Laxmicoin, this name isn’t new in the world of Cryptocurrency. But then, it isn’t something you would have really related to anything because while we have heard about it for a few times, it was mostly about the planning around it and some rumors of it being tagged with the Indian govt. or with the Reserve Bank of India.
Whatever the rumors were, and whatever happened in the Crypto space for the past few years, one thing is for sure – Laxmicoin is a real company run by a set of people who had the plan in mind for years and they have been working on it. It was an interview much needed for many of us to understand what is in the plans, and what to expect from LaxmiCoin (not to be confused with Lakshmicoin or other names). I got a chance to talk to Mohit Bhargava, who is the Sr. Engineer in the company.
Right now, Laxmicoin tokens are being given in Airdrops to users who sign up to the website, and that is on a timely basis. You can sign up using this link.
Read on to know what Laxmicoin is, and what the company is all about.
Hi Mohit, thanks for joining us on GizmoTimes.com for the interview about Laxmicoin and its development. I’d love to know more about the coin and the team working on it.
Can you take us through your journey, from the first time you thought of launching Laxmicoin?
We started thinking about our ideas to float a cryptocurrency in 2012, however, being the early stages of the market, we were limited by the capabilities and knowledge. It took us some time to conceptualize our ideas to reality. We also attempted to get some clarity from the RBI but could not get anything out of it after several correspondence emails. The rise of cryptocurrencies last year triggered us to restart our dream project and from then onwards we have made good progress so far.
You were working back in 2013 as well. It might be the same team working on the same project. Have you faced any hardships while working on it now when compared to how it was back then?
Due to personal commitments it’s not the same team that was working before, we could only manage to retain very few resources that we had earlier. Since there were immense technological developments in the crypto space since 2012-13 we managed to get it going. The current scenario is way different than what it was at that time as people have very good exposure and hands on with cryptocurrencies. We have an excellent team now to drive us in right direction.
What’s with the speculation around Laxmicoin and Lakshmi coin and the involvement of the Indian govt. in it?
The initial media reports claimed to have said that this will be something from the govt. and thus people had big hopes on it. There were some reports of government trying to launch their own version of a cryptocurrency, causing people to associate us with them. We are an independent company, with no ties with the Government of India or RBI. Laxmicoin is our registered trademark. There is no Lakshmi-coin in existence to my knowledge..
Scams have become common and we’ve seen some imposters trying to pose as Laxmicoin developers have shown up in forums, trying to rip off money from people. Have you been able to do anything to tackle that issue of scams in the name of Laxmicoin?
Yes, lot of scams have happened using Laxmicoin’s name. It was imminent, given the name is so connected with everyone in India. We already served notices to several scammers and their service providers and got them closed.
Was there any pressure from the RBI or the govt. directly at any point so far? Also, if you are targeting Indian investors into this project, are you looking to take necessary permissions from the RBI for the same?
There is no pressure as such directly, apart from general statements that government has been making about the cryptocurrencies.
ICOs are given a very bad tag of being Ponzi schemes as that is what some of them have been. How do you plan to defend Laxmicoin against all of this?
We are currently only offering airdrop, which is free laxmicoins for anyone who successfully signs up. We are not accepting any money from people and do not encourage any Ponzi schemes.
What are you trying to solve with Laxmicoin?
We are working on the Rover network, which will be a platform for creating DApp (Decentralized applications). It can be used to create solutions like SSL certificates, land registry system, etc.. Laxmicoin will be the medium of transactions for these systems.
The scalability could be an issue in the longer run. Are you going to be future-ready to be able to handle a huge number of transactions without adding a lot in terms of fees?
Yes, our solution will focus on scalability and less to negligible fees, which is increasingly becoming a concern for some current currencies, like the bitcoin.
What value does Laxmicoin offer when compared to the big guns like Litecoin, Bitcoin, Ripple in the market?
Value cannot be determined at this time as there are several factors under the hood until is listed on exchange(s).
I’ve read a couple of times about how mobile-friendly is your approach when compared to the others. How is it?
India is a huge market for mobile friendly users, and so mobile is going to be our focus. We will provide mobile mining, allowing our users to use their phones to be on the system.
Where are you launching Laxmicoin? With that name, I am sure India will be the priority but are you looking a global approach in the future?
Yes, India will be the priority but we plan to be accessible globally.
Please give a brief info about the Airdrops you are conducting right now and then the Laxmicoin token structure and sale. Also, how many coins are you going to release in total?
Airdrop is basically when a blockchain project distributes free tokens or coins to the crypto community. Airdrop is seen as a way for a blockchain project to announce its existence before it goes for ICO. In order to support our causes to keep the currency more human friendly we are keeping the total count of Laxmicoins to 150 Billion. Please see the image below for the airdrop schedule.
It is too early to ask but do you plan to have any mobile mining services for the users to benefit from it?
Yes, mobile being a primary medium of communication and internet in india, we will be providing mobile mining services to our users.
Where are you planning to list Laxmicoin for exchanging, once the ICO gets completed?
We have been looking at various exchanges, we will evaluate them and decide based on what’s best for our users. I cannot reveal any details of those exchanges at the moment.
Are you targeting the regular investors or is it the large VCs that you want to see investing here? Will the involvement of VCs change the functioning due to the involvement of bigger funds?
We have been talking to some VCs. Any involvement will not change our focus and mission. We will only sign up with potential investors whose vision aligns with ours and who can get onboard on getting the product out to market soon.
Note: This is not a sponsored story. We got in touch with Laxmicoin team to understand the plan only after there were several rumors about it being a fake ICO and the name confusion leading to most of us assuming it that way.