Announcing the LATX Token Transition to WORK
LATX Moves to WORK
We are excited to announce that we’ve created a new token, named WORK! With a 1:1 relationship to LATX, we will outline a path to defi participation through a transition and conversion process from the LATX token to the new, ERC20 token, WORK. The core purpose of migrating LATX to WORK is to add a transfer function that will allow for the token to be used in decentralized applications.
We realize that a change as significant as this comes with a need for full transparency, explanation and outline of the full path and schedule to accomplish this transition. By explaining the technical needs for this transition as the impetus to development, we hope to fully explain, assure and clarify everything that pertains to upcoming token changes, transition and conversion.
The Rise of Defi
The last 6 months in crypto have been a defining moment for the space as we begin to see an increased influx of new attention into the blockchain arena. In fact, the last 3 years have been an ongoing testament to the increased retail education and understanding of what were previously unknown crypto concepts to many. This has created an even further primed catalyst to explosive growth in both institutional and retail finance spaces. Some of the most publicized and utilized technologies and projects have been seen within the “Defi” space. With the ever increasing rise of interest and integrations to a variety of decentralized exchanges, or DEX’s, exciting new technologies and financial concepts have evolved from the core blockchain foundations laid years previous.
As a definitive market and adoption opportunity, it is the goal of Latium to participate and build within these exciting new entries to the crypto ecosystem.
The LATX token was built on the core functionality of the Golem token. While this allowed for a vetted, secure foundation for the LATX token creation, it brought with it the caveat of not including a transfer function. Adding the transfer function will allow access to other projects development such as DEX, Defi, Complex Asset Contracts and unlimited future developments we cannot even yet imagine.
It’s our foremost goal and focus to change that. However, with that focus, comes some needed changes.
Choose WORK and Pay Easily
After the transition is complete, WORK will have the same benefits and usage as LATX previously on the Latium platform. The lowest fees possible, to as little as 0% with a PRO subscription, will still be obtained with project budgets funded with the WORK token. Several aspects will ensure a smooth transition and flexible conversion by all token holders of LAT and LATX.
Existing LATX balances on the Latium platform will convert 1:1 to WORK on February 24th.
Any previously funded projects or pending payments in LATX will also transition automatically on platform to the WORK token. LAT and LATX will be supported for deposit, but will auto convert to the newly created WORK token. LAT will maintain the conversion rate previously set of LAT to LATX, but will convert at that rate to the WORK token. This highlights the process that token holders of LAT and LATX will be able to participate in. Any users holding LAT or LATX will be freely able to register at Latium.org, and simply deposit to their wallets page for the conversion to occur. Directly after, users are free to utilize their funds within the Latium platform, or withdraw as they prefer.
Additionally, in regards to the Latium Exchange, trade orders created with LATX that have not been filled by this time will be cancelled and LATX returned to users, which will then be converted to WORK. All LATX market pairs will be removed from the exchange, however, trade history will still be visible and available.
Any unclaimed coin cards created with LATX will be automatically changed to WORK.
Also, any Deposit Rewards created with LATX that are still in locked state, will be converted to WORK.
Transfer of LATX to WORK is 1:1 (one to one) and the token metrics of WORK remain unchanged to LATX.
We are excited about the new opportunities not only in the cryptocurrency industry, but also specifically with our outlined transition to the WORK token. We truly believe that this process will open new possibilities for platform and infrastructure participation. Additionally, this has the added benefit for all token holders and platform users within the Latium ecosystem.
Freelancing and Crypto Together
Here at Latium, our entire team has remained committed to the ongoing development and expansion of the Latium freelancing platform. We truly believe that freelancing opens career opportunities around the globe that haven’t been available to a wide variety of individuals in the past. Freelancing, coupled with blockchain technology, truly empowers and enables anyone, anywhere, the flexibility and freedoms to both earn and pay for a near endless variety of work.
Since our inception in late 2017, Latium has continued to develop exciting new features, technologies and integrations within our core freelancing platform. By expanding the support of an increased list of crypto tokens, we offer a wider range of payment options for employers and freelancers alike. Additionally, the integration of USD allows for a direct fiat payment option, with withdrawals to third party payment processors. While the foundation of Latium is built on blockchain technology and concepts, we also know that the path for adoption of crypto is paved with a variety of traditional fiat and crypto offerings.
We are always available for any questions you may have during this transition period, and welcome you to reach out via our support or social media channels. Please feel free to email us at email@example.com and our support staff will gladly answer any questions or concerns you may have.
Latium is available additionally from the following social media channels:
FAQ — Frequently Asked Questions:
I participated in the token sale in 17’/18’. How can I convert my LAT or LATX to WORK?:
After release of the WORK token, you can quickly and easily convert your LAT or LATX to WORK simply by depositing to the Latium platform. LATX will automatically convert at a One to One (1:1) conversion rate. LAT will convert at a One to Fifty (1:50) conversion rate. After conversion, you can utilize your funds within the Latium platform, or withdraw to an external ERC20 wallet as you prefer.
I hold LAT / LATX in an external ERC20 wallet. How can I convert to WORK?
As outlined above, you can deposit LAT or LATX in the same method to quickly and easily convert to the WORK token at a 1:1 rate on the Latium platform.
What happens to my projects funded with LATX at Latium.org?
All projects funded with the LATX token on Latium.org will automatically transition to the WORK token at a 1:1 rate. All unpaid contracts in process, will additionally update automatically to reflect the WORK token as means of payment.
What happens to my LATX wallet balance at Latium.org?
All LATX balances on the Latium platform will be automatically converted to the WORK token at a 1:1 rate.
What happens to my open trade orders on the Latium Exchange?
In regards to the Latium Exchange, trade orders created with LATX that have not been filled by this time will be cancelled and LATX returned to users, which will then be converted to WORK. All LATX market pairs will be removed from the exchange, however, trade history will still be visible and available.
What happens to my LATX CoinCards?
Any unclaimed coin cards created with LATX will be automatically changed to WORK.
What happens to my Deposit Rewards in lockup?
Any Deposit Rewards created with LATX that are still in locked state, will be converted to WORK.
How long do I have to convert my LATX or LAT to WORK?
There will be no deadline, and the Latium platform will continue to support the deposit of LAT and LATX to convert automatically to the WORK token.
Why does the LATX token need to transition to WORK?
The LATX token was built on the core functionality of the Golem token. During this process, a transfer function was not included. Because of the needed transfer mechanism for participation in the DeFi space, Latium will transition and convert to WORK. This is to allow for participation in these growing platforms and infrastructures opportunities.
What is Defi?
“Defi” stands for “Decentralized Finance” and is a blanket term for many of the tokens, platforms and products within this growing trend in blockchain technology. While several different existing and new aspects exist, Defi most widely defines exchanges, tokens and markets that operate as a decentralized method of finance.
Coindesk outlines many aspects well in the following article: https://www.coindesk.com/what-is-defi
Where can I see the smart contract for the WORK token?
The smart contract for the WORK token is available here: https://etherscan.io/token/0x4a388474dbe76adbb2266e18255956558c344c0a
How can I contact you with more questions?
You can email our support staff at any time at firstname.lastname@example.org for any questions or technical issues pertaining to your Latium account or tokens.