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Final step before LBCOIN purchase: launch of the e-shop, registration now open

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07/09/2020 | 03:53am EDT
2020-07-09
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Everyone wishing to purchase the world's first digital collector coin can now sign up to the Bank of Lithuania's e-shop (lbcoin.lb.lt), where the countdown until its issue has already begun.

'Two years ago we only had one brave idea. Today we turn a new page in the history of numismatics, further exploring the potential of central bank digital currencies (CBDC). This innovation will bring real benefits to society by contributing to future digital solutions. It is therefore highly symbolic that LBCOIN is dedicated to the signatories of the 1918 Act of Independence - the brave visionaries who laid the foundation for modern-day Lithuania,' said Marius Jurgilas, Member of the Board of the Bank of Lithuania.

The digital collector coin LBCOIN will be issued on 23 July. Buyers are recommended to register at the LBCOIN e-shop ahead of time - this may take up to 15 minutes. Having remotely confirmed their identity, users will be generated an e-wallet where the Bank of Lithuania will transfer the purchased LBCOIN tokens.

Within the period from the first to the sixth day of its sale, one buyer will only be able to purchase one LBCOIN. Later, the number of purchases for one person will not be limited.

The blockchain-based LBCOIN is the world's first digital collector coin. It consists of six digital tokens and one physical silver collector coin. The Bank of Lithuania will issue 4,000 LBCOINs, i.e. 24,000 digital tokens and 4,000 physical collector coins. The coin is dedicated to the Act of Independence of Lithuania and its 20 signatories. Each token features one of the 20 signatories and belongs to one of the six signatory categories (priests, presidents, diplomats, industrialists, academics, municipal servants) with 4,000 tokens allotted to each category. Having purchased LBCOIN, collectors will get six randomly selected digital tokens which they will be able to exchange for a physical collector coin, store in a dedicated e-wallet on the e-shop, send as a gift, swap with other collectors or transfer to a public NEM wallet. The price of LBCOIN is EUR 99.

The physical silver collector coins, bearing an unconventional denomination of €19.18, were minted at the Lithuanian Mint. In size and form, they resemble a credit card, depicting the Act of Independence and its signatories. The physical coin is proof-like and weighs 36.36 g.

The physical collector coin and digital tokens were designed by Giedrius Paulauskis.

The first steps in developing LBCOIN were taken during the hackathon held by the Bank of Lithuania in June 2018. It brought together eight teams from Lithuania, Cyprus and Ukraine, which had the chance to propose their ideas and technologies as well as to create prototypes for the digital collector coin.

The LBCOIN project has been carried out by the Bank of Lithuania and a team of external providers. iTree Lietuva developed the LBCOIN platform and installed it in the Bank of Lithuania's and NEM infrastructures. Experts at SUPER HOW? advised the Bank of Lithuania on blockchain architecture and infrastructure development. UAB Cryptodus carried out all of the necessary software and cyber-resilience tests, while UAB iDentifikaciniai projektai (iDenfy) is providing automated remote identification services. Information about the signatories was prepared in cooperation with the House of Signatories and the news portal 15min.

Disclaimer

Bank of Lithuania published this content on 09 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 July 2020 07:52:04 UTC

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