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Author Topic: [ANN] [ILK] INLOCK - Fiat Loans with Crypto Collateral - Banks Compete for You  (Read 140684 times)
Incomelocker
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August 20, 2018, 10:50:19 PM
Last edit: February 04, 2019, 06:28:49 PM by Incomelocker
Merited by traumschiff (50)
 #1


Dear Inlockers!

We are happy to let you know that we open the long anticipated Tokenmarket on the 15th of January! If you participated in the tokensale, you will be able to use your existing accounts to buy and sell ILK tokens – the same applies to confirmed KYCs, no need to complete them all over again. If you missed the tokensale, you will have the chance to buy ILK tokens at Inlock.io.

2019. Jan 31. Introducing Dual Option E-settlements called: INLOCK Superposition

We are proud to announce that a new product line has been developed, and at this stage we feel it is the perfect time to let you guys know what is under the hood. The fundamentals here are: how can we enable our customers to be in 2 crypto positions simultaneously, and decide which one to keep, depending on the outcome of market events, hence your contract is in a superposition state for the contract duration, just like in quantum physics.

Update: Superposition is online!

So what is INLOCK Superposition?

It is a completely new product class that enables you to deposit your cryptocurrency with option trading. We are preparing 2 variants of Superpositions depending on the use cases:

a. FIAT value preservation

In this use case you expect the market to fall, so you wish to preserve the current FIAT value of your cryptocurrency deposit, but just in case it doesn’t, you would want to use the option of getting back your cryptocurrency, while having the opportunity to also invest in ILK tokens! So how is this achieved?
  • Deposit your cryptocurrency (currently BTC, ETH, LTC is supported)
  • Select the FIAT value preservation option
  • We will exchange your cryptocurrency to a stablecoin preferred by you and supported by us.
  • This stable coin will be locked in your INLOCK account
  • You will receive ILK tokens (the exact amount calculated based on the current ILK exchange rate and the current value of your cryptocurrency)
  • Using this method creates a unique opportunity: you can protect the current FIAT value of your cryptocurrency AND you have a plan B!
If the ILK tokens price goes up, you have the OPTION to decide which one to keep, your cryptocurrency deposit OR your ILK tokens AFTER you have seen where the market moved!

b. Crypto amount preservation

In this use case you count on the market rising, your primary goal should be to keep the cryptocurrency amount – while being able to cross-speculate with ILK tokens. Here is how:

  • Deposit your cryptocurrency (currently BTC, ETH, LTC is supported)
  • Select the cryptocurrency amount preservation option
  • Your cryptocurrency will be locked for the duration
  • You receive ILK tokens (the exact amount calculated based on the current exchange rate of ILK tokens and your cryptocurrency)

Choosing this method, you are able to stay in the ILK position for the full duration, and you are can select to either keep the ILK and sell it on the token market or get back your original cryptocurrency amount.

You can read our updated roadmap

Check out our website at: www.inlock.io for more information
We would be honored to welcome you on our official channels:
Web: www.inlock.io
Telegram: http://t.me/inlock
Twitter: http://twitter.com/inlock_token
Facebook: http://facebook.com/incomelocker/
Linkedin: http://linkedin.com/company/income-locker/
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Incomelocker
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August 20, 2018, 11:00:06 PM
 #2

#reserve for updates and further announcements
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August 20, 2018, 11:09:01 PM
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#Reserve for Spanish translation#
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August 20, 2018, 11:12:00 PM
 #4

I like the fact that you have partners already. Do you have private investors also? Lending platform is a common project here. What specific niche of customers are you trying to get here?

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August 20, 2018, 11:32:26 PM
 #5

I like the fact that you have partners already. Do you have private investors also? Lending platform is a common project here. What specific niche of customers are you trying to get here?
Tested and working model is an essential part of our product. We planned to build up a full (MVP) service from day1. INLOCK has started their business development almost 3 months ago. This is why we have partners in all relevant roles. Based on our plans we will start a fully functional MVP product after the mainsale (mid of October). We have lending partners in EU and based on our business dev progress we probably also can announce more partnerships in LatAm and SEA regions as well. Yes we have many private investors, some of them are old guys in crypto space. We don't want to use them and their name as a 'clickbait'. INLOCK is a product, not just a whitepaper or just a marketing campaign.
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August 20, 2018, 11:38:00 PM
 #6

The Inlock project definitely looks much more promising than the majority. I have been following the project since March now - I encourage everyone to do their own research, that is why I suggest to read their whitepaper and tokenomics. Best read I had in a long time!
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August 20, 2018, 11:51:55 PM
 #7

INLOCK is featured in many news sites and newspapers in the last couple of months. One of our big pride is VentureBeat post from Steward Rogers (@therealsjr):

"Inlock launches blockchain-powered lending for cryptocurrency holders"
https://venturebeat.com/2018/08/01/inlock-launches-blockchain-powered-lending-for-cryptocurrency-holders/


                                         
Quote
"How does it work?

Borrowers choose the most competitive offers from lenders, which gives them the opportunity to avoid selling their cryptocurrency to finance a temporary liquidity problem. Excluding any interest payments, Inlock users pay every cost associated with borrowing and lending in ILK tokens. Because the platform’s usage costs are not deducted from collateral, borrowers can preserve the full value of their cryptocurrency upon repaying the loan."
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August 21, 2018, 12:11:46 AM
 #8

Do you have a bounty program, sir? I want to reserve Indonesian translation sir if you want it. I see you have a good project, I've just visited your official site. I think Inlock project should be promoted to many local forum in order to attract more people. Thx

Here’s a quick extract of our whitepaper. If you think it’s worth reading, you can find the full document here.

By the way, the link above doesn't work correctly. People cannot see your whitepaper. Is it under development, sir?

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August 21, 2018, 02:19:23 AM
 #9

This is one of the serious projects in the cryptocurrency world. I travel a lot and i know that travel industry needs this. Big potential here.
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August 21, 2018, 04:16:16 AM
 #10


 

Quick facts:


  • We already have a working prototype, a mathematically proven token model



 if I understand correctly, this model will not let you get a loss .. I can somewhere to see this model?

p.s. if your project is working, I think many people will want to use your services .. you need large investors for cooperation, although it is more possible for banks to give loans themselves without intermediaries for crypto currency .. it's just a matter of time.

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Incomelocker
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August 21, 2018, 07:10:04 AM
 #11


 

Quick facts:


  • We already have a working prototype, a mathematically proven token model



 if I understand correctly, this model will not let you get a loss .. I can somewhere to see this model?

p.s. if your project is working, I think many people will want to use your services .. you need large investors for cooperation, although it is more possible for banks to give loans themselves without intermediaries for crypto currency .. it's just a matter of time.

Hi. You can see any tech and math background in ILK tokenomics documentation: http://inlock.io/tokenomics
Prototype also available on http://mvp-demo.inlock.io
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August 21, 2018, 07:34:38 AM
 #12

INLOCK. this is a loan platform, which allows cryptocurrency holders to manage short-term liquidity problems by taking loans, using existing cryptocurrency as collateral.
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August 21, 2018, 07:47:52 AM
 #13

INLOCK. this is a loan platform, which allows cryptocurrency holders to manage short-term liquidity problems by taking loans, using existing cryptocurrency as collateral.
Perfect summary of our solution! Thank you! Smiley
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August 21, 2018, 06:15:56 PM
 #14

Spending to solve the sependability problem
original blogpost: https://ico.inlock.io/2018/08/21/spending-to-solve-sependability-problem/


"Our hardcap is $27.5M US which will be used for business and technical development. Instead of covering for loans, we will focus our resources on expanding the business, establishing offices and partnerships in different regions.

According to our roadmap, we will open our head-office in the LATAM region in the 4th quarter of 2018 followed by the US in Q1 2019 and the Asian region in Q3 2019. Opening offices entails a rather laborious process getting everything off the ground in a timely fashion.

A very important aspect many before us missed, is that there’s no point in working out a service, a solution, or a platform if it’s illegal in the region they want to deploy it in. As stated in our previous article, we had to learn this the hard way. The majority of the funds raised on our ICO will be spent on business development – including regulatory compliance for all roles of our platform. Prior to offering our services in a new region, we must ensure we are compliant with all local regulations for citizens to take out loans from local, and even from foreign lenders. We will also need to pave the way for our collateral managers to make sure their activities are well-defined from a legal standpoint.

In every region we open new offices, we will strive to set up strategic partnerships with numerous partners to make sure INLOCK stays true to its promise of having lenders compete for borrowers on its platform. In order to achieve this, – and also to extend our user base – we must have multiple lending partners in all regions we have operations in. Another way we’ll be able to reach more customers is by establishing strategic partnerships the most popular stable coin providers so we can integrate their solutions into our platform.

We will also design processes that help lenders and borrowers establish API connections. Our goal is to eventually create a peer to peer platform where individuals can give out loans to one another, however, the regulation framework makes this impossible in most parts of the World currently. We are building out our platform to make the transition easy once regulators realize this type of fully backed loan isn’t the same as what they’re trying to protect citizens from. In the 4th quarter of 2019 we will extend our services with the introduction of a credit swap system and by obtaining the necessary licenses for INLOCK to be able to collect FIAT deposits as a form of savings account for users.

The credit swaps will allow the lender community to exchange running contracts with each other. With this addition, we will also introduce prediction AI to predict the termination overhead dynamically to assist platform users in selecting potentially safe margin call points.

For news make sure to join our Telegram

Our official channels are:

Twitter
Facebook"
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August 21, 2018, 07:54:43 PM
 #15

(De)centralization initiative for FIAT gateways
Original blogpost:https://ico.inlock.io/2018/07/25/decentraclization-initiative-for-fiat-gateways/

The thing is, that when fiat appears on the scene, it brings along with it the appearance of centralized parties.


The only centralized role on the INLOCK platform is the matchmaking role (connecting loan requests and lending providers). The paying out of loans could be considered centralized in this regard, since it comes from a specific financial institution. The loan doesn’t go through our platform, the lender pays it directly to the borrower. The platform only gets income from the ILK tokens paid for platform usage. Collateral management and contract management are carried out in a completely trustless way, they run on blockchain. The most important part of the model is what happens to the crypto placed as collateral: the customers crypto is locked into a smart contract for the duration of the loan. If the exchange rate volatility necessitates it, the collateral manager liquidates his own crypto, not the customer’s collateral. The collateral manager will only receive the customer’s crypto from the smart contract, if the contract termination is declared legitimate. Signed credit contracts are stored on an internal blockchain, which is a permissioned blockchain, also independent from the platform.

Thank you,

Inlock Team
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August 21, 2018, 08:19:16 PM
 #16

Currently, projects related to credit banks are very popular. The idea of a direct loan agreement between the parties is correct, but the borrower can always refuse to return. No state will support the creditor, since the crypto currency is outlawed.

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August 21, 2018, 09:03:35 PM
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Currently, projects related to credit banks are very popular. The idea of a direct loan agreement between the parties is correct, but the borrower can always refuse to return. No state will support the creditor, since the crypto currency is outlawed.
Hi, please note that the loans are overcollaterized at all times, in case of the asset's value drops below 105% the termination of the asset is started by the collateral manager in order to protect the lenders. You can read the full description here: https://inlock.io/business
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August 22, 2018, 04:45:01 AM
 #18

But for this project to be implemented, banks must be interested in using your platform. What will be the benefit for the Bank? Why do you say that banks will compete for a customer at a discount?
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August 22, 2018, 08:09:02 AM
 #19

But for this project to be implemented, banks must be interested in using your platform. What will be the benefit for the Bank? Why do you say that banks will compete for a customer at a discount?

One of the most important metrics for traditional banks is the LTD (loan to deposit) ratio. It represents the ratio between outstanding loans and handled deposit. To increase this ration is essential for every bank entities because loans generate incomes but deposits is necessary to handle more loans (in a nutshell). However, the economic growth rate cannot keep on maximum level, that needs to slow down and speed up in continuous waves.  This is that reason why traditional banks slack their requirements when the 'economic machine' started to slow. If a traditional bank can choose between an uncovered consumer credit with uncertain willingness to repay or a novel solution (crypto collateral based loan for short-term liquidity), what do you mean which one will be preferred? This is my banks compete over INLOCK platform with lending offers!
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August 25, 2018, 01:42:03 PM
 #20

Hello Inlockers!
 
We are proud to announce that Mate Tokay is joining the Inlock team! Mate got involved with crypto in late 2012, and has been a passionate advocate ever since. He is now the COO of Bitcoin.com, the source for everything Bitcoin related. He decided to join the Inlock advisory team to help the community by leveraging his experience to give us invaluable advice on how to take Inlock to the next level. As a true believer of crypto, he understands the spendability issue currently surrounding crypto is real and that it has to be solved before we can reach mass acceptance.

“Success in the crypto space is fueled by who you are, and whether you can execute. I’m confident that INLOCK’s incredible team and transparent approach will enhance how people secure loans in fiat using cryptocurrencies as collateral,” said Mate.

Here are a few links to articles covering the partnership in case you would like to find out more!

Bitcoin.com - https://news.bitcoin.com/pr-inlock-strengthens-advisory-board-with-addition-of-bitcoin-com-coo-mate-tokay/
Business Journal - https://www.bizjournals.com/washington/prnewswire/press_releases/Washington/2018/08/22/enUK201808210661?ana=prnews
Business Insider - https://markets.businessinsider.com/news/stocks/inlock-strengthens-advisory-board-with-addition-of-bitcoin-com-coo-mate-tokay-1027476863
Marketwatch - https://www.marketwatch.com/press-release/inlock-strengthens-advisory-board-with-addition-of-bitcoincom-coo-mate-tokay-2018-08-22
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