Please note: any funds generated from this article will go towards a Life supported charity.
The case for LIFE;
An intimate look into a grassroots crypto movement.
Cryptocurrency. Blockchain technology. Token. Digital currency. Decentralization.
These are all terms that are becoming more often used in society.
Why is that?
It all started in the early days of the internet. Some would argue that the core principals stem from economic experiments as early as the 70s, but the 100th monkey philosophy suggests that the idea had to go through several iterations before it had a stable consensus to form into a full fledged idea. The advent of the communicative ability of the newly created world wide web brought the idea independently suggested and discussed in forums online by tech geeks and economy buffs without much in the way of results for decades. The discussions often tapered off with a resounding "that would be cool" and chats were abandoned-moving on to the next hottest thing that was actually happening and not some utopian dream.
Why did it take so long to become more?
Huge obstacles prevented the idea of a decentralized digital economy, but one in particular stymied even the most learned developers-processing speed. This, however, became less and less of an issue as technology and processing speed evolved. Moore's Law has transformed our technological ability so drastically that in 30 years we have grown from computers the size of a small apartment to having lightning fast access to a world of information at our fingertips. The device you are likely reading this on has more processing ability than it took to land a man on the moon.
Enter Satoshi Nakomoto.
A pseudonym for a visionary who has in the last 8 years become more myth than man. This article won't argue his identity or discuss which chicken or egg came first, but Satoshi brought the world the first publicly recognized proof of concept for a decentralized currency- the now famous (or infamous) Bitcoin.
Like it or not, Bitcoin has become synonymous with the entirety of the cryptosphere. Ask a layman about Ethereum or any of the other top 10 cryptocurrencies and you may have a few that possess a vague idea of what you're talking about, but the majority still have at least heard of Bitcoin.
So how does it work?
Having spent the last couple of years educating the public about the cryptosphere, this writer can attest that many newcomers to the space are off-put initially. The common theme is: "I just don't understand how it works."
This article is not intended to go into a detailed analysis of the technology behind the cryptosphere. In the simplest of terms, the basis of the technology is the blockchain. Many emerging techniques are improving the functionality and speed at which this core concept works, but, in the same way a modern day Ethernet cord is vastly different from its predecessors, the moniker will likely stay, as it has been cemented into the culture.
Blockchain works by relying on the consensus of several different users in a network to verify transaction and transmission of data. Because so many "nodes" are verifying the same data simultaneously, it is nearly impossible to hack. In fact, as of this writing, blockchains themselves have withstood every attempt by bad actors without being successfully corrupted. This is because to do so, you'd have to possess a supercomputer capable of finding the exact data you wish to corrupt in an insanely short period of time, get through all of the security protocols protecting the data, change it without leaving a trace, and do this simultaneously on more than 50% of the nodes in the network, all within the time it takes to "mine" (or process) that block.
While this all sounds very technical, it boils down to having the peace of mind that the data and transactions expressed on blockchains are more secure than ever thought possible. Add into this the concept that the data has no central authority governing it like banks or individuals of varied interest, and you have a trustless system. Trustless here meaning that the only thing to trust is the algorithm and not an entity that may not have your best interest at heart. In fact, many in the cryptosphere have jokingly coined the term "in math we trust" as a tongue in cheek opposition to the status quo.
Blockchain technology has been slowly but surely permeating all facets of our society as the usecases for smart contracts and digital currencies (etc.) have proven to be a game changer for most industries. Where tech entrepreneurs previously spent years gathering the resources, capital, and research/ development necessary to see their idea to fruition, it is now taking months. The understatement of the decade is that businesses are taking notice. Problems like world food supply, tracking of shipments, even the population and migration of bees are reduced to lines of code. A million and one life altering solutions, all powered by the blockchain.
While this is all well and good,
the adoption from the general public is, to say the least, less than ideal. Convincing someone that digital currency, by virtue of its decentralized, borderless, immutable, and inflation resistant nature is superior to fiat currency is still a hard sell. (But so was the internet). The arguments are wide and varied against it, often perpetuated by those that have a vested interest in its failure. These themes repeat as the rising and falling of the still quite volatile cryptocurrency market ebbs and flows like a tide, and yet still in almost diametric opposition to traditional markets.
How can a digital currency have value?
-the same way any currency has value: the value is agreed upon by a group. The key difference here being that the imposed scarcity of the asset catalyzes the growth in value over time rather than diminishing it by constantly printing more currency. Inflation has ruined many world economies and those devastated are likened to the proverbial "canary in the coal mine". A cautionary tale of how nations can fall when the balance tips against and the currency of the state becomes worthless paper and broken dreams.
Won't digital currency make it easier to promote illegal activity?
Yes and no. Mainly no. The easiest way to fund illegal endeavors is good old cash. The same bills you earn and use have funded more despicable activity than could fill volumes of articles and this piece is not designed to address this in adequate measure as no single writing ever could. Needless to say, crime is older than money and doesn’t need the blockchain to accomplish these dirty deeds. While there have been crimes aided by digital currency, the cases pale in comparison to what happens daily with fiat. One could argue that the very technology that allows this is the best one able to weed out the bad apples.
The list of arguments goes on and on but are often met with beautiful truth-blockchain is here to stay and those that fight the future will be left behind.
But what of those that want to embrace this change but are overwhelmed by or don't have access to digital currency to use in everyday life?
An easy to use platform that appeals to the masses but retains the integrity of decentralization, with the peace of mind that funds are secure. I mean, sure, tech geeks and investors in the cryptosphere are able to devote time and energy to exchanging and transacting online with nifty internet money...but what about everyday people? Surely some company is addressing this issue.
There is.
And it's called LIFElabs.
( Https://lifelabs.io )
I stumbled upon this company while looking for a cheap entry point in some solid projects, but what I found astounded me. Here’s a cryptocurrency that makes a bold claim: "simply for everyone".
Everyone?
Surely not...must be a gimmick.
But it's not.
LIFElabs endeavors to be a comprehensive platform with the singular goal of bridging the gap between the cryptosphere and everyday people. Intrigued, I studied further. And what to my wondering eyes should appear but a unicorn in a land of horses. Like a beacon amidst a sea of hokey initial coin offerings promising insane gimmicks and even more insane returns in short periods, is a company....operating like a company.
While many ICOs in their infancy were already focusing on an exit strategy and marketing vaporware like there was no tomorrow, often with the goal of simply pumping a non start and leaving with the bags, here is a real diamond in the rough- a company fiercely focused on bringing the power of blockchain to the hands of every citizen on the planet.
Here's the crazy thing- they're going to do it.
Setbacks happen
Every good business has obstacles and the LIFE team has met the lion’s share. The idea of having an international digital wallet that integrates several top national/digital currencies and their own LIFEtoken, with comprehensive business tools, unrivaled security, ease of use, and a loadable debit card to boot, is an arduous task to accomplish -to say the least (and more than ruffles a few feathers). Technical, administrative, capital, and a host of other challenges have delayed original goals. LIFElabs did not have an "ICO" but rather a presale of tokens. This, among other things, allows LIFElabs to remain above board with respect to international securities regulations.
Tokens are allocated for adopters to use as rewards for employees and consumers, or as a transactional medium. While the supply is higher than many tokens at 100 billion it’s important to understand why. 39 billion is gradually fed into exchanges for retail investors. 26 billion is ring-fenced for the team and major business adopters (of which there are some exciting partnerships forming, further integrating LIFEtoken into several sectors and markets). 5 billion is used for the merchant gateway and is like the oil that keeps the transactional machine running.
Here's another whammy-
A full 30% of tokens are earmarked for charitable and philanthropic causes across the globe. Let me repeat that for those in the back... Nearly a third of this company’s expendable assets are going to charity. That’s huge. And not just any old bake sale fundraisers-but philanthropic causes that help provide things like planting trees, education services, and access to clean drinking water to those communities that need it most.
This is, honestly, the aspect that most attracted me to LIFElabs. While I was good at trading cryptocurrencies, and love the ideas behind decentralization, it didn't give me a sense of purpose.
This does.
Now, you may be asking yourself "Trying to create a digital currency for the masses in the face of incredible opposition and obstacles, whilst simultaneously helping save the planet through their philanthropy...isn't that an awful lot to take on? Is LIFElabs biting off more than they can chew?" Perhaps. But chew on it they have...and asked for seconds! When the initial goals in the first whitepaper/ roadmap became delayed due to heavy obstacles, LIFElabs did something surprising.
Rather than creating an exit strategy like many companies in the crypto space in recent years and leaving investors with full bags of practically worthless tokens (seriously it happens more often than crypto enthusiasts would like to admit- that's why we say invest at your own risk) the LIFEteam devised a strategy that puts many businesses to shame-
they muscled through it.
This harkens back to the old saying "when the going gets tough, the tough get going". They buckled down and hired on additional members of their team to accomplish their dream. Luke Chittock was hired as managing director. With expertise in geospatial sciences and the true grit needed to keep this company on track, Luke was a perfect fit.
To establish and evolve the LIFE story and bring the message to that public we keep talking about, they appointed none other than David Pugh Jones as the Global Vice President of Brand. If you’re not familiar with the man himself, trust me you’ve seen his work. As the former brand manager for Microsoft, Buzzfeed, and many others through his company Dark Horse Consulting, you’d be hard pressed to find a better fit to market a product or service internationally. (Recently he appeared to represent LIFElabs at Cannes Lions- the largest event for marketers in the world).
The longevity of a business depends on the quality,
and (more importantly) the passion, of the team. Steve Jobs said- "A" people hire
"A+" people...not "B" people. The difference between a leader and a boss is the ability to get the most out of your team. Bosses want "B" or "C" people so they can feel superior. Leaders want "A+" people so they can succeed.
LIFElabs did precisely that. They hired developers and staff that are not only capable, but are leagues ahead of the norm to give this project the best chance at success.
With this hard reset, the team is even more organized than before and the goals, albeit understandably delayed, are more attainable than ever.
Marketing has reached a broad range of demographics. From sponsoring a concert at one of the most affluent neighborhoods in Los Angeles, Hidden Hills (an extremely well written article here from Hidden Hills magazine), to being the first crypto company to sponsor a pro-athlete: Scott Jamieson- European PGA pro golfer (an article from a major finance publication on that here ) LIFElabs is pulling out all the stops.
Receiving international televised attention for European PGA, the giant LED billboard at Cannes Lions festival playing LIFE’s playful promotional video or the massive efforts by Co-founder Jon Bushnell in Los Angeles with future LIFElabs partners- are just the tip of the iceberg. Once products are actually released, the real fun starts.
What lies beneath it all
is the makings of a grass roots movement in cryptocurrency. Proof that a company can exist in this space and still operate with enormous integrity and grace under fire. To remain unerring in their mission to promote decentralized commerce solutions to the world while also giving back to those in need, inspires more and more people everyday. The community is growing and I’m proud to count myself among them.
For the record
Understand that (as of this writing) I don't work for LIFElabs. I've been spending what fleeting moments of my spare time I can muster helping to tell their story pro-bono. I believe in this project despite what a handful of negative folks have to say and I'm sticking to my guns on this one. LIFEtoken is and ever will be "simply for everyone". Those who realize the incredible value of this project early on will look forward to a brighter tomorrow.
Tokens can currently be purchased on hitBTC and Coin Exchange.
Edit** the revised whitepaper has now been released and can be viewed here:
https://www.lifelabs.io/LIFE_WP_V2.pdf
*This original piece was written by Crypto Mikhail and does not imply an official endorsement by LIFElabs or any if its affiliates or subsidiaries.!
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