[ANN][ICO] LakeBanker | Free Banking for the World

[LakeBTC]

Phase 1. of our Token Sale is open now.

Contributions received before September 15, 2017, 3pm UTC get the first hour price of 1ETH = 1300 BAC.

After that, the auction format kicks in. Please see LakeBanker.com.

That doesn't show auction format it just shows that u gave almost a 20% bonus for getting in the first hour.
To me personally that's a huge nono and while I was thinking about investing now I'm going to pass.

I think there's a misunderstanding here. Here's how Phase 1 works.

The first hour price of 1 ETH=1300 BAC is available now. Participants don't have to rush to buy their tokens in the first hour of the auction---they can get that price any time over the next 29 days.

If we oversell during that time we will allocate tokens pro rata---we chose this so that everyone that wants to get BAC tokens at the lowest price will be able to. This is the fairest option.

After September 15, 2017, 3pm UTC tokens will be allocated first come first served based on the prices listed on the website.

[1713991300]

1713991300

[1713991300]

1713991300

[1713991300]

1713991300

[1713991300]

1713991300

[LakeBTC]

interesting concept! could I join the feast from Japan?

Yes.

I like your business idea but I don't understand how your BAC token works. What makes BAC a good investment for me?

BAC tokens function as a de facto currency in the LakeBanker system. All fees and interest are denominated in BAC. The token is well-integrated into our Crowd-Banking business model. Here is an example:

Payments in the system will be free for most users most of the time. However, say the monthly quota for payments is $100,000 and you want to transfer $150,000 today. The fee determined by the market may be 300 BAC. The user would need to buy that 300 BAC from the market. If they do not want to purchase BAC, they can become a LakeBanker and serve others to earn it instead. So BAC can both be spent and earned within the LakeBanker system. In this way we have true Crowd-Banking.

We expect our free banking options (especially user-to-user and user-to-merchant payments) to attract many many users. BAC will eventually circulate amongst millions of people. Correspondingly, the demand for BAC will be very strong. We expect its long term price to reflect this.

[LakeBTC]

An article on decentralisation published in Forbes today talks about LakeBanker:

https://www.forbes.com/sites/nikolaikuznetsov/2017/08/16/decentralizing-the-world-blockchain-and-the-removal-of-centralized-profit-centers/#56db418d53f4

[caixin]

it meems that I had seen the similar project before. did you know Humaniq?
if so, what do you think the difference between LakeBanker and Humaniq?

[LakeBTC]

it meems that I had seen the similar project before. did you know Humaniq?
if so, what do you think the difference between LakeBanker and Humaniq?

The differences between LakeBanker and Humaniq are actually very large. Here are some key ones:

Target Users
Humaniq targets users in developing countries, mostly very poor people. They seem to operate more like a charity and its not clear that they are sustainable as a business. LakeBanker targets the whole world---including rich countries. Expansion into unbanked populations is just one small part of our ambitious business model.

Free Payments
In the LakeBanker system for ordinary users ALL PAYMENTS WILL BE FREE FOREVER. Humaniq say they will offer "near zero cost transactions", but it's not clear what this means.

On Chain/Off Chain
In Humaniq, all transactions seem to be on chain. This is for a service that they hope to reach billions of people. Is this even possible? Does the blockchain has the capacity or the throughput? If the price of ETH goes up further, will that make payments unaffordable?

In LakeBanker, we give users a choice: If you are tech savvy and comfortable with the technology, use onchain. For others (especially un/under banked), use simple, safe and free off chain services. We have impeccable record in the past 4.5 years of safeguarding users money.

Development Stage
LakeBanker has been running successfully in Beta for 1.5 years. Humaniq is just a idea.

Resources
LakeBanker is a spinoff of LakeBTC, a leading crypto platform with mature operational experiences and user base. We have substantial relationships with banking, payment processing and credit & rating agencies. Humaniq is just an idea.

Risk Management
Humaniq plans to offer "Direct Lending to Entrepreneurs". If they're lending directly, who is going to do the credit risk management? What will stop their default rates being sky high? How will they meet other risks, like compliance risks (anti money laundering, for example).

LakeBanker's Crowd-Banking model delivers exceptional risk management. When one user requests credit from the system, other LakeBankers with appropriate training can be hailed by the app and given the option to earn fees by providing the KYC verifications and due diligence checks. The low overheads here mean that LakeBanker can do much more due diligence than any regular bank (or Humaniq). They also do it better: LakeBankers will tend to be local and know their communities well. With our risks so well managed, our risk adjusted returns will be very high.


So. The LakeBanker's business model is very different from Humaniq's. (Our is much better).

[LakeBTC]

Any bounties? I like it though but it's a long wait as it will be held until October.

The Social Media Bounty is now launched. Here's the thread.

https://bitcointalk.org/index.php?topic=2056136.0

[LakeBTC]

i am join this bounty.FB & Twitter

it seems no bounty plan for social media.

We have now launched the social media bounty. Here's the thread:

https://bitcointalk.org/index.php?topic=2056136.0

[michwlv]

interesting.

but how to free ??  what the difference between you and okoay, perfect money etc. they are also free to transfer with a high withdraw fees. the other hand, PayPal is not free to transfer and has a relatively cheaper fee to withdraw.

so if I understand correctly, this project is completely free? or another type?

Internal payments will be free (user to user, user to merchant etc.), even international payments.

Deposits and withdrawals is where our crowd-banking model comes in: You send out a deposit request on the app, it gets accepted by a nearby LakeBanker (our AI engine finds optimized matches). You pay they LakeBanker and they credit your account on the system. The LakeBanker earns a fee (in our token BAC) for this service. LakeBanker fees can be subsidized initially by our user growth fund and eventually by our returns from value-added financial services (credit lines, p2p lending, and so on). Certain quotas and conditions may apply.

This is an interesting concept, I'll be interested to see the details in a whitepaper.

[LakeBTC]

interesting.

but how to free ??  what the difference between you and okoay, perfect money etc. they are also free to transfer with a high withdraw fees. the other hand, PayPal is not free to transfer and has a relatively cheaper fee to withdraw.

so if I understand correctly, this project is completely free? or another type?

Internal payments will be free (user to user, user to merchant etc.), even international payments.

Deposits and withdrawals is where our crowd-banking model comes in: You send out a deposit request on the app, it gets accepted by a nearby LakeBanker (our AI engine finds optimized matches). You pay they LakeBanker and they credit your account on the system. The LakeBanker earns a fee (in our token BAC) for this service. LakeBanker fees can be subsidized initially by our user growth fund and eventually by our returns from value-added financial services (credit lines, p2p lending, and so on). Certain quotas and conditions may apply.

This is an interesting concept, I'll be interested to see the details in a whitepaper.

Our Whitepaper is available for download here and on the first page of this post.

We hope you enjoy reading it. If you have any questions, please post them here, or join our telegram or slack channels. We will be happy to answer them

[LakeBanker]

LakeBTC.com will enable BAC trading soon after the close of Phase 2 and before November 1st 2017.

We are offering near immediate liquidity for our Token.

[LakeBTC]

Crowd-Banking

The LakeBanker system plans to provide free core banking services to the whole world. How do we achieve this? We do it through our "Crowd-Banking" business model. Here are some details:

The LakeBanker system will coordinate a massive network of individuals, merchants and other institutions who will provide banking services to users. The nodes in our network are called "LakeBankers". A LakeBanker provides services that would ordinarily be undertaken by the high street branch of a traditional bank; for example, they can facilitate deposits/withdrawals from the system and conduct KYC ("Know Your Customer") verifications on other users. Any user can become a LakeBanker; indeed the system encourages users to both consume and supply banking services. The network is accessed through a mobile app from which users can initiate requests for services. The app uses Artificial Intelligence to match these requests to LakeBankers dynamically based on real-time supply and demand conditions. Our technological solution effectively replaces traditional banking infrastructure with a peer-to-peer market, sometimes known as a "matching market". We call this concept "Crowd-Banking".

In terms of executing our mission, this model has four key implications:            

(1) Risk Management: Through our crowd of users we can do more due diligence than any regular bank could do. And, since LakeBankers will tend to be local and know their communities well, we can do it better.

(2) Massively Reduced Overheads: We don’t need high street branches, large corporate offices or many thousands of salaried employees.

(3) Exponential Growth: When we enter a country, one LakeBanker can service say ten users. The system incentivises them to become LakeBankers themselves and service a further hundred users who can then service a further thousand and so on. Our Crowd-Banking model has exponential growth built into it.

(4) Reach into Underbanked Populations: Networks of LakeBankers can be created wherever people have access to smartphones. Smartphone saturation is high in the developed world and growing at a phenomenal rate in emerging markets.

[LakeBTC]

Security and Privacy

Our users will be trusting us with both their money and their personal data. We take that trust very seriously and hold ourselves to the highest standards when it comes to data security. LakeBanker is a spinoff from LakeBTC. LakeBTC is perhaps the only major cryptocurrency platform without stolen coins, security scandals or flash crashes. We will leverage our expertise in security as we develop the LakeBanker system. We will continue to employ the following technological security measures:

• We use SSL/TLS encryption for all data transfers to and from users.
• We use TRUE cold storage for cryptocurrencies—never, ever online. Some other platforms claimed to use cold storage but were nonetheless compromised.
• We use multi-signature wallets.
• We use 2-factor authentication with a 48 hour lock period after any change.
• We use SMS confirmations, encrypted back ups and a disaster recovery plan.
• Our internal network is not accessible from the Internet.

[LakeBTC]

Corporate Partnerships

LakeBTC has been very active in bringing blockchain technology to the traditional financial world. During the past 5 years, we have built strong relationships with a number of banks, payment processors, insurance companies and security firms. In developing the LakeBanker system, our potential strategic partners include:

• A major credit card company
• A major PBOC licensed payment processing company
• One of the biggest mobile App design companies in the world (top 20 for iOS globally)
• One of the biggest Wealth Management firms in the world
• One of the largest financial conglomerate  companies in the world, whose business includes commercial banking, investment banking, insurance and financial leasing
• One of the leading credit and rating companies in China
• A major mobile phone manufacturer
• Two regional commercial banks

[GreenCoin22]

Banking through blockchain is not understandable to me. People who know about blockchain are minuscule, how they will know banking on blockchain

Most of our transactions will be off chain. Users will access our banking services through an EASY TO USE mobile app. They do not need to have any knowledge about Blockchain to do this. We talk a little bit about out relationship with Blockchain/cryptos in section 6 of our White Paper. But basically the idea is this:

We offer certain core banking services for free---in particular, payments are free in the LakeBanker system (we can do this because of the massively reduced overheads and better risk management that our Crowd-Banking model gives us). We expect this to attract millions of users. Since we are blockchain enthusiasts, we will OFFER cryptos to all these users. But we don't FORCE cryptos/blockchain on anyone. For those that want to try investing in cryptos, we will make it easy by hiding all the complexity. We also inherit the excellence in security in handling crypto assets that LakeBTC has been developing since 2013.

Hope this helps address your concern. If not, let me know and I'll try again.

Most of the transactions in LakeBanker are off chain right?
  If so, it seems nothing to do with cryptocoins or blockchian?

[LakeBTC]

Phase 1 of the token sale is Active now. It ends September 20, 2017, 3pm UTC. In Phase 1 we offer a small number of tokens at a very big discount.

Phase 2. will be held in mid-October.

For full details of the token sale please see our site.


The signature campaign and social media bounty campaign will be available up to the beginning of Phase 2.

Please see our Bounty thread for full details:

https://bitcointalk.org/index.php?topic=2056136.0

[CUNÉGONDE]

again, i saw in white paper that you allocate 25% of token to your team. that's a lot. why so much?
and where are the bounty tokens from? what percent?

[caixin]

it meems that I had seen the similar project before. did you know Humaniq?
if so, what do you think the difference between LakeBanker and Humaniq?

The differences between LakeBanker and Humaniq are actually very large. Here are some key ones:

Target Users
Humaniq targets users in developing countries, mostly very poor people. They seem to operate more like a charity and its not clear that they are sustainable as a business. LakeBanker targets the whole world---including rich countries. Expansion into unbanked populations is just one small part of our ambitious business model.

Free Payments
In the LakeBanker system for ordinary users ALL PAYMENTS WILL BE FREE FOREVER. Humaniq say they will offer "near zero cost transactions", but it's not clear what this means.

On Chain/Off Chain
In Humaniq, all transactions seem to be on chain. This is for a service that they hope to reach billions of people. Is this even possible? Does the blockchain has the capacity or the throughput? If the price of ETH goes up further, will that make payments unaffordable?

In LakeBanker, we give users a choice: If you are tech savvy and comfortable with the technology, use onchain. For others (especially un/under banked), use simple, safe and free off chain services. We have impeccable record in the past 4.5 years of safeguarding users money.

Development Stage
LakeBanker has been running successfully in Beta for 1.5 years. Humaniq is just a idea.

Resources
LakeBanker is a spinoff of LakeBTC, a leading crypto platform with mature operational experiences and user base. We have substantial relationships with banking, payment processing and credit & rating agencies. Humaniq is just an idea.

Risk Management
Humaniq plans to offer "Direct Lending to Entrepreneurs". If they're lending directly, who is going to do the credit risk management? What will stop their default rates being sky high? How will they meet other risks, like compliance risks (anti money laundering, for example).

LakeBanker's Crowd-Banking model delivers exceptional risk management. When one user requests credit from the system, other LakeBankers with appropriate training can be hailed by the app and given the option to earn fees by providing the KYC verifications and due diligence checks. The low overheads here mean that LakeBanker can do much more due diligence than any regular bank (or Humaniq). They also do it better: LakeBankers will tend to be local and know their communities well. With our risks so well managed, our risk adjusted returns will be very high.


So. The LakeBanker's business model is very different from Humaniq's. (Our is much better).

thanks for your response.

could I know how to add a new coin on LakeBTC? costs, materials, requirements, etc.

[LakeBanker]

LakeBTC receives many requests to add new tokens to our trading platform.

We are looking in to this carefully and we will publish something about our requirements soon.

Trading for our token BAC will be enabled soon after the close of our Token Sale and before November 1st 2017.

[LakeBTC]

again, i saw in white paper that you allocate 25% of token to your team. that's a lot. why so much?
and where are the bounty tokens from? what percent?

Our CSO wrote an in depth post about this question and compared our token distribution model to other recent ICOs. Check it out here:

https://medium.com/@andrew.mccarthy/ico-distribution-models-team-tokens-a866641e579

[LakeBTC]

Tokenverse publish an in-depth article comparing our project to Humaniq. Check it our here:

http://www.tokenverse.com/blog/humaniq-and-lakebanker-a-comparitive-analysis/