[ANN] Lykke - Trade Bitcoin, Ethereum, FX and Digital Assets

[tempus]

How come you can only make market orders and not limit?

It will all come, also margin-trading and much more.

Roadmap:

* Margin trading 
* Regulated retail FX 
* Offchain settlement scalable to 100’000+ transactions per second 
* Ethereum support: multisig wallets, interblockchain atomic swaps 
* Payment system provider 
* Regulated institutional FX 
* Fixed income products, commodities 
* 1 billion USD average daily volume

yes but who are the market makers if it's not possible to put a limit order at the moment?

Right now there is only Lykke as market maker/providing liquidity. But there really is a lot in the pipeline. I don't know exact time-expectations, but Lykke will change dramatically in a very positive way and most likely very fast.

[tempus]

Sergey gave me his okay to share the current roadmap that was actually not meant for the public but more as "internal overview".

What needs to be considered, quoting Sergey:
"Road map is not fixed in stone though, priorities may change"

https://trello.com/b/IV0PH2gs/lykke-roadmap

[hv_]

This might be worth reading for your project.

https://www.finextra.com/finextra-downloads/newsdocs/finra_blockchain_report.pdf

[GTTIGER]

What is ICO?

ICO stands for Initial Coin Offering. Lykke offered 30 million Lykke coins (LKK) from September 13 to October 11, 2016, at a price of .05 Swiss francs per coin. The offered coins represented around 2.33% of the Lykke equity.

So the total valuation, as of current prices, is around 65 mil?

How does Lykke earn money?
Comissions are zero. Lykke will earn its revenue from the value add services such as liquidity provision, issuance services, whitelabeling and B2B consulting.

When will Lykke become profitable?
We will first focus on FX, where the daily volume is 4 trillion USD. Lykke will be a profitable company with a market share of 0.025%.

With no fees this really doesn't really make sense.

Just want to get a better understanding of the project. Really like the app btw, seems great!

[tempus]

What is ICO?

ICO stands for Initial Coin Offering. Lykke offered 30 million Lykke coins (LKK) from September 13 to October 11, 2016, at a price of .05 Swiss francs per coin. The offered coins represented around 2.33% of the Lykke equity.

So the total valuation, as of current prices, is around 65 mil?

How does Lykke earn money?
Comissions are zero. Lykke will earn its revenue from the value add services such as liquidity provision, issuance services, whitelabeling and B2B consulting.

When will Lykke become profitable?
We will first focus on FX, where the daily volume is 4 trillion USD. Lykke will be a profitable company with a market share of 0.025%.

With no fees this really doesn't really make sense.

Just want to get a better understanding of the project. Really like the app btw, seems great!

Yes, the current value is about $65m. But only a percentage of all shares is really on the market.

Regarding the business-model: Lykke is different to exchanges how we know it from Crypto like Polo. It will also be not only about Cryptocurrencies and Blockchainprojects. It's about connecting the best of all spaces but most likely with some focus on the Forex-market that is really huge. Lykke will act as marketmaker, algorithmic trading plus all of the above what you've already quoted.


I've opened a thread in the german section and there were similar questions, also about the business-mode plus some others. Since my knowledge about that topic is too limited, I've asked Richard Olsen if he would have time to do something like an "indirect AMA" and he agreed. Means: I will collect questions and send him per mail, he will answer them once has has the time and I'll post the answers. Most likely it would be best to do that here as well, especially when it's about the market-economics and the business-model of Lykke.

I will send him your questions and if others would like to ask Richard Olsen something - feel free to ask and I'll post answers as soon as he finds time to reply!

[tempus]

This might be worth reading for your project.

https://www.finextra.com/finextra-downloads/newsdocs/finra_blockchain_report.pdf

Thanks! I'll post it in the slack!

[Alao]

I have a couple of questions.

 If Lykee is not mineable does that mean that no new coins are created?

If no new coins are created does that mean this is more of a Proof of stake coin?

Since the coins represent stock in the company does it mean we will never have a situation where there is a reverse split or increase in the number of shares?

What powers the Lykee blockchain? Transactions from the wallet?

[tempus]

I have a couple of questions.

 If Lykee is not mineable does that mean that no new coins are created?   

Theoretically Lykke could issue new shares as Coins. But somebody asked a similar question on telgram (if there will be inflation) and Sergey replied that there is no plan to issue new shares - so "inflation" will be zero. 

If no new coins are created does that mean this is more of a Proof of stake coin?

No. LKK' are issued as colored coins on the Bitcoin-Blockchain. This gives a good explanation/overview:

"The term "Colored Coins" loosely describes a class of methods for representing and managing real world assets on top of the Bitcoin Blockchain.

While originally designed to be a currency, Bitcoin's scripting language allows to store small amounts of metadata on the blockchain, which can be used to represent asset manipulation instructions. For example, we can encode in a Bitcoin transaction that 100 units of a new asset were issued and are now credited to a given bitcoin address. A colored coins wallet can create a Bitcoin transaction that encodes sending 50 units of an asset from one address to a new address, and so on.

(...)"
https://en.bitcoin.it/wiki/Colored_Coins

Or this site: http://coloredcoins.org

So, there won't be any kind of "mining" or "staking". But once Lykke will be profitable and company and shareholders should decide not to reinvest profit, Lykke will pay dividends to it's shareholders.

Since the coins represent stock in the company does it mean we will never have a situation where there is a reverse split or increase in the number of shares?

Like said above: Theoretically it would be possible that Lykke would issue new shares like companies do it from time to time. But there is no plan for that, so the number of LKK will neither decrease nor increase.

   
What powers the Lykee blockchain? Transactions from the wallet?

Since Lykke doesn't run on an own blockchain, but is build on top of the Bitcoin-blockchain and LKK are issued as colored coins (like all assets that are and will be listed on Lykke as exchange will be represented as colored coins) it's not needed. The Bitcoin-Blockchain is secured by the miners.

[tempus]

Interesting article about Davos (Richard Olsen was there).

Lykke is not mentioned directly, but what is said in that article is in fact about innovations like Lykke:


Lloyds: Low Interest Rates & Fintech are the Most Important Trends that Will Shape Banking Over the Next 10 years
https://www.crowdfundinsider.com/2017/01/95051-lloyds-low-interest-rates-fintech-important-trends-will-shape-banking-next-10-years/

 

[9Bank]

  Is there an exchange trading LKK? Noticed US - Australia - Japan - Canada not included in current plans. 

[tempus]

Is there an exchange trading LKK? Noticed US - Australia - Japan - Canada not included in current plans.  

Lykke is the exchange. ;-) If you want to use Lykke and/or buy into LKK you just need to download the Trading-App:
https://www.lykke.com


Lykke is not yet regulated in those countries, but of course they are included in the plans for 2017.


 

[electronicash]

the exchange will used by a lot of people later once that Chronobank ICO will be over.  if investors have to invest on lykke they should probably do it now but since its not listed elsewhere, it could hold them back. we'll just see what will happen later when TIME will be on lykke. the need to hurry that desktop application for us.

[tempus]

the exchange will used by a lot of people later once that Chronobank ICO will be over.  if investors have to invest on lykke they should probably do it now but since its not listed elsewhere, it could hold them back. we'll just see what will happen later when TIME will be on lykke. the need to hurry that desktop application for us.

Pretty much everything what people might miss currently will come in the coming weeks and months, including web-based-terminal and it's also on the table to get LKK on other exchanges.

And yes, Chronobank will be helpful for the user-growth, but Lykke will also offer a lot of other exciting assets in future.

[tempus]

"Dear Lykke friends,

We are looking forward to meet you together with new faces at our first Lykke Talk in Zurich.

Our aim is to win ambassadors, business partners and new investors. But also to tighten our bond with you and share our latest milestones to building the global market place for all financial assets.

Lykke's COO Sergey Ivliev will guide you through the latest technological advancements, while I will be discussing with fellow FinTech experts on the drivers for success for our endeavor.

Contribute to our success by inviting relevant stakeholders in Switzerland to this gathering. Let's continue to grow our community.

Space is limited. Please register here: http://zurichtalk.lykke.com

Yours, Richard Olsen
CEO Lykke"

[Alao]

no bounty sir?
why

There were bounty-campaigns during the ICO (August-September) and it's possible that there will be more campaigns in future. I don't know exactly what they plan but most likely they will need also marketers in future, people who bang the drum for Lykke but also projects that will be listed on Lykke and/or start with an ICO on the platform. Maybe they will use Streams for that. So it might be smart to keep an eye on it.

This coin is too low key, since the CEO is a super famous peoson in forex industry, he should know how to marketing, but the result is unexpected, ico coins were not sold out, only a few campaigns, if you have more campaigns, you would sell out the coins.

They've a nearly opposite approach than most of all Crypto/Blockchain-projects I know of. Usual is to show an idea (whitepaper etc.) and to do a lot of marketing to get initial funding. And some or even many of those projects who start that way are very good in luring people into their projects while it at least takes a lot of time after that until they are able to show first results. I could drop names here of projects who have done ICO's in summer 2016 and are near to dead now.

The Lykke-team has built a lot before they've done the public ICO. That's the reason why it already was possible to do the ICO on the own platform. On the other side Lykke would most likely get more attention if LKK would have launched on Poloniex. But there will be other ICO's and Lykke will get increasing attention (that's already the case).

In general can be expected: Increasing intensity (visible) on all fronts, marketing included. They move very fast and there is a lot happening that will impress. I believe that's a safe prediction.

If polinex was to list this coin it would go through the roof. But since Lykke is trying to build its own platform polinex is a direct competitor. I lykke their approach :p. Keep it low key and let the technology speak for it's self.

[super-cpu]

If polinex was to list this coin it would go through the roof. But since Lykke is trying to build its own platform polinex is a direct competitor. I lykke their approach :p. Keep it low key and let the technology speak for it's self.

Imagine the huge exposure for Lykke IF it get listed on poloniex or bittrex, the number of new users download Lykke app and more.

[tempus]

no bounty sir?
why

There were bounty-campaigns during the ICO (August-September) and it's possible that there will be more campaigns in future. I don't know exactly what they plan but most likely they will need also marketers in future, people who bang the drum for Lykke but also projects that will be listed on Lykke and/or start with an ICO on the platform. Maybe they will use Streams for that. So it might be smart to keep an eye on it.

This coin is too low key, since the CEO is a super famous peoson in forex industry, he should know how to marketing, but the result is unexpected, ico coins were not sold out, only a few campaigns, if you have more campaigns, you would sell out the coins.

They've a nearly opposite approach than most of all Crypto/Blockchain-projects I know of. Usual is to show an idea (whitepaper etc.) and to do a lot of marketing to get initial funding. And some or even many of those projects who start that way are very good in luring people into their projects while it at least takes a lot of time after that until they are able to show first results. I could drop names here of projects who have done ICO's in summer 2016 and are near to dead now.

The Lykke-team has built a lot before they've done the public ICO. That's the reason why it already was possible to do the ICO on the own platform. On the other side Lykke would most likely get more attention if LKK would have launched on Poloniex. But there will be other ICO's and Lykke will get increasing attention (that's already the case).

In general can be expected: Increasing intensity (visible) on all fronts, marketing included. They move very fast and there is a lot happening that will impress. I believe that's a safe prediction.

If polinex was to list this coin it would go through the roof. But since Lykke is trying to build its own platform polinex is a direct competitor. I lykke their approach :p. Keep it low key and let the technology speak for it's self.

Right, Poloniex and Lykke are somehow in competition to each other, but what I really like in the Crypto-Space: While there is huge competition in a lot of fields, it's also possible and often the case that competing companies connect in some ways and find a win-win-situation. Chronobank and Lykke might be a good example.

It's very possible that LKK will be listed on Poloniex and maybe also Kraken in future. It's on the Roadmap. Not sure when it will be and if there are already contacts, but we'll see.

[temmuz]

An interesting project is going to try it out soon.
 I update my comment after use.

[tempus]

An interesting project is going to try it out soon.
 I update my comment after use.

Nice, let me know how it works for you! Feedback is always good!

[tempus]

If somebody should wondering about transaction-delays - Bitcoin is on it's limit again:



https://blockchain.info/de/charts/mempool-count?timespan=30days