Recently, the blockchain market has witnessed a precedent. Unlike most startups attempting to raise funds for the development of their projects, an existing company with over 50.000 customers and 10 years of market experience started its own blockchain initiative, with the ultimate purpose to integrate blockchain technology to all of its operations in the foreseeable future.
The LCG Energy project
The LCG Energy company is a well-known energy supplier and contractor with over 10 years of experience on the market. 5 years ago, the company acquired licensing by the German and Austrian Federal Network Agencies for Electricity, Gas, Telecommunications, Post and Railway and became one of the few independent providers of electricity in the D-A-CH region.
Two years ago, LCG Energy recognized the potential of blockchain technology and the benefits it could bring to the energy industry as we know it. In the eyes of the consumer, the energy sector has been always associated with monopolistic structures due to the high market barriers such as capital investments and legal requirements, preventing smaller providers from entering the market. Few big companies thus control the market and are able to influence the prices for the end consumer because of the lack of transparency and informational asymmetries.
The LCG Energy project revolves around the creation of an energy ecosystem that will ultimately increase the value of energy its participants consume while also lowering its cost. The company plans to achieve its mission by using its established technical infrastructure, vast partner network and implementing blockchain technology for all of its operations, which will result in an increased efficiency for both the consumer and the provider. Thanks to blockchain technology, consumers will have the full information about the energy acquisition of the company and their consumption available to them at any time. LCG Energy believes that raising the trust in the energy supply companies is also in the best interest for them, because it will prevent the possibility of fraudulent activity from the user’s, such as meter manipulation, lead to less resources spent for settling legal disputes and fines, as well as an increased incentive to consume more energy for businesses, resulting in higher overall productivity.
Blockchain can also aid in the optimization of energy consumption. LCG Energy has been installing Smart Meters, innovative devices that are superior to the traditional electricity meters. These Smart Meters transmit information about the consumption of each customer digitally to a server where it is stored and analyzed. With blockchain coming into the fold, users can be certain that the information flow is completely transparent and unaltered.
The LCG Token
The LCG utility token will be the driving force behind the economy of the LCG Energy ecosystem. Its main application in the first version of the LCG platform will be to offer direct customers of LCG Energy the option to pay for their utility bills with a digital currency securely and quickly. To encourage the increasing adoption of the LCG token among LCG Energy customers, LCG Energy will offer a discount of up to 20% to anyone who decides to use their token to pay for their services.
Furthermore, the token will be used as the currency that facilitates all transactions made on the LCG platform for all services available to its users. People willing to invest in renewable energy projects on the LCG Energy marketplace will be able to do so only with LCG tokens. Any services offered by the thousands of providers of energy related products in the LCG energy ecosystem will be obtainable for LCG tokens.
LCG holders will be incentivized further with special loyalty rewards based on their activities with their LCG tokens. The rewards will be tired and will be granted to users who manage to reach certain thresholds of LCG tokens – either spent for energy related services and investments or as a total account balance. Additionally, early adopters of the LCG tokens will also receive rewards such as bonus tokens, preferential conditions for services in the ecosystem and more.
The LCG Token Sale
80% of the funds collected via the 3 stages of the LCG token sale will be used to purchase energy on the open markets and to invest in renewable energy projects. 20% will be held by the project team, including their advisory board.
A total of 2.500.000.000 LCG tokens will be issued, with 1.750.000.000 LCG to be sold in three stages: Private-sale, Pre-Sale, Main Sale.
- Dates: 01.08.2019 — 31.10.2019
- Hard cap in Private-Sale: 350,000,000 LCG
- Minimum Buying Amount: 5000 EUR
- Bonus on the Private-Sale Stage is 35%
- Date Pre-Sale: 01.11.2019 — 31.12.2019
- Minimum Buying Amount: 1000 EUR
- Hard Cap: 525,000,000 LCG
- Bonus on the Pre-Sale Stage is 15%
- Dates: 01.01.2020 — 29.02.2020
- Price: 1 LCG = 0,10 EUR
- Hard Cap: 875,000,000 LCG
The funds raised during the token sale will be distributed as follows:
- 14% Marketing
- 6% Development
- 80% Energy reserves and investments in renewable energy projects
The LCG token sale has started on the first of August. The first phase will last until the end of October and will offer 35% bonus tokens on all investments above 5000 EUR. Those that are planning investments less than 5000 EUR can still get 15% bonus tokens on their purchase during the upcoming pre sale, which will commence after the private sale has concluded on the 31st of October. The pre-sale period will last 2 months and will end on the 31st of December, 2019.
You can visit https://lcg-group.de/ and secure your LCG tokens at the reduced price while the private sale is ongoing.
Disclsoure: This is a sponsored press release
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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