INLOCK - Lending Platform
In 2009 a new cryptocurrency and worldwide payment system was born. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between its users directly, without any intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a publicly distributed ledger called the blockchain. It was invented by an unknown person or group of people under the pseudonym of Satoshi Nakamoto and released as an open-source software that we know today as Bitcoin. In the past few years, countless alternative cryptocurrencies have appeared, which...
Token sale ended
- Token: ILK
- Price: 100 ILK = $1
- ICO start: 15 Sep 2018
- ICO end: 25 Nov 2018
- Country: Estonia
In 2009 a new cryptocurrency and worldwide payment system was born. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between its users directly, without any intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a publicly distributed ledger called the blockchain. It was invented by an unknown person or group of people under the pseudonym of Satoshi Nakamoto and released as an open-source software that we know today as Bitcoin.
In the past few years, countless alternative cryptocurrencies have appeared, which claim to have real advantages over Bitcoin, but owners of these various cryptocurrencies have limited liquidity options in today’s digital economic world. According to the Blockchain Capital 2017 survey, 30% ofthe Y generation preferto use Bitcoin as a form ofinvestment compared with moretraditional forms of investment involving similar risks.
Cryptocurrencies are now firmly entrenched in public consciousness and blockchain technologies seem to be unavoidable in the foreseeable future. As their reputation grows, the demand for supplementary services is becoming more and more urgent. We believe companies that are able to respond to the demands of the fast growing cryptocurrency market with innovative solutions will be the unicorns of 2018.
One service in particular which is a driving force of every economy is lending. The increasing number of cryptocurrency owners do not only see cryptocurrencies as a way to achieve short-term gains, but as a long term investment, a vision. However, the wealth stored in cryptocurrencies is not liquid; it can only be leveraged with a high level of risk and associated costs. Cryptocurrencies sold in order to finance a temporary liquidity problem can often be bought back at a significant loss. Due to these risks and in the absence of a better option these assets remain stored in crypto wallets and rarely used.
Our goal is to connect people who already own cryptocurrencies, but have been unable to effectively utilize them, to those who want to benefit from the profit generated by cryptocurrencies, while avoiding the high risk that often characterizes crypto markets. Over the past year we have received numerous requests from both camps, and we are pleased to announce that we will soon release a platform that provides mutually beneficial solutions for both parties.
INLOCK is a lending platform which enables cryptocurrency holders to manage short term liquidity problems by taking out a loan, using their existing cryptocurrencies as collateral.
Lenders wishing to offer a loan can do so – with the appropriate permits – risk-free to those in need. Due to the fact that collateral can be exchanged into FIAT currency immediately, the risks involved for the lender party are almost identical to a bank deposit while earning higher interest rates. Credit transactions are established between the two parties directly, while our service as an intermediary ensures that the parameters of the agreement are formally recorded. Each of these terms is included in a smart contract, ensuring that every credit contract between the parties is irrefutable and impossible to manipulate.
Users of the platform pay all costs in ILK tokens except the interest, thus the ILK token is an integral component of the INLOCK ecosystem. The ILK tokens can be purchased directly from the platform, or during the multi-step token sale.
Loans and debts are amongst the greatest invention of mankind since the wheel and are the fundamental building blocks of modern economies. The total debt of mankind is more than 71,669,000,000,000 US dollars. The whole population of Planet Earth is in debt. Since you finished the last sentence this amount has increased by nearly 1 million dollars. This continuously growing debt is a tremendous burden on everyone. Due to the inherent ‘caveat’ of the chrematistic economic model, there are two ways to repay the debts: repay them via growth or refinance them with new loans.
Market demand breakdown by consumption type loans of households and small companies shows that they have grown continuously during the past ten years. Household consumption loans are almost at the same level as during the last financial crisis.
Companies and individuals seeking financing services to support their growth potential will often turn to traditional, unsecured bank loans, as these are considered a cheap means of raising capital.
In many cases however their:
*Growth rate is increasing,
*Credit history is not available (it maybe their first business year)
*Credit rating is low, or not high enough
These conditions often result in denial of traditional bank loans. This trend was stronger in the years following the financial crisis – lenders in general were cautious about what kind of loans they approve.
In this situation, companies turn to other solutions and are able to find asset-based lending solutions which may help them manage their short term liquidity problems. This form of financing provides a more flexible approach for companies. In traditional bank lending, borrower’s business model and operation are evaluated, and during the evaluation a hypothetical cash flow for the future is projected. By contrast, when an asset is provided as collateral, it is the collateral itself which is evaluated – taking into consideration such properties as how fast it can be liquidated and how much it would cost to transfer and store it securely. This approach is the fundamental difference between traditional and collateral based lending, as the latter focuses on the quality of the collateral rather than the cash flow or credit rating/history of the borrower. Traditional bank lenders are often constrained by their own internallending protocols.
Traditional banks typically will not lend to companies where the debt to capital ratio is greater than five to one. In comparison, lenders that accept collateral as cover for the loan are not limited by such constraints.
Another important factor is time. Traditional lending procedures may take up to several weeks (or even months) while the bank analyzes the borrower’s financial situation and credit history – basically the entire business flow. In contrast, collateral-backed loans require significantly less time to conduct a similar transaction.
Around the world there are 2 billion people who still do not have a bank account, and there are also 200 million businesses of various sizes in growth markets that are denied access to savings and lending services, while those who do somehow manage to find means to obtain them often pay outrageous fees for the limited range of financial products available to them.
Why is this particularly important? Because credit is an essential part of any ecosystem. The problem with the banking industry is that it shows very little interest in addressing the population of the under- or unbanked. As a result, such borrowers are often forced to take out high risk/cost loans from unconventional sources, often from predatory lenders.
Digital technologies as simple as a mobile phone or smartphone with Internet access are able to open the door to the world of global finance for these regions. The entry barrier to access modern financial services for under privileged people and businesses is getting lower every day. Cryptocurrencies and Fintech businesses will be able to form the bridge and provide access for these people.
According to our research regarding the loan-to-deposit ratios in Europe, we have found that the traditional loan volume is declining compared to the deposit rate volume. If we look at the banks’ balance sheet, it is obvious that in some countries banks really struggle to increase their loan portfolios. Through the Inlock platform,they can effectively increase their lending indicators in a secured, low-risk environment. Since anyone who meets the technical and legal requirements can become collateral managers and match service providers through API connection, the institutional partners are able to customize their level of partnership with the Inlock platform according to their own policy.
Monetary financial institution balance sheet statistics, the ratio between total loans and total deposits vis-a-vis Euro area non-financial corporations and households and non-Euro area non-financial corporations, households and non-bank financial institutions (excluding general government, all currencies combined, all maturities, not seasonally adjusted, in percentage, quarterly).
We believe that our solution will provide the opportunity for un/underbanked people to finally establish a connection to the world of global finance, and provide them with a collateral based lending option. Our platform will contribute to the adoption of cryptocurrencies, and is a step forward to stabilizing the price of these assets as well.
Lending is probably the most important banking service, and through the Inlock platform, institutional lenders and individual/business borrowers are able to transact worldwide.
UX & Frontend expert
Enterprise Business Architect
Audit & Compliance
Smart Contract Developer
Head of external communications
Legal & HR
Blockchain, Token Specialist
Blockchain Software Architect
Monetary Theory Expert
Blockchain partnerships strategist
Q4/2018➠ Coverage resupply option ➠ Portfolio contracts: store a combination of cryptocurrencies within one contract to mitigate short term price fluctuations). Portfolio contracts could contain 'stable coins' to further mitigate the risks of contract termination in case of margin call. ➠ Multilingual support for: Japanese, Chinese, South Korean ➠ Open head-office for INLOCK business development for the LATAM region in order to provide seamless service. ➠ Strategic partnership with LATAM based microlending providers. Obtain legal license for LATAM region. ➠ Get necessary certificates for INLOCK platform to act as regulatory accepted Third Party Payment provider(PSD2-TPP) in the European Region. ➠ Strategic partnership with biggest screen scraping service providers to extend our payment management. ➠ Build up a complete PSD2 infrastructure to access all European banking services to be used as payment provider service.
Q1/2019➠ Mobile app development for IOS and Android in order to provide our users access to their balance and contract management options from their mobile devices, including lending with full functionality. ➠ Adding new functionalities for portfolio contract termination options: drop order, smart drop order. ➠ Implementing the layer-2 payments channels (ex.: lightning network) rental service. ➠ Open head-office for INLOCK business development forthe USA + Canada region in order to provide seamless service. ➠ Strategic partnership with US and EU based microlending providers to provide access to the INLOCK platform thus increasing the user bases for both ventures. ➠ To establish Strategic partnership with most popular stable coin solution providers to integrate these solutions within the INLOCK platform. ➠ To design the business processes in order to allow customers (both lenders and borrowers) to establish API connections to the INLOCK platform.
Q3/2019➠ Adding the exchange module which allows users to near-instant swap between cryptocurrencies ➠ Introducing the fee market: essentially the fee market allows potential borrowers to increase the motivation of finding a lending partner for their contract proposition sooner. ➠ Adding the next pool of cryptocurrencies: IOTA+ 2 additional based on customer demand. ➠ Advanced contract details to provide credit rating for lenders to help evaluate loan requests. (contract termination likelihood and historical performance of the Borrower). ➠ API release for automatic contract offer creation for lenders. ➠ Multilingual support for: Spanish, Russian, German. ➠ Open head-office for INLOCK business development for the Asian region in order to provide seamless service. ➠ Strategic partnership with Asian based microlending providers. Obtain legal license for Asian region. ➠ Strategic partnership with biggest screen scraping service providers to extend our payment management. ➠ Design the legal framework of cryptocurrency backed p2p lending in cooperation with authorities in order to extend the functionality of INLOCK, as it was designed to be able to operate as p2p platform, as soon as the regulatory environment allows it.
Q4/2019➠ Introducing credit swap; a second level market where the lender community will be able to exchange running contracts. ➠ Prediction AI to predict the termination overhead dynamically to assist platform users in selecting potentially safe margin call points ➠ Adding the next pool of cryptocurrencies: ZCASH+ 2 additional based on customer demand. ➠ Multilingual support for additional languages. ➠ Obtain the necessary licenses for INLOCK to be able to collect FIAT deposits as a form of savings account for users. ➠ Strategic partnership with biggest - non cryptocurrency, collateral based - peer-to-peer lending platforms.
Q1/2020 Layer 2 Rental ServiceAdding the lightning network module: in practice this means that if the user has any free assets available within the balance the user will be earning passive income constantly Implementing atomic swap functionality.
- Platform: Ethereum
- Price: 100 ILK = $1
- Accepting: ETH BTC
- Token distribution: 44% Public Sale 31% Private Sale 10% Founders and Team 10% Advisors 5% Reserved for Marketing
- Soft cap: 15,000,000 USD
Prehistory of project
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Product or its MVP
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