Luxury Ledger is an innovative startup focusing on blockchain-backed global commerce with supply chain management, physical+digital asset registry, and decentralized marketplace aligning brands and consumers.
Here’s what Bobby Singh said about his ICO and the latest news in the industry,
First of all, tell us something about yourself.
I am a passionate serial entrepreneur and have been involved with blockchain and cryptocurrencies for the past 4 years. I have consulted on behalf of top globally recognized firms in banking and retail sectors.
When was the company launched and how many members were there initially? How strong is the team now?
Luxury Ledger was conceived at TechStars New York Blockchain edition in October 2017. We have nearly dozen team members in addition to several consultants providing development support.
If you don’t mind, tell us more about the strengths of your team. What is their average background and experience?
The team is well experienced in retail, luxury and general consumer goods sectors. The team also has direct experience in enterprise technology and is capable of accelerating the adoption of blockchain technology for business.
What was the motivation behind starting this project?
The inherent motivation came years back when I bought a Rolex watch that ended up being a counterfeit – a “Folex” (term designated for a fake Rolex). This incident deeply empowered me to explore solutions to eradicate the counterfeit problem.
What is your ICO about?
Luxury Ledger aims to accelerate adoption of blockchain-backed global commerce in enterprise and consumer transactions by aligning brands and consumers with authentic, verifiable goods.
How did you decide to use the blockchain technology for this particular project?
Blockchain will be the backbone to transparent, efficient, and trustful trade in luxury and retail goods. Each product is uniquely identified, distributed on the blockchain with independently verifiable authenticity. Our focus is Supply chain management, digital asset registry and decentralized marketplace.
Is it your first blockchain-technology-based ICO or have you previously worked with another blockchain project?
I have previously consulted global organizations on enterprise blockchains to reduce internal costs, reconciliations and disputes in supply chain practices.
Why not simply use fiat?
Fiat can be counterfeited, easily susceptible to fraudulent transactions and settlement is not instantaneous. More importantly, blockchain in our use case enables the platform to uniquely identify luxury goods and track provenance on a transparent and decentralized global ledger.
What gave you an idea that going the ICO way would be better for your start-up rather than seeking venture capital in the conventional way?
The philosophy of ICO is aligned to the philosophy of blockchain with democratization of capital for all. For us, an ICO represents Initial Community Offering- It is and will always be about the community.
Why do you think participants would like to invest in your ICO? What will they get in return?
Participants are part of a global ecosystem that delivers trust, transparency and authenticity. In addition, we believe Luxury Ledger token will be the “Currency of Authenticity”.
In which geographic regions are you focusing? Or is it an internationally available ICO?
In alignment with the philosophy of blockchain, it is available internationally.
Will there be a fee needed to use your platform or digital product? If yes, how much?
With “LXRY” tokens there is minimal to no fee on the Network.
Will the user need a specific wallet to use your currency or your service?
Any ERC-20 compatible wallet is sufficient.
Who basically is your target audience?
Enterprise, consumers and blockchain fanatics that understand the potential of this technology.
How has been the pre-ICO response so far? Are you satisfied with the way things are progressing?
We are very satisfied with the overwhelming positive support we have received thus far from the community.
How do you think the blockchain technology has improved since last year and how is it going to impact your own business?
Last year’s mania regarding price appreciation gave cryptocurrencies great public exposure with additional awareness to the underlying blockchain technology.
Where do you think the blockchain technology is heading and what effect is it going to have on your project in the coming years?
We believe blockchain adoption will continue to accelerate especially in enterprise environments as the benefits are assessed, tested and validated.
Other than your own project, do you have any favourite blockchain projects you closely follow?
We are deeply involved in Hyperledger, Ethereum and EOS communities.
Which technology areas do you think are going to be dominated by blocking technology in general and cryptocurrency in particular?
Supply chain is perhaps the best use case for blockchain technology.
What are your future growth plans?
Our growth plans are to aggressively on-board global brands to the Luxury Ledger Network and maintain a robust community of adopters.