Luxico, found online at Luxico.io, describes itself as a coin “for the world of rich and famous”. Find out how it works today in our Luxico review.
What Is Luxico?
Luxico is a cryptocurrency ecosystem that aims to create an online community for the rich and famous. The community will center around the use of the LUX coin.
As the official Luxico.io website explains, the LUX coin “will be used inside the Luxico community to rent villas, yachts, and cars anonymously from one other [sic].” Token holders will “also be able to pay each other for favors, and collect funds for philanthropic projects.”
Overall, Luxico is designed to be a coin for the world of the rich and famous.
The Luxico ICO
The entire success of Luxico depends on the value of the LUX token. The Luxico ecosystem revolves around that token, but we don’t have a Luxico ecosystem if the LUX tokens don’t have value.
That’s why the Luxico ICO will be very important. Typically, during an ICO, a company will distribute the majority of funds to ICO investors while retaining a portion of tokens for the development team or future projects. Luxico, however, has a more unique distribution plan for its ICO.
Luxico’s ICO will distribute tokens among five groups of people:
- ICO Purchasers
- 1,000 Forbes Billionaires
- 1,000 “Luxico Laureates”
- 1,000 Worldwide Vote Winners
A total of five billion LUX tokens will be emitted. The tokens will be split equally among the five groups above (20%, or 1 billion, to each group).
As far as we know, Luxico is the only ICO that has announced plans to giveaway tokens to the known billionaires of the world. The Luxico website features images of Warren Buffett, Bill Gates, Mark Zuckerberg, and Jeff Bezos as examples.
Meanwhile, the “Luxico Laureates” program will include a list of famous individuals. Luxico claims the full list is “coming soon”. Images on the Luxico website suggest the list will include the Dalai Lama, Jackie Chain, Ellen DeGeneres, and Oprah Winfrey (seriously, these are the four individuals listed).
Meanwhile, users worldwide will be able to vote on additional individuals who receive the tokens. The Luxico website features images of Seth Rogen and Yao Ming as potential candidates. However, nominations are open to anyone.
The Luxico ICO is scheduled to take place between August 14 at 13:00 UTC and August 25, 2017. Only ETH will be accepted.
Who’s Behind Luxico?
The concept for Luxico was created by a team of four individuals, including Evgeny Andreev (CEO), Ilya Mikheev (CTO), Denis Belousev (Chief of Marketing), and Kirill Zhitkinov (Development Team Leader).
The company aims to launch its ICO in August 2017, with an open crowdsale and token distribution taking place throughout September and November. The worldwide Luxico website release will occur in December 2017. By April 2018, Luxico aims to have full functionality, including mobile apps and an advertising campaign.
You can contact the development team by email at [email protected]
How Does Luxico Work?
We know about the LUX token and the Luxico campaign. But how does the platform actually look? The Luxico.io website never answers that question. However, the team has published a small 18 page whitepaper.
Luxico’s whitepaper gives a brief explanation of how the platform works.
Basically, Luxico’s core product is the Luxico app, which makes it easy to send and receive LUX tokens worldwide. The goal of Luxico is to encourage rich and famous people to use that wallet and start spending or receiving LUX tokens. Here’s how the whitepaper explains it:
“Usually Rich and famous people feel comfortable among people of the same high social status. They will be glad to invite other members of our community to share their yacht rentals or occupy their vacant villas for several days. Each offer will bring them income in LUX coins.”
The other core product will be the peer-to-peer marketplace, where users can sort through various offers. In the whitepaper, the platform features images of yachts in Dubai and oceanfront villas in Phuket along with the price tag. A flight on a private jet in Shanghai will cost you 7460 LUX, for example.
The platform will also feature crowdfunding campaigns for philanthropic projects. Users can contribute their tokens towards efforts like “Entrepreneurial education and training programs for Uganda, Kenya and Tanzania”, for example.
The LUX token itself is an ERC20 compatible token on the Ethereum blockchain. The website will be built from scratch with PHP and Angular framework. Mobile app development will be subcontracted to a third party developer.
How does Luxico plan to make money from this project? The company claims that it will take a commission from each transaction through the app
Luxico is one of the more unique ICOs we’ve seen online in recent months. The company has a plan to create a cryptocurrency catered towards rich and famous people. Rich and famous people will automatically receive these tokens as part of the crowdsale (coins are given to the Forbes Top 1,000 Billionaires, for example, as well as 1,000 celebrities and 1,000 more people through a vote).
Why do rich and famous people need free tokens? Why would they spend these tokens instead of spending their own currency? These are problems that Luxico will need to solve if they hope to be successful.
Ultimately, Luxico has no product at this point. It’s just an 18 page whitepaper and an awkwardly-worded website. It’s an idea. You can learn more about the project and decide whether or not it’s worth your ETH investment today by visiting Luxico.io.