Cryptocurrencies have become an essential part of the financial world, however, most people see Bitcoin and altcoins only as a potential investment, not as a real currency that can be used to purchase goods and services. Crypto holders are hoping to earn money on price jumps, thus, they are scared to spend their beloved coins on something. Imagine the situation: Mr. Smith from Oklahoma owns 30 BTC and decides to spend them on a car. Meanwhile, the price of Bitcoin jumps, let’s say, to 10 thousand per coin. Mr. Smith would never forgive himself for buying that car because he could have made an extra 90 thousand or so. There needs to be a way for crypto owners to spend their assets but still have an opportunity to sell them if the exchange rate is favourable.
What is INLOCK? How will it help the crypto community?
INLOCK stands for Income Locker. It is a blockchain-based platform which is going to fight the problem of cryptocurrency spendability. INLOCK specializes in providing money loans, but with an interesting twist – crypto can be used as a collateral.
Who will INLOCK be useful for?
- People who already have crypto assets, but do not have an opportunity to spend them properly.
- People who are willing to earn money on cryptocurrencies.
Basically, INLOCK will serve as an intermediary between those who need a short-term money loan and those who can provide such a loan. For Borrowers, it solves the liquidity problem, and for financial institutes, it provides profit through interest rates while having minimal risk. The platform will unite the two parties in one ecosystem and carefully watch over all the transactions to keep them quick and safe.
Cool features of INLOCK
- solves the problem of spendability and low liquidity;
- the crypto collateral can be exchanged into fiat currencies which lessens the risks for lenders;
- it complies with all the rules and regulations;
- smart contracts are used to secure the loan agreements;
- the beta version of the platform will soon launch;
- users can choose the amount and time limits for their loans freely;
- banks compete for Borrowers on the platform ensuring fast, and affordable loans
The platform services are available for ILK tokens. The price of 1 token is 0.01 USD. ILK tokens are generated according to ERC20 standard on Ethereum blockchain. The minimum amount of investment is 100 USD, and you can use BTC, ETH, BCH, LTC, and EUR to participate in the token sale. The project has a soft cap of 15 million USD and a hard cap of 27.5 million USD. The ICO starts very soon, on the 15 of September, 2018, and will run till the 12th of October, 2018.
If you want to find more information about INLOCK or you are interested in becoming its investor, this site will help you out.
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