Q&A with Lition

Dear Lition Community,

Thank you for being with us and showing your enthusiasm and support towards Lition. We have received many valuable questions from the community.

Thus, we’ve decided to dedicate a special thread to take in all Lition-related questions, suggestions for further developments, or just simple thoughts on Lition’s progress.

A few rules:

  • Be constructive in your own opinion and helpful on others concerns
  • Be as detailed and as specific as you can when describing your problem
  • No spams | No overlapped questions | No personal attacks.

Thanks for your understanding and cooperation.

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Moved this question over from the notary thread:

Since the notary issue was resolved and the contract is seemingly done, does this mean, that we’ll get the announcement regarding live energy txs soon or will you still take until the end of month for more testing and thus the announcement will be delayed until then (which would be a huge disappointment imo)?

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Since nobody seems to bother I’ll use the spotlight my questions get:

Recently I heard rumours, that Patricio is stepping down (to a smaller position or completely) and Nghia Tran is now Lition’s head developer.
Coincidentally just after this a flurry of software problems (notary, staking site, etc) occurred.
It seemed to me, that just one dev would have to work quite some time to resolve everything. And since the Lition Divisin is supposedly developing something along the lines of “a cbdc engine/framwork” this should put even more strain on the developer.
Soon after it was confirmed, that Nghia gets help from other developers, but it remained unclear, if this is just temporary until all the problems are fixed.

So my question is how big is the permanent team behind Nghia and will this division be featured more publicly soon (there was no sign of a Lition division in a recent video of the Tomo-offices)?

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Litentry case
Thats really really sad that the team didnt do any official statement about LITentry using the same Ticker. Without an official statement , it underlines that it doesnt matter for lition team that a random chinese project just took their ticker. Thats a very strange behaviour in terms of protecting their own identity. What can the team say about this ?

Tomo gets weekly updates. Will Lition get it ? What are the perpectives for the future ?

When will migrate the energy use case ?

When will the next AMA be?

Are you going to resolve the liquidity problems by providing news exchange ? At least give us back uniswap.

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TomoChain lab helps with maintaining the technology and platform, but we do not own a decentralized network. Loyal users could decide how to help the Lition’s network. For example: technology and product is available with uniswap/ luaswap, and community should provide liquidity for LIT if they want to support the token.

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You’re using the AMA to ask when the next AMA will be.

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What is Tomochain’s vision for Lition in 2021? In other words, what is the roadmap for Lition? So far this is the most important question because most people are still unsure about the reasons why Tomochain bought Lition.

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How is it going with onboarding central banks and other financial institutions on the Lition Blockchain?
What is the direction and vision in your mind for the next 24 months in this matter?
How is it going with other usecases for the network?
How much effort is being invested in this?

I am a huge fan of lition and want to see more mainstream adoption! :partying_face:

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Hello Tomo Team,

I think the community has accumulated several issues which would need feedback from Tomo.

Team:
At launch and in the AMAs for the acquisition, people kept mentioning the size of Tomo and that this will benefit LIT as a project. In recent weeks, however, it has felt more like there is no dedicated “LIT team” because of it:

  • Is there a LIT core team working only on LIT as a project?
  • Is there a dev, marketing, sales team or people responsible for it?
  • is it the plan to create such a team?
    If yes to the above questions:
    Could you make an introduction video and introduce the team? I think that would please many of the community.

Communication:
The point of communication is in the last days extremely aufgestoßen and has also - thanks to Alex! - already significantly improved.
Many do not have the forum on the screen and I think short post on important topics in Telegram would be beneficial.
Likewise, an AMA with the community would be a good step to build more “trust” again.

  • Is there a dedicated community manager?

Roadmap:
Even though an answer has already been given on this in Telegram, I would like to follow up.

  • Will there be some form of roadmap for LIT?
  • Even if there will be no technical enhancements in the near future, should there be a roadmap regarding business development?

Acquisition

  • When will there be the next update on the acquisition?
  • Is the acquisition phase over?

That would be the first list of questions :smiley:

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I do like the idea of having loyal users / a loyal community who help with awareness, provide liquidity, and use products such as LuaSwap. In my opinion, the community is something that has been heavily overlooked in the last couple of months, for Tomo as well as for Lition.

With the Lition acquisition, not just the company itself was purchased, you also purchased quite an active community. For me, it was very tough to see how the community was left behind a bit besides the AMA and the announcement mid January. This was a perfect opportunity to get in touch with an active community, feed them with useful information and get them interested into TomoChain and its other products. I actually thought the whole time that you must be working on something really huge in the background for Lition and release this news once enough liquidity is provided on LuaSwap. IMO this would have been a perfect strategy since Lition is not listed on big exchanges and its traders are troubled with ETH fees on uniswap.

For me community is the key to success. I wrote this article 3 months ago (shortly after the acquisition) where I expressed how important community for growth is: How leverage growth with the PayPal situation

I am not asking anything particular for the LIT Q&A in this thread. I am just asking you to consider what I have said in my previous post again and give both communities the attention they deserve while investing in community growth. Please don’t take this as an offense, it’s just a suggestion from my side.

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The community (I mean everyone involves and/or interested in $TOMO, #TomoChain or #TomoChain technology) should be able to self-organize and promote the ecosystem in a decentralized manner. TomoChain Lab focuses on developing technology/ product and maintaining infrastructures. Relying exclusively on TomoChain Lab is mistaken from both legal and practical standpoint. Most people should be able to understand it by now.

In fact, I think most key Tomo stakeholders understand. If you think something is right, you can start the initiative on your own, soon there will be a financing mechanism to support community initiatives that benefit TomoChain ecosystem.

That applies to Lition community as well. Lition will have an update when the tech team finishes their investigation.

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Why are you trying to offload the responsibility to the community in every post? We didn’t purchase the Blockchain. We are invested in it.

Here is the problem:
We need incentives and something to believe in to actually do something.

Are we suppose to start CEX Negotiations? Are we the ones who should be dealing with Litentry and Binance to sort out the Ticker Situation to prevent the entire Crypto community for confusing Lition with an outright scam?

What in the world are you talking about?

Give the Node Operators incentives to keep the nodes running. Give Stakers incentives to Stake and it WILL happen. This is just basic economics.

You have 120,056,935 million of Tokens with a community that used to be active, willing and hopeful. It can go somewhere and be actually worth something or you keep ignoring it and those 120 Million will forever be worth absolutely nothing.

If you hate money so much that you dont give a shit just give me some of yours.

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I agree with you that the community needs to promote LIT as a project itself and also take the whole thing into their own hands.

The main problem at the moment is that there is no information or basis for promotion. No one wants to buy the unknown.
TomoChain Lab is the owner of the technology and decides in which direction the project will move and which partners/customers can be won.
In order for the community to do its part, we need answers to simple questions like the ones mentioned above by me.

Besides, general activity and community engagment of Tomo would really help. People need some safty.

My personal question is (if allowed): would you have reacted exactly the same way if another project uses and promotes the ticker $TOMO as their own? As it happened now with $LIT.

**In addition: There are already people running trust nodes in lose spending their own money to secure the network in a decentralized manner. You got a dedicated community on LIT, please just show them some love and attention.

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Sir,
I understand your analytical point of view thanks for responding.

We like to have more answers so we can help you and the other way around, since we want to promote the project.

It is clear that it is on the good community Management to keep the marketcap stable and possibly rising it, since behind money there are people with feelings.

Feeling bad= money goes
Feeling good= money flows

It is the easiest and cheapest solution for a flourishing community!

Of course the community itself is responsible too.
To keep in mind is, that we are limited in information about the future and many times we cannot answer our new joined friends so we lose capital.
Alex has done a good job so far even when I believe that she is limited in information herself aswell, so it is not easy for her too. The answer to this was the creation of this Q&A which is our hope now to get our desired answers.

I believe it is in our all best interest to keep the value up especially it is important for the Lition Team of which tokens are planned to be used
for a sustaining period of time.

So it makes a big differene to keep the community engaged in my view and I will keep doing my best to help!

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So let me get this straight, Long…4 months post-acquisition now, with zero communication, and zero direction, not so much as a hint as to when this acquisition process will be finalised, and your attitude towards us is that we should “self-organise”…really? From a CEO? With all due respect, that is simply not good enough. This is why the token price is 70% down, and is all totally avoidable, with competent management.

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With respect to Tomochain’s acquisition of Lition, I did not particularly like the first announcements about the news especially the lack of details concerning the impact of the acquisition on Lition token holders. I changed my mind after hearing Dr. Richard Lohwasser and Long Vuong’s enthusiastic and confident communications about the logic for the acquisition, its strategic value for both businesses and that a primary business focus would be on the banking/finance industry. This made sense even-though the details and plans going forward were vague, aside from the use of the Lition Blockchain for the Lition Energy Business which was expected.

Like others who have posted on this thread, I would have expected the vision for LITION to be clear prior to the acquisition (why acquire LITION otherwise) and for Tomochain to communicate a much clearer and more detailed roadmap following the acquisition. 4 months later, as someone else noted, there is no roadmap and the future remains unclear.

I think it is critical that Tomochain:

  1. Provide a roadmap for Tomochain and Lition in 2021 that conveys the steps being taken to achieve the general goals communicated.

  2. Communicate on a Monthly or Bi-Monthly basis with the Lition Community. This would build rapport and trust. You can provide updates on progress, discussions and so forth. Lition communicated on a consistent basis.

If you want the support of the community, you need to - at a minimum - provide an exciting vision going forward and a credible roadmap for 2021 that the community can get behind.

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Long, I refer you to your announcement re the acquisition, from 4 months ago…”just organise yourselves”, is not satisfactory on this point.

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To add an idea to everything state above:

Are you open to an experiment?
One week of fully enforced communication and support for the Lition sidechain featuring:

  1. Liquidity for DEXs: Add 20.000$+ to Uniswap and Luaswap (you already hold the LITs, so only risking ETH/USDT - personally added some liquidity myself)(10.000$ worth of ETH shouldnt be to much to ask)
  2. AMA with the community on sunday 14th, announcment via all social media on 10th
  3. one post about the ongoing transition phase and current status - post on 11th
  4. one post about the ongoing tech team investigation and current status of the blockchain - post on 12th
  5. post about upcoming AMA on 13th

I personally think this 5 steps would increase the community status by 1000%, which will resolve into community action and promotion via social media!

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  • Our tech team is still investigating existing problems with Lition side chain and technology and will determine the path forward after we finish.

In the meantime remember that

  • TomoChain Lab took no money from Lition investors as all ICO money stays with the previous team.
  • TomoChain Lab took zero Lition token (we custody some Lition token treasury which was moved over from previous team but sold none of them and will spend all of them on the Lition ecosystem)
  • TomoChain Lab spent our own resources to help with maintaining and improving the existing technology.
  • TomoChain Lab spent our own resources to help community with communication like this and other activities.
  • TomoChain Lab decided to step in to help because we value Lition brand and communities, however there are a lot of existing issues that take times to understand and fix. TomoChain Lab did not cause any of existing issues, but will spend our effort to address them properly for the future sustainable development.
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ETA? Timeline? Are we talking days? Weeks? Months? Years? The Lition community is new to Tomo and we have no idea about how fast you work.

How many people are currently working full time on Lition?

We can’t remember things we never heard about.

You may not have taken any ICO money but the moment you announced you became responsible for the gains or losses of thousands of people.

This somewhat contradicts what has been said earlier on Telegram. I was under the impression the Tomo team holds significant amounts of Lition Tokens and thus has a financial incentive to see LIT rise in price.

Where the hell is your incentive then? Why did you buy Lition?

I rather be at risk at getting dumped on cause at least I know the people in charge are interested in making money at this point.

In what way does TOMO benefit when Lition’s Token price increases?

Do you see why it suddenly makes a lot more sense to me why you people seemingly don’t care that the price dropped by 70-80%?

Thousands of people lost significant amounts of money because you decided that you don’t need more? How do you sleep at night?

Those are your conscious business decisions. You get no sympathy from me here.

Surely you didn’t make them out of the goodness of your heart?

You spend your resources because?

You want to see the token price increase? For what? If you don’t hold any?

Why does TOMO invest into the development of Lition? Where do you even see the return coming for you?

Just saying issues need to be fixed and not giving any timelimes or at least insights into what is getting fixed and what the plans are for “future sustainable development” is bad.

The community needs to know what is happening or else we have nothing to say to potential new investors?

At the moment Lition might as well be as useful as Dogecoin and we wouldn’t know.

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