Lescovex is creating a platform that allows the easy creation and exchange of ERC-20 cryptocurrencies. The company is also creating its own cryptocurrency, the LCX, which will be required to create a currency within the system.
While Lescovex is developing interesting and powerful technology, it's not entirely clear how businesses or other customers will approach it, or whether its features will be desirable enough to stabilize its currency's value.
The Lescovex LCX Team
Lescovex features a relatively large team for a start-up company; the website lists 16 developers and executives, and 15 advisors. Much of the team is still very young, but their LinkedIn profiles reveal impressive educational credentials and professional experience. The team is based in Spain.
The company is working to build a strong presence on social media, with pages on many different sites, but it still has a relatively small base of followers; its Facebook page has about 1300 “likes,” and its Twitter feed has about half that. The company has not yet received any coverage from online publications, aside from a few sites devoted to ICOs.
Lescovex's primary product is its online platform that lets users create their own ERC-20 cryptocurrency. Once they've created their own currency, users can release it to the public through the website's platform, and undertake any of the programs commonly associated with cryptocurrencies, like crowdfunding and day trading.
Lescovex seems particularly interested in futures trading; they repeatedly mention that they hope small businesses or farmers will represent their products as currencies, and they note that a futures market is “included in the blockchain.” This would be an interesting new use of cryptocurrencies, but to gain widespread acceptance it would likely need a concentrated marketing campaign and definite proof that it can help these businesses.
Lescovex is sharing all of the project's source code on GitHub, so users with programming backgrounds can inspect it for themselves to ensure its security and integrity.
Lescovex LCX ICO Details
The LCX token's pre-sale ran from February 12 to March 1, 2018. Its public ICO began on March 1, and will be open until April 19. Buyers who participated in the invitation-only pre-ICO were entitled to a 25% discount, while those joining in the regular ICO are given deeper discounts depending on when they buy: a 20% discount is offered from March 1 to 10, and it will decrease by 5% every ten days until reaching 0% on April 9 and remaining there until the end of the sale.
Since the LCX is an ERC-20 currency, only Ethereum can be used to buy it, and it must be stored in a wallet designed for that currency.
A maximum of ten million LCX tokens will be generated, with five million available during the ICO. Rather than pre-generating them and burning those that fail to sell, the company instead generates new ones upon each sale during the ICO, and mints itself one token for each that is bought. The company's whitepaper mentions that it will “add LCX token in all the main exchanges,” but it does not identify which ones.
Lescovex is diligent in its enforcement of “know-your-customer” regulations; thus, users must register and be approved before buying LCX tokens. These laws are intended to prevent money laundering and other illegal activity, and many companies offering ICOs expose themselves to legal trouble by neglecting to verify users' identity.
The Lescovex LCX ICO Verdict
Lescovex's platform makes it easier than ever to create ERC-20 currencies. While individuals and investors may not rush to embrace this feature, it has immense potential for businesses. Its suggestion that small businesses consider trading futures is particularly interesting, and without precedent, though most industries are years away from embracing something like that.
The unanswered question with Lescovex is how much demand exists for such a platform; even though it's very powerful, it was already relatively easy to create an ERC-20 currency. Investors interested in the LCX token should carefully observe the popularity of the platform.