In Science We Trust
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Central Labreserve is the core institution that governs Labredoor's internal economy. The majority of value generated and owned by Labredoor Community is physically stored in the local treasury. The official currency representing the shares of the treasury is Labcoin (Labre). The sum of all issued and authorized Labcoins represent together the wealth of our community.
December is the month of annual exchange. The lifetime of a Labcoin is 1 year. Every Labcoin is authorized from the 1st January to 31st December of the year it has been issued. Every year, throughout December, Labcoins being held by individuals/organizations has to be brought back to Central Labreserve for exchanging with reissued Labcoins. During this period only, upon request, Central Labreserve buys-back LabCoins up to the annual maximum buy-back ratio applied per transaction. The annual maximum buy-back ratio is calculated proportional to the annual cash earnings in accordance with the formula stated in §The Code Section L5 Article 11 (L.5.11)§.
The Position of LabCoin
LabCoin is liquid & valued in our community. Members of Labredoor are willing to offer services in exchange of Labres. Labres account for many discounts & services offered by the house management at the Red Door 33. These include consultance, use of house & lab resources for personal interest. Even membership fees & contributions can be compensated by Labcoins. In general, any added value enabled by Labredoor Community is represented by LabCoins. All labcoin transactions has to be performed in accordance with §The Code§.
LabCoin is an investment & sponsorship vehicle to Labredoor Community. Labredoor's financial strategy is to use the reasonable majority of the available cash resources to generate high-value technology, know-how, products & brands.
Based on the represented wealth of our treasury
current exchange rate of a Labcoin (Labre, Lc, LBR) is:
= 7.3 TRY