We have concluded our sale earlier than planned as stated in a previous post and the refund period is now finished. We are happy to let you know since you collectively showed your support and trust towards INLOCK, we are able to continue the development, of course with slight modifications.
2019. Jan 15. Token Market
In accordance with the SEC regulation shift we had to redesign our tokenmarket, for which we now have an official opening date of 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.
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.
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.
2019. April 2. Public Lending Service
While we are focusing most of our efforts on launching the Token Market and INLOCK Superposition in January, we are also opening up a waiting list for crypto collateral based loans at the end of January, this is important for several reasons:
- Helps to plan the liquidity needs of the platform upon launch
- We can serve demands on a FIFO basis, after discussing the matter internally this seemed like the fairest solution
Why not launch Public Lending Service first?
Well, the SEC ruling required quite complex changes in our Token Market, and without external exchanges it is going to be the backbone of the project (and all upcoming services built on top of it), so it is crucial to have it up and running prior to launching any service, it is a prerequisite if you like. As it is the primary source of ILK tokens which you are required to buy in order to use INLOCK services, we had to re-design it to be a robust, state of the art module capable of enduring extreme loads.
2019. Q3. P2P
Those who have been following the project from the early days may remember that the ultimate goal has always been to operate INLOCK with a P2P model, we are happy to let you know that we are actively cooperating with an EU regulator to build the necessary framework, where all participants of the platform can transact freely with each other in a safe, regulated environment. According to the current status of negotiations based on our estimation, the service can be launched in Q3!
Thank you all for your commitment and support, we are looking forward to an eventful 2019!
Originally published at inlock.io on January 14, 2019.
