A New Asset-Backed Solution for WAX NFTs from Liberty Dollar (LD) Crypto Comeback LD2

By Bit Media Buzz | Bit Media Buzz | 29 Jun 2022

Long before Bitcoin existed, there was the Liberty Dollar. Founded in 1998, alongside other alternative currencies like Phoenix Dollars or Baltimore’s BNote, the original Liberty Dollar certificates were backed by real gold and silver coins. 

Created by Bernard von NotHaus, over US$50 million worth of Liberty Dollars entered circulation during its first decade. The Liberty Dollar served over 250,000 users and was accepted by more than 5,000 merchants in all fifty states, eventually securing the title of being the single most popular alternative currency in the United States.

However, its massive popularity attracted the attention of the US government who raided the Liberty warehouse and a ten-year legal battle ensued which fortunately ended with Bernard walking away a free citizen with a slap on the wrist, while federal prosecutors were forced to return the lion’s share of Liberty Dollar assets seized in their initial raid to the certificate holders. This was a major win for alternative currency holders and cryptocurrency users around the world.

Continuing the Legacy

Now the legacy of the Liberty Dollar is expected to be mirrored by the global reach of LD2, co-founded by Bernard’s son, Extra von NotHaus, and former Regional Currency Officer for the original Liberty Dollar, Steven Brendtro.

The original Liberty Dollar has been reimagined for the crypto age as a precious metals-backed digital token protocol and cryptocurrency. Each LD2 token is a receipt for a custom-minted, one troy ounce silver or gold coin.

Originally an Ethereum-based ERC-20 token, LD2 is now expanding the first issuance of its limited-edition LD2.zero digital tokens through a move to the more eco-friendly WAX blockchain (powered by EOSIO), which allows for zero gas fees and carbon-neutral transactions. LD2.zero tokens are now available for purchase with WAX tokens.

Real-world value coming to NFTs

LD2 joins other popular content creators already on the NFT-focused WAX blockchain, from the likes of Atari and Funko to Marvel and DC. Beyond the fungible LD2.zero, LD2 is now building a premier NFT 2.0 solution on WAX, which will bring real-world asset backing and price stability to NFTs for the very first time. By utilizing LD2’s WAX-based token, this new solution can attach real-world value through silver bullion to any digital NFT asset on the WAX blockchain.

In a nutshell, LD2 digital tokens function as blockchain-based digital warehouse receipts. Simply put, this means that a customer buys the physical silver up-front, and instead of taking immediate delivery of that silver, receives a warehouse receipt in the form of a digital token. LD2 LLC only sells silver, not tokens — the digital tokens are always the receipt.

Since the physical silver coins are purchased up-front, these tokenized receipts can be redeemed at any time for the physical silver coins. Token holders’ silver coins are secured in a fully insured vault that is subject to strict third-party audits on a regular basis, with results recorded on-chain. The US$50 price for the silver LD2.zero coins includes prepayment of storage and insurance in this vault for ten years from issuance.

At the moment, NFTs suffer from inherent risk and can lose all of their value at any time. That is, until now. Unlike other backing options that rely on fiat tokens which could become equally worthless in a market correction, LD2 attaches warehouse receipts directly to NFTs, which directly ties the NFT to vaulted physical precious metal. Ownership of the attached warehouse receipt can be easily transferred from person to person, as with any LD2 protocol token. The NFT 2.0 solution now carries real-world value and has become a price-stable asset.

It should come as no surprise that NFT owners are excited about bringing real-world value to their NFTs, especially to games that pay rewards. LD2 can make this happen by not only issuing ultra-collectible silver-backed LD2 NFTs, but also offering the physical backing to existing NFTs from other content creators and establishing itself as the in-game currency of choice for NFT gaming platforms.

An LD2-developed and patented real-time physical asset-backed debit card is also in the works for future release.

About LD2 LLC

LD2 LLC is an American company founded in 2018 with the mission of re-popularizing value-backed money as a silver and gold coin-backed digital token protocol and cryptocurrency. Physical coins are secured in an insured and audited vault, guaranteed to back digital LD2 tokens on a 1:1 ratio. A limited edition silver coin-backed LD2.zero coin is available for sale now, with less than 3,000 coins remaining. Following LD2.zero, silver coin-backed LD2.silver tokens will be made available as uncapped issuances on cryptocurrency exchanges.

LD2 Official Channels

Website: https://ld2coin.io

Twitter: https://twitter.com/Ld2Coin

Discord: https://discord.gg/MzJrJmJEcG

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