What Is Lithium (LITH)?

The whitepaper says Lithium Finance's Pricing Oracle is an advanced version of intelligent platforms driven by cryptocurrency incentives. The participating oracles leverage the immutability of Ethereum's global acquisition rails to deliver high-quality information, enhancing the user's earning potentials and offering rewards.

Lithium Finance publishes a utility token used as a reward and a staking token for various questions and answers. While asking the questions and answering them, every user can stake a specific amount either as bounty (while asking a question) or confidence (while answering). The blend of staking produces stronger signals toward a piece of better information. 

The applications of the token are as below: 

• Bounty proposal from wisdom questions to incentivize wisdom node answers: The more helpful information is proportional to the more amounts users are ready to spend for that answer. Furthermore, more people desire access to the exact information; hence, the bounty is substantial. 

• Staking of the wisdom nodes fluctuates as per the confidence status of the answers: When the wisdom nodes answer the query, then staking occurs for a specific amount of LITH tokens to signal the confidence. Moreover, together with the reputation within the division of answers, a potential reward of the bounty plus occurs.

• The reward for wisdom nodes for the valid answers: After the responses are comprehended, the token's wisdom node stakes and bounties are pooled and distributed. The reward distribution is based on how close the answers come to the truth.

With the development of digital protection and as the intersection between the centralized finance world and DeFi grows, the need for pricing information for opaque assets is rising. Moreover, Lithium Finance functions across all sectors, offering better-quality information to each broker, trader, and investment banker.

Also, Lithium Finance is designed to capitalize the connecting points between distributed wisdom, blockchain, and financial and technical tools. And this convergence brings the worlds of conventional finance and DeFi together, promoting massive evolution and innovation.

Who Founded Lithium (LITH)?

According to the website, David Lighton is the cofounder of the token. David is an entrepreneur who is inclined toward inclusive financial innovation.