LitBit: Who we are and why we chose Cronos
As an upcoming elite launchpad, LitBit is on a mission to provide every type of investor with access to carefully curated projects of only the best quality. As for project developers, it provides them with the perfect incubator, allowing them to get access to the funds they require for their ideas to truly flourish.
To get a better idea of who we are and what LitBit does, let’s dive a little into how our story began.
How we started
The main ideators of LitBit, Steve Jones aka Savage Refinisher and Tino Skelin aka Brokva, met while working on a BSC project. The project had a lot of success in the beginning, although at a certain point they found themselves droning hard — while not getting much in return.
During the project, they met a wife and husband duo Jessica and Lee Kingsley, aka ShadowFlux and Westy. Westy was the Community Manager, while ShadowFlux, the Social Overseer, became known fondly as the Mom of Mods, the most beloved person in the entire project community.
They were assisted by Katie Sparks aka Sassymama, Brad Sparks aka Proximal, and Luigi Retzkowski in all things Discord-related. The group, however, communicated entirely on Telegram. They were also joined by their investor and Savage’s Telegram friend Hector Landron aka CryptoDarkness, and Nikša Mešin, Tino’s real-life friend.
And thus emerged the awesome group that would soon become known as the LitBit dream team.
After their original project was completed, the entire group left the company to focus their attention and energy on the new undertaking — LitBit. The new project gave them something they never had before and what was generally missing in this industry — a big family and safe place where they could joke around and have fun together.
Soon, we got more additions to this happy family, like Kristijan Glibo, our main developer at LitBit and an owner of a blockchain development company. They all made our community bigger, better, and stronger by sticking together.
Hand in hand, we have embarked on creating a complex platform with multifold utility, including:
- Incubation: Providing project developers with business and utility advice, connecting them with KOL channels, and more, to help bring their projects toward success.
- Launchpad: Pushing high-quality projects that meet our strict criteria, such as demonstrated purpose and utility, full KYC, and carefully vetted team members.
- Lottery system: An anti-whale system to provide common investors with more opportunities to fund their favorite projects. Holders of our token will be issued tickets that give them more chances to get picked for an allocation spot.
- Liquidity locker: Part of our custodial wallet and ensuring tokens are securely locked by a third party until the moment they’re released and allowed to be sold.
- Token vault: A similar concept as the liquidity locker, ensures safe transactions by allowing both sides to lock their tokens, knowing neither side can pull them out on a whim.
- Minting lab: The autonomous minting lab devoted to minting tokens and NFTs for presales, after which the tokens are pushed into live trade.
- NFT creation: Creating 3D NFTs in cooperation with some exceptionally talented artists, with utility connected to our launchpad and tickets.
- Payment protocol: Under wraps for now. In short, the team plans to make it possible to purchase via this protocol in all online shops, without requiring the shop to implement it on their website.
- Farming/staking: Offering single pool staking of LitBit’s own token along with others. Yield farming between the native token and others paired for rewards, along with liquidity pool staking. The native token staking will be incorporated into the utility usage through the anti-whale lottery system. The plan is to also make a direct fork to Crypto.com staking, which will allow us to add its staking pool to our platform.
The decision to go with Cronos as our network of choice was a rather simple one, for many reasons.
As you may know, Cronos is an open-source decentralized public blockchain built on top of the Cosmos SDK and launched by Crypto.com in November 2021. Compatible with the Ethereum Virtual Machine (EVM) and acting as Crypto.com’s sidechain, it has plenty of advantages.
It is the first Cosmos EVM chain built for DeFi, NFTs, GameFi, metaverse, and Web 3.0. But most importantly, it allows developers to easily migrate apps and smart contracts from Ethereum and other EVM-compatible chains to Cronos.
In other words, Cronos enables high interoperability between Crypto.com and other chains.
Thanks to providing a faster and cheaper platform for dapps, Cronos solves the issue of rising Ethereum gas fees. It also uses a faster, more streamlined, ecologically acceptable, and scalable consensus mechanism — Proof of Authority (PoA).
As for Crypto.com itself, it is growing unstoppably, leading the way in mainstream marketing and adoption push. The low-cost cryptocurrency exchange is currently counting 10 million users.
It’s easy to see why it’s so popular.
Traders love it because it supports trading over 150 cryptocurrencies and more than 20 fiat currencies, with as little as $1 in their accounts. Then there are features like wallet storage, NFT trading, staking, crypto Visa card spending benefits, and rich referral rewards — just to name a few.
We are strong believers that Crypto.com and Cronos are the future of the crypto industry, both when it comes to regulations and many other important matters. We also hold innovation in high regard and firmly believe that oftentimes new is certainly better.
On top of that, the BSC projects we worked on left a sour taste in our mouths. Despite all the time, money, and energy we were spending on them, we were just continually overwhelmed by scams and shifty developers that were up to no good.
For all the above reasons, we realized that Cronos was the answer and exactly what we wanted for our tokens. Its benefits, primarily the interoperability, will allow us to fulfill our plans. These plans, among many other things, include organizing initial DEX offerings (IDOs) from cross-chain networks such as Cronos, Ethereum, BSC, and Polygon.
Join the innovation
LitBit relies on the most advanced innovations in the world of crypto to bring project developers and investors together into one platform, solving multiple problems with its valuable utility. Not only that, but it gathers enthusiastic seasoned professionals that have it in them to bring these plans to fruition.
Now that you know a bit more about who we are and our plans, you can understand what LitBit is aiming to achieve and join us in our endeavor. To get more information, check out our Telegram, LinkedIn, Twitter, or Discord. We’ll be waiting!