What Is Lith Token (LITH)?

Lith Token (LITH) has been created to provide opportunities for businesses and individuals to develop on a global scale while being socially and environmentally responsible. LITH aspires to transform the concept of environmental and social governance by developing a platform to address the rising need for integrity in business. By merging blockchain with supply chain accountability, LITH aims to combine all parts of production: finance, resource collection, manufacturing servicing, and distribution. 

According to the whitepaper, as more countries globally adopt Environmental Social Governance models (ESG), Lith merchants can access one global decentralized network, offering them new possibilities. ESG is a rating system used by many companies to choose the ethical values within and outside their organization.The Lith network seeks to solve the problem of the ESG rating system. The current rating system is ineffective and based upon subjective opinions, negatively impacting the ratings and the cost of obtaining ratings. Lith token aims to solve this problem by implementing a decentralized governing model to determine the company's ESG ratings using a voting system. Every vote is registered on the blockchain and matched against the ecosystem's unchangeable KYC database. Blockchain-based ratings provide an unbiased view of ratings on a collective data set, which can improve ratings through unified improvement efforts.

LITH is the governance token of the Lith network. As per the whitepaper, it is currently an ERC-20 token. The network intends to upgrade it to a new ERC-20 contract (LITX) that integrates with an ERC-1155 token (LITHPLUS) on the Ethereumblockchain. The Lith network claims to use blockchain technology to create an environment where all the users and organizations within an ecosystem are incentivized. 

History of Lith Token (LITH)

The founder of Lith network is Andrew Rymer. He launched the Lith token on May 31, 2021, with a maximum supply of 5.4 billion LITH. 

According to its whitepaper, the Lith network claims to achieve several milestones. In phase 1 (Jan-April 2021), the network prepared the Lith whitepaper, developed token initiatives, and completed the technology exploration. Later in phase 2 (May-Sept 2021), the platform launched the ERC-20 token for Uniswap, secured its marketing partner, and launched an early adoption campaign. Further, in phase 3 (Oct-Nov 2021), the Lith network listed the token on an exchange, expanded its IT and development team, and secured its layer 2, solution partner.