How To Buy Lithium (LITH)?

A common question you often see on social media from crypto beginners is “Where can I buy Lithium?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Lithium (LITH)

First, you will need to open an account on a cryptocurrency exchange that supports Lithium (LITH).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Lithium (LITH) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Lithium (LITH)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Lithium (LITH) or Lithium (LITH) trading pairs. Look for the section that will allow you to buy Lithium (LITH), and enter the amount of the cryptocurrency that you want to spend for Lithium (LITH) or the amount of fiat currency that you want to spend towards buying Lithium (LITH). The exchange will then calculate the equivalent amount of Lithium (LITH) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Lithium (LITH) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy Lithium (LITH)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Lithium (LITH)?

Lithium is a pricing platform for illiquid assets. Oracle Valuation of Lithium Finance is a collective intelligence version of platforms like PitchBook and Crunchbase, powered by cryptocurrency incentives that leverage the immutability of Ethereum’s global asset system to deliver quality information reliably in quantity. In addition, participating saints develop a reputation that enhances their earning potential and rewards increasingly accurate information.

Currently, oracle data does not provide regularly updated pricing for private companies. In fact, the only way to value an illiquid asset is through an expensive and slow valuation process. This limits valuation to very high-value properties.

Lithium aims to solve this problem.

• First and foremost, Lithium is the protocol for valuing frequently illiquid assets.

• Lithium can do this quickly and inexpensively, allowing prices to be determined for illiquid assets like stocks.

• Lithium’s proprietary consensus mechanism lays the groundwork for real assets incorporating DeFi.

What is the LITH token?

LITH is the native token of Lithium Finance. According to the official publication, it’s the backbone of the Lithium ecosystem. Wisdom Seekers use LITH as a bounty to seek accurate pricing information, while Wisdom Nodes receive LITH as a reward when they can provide correct answers in a timely fashion. Learn more about this mechanism here.

𝑓LITH is the future unlocked version of LITH. While 𝑓LITH is redeemable to LITH after the lockup period expires, 𝑓LITH and LITH are essentially two different tokens on the Ethereum blockchain with two distinct token addresses. 𝑓LITH is subject to a six-month lockup period before redeeming as LITH. That’s because 𝑓LITH tokens were offered to the market as private round tokens (at private round price) rather than public offering (at public price).

Lithium Protocol Design

The protocol’s design ensures that the pricing provided by Lithium is accurate and not manipulated. Also, the design supports an incentive mechanism. This spurs wisdom nodes to contribute to the system. Finally, the privacy of users who provide key information is protected by the protocol. The key features of the protocol’s design are highlighted below.

Dominating True Peer-prediction

Advancements in peer-prediction techniques now make it possible for individuals to provide answers and facts without clearly stating the ground truth. Initially, aggregating multiple users’ information or answers may have required a final or specific answer to get to the real truth. That is not the case anymore.

Questions can be answered in binary fashion with the aid of wisdom nodes. Thus, to determine the price of a stock that is illiquid or the score of a match, nodes capitalize on mutually exclusive results.

For example, rather than specifically questioning data providers on the price of an asset, the question could be refined. Participants could be asked if the asset is higher than $10 or lower than $10. Additionally, in the multiple-choice sections, ranges like $10–$20, $21–$30, and $31–$40 could be used to extract information from providers while they do not reveal the specific answers. After all common answers have been computed, irrelevant or wrong answers will be detected and filtered.

Proof of Wisdom Staking

One may wonder what will happen if the majority of the individuals participating in the stake decide to cheat or provide wrong information. A situation like this can be avoided by staking proof of wisdom.

The Proof of Wisdom stake is a framework to help curb malicious acts. The Lithium protocol rewards users who provide accurate information at the end of the process and penalizes users who cheat or casually provide wrong information. Since users’ assets are staked to participate, users will likely provide accurate information to get rewarded. 

Additionally, the more a user participates in the data collection process while providing relevant information, the more the user gets rewarded not just with tokens from the pool but also with a higher status or reputation in the ecosystem. A higher reputation translates to higher rewards.

Users who default, on the other hand, will be ripped off their staked tokens. The tokens obtained from defaulters will be used to incentivize reliable participants.

Reputation of Wisdom Nodes

One of the major features of blockchain transactions is transparency. Since transactions are on-chain, the performance of each participant is available and transparent for all to see. Additionally, since the records cannot be tampered with, when participants state their answer or provide their reputation, it will be clear for all to see the protocol.

Specific Rewarding Process

The answers to questions will be aggregated in a matrix form when the time for the answering process is over. The solution will be calculated using the DMI mechanism. The image below shows how correct information will be segregated from erroneous information. Correlated answers will receive the highest rewards. Uncorrelated or incorrect answers will be stripped off their stake and have a demoted reputation. Neutral answers will be given a smaller reward from the pool.

Lithium development updates in 2023

In 2023, Lithium Finance (LITH) has introduced several technological advancements and updates to its platform. Key developments include:

• NOANE Protocol: This protocol enhances the security of NFC technology using blockchain’s decentralized and tamper-proof features.
• Supply Chain Traceability: Partnership with Ensorcia Metals, LITH LLC, and OrionOne Global for end-to-end lithium supply chain traceability.
• Cosmetics Industry Innovation: Utilization of blockchain technology and physical NFTs with the NOANE protocol for transparency and security in the cosmetics industry.
• Digital Ownership in Gaming: Exploring the potential of blockchain and NFTs in gaming for true digital asset ownership.
• Fashion and Textile Industry: Integration of phygitals and blockchain technology to create innovative products in fashion and textiles.

These updates reflect Lithium Finance’s commitment to leveraging blockchain technology across various sectors, enhancing security, transparency, and efficiency.

Official website: https://lith.finance/

Best cryptocurrency wallet for Lithium (LITH)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Lithium (LITH)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).