Welcome back, guys, to The Cryptographer’s Steemit. We’re about to decipher another brand new blockchain project.
In Brief (the section for those to lazy, or busy, to read on)
Lovr is an all in one adult payment processing solution, that aims to provide security, anonymity and low transaction fees for an industry which traditionally has been held hostage by a handful of niche payment processors. There will be an application for listing, booking & interacting with service providers as well as convertibility of fiat into LVR tokens and vice versa.
What are the specific problems Lovr are looking to tackle?
Within the adult industry, payments are generally handled by a few niche payment solutions that are expensive, uncompetitive and far from anonymous. Fees for service providers can sit as high as 10-15% of profits plus a fixed fee annually for maintaining the relationship and there is very little flexibility in terms of service.
By utilising blockchain technology Lovr aims to cut out the middlemen and therefore high fees and lack of anonymity. Further Lovr will be introducing specific payment solutions aimed at the offline industry with real world booking and payment solutions for escorts and sex workers. An additional advantage of the Lovr platform is the elimination of chargebacks, the issue of ‘accidental’ purchases has been plaguing the adult industry since the dawn of online payment. The integration of blockchain technology eliminates this risk allowing the merchants to issues refunds at their discretion and as per their individual terms of service rather than having the issue taken out of their control.
In short Lovr aims to marry the safety and convenience of card payments with the speed & intractability of cash payments and place this on an easy to navigate online solution that can be easily integrated into existing websites and services. Indeed, this integration is very much centre to their initial business model with a large part of their launch effort being tied up in getting existing adult service providers to switch their client base over to Lovr therefore provide instant demand.
How does Lovr intend to use blockchain to solve these issues?
Lovr will run on the Ethereum blockchain utilising the erc20 protocol, there will be a total supply minted of 1 billion LVR tokens which will be distributed in the following ways:
The tokens allocated to the Lovr team will be locked away for 24 months to ensure the project is viable before releasing.
There will be three main elements to the Lovr system:
· LVR tokens facilitating fast, anonymous secure payment which will be fully integrated into a variety of already established services
· The Lovr system providing listing for online/offline service providers, with reliable appointments, convenient browsing and an anonymous messenger.
· Simple convertibility of fiat into LVR
Once the Lovr project has been funded the money generated from the ICO will be allocated in the following ways:
Development: Financing the development of the Lovr payment system, associated applications, the Ewallet and booking systems.
50%
Marketing: General marketing & advertising as well as bonus systems, bounties and promotion.
30%
Legal: Building a solid legal support structure for the Lovr ecosystem ensuring full legal compliancy in all our jurisdictions.
10%
Operations: These funds will go directly into building the team and physical infrastructure necessary to facility Lovr.
10%
In terms of a timelines, work on Lovr was started in 2016 ands aims to be fully up and running in the final quarter of 2018. The team fully intends to revolutionise the adult industry, so it is highly likely that further products and services will follow.
(Benefits of the Lovr ecosystem, taken from the Lovr white paper: https://lovr.network/docs/whitepaper.pdf)
The Cryptographer's verdict
The adult industry is one of the most lucrative online industries yet one of the most ill-catered for, if Lovr can deliver the easy to use full integrated payment system it is promising it is highly likely to see mountains of interest by merchants.
The fact that Lovr plans to launch the service importing approximately 1 million active users via its signed partners is enough for even seasoned crypto investors to take notice. The additional features that Lovr provides such as the elimination of chargebacks and the secure booking and payment system for sex workers is likely to encourage further adoption within the industry.
Lovr is certainly shaping up to be one to watch for the future, their industry is in desperate need of change & their solution is logically sound and genuinely innovative; as such it has already garnered much interest by industry players. It gets our stamp of approval.
Read more about the Lovr project at their website: https://lovr.network/ and if you have any questions the best place to ask is their Telegram group: https://t.me/lovrnetwork
Happy hunting!
PLEASE NOTE THIS IS NOT FINANCIAL ADVICE. YOU MUST ALWAYS DO YOUR OWN RESEARCH AS WELL AS READING OTHERS’ OPINIONS, ESPECIALLY IN THIS SPACE.