Lending Platform That Enables Cryptocurrency Holders
INLOCK is a lending platform that enables cryptocurrency holders to manage short-term liquidity problems by taking a loan, using their existing cryptocurrencies as collateral. The credit transactions are established between the two parties directly. INLOCK merely acts as intermediary to record the terms of the agreement. These terms are established in a smart contract, making every credit contract between parties immutable and impossible to manipulate. Inlock (ILK) is an ethereum-based token that will be used when creating a lending contract.
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 forboth 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 irrefutableand impossible to manipulate.
Borrowers are able to set theirown conditions inoursystem interms of amount and duration according to their needs. In addition, the level ofrisk taking for exchange rate fluctuations is customizable. The process is fast and seamless and there is no need for additional credit assessment, since the borrower provides the collateral, offering rapid and flexible convertibility. Our platform enables institutions to enter new markets which have been out of their reach, or else additional costs have prevented them from entering the market as lenders. The lending process requires a similar level of AML/KYC adherence similar to traditional lending.
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Group CEO | Blockchain Entrepreneur |Fund Partner | Exchange Founder | Singapore Rated on Sep 14, 2018
5
4
4
19%
Solid team and a strong product riding on the blockchain. This may be important for use and solve a big liquidity issue today. Will follow this closely.
Enterprenuer | CEO | ICO Advisor |Investor | Blockchain Enthusiastic | Public Speaker Rated on Sep 6, 2018
5
5
4
17%
Amazing team and good advisors.
Concept and vision is really good. Whitpaper is in detailed which is good. They are locking team members' and advisors' tokens for a set period after the public token sale which is good.
They have an MVP, which is also encouraging. Best of luck team.
Engineer Rated on Aug 29, 2018 Modified on Sep 3, 2018
5
4
4
15%
Solid team. Great white-paper with detailed business, finance, and technical information. Great social presence. They have done great market and competition analysis. The only concern is there are plenty of almost similar lending platform projects - many of them didn't do well after the ICO. These projects are high risk of ROI for investors but it would be good to see some strong partners or developments to this platform. Good luck!
[Update] Thanks for providing detailed info on LinkedIn, Peter Gergo. I have updated my ratings for vision and product based on clarification I got regarding problems which lending platforms face and INLOCK is trying to fix them.
CEO and Co-Founder of BitcoinerX.com Rated on Aug 24, 2018 Modified on Sep 4, 2018
5
5
4
5%
Anyone reading the roster of team and advisory board members will recognize at least a few - if not more - names. But what impresses me more is the range of expertise that each brings to the project. The only reason I did not give a 5 for the Team rating is because KYC has not yet been completed.
With regards to the project concept itself, I think it is excellent. While there are other lending platforms available that allow borrowers to use cryptocurrencies as collateral, InLock appears to be the most flexible and cost effective. The fact that an API will be available shows me that they are thinking beyond simply just launching the platform and are leaving room for future development / functionality.
I am also encouraged by the fact that they are locking team members' and advisors' tokens for a set period after the public token sale.
They have an MVP, which is also encouraging. I did notice that the signup process was very slow even though only a few basic pieces of information were requested. Also, the email that was supposed to be sent to me so I could activate my account has yet to arrive.
Still, I believe that these are just hiccups and that once they are addressed, I will be happy to update my review.
Overall, I think it is a solid project.
NOTE: The team has completed KYC since my initial review, so I am revising my team rating, changing it from a 4 to a 5.
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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.
2
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.
3
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.
4
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.
5
Q1/2020
Adding 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.
