity and donation. Aforementioned, the LCMS coin will be a vehicle for accountability and funneling the much-needed funds.
Accordingly, from the one billion LCMS coins in total supply, a significant portion is set aside for donations. Every user or organization who wants to donate has to buy LCMS coins from the foundation.
If the amount allocated for facilitating donation is exceeded due to high market demand, the foundation will launch open operations to acquire LCMS coins from supported exchanges at spot rates.
As stated by the white paper, the exchange rate would be determined by matching the holders’ amount and funds deposited in the LCMS Wallet.
Expanding LCM Science Product Ranges
Notably, during the crowd distribution phase, the LCMS coin will be available as a dividend for investing in the platform—for buyers and organization.
Also, partners who strike collaboration deals with the LCM Science will receive LCMS coins. Here, the platform aims to use the coin to expand the LCM Science product range.
In return, with more products, the parent project will grow.
With global recognition, it would become more accessible for the project to list at the Korea Stock Market. Towards this end, the platform in Q4 2020, launched the LCMS wallet.
The LCMS Platform wants to make the world more sustainable, transparent, and more open to customers.
According to the LCMS Platform CEO, Byung-Hung Lee, the core properties of the blockchain, including transparency and distribution, make this emerging technology immensely useful. Some of its applications transcend cryptocurrencies and decentralized finance (DeFi), a sub-sector he believes is here to stay and disrupt overhaul traditional finance.
Through blockchain technology, the LCMS Platform helps in taking control back to the end-user and even garner an enthusiastic social following. Part of blockchain’s main value proposition is the ability to diffuse control, eliminate the middleman, and enable data generators to be in control.
Therefore, through the Ethereum-based dApps, platform users stand a better chance to make informed choices guided by data such as reviews and other information openly shared by other network users.
COVID-19 Diagnostic Kits
Also, to help abate the Coronavirus Pandemic effects, LCM Science began producing and distributing portable U.S. FDA-approved COVID-19 diagnostic kits.
According to the World Health Organization (WHO), COVID-19 is responsible for the death of over 2.5 million people across the globe.
Usually, test results can take a few days to a week. Therefore, LCM Science’s contribution, especially in diagnosis, goes a long way in helping contain the spread of the virus.