Following the recent release of our updated white paper in July 2018, and after positive feedback from LIFE’s strategic partners and adopters, LIFElabs is now pleased to announce that we will be implementing a buyback of LIFEtokens from the marketplace (any exchanges LIFE is currently available on).
The purpose of the buyback is to further enhance our strategic vision and the role of LIFEtoken within our LIFEPaaS proposition (please see our white paper for more detail). This LIFEtoken allocation will secure our long-term utilitarian focus for the philanthropic partners we work with, for example crowd-sourced funding projects, a key element of the LIFEPaaS. Exploring this opportunity has determined that the LIFE merchant gateway has the requirement for a supply of ring-fenced tokens, ensuring that these services can continue to operate (for example, with crowd-sourced funding, tokens will vest in projects for predetermined periods of time).
The buyback programme, from which we will reduce the circulating supply, is expected to last between 12-18 months and will start from Q3 2018, commencing September 1st, 2018. The duration of the buyback process will be determined by both the product development programme and the market. The company has allocated sufficient funds, with price volatility forecast into our purchasing projections based upon a 120-day moving average price for LIFE (approximately 3-4 sats) as a near-term price target. This allocation of funding has no impact on the road map deliverables or funding of the company, moving forward.
The LIFEteam will continue to update the market on progress on a quarterly basis from January 1st 2019 onwards. A detailed projection of the application of these tokens and the dynamics of the LIFEPaaS will be in our next updated release of the LIFElabs.io white paper, scheduled for December 2018.