Lumag LGC token ICO on the Stellar network

lumag

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.

PNG graph

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.
* Aggregated data available in the following formats: CVS, JSON and as a JavaScript array ready to be directly consumed by the HighCharts library.

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.

Contact Lumag

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.

lumag

The LGC token has already been issued and made available for purchase on the Stellar network. A home domain has been added to the issuer address.

sacarlson

I think this graph would be better if the data was fed to a javascript lib like Highcharts to render so you had options of zoom and optional overlay data if available. The present data seen in your graph also seems to be missing volume but maybe that will be added later?

The ICO idea to fund and or improve your project sounds like a good idea and at minimal provides others with an example to learn what an ICO can be used for. Good Luck.

lumag

This LGC token ICO is about selling credits to be used on the Lumag time series data aggregation service for the Stellar network. The graphs are only used as a dynamic means to display the live aggregated time series data obtained from the Stellar network. It is impossible for me as an ordinary user to post a graph of the aggregated time series data using a javascript library here, so I instead simply chose to use a different type of graph that is possible for me to display.

Thanks!

nullstyle

It's not clear to me why I should participate in the LGC token: Is this a speculative token that I'm hoping will go up in value (i.e. crowd-funding), or am I purchasing it to access your trade aggregation service? It'll be tough to do both with the same token. Should I hold your token or spend it? Should I buy it just in time or buy now an hoard? The answer to these questions are muddied, IMO, by trying to use one token for both needs.

If you want to prioritize the former goal (crowd-funding), I'd need to understand why I think the value of the token will go up before I invest. Show traction, interest, or even just make a strong case for why money won't evaporate. However, It mostly seems like you're going to be using LGC to authorize access to your web service:

For me to invest (my time and software) in your web service as a developer it needs to be worth it from the get go. Having a service running from a developer laptop is a non-starter... I'd never give money unless you've got real infrastructure in place with a reasonable track record of keeping the service running while I'm developing against it.

IMO, when selling a developer service, you should include a well written example project that can show developers both what your service is capable of as well as what the integration experience will be. I'd expect a github repo for the example app with well written and documented source code.

lumag

The ICO of the LGC token is being offered now as something similar to a kickstarter where the early backers are offered the product or service at a discount before general availability as a show of gratitude for their support. You could buy the tokens with plans to use the Lumag time series data aggregation service or buy the tokens to support a novel service such as this believing it could help increase the use and adaption of the Stellar network. The idea for this service came about from posts this thread here on Galactic Talk.

As an investment you could buy the token and hold till the service is launched, then resell them under cutting the full price. However the profit would be limited to only at most doubling your investment, but it is also a low risk investment.

When the service is launched it definitely won't be running from a developer laptop. The complete system has multiple tiers and I am planning to triple replicate each tier for high performance and availability. An example using the service is only being shown from a developer laptop for a proof-of-concept or PoC and it is quit common actually, although making it available over the internet probably isn't.

IMO, I first need to document and show examples of the REST API used in the service for those who already know how to make use of the capabilities being offered with this service. Example uses of the service could be creating trading bots and time series graphs of the data produced by the service. I have already started doing this documentation. I do plan to later show some example projects and post them to a github repo.

lumag

Notice disclaimer

Any lumens awarded for the LGC token ICO entry in this SBC will be used to buy back LGC tokens that are available on the public stellar network. This is similar to how a company does a stock buy back. The bought back tokens would later be made available on the public stellar network under cutting the normal full price of the token. At this time it is unknown the exact price that these bought back tokens will be offered at, but the price will probably float around.

lumag

The Stellar time series data aggregation project that these LGC tokens will be redeemable for has been named to Rocket Data.

I have recently completed adding the Volume aggreagate to Rocket Data. Also all the currently planned data output formats of CSV, JSON and JavaScript array that is to be consumed by the HighCharts library have also been completed.

The status of the project can be monitored by watching the list of the planned capabilities near the middle of the Rocket Data page. When the few remaining items have also turned green then the project will be ready.