Here's the above-mentioned press release: Reader’s Legacy Launches Their New Social Media Platform for Book Lovers, Authors and Publishers.
From an author's/marketer's perspective: this is interesting, so I'll open an author's account. But from a consumer's perspective: nah. I'm good.
Thanks for the additional info. I was interested in the part about how the books would be less expensive then other books sellers. But, if you click on buy it takes you right to Amazon - Hmmm
Hate to sound jaded but would not be surprised if the "Litcoins" could only be used to purchase the crappy books in the Kindle Unlimited library. I agree it's a good way for authors to get more exposure, particularly if you are selling your books through Amazon. Much slicker interface then Good Reads & much better exposure then Amazon's fairly anemic Author Page.