Seattle Startup Pledges 6,000 Bitcoins to El Salvador & Other Countries Following Suit
El Salvador is the world’s foremost nation to recognize Bitcoin as legal currency. Moreover, Joel Kasr, creator of KaJ Labs and Lithosphere, has promised to donate 6,000 BTC to El Salvador and other countries that have adopted bitcoin as legal currency, such as Panama. The money will be distributed in stages over the course of ten years by the KaJ Labs Foundation. The Foundation has reserved 5% of the entire supply of $LITHO for social responsibility activities, and this is the foundation’s initial purpose.
While a few countries, like Ukraine, Cuba, and Germany, have passed laws to regulate cryptocurrencies, El Salvador is the fioremost to recognize bitcoin as legal currency. El Salvador’s President Nayib Bukele led the charge to authorize bitcoin to be used as legal money. It went into effect in June 2021, marking a global historic landmark.
It would encourage investment in the nation while also assisting the 70% of people who do not have access to conventional banking services. It also assists Salvadorans living outside the nation who send money home, which accounts for 24% of El Salvador’s GDP.
The day before it accepted cryptocurrencies as official money, the government bought 400 bitcoin valued roughly $21 million. Individuals who want to make bitcoin transactions may use a national ID to join up for the country’s wallet app, Chivo. $LITHO is a new cryptocurrency that was just created on Binance Smart Chain. The LITHO utility token, comparable to Ether on the Ethereum blockchain, is utilized as gas on the Lithosphere blockchain and may be used for staking, network governance, as well as other value transfer activities.
$LITHO may be purchased via PancakeSwap and other BSC Decentralized Exchanges. The Lithosphere blockchain will provide scalability and interconnectivity throughout various platforms that back Byzantine Fault-Tolerant (BFT) consensus for increased flexibility, easier access, and quicker dealings across several blockchain networks, while allowing other blockchains to maintain total control over themselves.
Multiple techniques of value transfer may be carried out within a same management organization. Content producers will be able to create visual art pictures and tokenize those as non-fungible tokens using Lithosphere’s Deep Neural Networks in smart contracts (NTF). Individuals gain substantial benefits by staking LITHO to improve the security of the Lithosphere network.
KaJ Labs has unveiled a $500,000 $LITHO trading challenge on the decentralized exchange PancakeSwap, which will run from September 1, 2021 at 7 a.m. UTC through September 28, 2021 at 16:00 a.m. UTC. When LITHO is officially listed on 5 CEX, people will have the chance to earn a portion of the grand prize pool (Centralized Exchanges). With its blockchain technology and innovative strategy to cryptocurrencies, Lithosphere delivers the future to people’s lives.
It is the foremost platform to use inbuilt Deep Neural Networks to adopt Deep Learning in smart contracts. The platform’s inclusivity and compatibility with all current wallets, cryptocurrencies, and blockchains are among its unique characteristics.
The introduction of Lithosphere, as well as the donation of 6,000 bitcoin to El Salvador, is a significant component of the KaJ Labs Foundation’s dedication to social responsibility issues. The group has also contributed $5 million to Ripple’s fundraising campaign for the legal battle against the SEC.