A currency needs both spenders and receivers' favor to become mainstream over competitors. A constant-purchasing-power currency could dominate in almost all transactions over inflating or deflating ones because of its attractiveness to both parties. However, the current cryptos are all ill-equipped in this aspect. They will hit major roadblocks against some well managed old centralized money when the projects mature.
$Lumin is the first crypto currency to address the issue and more, with the monetary policies delegated to direct democracy to compete directly with the old centralized systems in monetary properties. The overarching goal is to make wide blockchain adoption come even faster, and to provide the best monetary solutions for the economy, as in our opinion, most alternatives would actually hinder the blockchain adoption or economic growth in the long term.
A central bank session is held once every year around June 9th and will last for 10 days. There is no administrator. Anyone could initiate the session, vote, count the votes and make proposals.
The frequency of the session is set so that $Lumin members would not need to monitor the governance too frequently. The proposals to be voted on will be in the form of smart contracts. There might constitute some technical barriers, but we will try to eliminate the barrier through future app updates and community services. The voting will determine for example whether there would be any new supply, who would receive the supply, and under what conditions.
The two rewarding pools are set up for two years to ensure a fairer distribution of $Lumin and to incentivize the liquidity providers to lubricate it more and also the coin holders.
After two years, depending on whether $Lumin will be bridged to its own side chain at the time, the community will vote during the annual banking session on whether there will be new rewards, and the amount of rewards that can go to each group, including for the sidechain block producers.
You can leave questions in the Telegram or Discord communities, or through the icon in the bottom right corner of the official website. Please note that we are spending most of our time developing new supporting facilities for $Lumin, and due to the sheer volume of requests, we might not get back to you on time.