LGCY Network establish the Community Trust Initiative
33.33 billion LGCY tokens staked permanently to fuel sustainable ecosystem growth.
LGCY Network is pleased to announce that in service of its mission to build a truly decentralised and community centred network it will allocate 33.33 Billion tokens to a Community Trust program.
The Community Trust will utilise 16.66 billion tokens from Years 2 & 3 (33.33 total over 2 years) of the project which will be staked indefinitely providing the governing bodies with a perpetual fund supplying a revenue stream of USDL to support the future ecosystem development and project on-boarding forever.
The 33.3 Billion tokens which will be staked / frozen permanently will be in addition to the Year 3 burn of a further 33 billion tokens to fully decentralise LCGY Network, as well as 12.6 billion tokens unsold from the pre sale stage which were burned in August.
Following the announcement the effective supply either staked permanently or burnt by Year 3 of the project equates to 79 billion tokens.
The main goal of the Community Trust is to ensure the longevity of the network ensuring financial support and incentives are available to the governing bodies. The staked LGCY will provide a yield in USDL and allocation of funds would be subject to the governance and voting protocols of the network as laid out in the White Paper (Libertas Protocol).
This development provides more utility and control over the network to the governing bodies, while also further supporting the LGCY mission of building the Worlds Most Truly Decentralised Blockchain network.
In addition it recognises our community, and looks to ensure more power to our community and early investors who have helped to establish the early stage support for LCGY Network.
The effective circulating supply for LGCY Network by Year 3 as a result of the Community Trust , Decentralisation Burn in Year 3 and Unsold Pre Sale will be 21 Billion tokens; ~80% less than #TRON $TRX. This includes tokens either burnt or subject to the lifetime stake (frozen)
LGCY Network continues to strive to build a World Class Blockchain Network where our Community Spirit and support for the developer community is central to the decision making approach we take for sustainable growth of the ecosystem.
About LGCY Network
LGCY Network is a DPoS, open-source blockchain protocol with industry-leading transaction speed and flexible utility. Running on the Libertas Protocol, LGCY Network aims to be the most decentralized dApp blockchain in the world.
LGCY Network began as a fork of the TRON blockchain. The essential base and functions of TRON will remain for LGCY with the major differences lying in the system of governance and the focus on community.
LGCY Network will bring true decentralization with DPOS by implementing the Libertas Protocol to the Super Representatives (SRs) system of governance. By splitting up the 27 SRs into three branches, limiting the power of each, and introducing terms to the governance system, no single large token holder will be able to gain an unbalanced amount of power. Striving for true decentralization.