Legacy Token
What is LGCT
The Legacy Token (LGCT) is a multichain utility and payment token. Its purpose is to encourage users to use our ecosystem and actively contribute to its growth.
- Play to earn: Distribution of reward chests for reaching a new level. Chests can include LGCT, collectibles and other items.
- Distribution of tokens to users who perform a service within the ecosystem.
- Payment of various in-app purchases (digital content) with LGCT.
Blockchain
The Legacy Token will be available on multiple blockchains. VeChain as native blockchain, as well as Binance smart chain, Ethereum and Polygon. The goal of multiple blockchains is to address as broad a target group as possible, as well as to use the individual advantages of the respective blockchains. The circulation supply of the respective tokens is balanced by means of atomic swap, so that the statistics of the tokens cannot change independently of each other. For transferring tokens between the different blockchains, the new cross-chain bridge of safeswap is used.
- We pay for the bridge integration, so our users don't have to pay bridge fees.
- The bridge enables secure and simple atomic swaps between the respective blockchains.
Tokenomics
Our main goal is to create a real utility token with constant, non-speculative buy-side pressure. Due to our approach of offering a non-financial utility outside of the blockchain industry, the demand for our utility is expected to not decrease in a bear-market. The subscription is paid in LGCT, this creates a constant monthly demand for the token. A small percentage goes to the Legacy Network company wallet. This percentage is used for the coverage of running costs and for the further development of our products and services. The remaining tokens get instantly burned which makes LGCT deflationary. A smart contract automatically sends them to a null address, this leads to a decrease in the supply of LGCT while the demand for the token is expected to constantly increase with the increasing demand for the offered utility.
Usability
It's in our best interest to make our ecosystem accessible for everyone, this includes people who do not participate in the crypto space. For this reason, we aim to design our systems in a way which makes them usable without the need for technical knowledge. Most processes will happen in the background so the user can lay back and enjoy our services without concerns. We achieve this goal by implementing multiple mechanisms such as gas-fee sponsoring on VeChain and free background bridging of LGCT between multiple blockchains thanks to our SafeSwap integration.