As you know, traditional currencies such as the Aussie dollar, Euro and Pound are printed by reserve banks and lent out to governments for them to distribute to us.
With crypto, there's no central bank to print or government to distribute, so you might wonder where they go and how they get there.
Let’s quickly touch on how cryptos are distributed, before we get to our own which you can mine by eating out.
Cryptocurrency Wallets and Mining Algorithms
Many people invest money in cryptocurrencies with the prospect of making it to the moon - we've all had that friend who gave us a juicy crypto tip on the next big thing. So you purchase a cryptocurrency on an exchange and hope your mate knows what they're talking about or your research pays off - good luck, friend.
Others invest their energy into mining cryptocurrency, which is one way to gain them without buying them from someone. The traditional mining algorithm of Bitcoin meant putting your computer to work to verify blocks in the bitcoin blockchain - if your computer won the race against other miners, you'd get some bitcoin - this mining algorithm is called proof-of-work.
Other coins use a mining algorithm called proof-of-stake, where you mine cryptocurrency simply by holding the coins in your wallet.
Previously, mining cryptocurrency required a bit of technical know-how, but as people learn about cryptocurrencies and their purpose, entry barriers to mine crypto are becoming remarkably lower.
As you see with proof-of-work and proof-of-stake, each mining algorithm is different and incentivises different behaviours. The former rewarding you for contributing your computer’s power, the latter for holding onto the coin, regardless of whether it’s price is going up or down.
This can get pretty complicated, but don't worry! At Liven, we’re all about making it easier for you to join the crypto fan wagon.
You can mine cryptocurrency with an app and all you have to do, is eat (or drink)!
Introducing Liven and LivenCoin (LVN).
Liven is an Australian rewards-based mobile payment network created in 2014 by university friends Grace Wong, William Wong and David Ballerini to service the Sydney and Melbourne dining markets. Don’t worry, we’re going global later this year!
The mining algorithm for Liven's users is more of a proof-of-food or proof-of-delicious and the app is pretty simple - when you pay for food and drink with Liven, you'll be rewarded anywhere from 10-30% of your bill in LivenCoin (LVN).
The (LVN) you've mined by eating out can be put towards your next meal, traded, donated to charities or even sent to others in the network.
What you can do with LVN will grow as our network expands to new places and at the moment, there are over 1,000 partner merchants throughout Sydney and Melbourne where you get rewarded for your spends.
LivenCoin, a Cryptocurrency that's Easily Mined and Easily Used
- Download the app.
- Pay for your meal using Liven's digital wallet
- Get rewarded 20% on a burger, matcha or bubble tea cocktail.