Venezuela's Hyperinflation Crisis.
Since 2014, Venezuela has been wrestling with hyperinflation, resulting in its national currency, the bolivar, to lose all value or purchasing power. Ordinary Venezuelans need something to fill the void the bolivar has left, in order to be able to have any means of exchange. According to the International Accounting Standards Board, hyperinflation is a state in which the general population prefers to keep its wealth in non-monetary assets or in relatively stable foreign currencies, in this case, the U.S. dollar.
Unfortunately, due to capital controls, Venezuelans were not allowed to obtain U.S. dollars or any other foreign currency, leaving them totally helpless as hyperinflation is bound to destroy Venezuela completely.
Why Libertad Venezolana?
As the world and in particular Venezuela has embraced cryptocurrencies, our team has decided to create a much-needed medium of exchange for the poor people in Venezuela. Lacking all trust in their authoritarian government, they need to be able to have trust again in money and blockchain, in particular, is based upon this feature.
Libertad Venezolana will have 21.500.000 coins, almost similar to bitcoin, to allow people who already use Bitcoin to easily compare both currencies. We will, however, adopt extra features, like private sending and masternodes for better user experience and a safer network. Unlike some exotic cryptocurrencies, we decided to have a currency with a long lifespan and more traditional returns on investment. We will embark on a mission to be competitive next to other coins like Bitcoin, Dash, and zcash.
Libertad Venezolana Masternodes
Libertad Venezolana Masternodes are computers that run a Libertad Venezolana Wallet. They enable Libertad Venezolana to implement PrivateSend by mixing coins. For an LVEN Masternode, you need collateral of 10,000 LVEN, a dedicated IP address and the ability to run 24 hours a day without connection loss.
Masternode holders are very important players in the Libertad Venezolana crypto sphere and are rewarded with 50% of the block rewards. The Masternode needs 65 confirmations. Because masternodes cost money and effort to host, they are paid a good share of the block reward to incentivize them. The amount of initial released Masternodes will be limited and sold in 3 rounds of pre-sale. To run a dedicated server there are many options: several websites like Vultr and DigitalOcean offer VPSes. Your dedicated address will come with the VPS/server.
Venezuela's Growing Crypto Payment Networks:
Bitcoin's solution for scalability, the Lightning Network (LN), is growing rapidly. Bitcoin has entered the top 10 global payment networks with exploding adaptation levels and support from citizens from unbanked countries or countries suffering from hyperinflation. Even the relative rich western people have embraced cryptocurrencies. Bitcoin has proven to be a part of the solution in Venezuela, a country where the government-backed fiat currency no longer has a use case. Globally, the massive debt will continue on its rampage road, with governments printing ever more money to deliver on promised benefits like healthcare and pensions. We believe that the people of Venezuela deserve a cryptocurrency designed for them and created Libertad Venezolana.
People will realize that fiat currency is simply cryptocurrency running on a single node where one miner can arbitrarily issue new coins. The largest transfer of wealth in history will occur in slow motion, as the value of fiat currencies drops to zero.
Unable to inflate their currency at will, governments will be forced to rein in spending. This may produce chaotic results including riots, coups, protests, political upheaval, and even the redrawing of national borders.
Github Wallet links
Masternode Install scripts