What are LaborCoin (LABR) and the LaborCoin DAO?
Power to the People!
LaborCoin (LABR) is a cryptocurrency (ERC-20 token) designed to aid the advancement of the working class.
There are limits on the ownership, buying and selling of the token. There are also taxes on sales:
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1. Dividend Tax: a percentage of each sale is distributed between all token holders.
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2. Solidarity Sales Tax: a percentage of each sale goes to the LaborCoin DAO treasury where working class holders of LaborCoin can vote on what to do with the funds.
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3. Auto-Burn Tax: 0.01% of every sale is burned as a deflationary measure.
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BE AWARE: This is not a traditional investment or meme-coin. There are limits built into the token itself.
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All token specifics will be made publicly available in a future update.
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What is a DAO? DAO stands for Decentralized Autonomous Organization. The LaborCoin DAO is a framework that workers can use to decide democratically what to do with the funds collected from the solidarity sales tax.
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CURRENT STATUS:
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The token is deployed but has not yet been added to an exchange, it is not yet available to purchase
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The DAO has been created. Functionality is being added to allow users to self register. This process will be outlined in future updates.
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Links will be posted here for the exchange, the DAO, and the community forum, all coming soon!
Important Notes
Once fully implemented, the Creator of LaborCoin will transfer ownership of the token to the DAO. Administrative duties of the DAO will also be relinquished so that the DAO is self maintained. The Creator of LaborCoin (LABR) will not transfer any tokens to themselves, and will only acquire them through an exchange after release. 10% of the total supply will be made available on the exchange at launch; the rest will be transferred into the DAO treasury where the DAO will be able to decide on a release schedule for the remaining tokens.
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LaborCoin (LABR) and the LaborCoin DAO have been created in full accordance with the laws of the United States of America and well-established digital asset standards for peer to peer transfers.​