Announcing the ICO of the LGC token for the Stellar build challenge.
The value in the LGC token is that they will be redeemable for services rendered by Lumag data aggregation. There is a web page for the LGC token ICO at the Lumag Solutions website. Lumag will provide time series data aggregation services for any and all of the different currencies, coins and assets that can be bought and sold on the Stellar network. The initial idea for this API service came about from some posts made in a thread here on Galactic Talk.
This offering is can be seen as a kind of crowd funding of sorts. During this initial offering period the LGC tokens will be available to all for 50% of the normal price. This pricing structure is to allow those who would like to use the Lumag services a chance to get a deeply discounted price. Also for others who might want to buy the tokens to support a novel service such as this believing it could help increase the use and adaption of the Stellar network. Or even just to buy the tokens as an investment and resell them after the issuance of LGC has changed to the full price.
The duration of this LGC token ICO will last until all of the 2,800,000 LGC being offered during this ICO period has been sold or the Lumag service has been launched.
Structuring the initial offering in this way will also allow me to gauge the perceived demand for the services being offered. It would make it possible to ramp up the speed and perhaps also the size of the initial deployment.
Proof of Concept
As a "Proof of Concept" demonstration the graph below is being dynamically created with live aggregated time series data obtained from the Lumag service using data from the Stellar network.
A better way to view the graph would be to open this SVG graph in a new tab or window then expand it to full screen. It is an SVG graph, so it should look much better than the PNG graph when enlarged.
Some caveats about the graphs
These graphs will be quite slow as they are actually being rendered on my development laptop using a secure tunnel connection with a mobile data connection to the internet. There is also fairly aggressive caching used on the proxy server and the data from the Stellar network is only updated once per 10 minutes. The mobile internet connection to the development laptop may come and go also.
Capabilities of the initial API release
The planned capabilities of the Lumag service at initial deployment are be as follows:
Configure both the desired buying and selling asset codes, asset issuers, etc.
Aggregation methods of Open, High, Low and Close.
Selectable time period of the aggregation to any period with a granularity of 1 second.
Can provide a name and description to the configuration.
Ability to search for configurations created previously with the API.
Previously created configurations can be edited and modified or deleted at any time.
How to buy LGC
LGC tokens are available for sale on the Stellar network. They can be purchased using any of the many available Stellar wallets or trading tools. It is also possible to just use the Stellar laboratory on the public network.
The LGC token is being issued by Stellar account GDROLPIBSRBLLKFVXDU3ALEO4WGRJ4THGUGL5AVIN7NEY2DZNLA7L3EA and can be purchased after creating a trust for LGC to that account. The LGC is being offered at the ICO the half off sale price of 50 XLM per 1 LGC. After the ICO of the LGC token has ended the price of any remaining or later issued LGC will be set to the normal price of 100 XLM for 1 LGC.
Lumag can be contacted here on Galactic Talk or on the Stellar Slack channel as lumag. Also at the email listed on the Lumag Solutions website.