Levblockchain can be characterized as a social organization aimed at helping young developers who reside in Greece to discover and realize their talents and vocations through learning about the blockchain technology or implementing the existing knowledge into practice. They plan to create a startup ecosystem and a European center for blockchain-related innovation.
This endeavor will be funded through the sale of native tokens - LVE, and will be organized as a decentralized autonomous organization (DAO) based on the use of smart contracts.
The Greek project is currently holding a pre-token sale event, offering the ERC-20 tokens to all interested investors.
Greece is often referred to as a “sick man of Europe” because of the country's lingering economic and political crisis. Even before she had been accepted into the Eurozone, the birthplace of one of the greatest cultures in the history of mankind had been plagued by a multitude of daunting challenges. The coming to power of populists and the default on its international debt, which occurred in 2015, sent this nation in a prolonged turmoil, which subsequently resulted in the so-called “brain-drain”, the deflux of young educated population to other more stable countries.
However, not all of them had given in to frustration. A group of young tech-minded people decided that something as innovative and perspective as blockchain could become a lifebuoy that may keep the tech sector of Greek economy afloat and convince the young and bright specialist to stay and harness their skills in the homeland. Levblockchain sees an advantage in the government’s ambivalent policy towards cryptocurrencies, which made them center the project entirely around the use of the Ethereum-based blockchain ecosystem and token economics.
From the infrastructural standpoint, Levblockchain plans to construct physical headquarters that will provide the aspiring blockchain developers with everything they need for efficient work: host rooms, private offices, lounges, etc. The first such offices have already been opened in May in the city of Piraeus, located in the Attica region. Levblockchain already has 100 hypercomputers in its possession that will be either lent to project members, used for mining purposes, or used for renting the computing power to external organizations.
All financial constituents of Levblockchain will be based on the principles of transparency of financial data (profits, expenses, and list of assets), which is due to be recorded to a public ledger and governed by smart contracts, as well as the provision of voting rights to all holders of LVT tokens.
Levblockchain will initiate a buy-back of 25% of tokens that will have been sold during the initial stages of token sale at the price of 0.0032 ETH. The first buy-back will be executed by smart contract as well as the second, within the framework of which the token will be purchased for 0.0032 ETH + 10% interest rate. 50% of the total supply of tokens (108 million LVE) will be distributed among startups and holders.
The pre-sale price of LVE tokens is 0.0016 ETH/token. The event will last until July, followed by the prolonged ICO - until March 26, 2020. The hardcap is set at 43.200 ETH. The United States is the only country on the restricted list.
|Start||August 1, 2019|
|End||March 26, 2020|
|154 days left|
So, in essence, Levblockchain is a well-presented incubator for Greek startups and talented blockchain developers. No offense, I think that Levblockchain has been organized for the noble cause, but I find it hard to believe that anyone would devote serious money to this project because most of the investors are quite cynical, always looking to get the largest possible profits in the shortest time frame. In the case of Levblockchain, one could wait for years for one of the startups to gain recognition.
There is no denying the fact that guys at Levblockchain are doing a good thing for the Greek community of developers and blockchain enthusiasts. However, this startup doesn't bear any significance for a cold-minded, practical, and profit-seeking investor like myself. There is virtually no guarantee that they won't just waste the investment funds away, even despite building the promised infrastructure. No offense, but the Greeks aren't exactly known for being diligent workaholics, so the possibility of failure is quite high here.
The only thing that concerned me about Levblockchain is the official stance of the Greek government with regard to cryptocurrencies and blockchain startups. So, I have checked the official sources and it turned out that, like with many other things, the Greeks don’t really care about regulating digital currencies and the accompanying entities. Therefore, I don’t think that Levblockchain will not have any problems with the law over the course of their operations. Personally, I don’t intend to invest in this project, simply because I have vested my interest elsewhere. I just wanted to give my opinion to those who still contemplate on whether to go with Levblockchain or not.
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