This week we presented our project to the "Commission de Surveillance du Secteur Financier" (CSSF, the Luxembourg financial regulator).
We met (online) the "Innovation Hub" of the agency, after having sent them a filled-in form and a short presentation.
OffChain Luxembourg asbl came together because we believe that our Western societies have been suffering and are being sundered by the fallout of creeping institutional power abuse. And that this gradual unravelling of society can be slowed down, stopped or even reversed with the help of the "trust machine" (blockchain technologies) and their applications.
We are especially keen to apply such solutions in the context of the European project, and especially at the local scale of Luxembourg and the Greater Region.
A few words about our organization: we are a chapter of OffChain Global, incorporated as a non-profit under the Luxembourg law of 7 august 2023. We cater to blockchain and crypto asset enthusiasts and professionals and have several missions such as educating people about blockchain, facilitating the use of crypto currencies in every day life and also creating a platform allowing people to create value through free, voluntary collaboration powered by a "local currency", the OffChain Luxembourg Token (OCLT).
A short overview of our project:
- we aim to build a community among people living and working in the Luxembourg and the Greater Region, as we believe that the sense of community is much stronger when people can interact in real life.
- the goal of our community is to strengthen the social and economic ties between citizens across, and oblivious of, the borders of nation-states
- the main vector for our action will be a platform allowing people to exchange goods and services in a peer-to-peer manner, free from coercion
- the value generated will be (at least partly) stored in a dedicated currency, the OffChain Luxembourg Token (OCLT), a MiCA-compliant token (first of its kind)
- if successful, our model can then be deployed across the EU and contribute to blurring the separating effect that national borders tend to have on people.
OCLT is thus a unit of account capturing value creation and distribution in the community.
- As it is built on Hive Engine, it is transferable at no cost.
- It can be staked for governance purposes
- However, it is based on a shared commitment, that is neither enforced by law nor by code. Instead, it is built on voluntary pledges and commitments.
- Importantly, it aims to be compliant with Regulation (EU) 2023/1114 or "Markets in Crypto Assets" (MiCA)
In the scope of MiCA, it is a "Title II" token - crypto-assets other than ART and EMT
It aims to be multi-technology but it starts life in the Hive ecosystem (L1 + Hive Engine L2)
We are launching an "Initial Token Offering" of 12 months aiming to raise 990 000€ through donations / contributions.
Here is the flow of funds, in two slides: euro in ...
... and OCLT out
This is the presentation that has been shown to the CSSF Innovation Hub on the morning of December 17th, 2024. Many thanks to @inalloush and @warman2g for having prepared it!
