Lithium is a financial platform that provides accurate pricing information about private and pre-IPO companies by combining a decentralized price oracle system with cryptocurrency incentives. It's also the first platform to price illiquid assets regularly. LITH is the name and ticker symbol of the native ERC-20 token of the platform.
Lithium acts as a platform for collective intelligence where economic incentives are used as an incentive to ensure truthful information is provided. It uses the immutability of Ethereum's global asset rails for the swift transfer of data.
In the Lithium ecosystem, key stakeholders include wisdom nodes or pricing providers who represent experts, such as investors, analysts and brokers with pricing knowledge. Another group of stakeholders is wisdom Queriers or pricing seekers such as finance platforms and crypto projects seeking accurate intelligence to make informed decisions.
Lithium's protocol ensures the privacy of the submitted data. Furthermore, it uses a "dominate truthful peer-prediction" model to uphold the accuracy of its predictions.
Additionally, a proof-of-wisdom staking system ensures that wisdom nodes have legitimate knowledge in their fields. Finally, a multi-party computation (MPC) model is also deployed to maintain the global privacy of information providers.
LITH tokens are primarily used to incentivize Wisdom Node answers and for staking by the same to ensure their legitimacy. Additionally, Lithium provides case studies containing information like a private company's next-round valuation or pricing by a pre-IPO company to help explain its operations to users.
LITH has a maximum total supply of 10 billion tokens. On Aug. 5, 2021, the tokens were first distributed via an IDO sale conducted on Polkastarter. The initial price was $0.006, and a cap of $250 per person was enforced.
As a pre-mind token, approximately 19% of the LITH supply was distributed in a seed sale and two strategic rounds. Additionally, 7.5% of tokens went to public sale, 0.8% to public liquidity, and 30% for staking rewards to keep the ecosystem dynamic.
Lithium Finance was founded by David Lighton and Steve Derezinski. Lighton, an alumnus of John Hopkins University (Economics) and MIT (MBA), has extensive experience working with fintech.
In Dec.2021, Derezinski stepped down from his role as co-founder and Kelvin Lam was appointed as the CEO of Lithium Finance. Lam holds a Master's Degree in Business Administration from the University of Oxford and previously served as COO for Game Media Asia.
On June 2, 2021, Lithium raised $5 million with Pantera Capital and Hashed, leading the funding round. Other investors include Huobi Ventures, Alameda Research, OKX's Blockdream Ventures, Genesis Block, LongHash, Blockchain Fund and NGC.
In July 2021, the company announced it raised an additional $2.6 million.
You can buy LITH from OKX exchange. OKX offers the LITH/USDT trading pair.
Before you begin trading with OKX, you need to create an account. Then, to trade LITH/USDT, click "Basic trading" under "Trade" on the top navigation bar.
If you do not have USDT, you may buy USDT with your preferred fiat before swapping it for LITH in the trading terminal.