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FAQ2021-07-12T20:43:01+00:00

Welcome to Inlock’s Help Center

I have not received the confirmation e-mail to verify myself.2019-11-03T05:34:27+00:00

Please check all your folders, especially the “Spam” section.

What is 2FA (Two-Factor Authentication)2019-11-03T05:36:53+00:00

With 2-Step Verification, you’ll protect your INLOCK account with both your password and your phone.

Signing in with 2-Step Verification is easy.

  1. Go to the sign-in page and enter your username and password like you normally do.
  2. Then you’ll be asked for a second verification step, like a six-digit code or a prompt, which you’ll receive from Google on your phone. 

If you set up 2-Step Verification, you can use the Google Authenticator app to receive codes even if you don’t have an Internet connection or mobile service.

 

I have a problem with 2FA (Two-Factor Authentication)2019-11-18T13:27:53+00:00

Authenticator app 2FA codes are based on time and thus require the time on your phone to be in-sync with the official time.

If your phone’s time is out of sync, or if you have changed time zones, the best way to fix it is to change the time settings on your phone from “Manual” to “Automatic”.

On iPhone

Go to the Settings app -» Select General -» Select Date & Time -» Enable Set Automatically

On Android

Go to the Settings app -» Select General Management-» Select Date & Time -» Enable Automatic date and Time

If you see two positions for your INLOCK account in your authenticator application, please check which one is working and delete/remove/hide the other one.

If you still require assistance, please email our support team at support via inlock.io

Depending on the problem, we might have to disable the 2FA on your INLOCK account.

Please note that due to security reasons, we will require you to provide us with specific personal information. Only after that, we will be able to disable 2FA authentication on your INLOCK account.

 

I lost or replaced my phone what should I do?2019-11-03T05:48:22+00:00

Please send an email to our support team at [email protected]inlock.io

How is my collateral stored?2021-06-01T07:37:35+00:00

All cryptoassets are stored on cold multi-signature wallets with distributed key storage. This is an industrial grade solution to prevent any misuse of funds on a technological level.

 

How can I protect my INLOCK account?2021-06-12T15:11:12+00:00

Security Reminder: check the URL you are visiting and enable 2FA. Do not disclose your password or make transactions with anyone claiming to be INLOCK employees.

Security checklist

– Make sure you are visiting prod.inlock.io to prevent any phising attacks. Only download the mobile app from official app stores!
– Never install any browser plug-ins that claim to be associated with INLOCK.
– Never share any personal account details to anyone that claims to be an INLOCK Support Representative.
– Never tell your password or 2FA codes/keys to anyone, including INLOCK Support.
– Never send funds to anyone claiming to be a member of INLOCK Support.

Since mid of 2020, on INLOCK platform the 2FA (two-factor authentication) is mandatory to register new withdraw addresses and to perform secure login. We strongly advise our customers to use 2FA authentication. Please make sure that you are using the official Google Authenticator or Authy application from Google Play or the Appstore!

Email-based security, temporary lock and forced account lock

INLOCK platform generates email warnings from security events, for example: password reset, disable 2fa or temporary account lock after 5 invalid login attempts. In these emails, you can find a “LOCK ACCOUNT” button, to close your account until you can reach out INLOCK support.

How can I sell ILK token on INLOCK Tokenmarket?2021-04-30T16:32:34+00:00

What is INLOCK?2021-06-12T21:16:53+00:00

INLOCK is a Savings Account service for cryptocurrency owners.

The platform offers Savings Account and Loan services for their Clients. Users of the crypto wallet can receive interest yield while providing liquidity for the borrowers, all of these without any commitment or restriction. The interest is credited on a daily basis and paid on a weekly basis. The interests published by the platform can be understood on a full year term.

Borrowers can take out over collateralised loans. INLOCK supports multiple types of cryptocurrencies, like the popular Bitcoin, Ethereum, but the USD and gold-based stable coins also play an important role. The platform is fully automated and is it operatation since 2018. Thanks to the automatic collateral management, INLOCK guarantees that the lenders will regain access to their funds.

INLOCK’s platform places a strong emphasis on the security of the system. The platform was launched by cybersecurity experts and it proved to be successful at an extensive IT security and process examination during the summer of 2020. The platform handles the client assets, which are stored in a high-level security system provided by Fireblocks. It was audited by Ernst & Young, one of the largest auditor companies in the world, and received the SOC 2 Type II certification.

By using the Saving Account service, our Clients can acquire a significantly higher interest income beyond the basic interests, if they possess the platform’s proper token as well (ILK token). The ILK token is in circulation since 2018, its security was tested by the auditor company CoinFabrik, and was traded in more than 100 million USD value in different exchange markets up to this day. Our Clients needs to own a predetermined amount of token (25 thousand, 100 thousand or 1 million) to reach the significantly higher interest.

The web application of the INLOCK platform can be reached at the www.inlock.io

What is INLOCK token, the circulation and the total supply?2019-11-26T20:27:24+00:00

The INLOCK token (ILK) is a standard ERC20 utility token. It runs on the Ethereum network.

The Total token Supply is: 4.400.000.000 ILK

Token address: 0xf784682c82526e245f50975190ef0fff4e4fc077

Token Symbol: ILK

Decimals: 8

You can check the circulating supply on our Coinmarketcap profile page on https://coinmarketcap.com/currencies/inlock/

How long does support take respond the questions?2019-11-25T18:41:53+00:00

You can reach us via live chat or email mostly between 08:00-21:00 CET. Occasionally we process the requests outside the opening hours as well, but we can not guarantee this.

Where and how can I ask for help?2020-12-12T16:17:19+00:00

Contact the [email protected] email address for reaching out to the colleagues of the platform.

Where can I buy ILK Token?2021-04-30T16:28:04+00:00

You can buy it on Inlock.io and Liquid.com 

Please be careful with other exchanges, there is no guarantee to get back your deposits.

How can I buy on INLOCK Tokenmarket?

 

You can use the Token Market with finished KYC.

 

How quickly does Support respond to questions?2019-11-27T09:28:59+00:00

You can reach us via live chat or email mostly between 08:00-21:00 CET. Occasionally, we process the requests outside the opening hours as well, but we can not guarantee this.

For support questions, you can contact us directly via [email protected] or live chat.

What are the terms of using INLOCK?2020-12-12T17:05:04+00:00

Our Clients need to accept INLOCK’s Terms & Conditions and the Privacy Policy.

They have to declare that they are acting on their own behalves and are actual proprietors of the INLOCK account, as well as the person has to be an adult and habitant of a tax resident country which cannot be one of the followings:

Afghanistan, Algeria, Bosnia and Herzegovina, The Bahamas, Barbados, Botswana, Cambodia, Ghana, Guyana, Iraq, Iran, Jamaica, Mauritius, Mongolia, Myanmar/Burma, Nicaragua, Pakistan, Panama, Syria, Lao PDR, Syria Arab Republic, Uganda, Vanuatu, Yemen, Ethiopia, Sri Lanka, Trinidad and Tobago, Tunisia, Zimbabwe, Democratic People’s Republic of Korea (DPR Korea).

It is required to declare if the Client is a politically exposed person. A natural person who plays an important role in public duty (or has played during one year prior to the registration) qualifies as a politically exposed person.

INLOCK handles cryptocurrencies solely, therefore the Client has to take note that they are only able to deposit those cryptocurrencies that are accepted on the platform.

What is ILK good for?2021-06-13T04:18:20+00:00

The INLOCK token (ILK) is the membership token of the INLOCK platform. Token owners can realize higher interest rates on their cryptocurrencies by storing them in their Savings Account. You can read about our current Bonus Levels here: https://inlock.io/2020/12/21/bonus-levels-at-inlock/

Using the INLOCK Savings Account is free of charge.

Members of the INLOCK Prime Program can initiate voting on changes regarding the platform with the amount of their own ILK token.

The ILK token is available to buy or sell on the https://prod.inlock.io/tokenmarket or the https://www.liquid.com websites.

ILK is a standard ERC20 utility token that runs on the Ethereum network.

The total token supply: ILK 4,400,000,000

Token Address: 0xf784682c82526e245f50975190ef0fff4e4fc077

Token symbol: ILK

Decimal digits: 8

You can follow up on the circulating stock at Coinmarketcap: https://coinmarketcap.com/currencies/inlock/

For more information please visit our site  https://go.inlock.io/token

What does termination mean?2020-12-20T14:51:09+00:00

When the value of the crypto used as collateral is falling below 105% of the loan amount, INLOCK’s “collateral manager” system automatically sells your collateral and pays back the loan from it.

The borrower can choose not to pay back their loan on time, but in this case, the required amount terminates to repay the loan and the remaining collateral is credited to the client’s account.

It is also possible for the client to ask for a termination themselves. The system automatically sells the part of the collateral which is needed to repay the loan in this case.

Was your smart contract audited by an independent cybersecurity company?2019-11-26T20:29:19+00:00

Yes, the INLOCK Token Smart Contract was audited by Coinfabrik.

More info at Coinfabrik’s page: https://blog.coinfabrik.com/inlock-token-sale-audit-report/

 

What is the official mail address of INLOCK?2021-06-13T04:23:17+00:00

Feel free to contact the INLOCK staff directly via [email protected]

If you have any GDPR questions, please contact us via [email protected]

When do I have to verify my identity?2021-06-13T04:28:08+00:00

When you login for the first time, you must enter your email address and confirm it by clicking the verify button in the reply email. You also have to verify your telephone number by providing the code received via SMS.

Certain services can only be used after completing the entire identification process. These include Tokenmarket, loan borrowing function, withdrawing cryptocurrencies from the platform, or swap coins and tokens.

What is the maximum loan amount?2020-12-20T14:49:38+00:00

The maximum loan amount is determined by the available collateral of the borrower and their selected LTV level. (LTV: Loan-to-Value).

What type of documents are required for KYC verifications?2019-11-27T10:41:10+00:00

For identity verification, you will need your ID, driver’s license or passport.

To reach a higher customer identification level (with more functionalities), you need to prove your residential address, create a selfie with your ID and a paper with INLOCK & the date written on it.

How does borrowing work?2020-12-12T17:28:41+00:00

Users of the INLOCK Lending Platform (https://prod.inlock.io/login) can freely decide on their finances anytime.

INLOCK is paying interest for their Clients after cryptocurrencies stored in the INLOCK Savings Account, all in a fully guaranteed assured way.
Cryptocurrencies stored in the Savings Account are becoming liquidity for the borrowers on the platform. Clients of INLOCK can be lenders (as a customer of INLOCK Savings Account) and/or borrowers at the same time.

INLOCK is the perfect solution for those cryptocurrency owners who struggle with short-term liquidity problems but also don’t want to sell their cryptos. Once the cryptocurrency has been deposited, the loan amount will be credited immediately by accepting the offer.
-no credit check
-no credit rating
-no waiting time

Every loan agreement is overcovered, which means the value of the assurance must be greater than the actual debt. If the value of assurance falls below the required level, the automated collateral management function terminates the assurance and reimburses the loan.

Clients can handle their loan agreements in several ways:
– They can deposit or withdraw cover
– They can repay partially or entirely, completely free of charge, or
– They can terminate their agreement, in which case the loan should be repaid at the expense of the cover.

The system sends a warning message to the borrower if there is a decrease in the value of the cover.

Can I have a link to your GitHub repository to check the smartcontract?2019-11-26T20:29:57+00:00
In what currency can the loans be borrowed?2020-12-20T14:48:39+00:00

Loans can be taken out exclusively in USDC stable coin which has a value linked to the USD exchange rate.

USDC token is supported by most of the currency-exchanges and can be easily exchanged for national currency (fiat money).

When do I need identify myself?2019-11-27T10:43:42+00:00

When borrowing under $1000, a simple customer verification is required. You only need to specify your email address during registration. You also need to set up a two-factor authentication (text message or google authenticator) to add your withdrawal address(es).

We highly recommend to set two-factor authentication for login attempts as well!

How long does the verification process take?2020-12-12T17:35:57+00:00

The INLOCK staff strives to complete client verifications as quickly as possible. During working hours, the process takes about 20-30 minutes, but in special cases, it can also take more than 24 hours. The lead time can be significantly reduced if the customer uploads documents with decent quality that are fully visible and glare-free. When uploading a selfie, it is especially important for the client to hold a sheet of paper that has INLOCK and the date of that day written on it, besides also holding the document used for identification.

 

Which cryptocurrencies are accepted as a collateral?2020-12-20T14:46:38+00:00

INLOCK platform accepts BTC, ETH, LTC, BAT, and BNB cryptocurrencies as collateral, as well as ILK tokens.

We work constantly to increase the supported collateral assets.

 

In which cases can INLOCK suspend or close my account?2021-06-13T04:36:41+00:00

The following reasons can lead to the closure of your account:

INLOCK is obliged to refuse the fulfillment of your errands and to exclude you or suspend your account in case you violate our policies:
– If one maintains an account on behalf of somebody else,
– maintains and manages multiple accounts,
– uses illegal software,
– acts fraudulently,
– starts an attack against the platform.

We can block your account due to the following reasons:

(a) use the website in a manner that violates applicable state, local or international laws or regulations;

(b) use the Website for any unauthorized, deceptive, or malicious purpose;

(c) any other behaviour that restricts or limits the use of the website for others, or that may impair the company or users of the website;

(d) the use of the website in a manner that can block, encumber, damage, or impair the website;

(e) the use of any robots, spiders, automated tools, or process to reach the website for any purpose, including observing or copying the materials on the website;

(f) having access to system, data, or information that we do not intend to make available to users;

(g) obtaining any material or information in any way that we did not intend to make available; or

(h) using the website for any purpose that was not intended originally.

Is the use of INLOCK allowed in my country?2021-06-13T04:38:19+00:00

It is up to our customers to decide whether to use or not to use INLOCK, but they must take into consideration the regulations of their home country. You may use INLOCK only for lawful purposes and in accordance with our Terms of Use.

How do I unsubscribe from the electronic mailing list?2021-06-13T04:57:04+00:00

You can withdraw your consent from receiving electronic communications at any time by sending a withdrawal notice to our support team via [email protected]. If you decline or withdraw your consent to receive electronic communications, you agree that you are putting the safety of your INLOCK account in danger. If you do not accept or you withdraw your consent from receiving electronic Communications from INLOCK, we reserve the right to suspend or terminate your INLOCK account.

How long does it take to get my loan?2020-12-20T14:35:19+00:00

After you accept the offer, the USDC will be immediately credited to your account. Then you may instantly transfer it or use it for any other purpose within the INLOCK platform.

Pioneer Program Bonus Reward Distribution2020-12-21T08:47:48+00:00

The following information is directly moved from INLOCK Pioneer Program Terms and Condition. Before you start to use your Pioneer program code or share it with your invitees, please read and accept the policy.

COMMISSION AND REFERRAL BONUS

You shall be entitled to a commission as outlined in the terms and conditions.. The commission payable to Pioneer will be calculated according to the Commission Structure chosen on www.inlock.io (revenue share) unless different is agreed.

Commission settlement: Commissions will be calculated as stated on www.inlock.com. Any commissions payable in the original currency INLOCK received the transaction fee (BTC, ETH, LTC, ILK, etc.) except yield bonuses (see bellow in yield share section). Referred Customers in commission structures will need to validate themselves by completing the KYC process, and complete transactions on the INLOCK Platform. Eg.: get a loan, deposit to Savings Account, or Buy/Sell on the Tokenmarket. The Settlement period varies between the different transaction types.
In cases of disputed amounts beholden to advertised commission structures, “INLOCK Pioneer Program” maintains the right, and is expressly committed to, arbitrate the indebted amount of payable commission, and any additional items enclosed in agreements with its affiliates, in accordance with its own systems and server data. “INLOCK Pioneer Program” reserves the right to reject any commission for any reason, at its sole discretion.

Commission and Yield definitions:
Yield share: Additional 50% of all customers credited yield from Savings Account

 

Yield Schedule Unit Proportion

Distribution to Pioneers

 Credited Savings Account yield Yield inILK 50% Divided evenly between savings account’s depositor and borrower

 

Savings Account Yield distribution breakdown in an example:

  • Pioneer has two invitees who actively use Savings Account. First invitee deposit 1000 USDC, second deposit 750 USDC
  • The Weekly USDC Savings Account rate is 8% APY. The first invitee realize ~1,53 USDC/week; the second invitee realize ~1,15 USDC/week
  • Pioneer program members (inviting person) can access the realized yield’s 50% (proportion) in ILK tokens, calculated based on IBI price in the time of yield payout. This sum amount in this example: ~1,34 USDC/week to Pioneers.
  • This ~1,34 USDC/week reward will be divided evenly between inviting persons (Pioneers) of Savings Account owner (as lender) and the Borrower, who generate the revenue itself. Both parties can access the yield based on their Pioneer Program bonus level. If both parties have maximum bonus level (50-50%), both parties are entitled to half of the reward (~0,65 USDC in ILK / week).
  • If Savings Account’s inviting person has the minimum Pioneer Program bonus level (25%), but the Borrower’s inviting person has the maximum Pioneer Program bonus, the following distribution will be applied:
    • Savings Account’s inviting person (Pioneer of the lender): ~0,325 USDC in ILK / week
    • Borrow’s inviting person (Pioneer of the borrower): ~0.65 USDC in ILK / week
    • The remaining (unused) share from the applicable yield (~0.325 USDC/week) remains on the platform.

Revenue share: bonuses also rewarded for platform fee (lifetime commission) as seen below:

INLOCK FEE SCHEDULE Unit Fee Distribution to Pioneers
Using ILK Token Market to SELL ILK Tokens Collateral 0,4% Purchaser
Get a loan (origination fee) ILK, based on Collateral (calculated on IBI) 0,5% Divided evenly between savings account’s depositor and borrower
Collateral termination on margin call level Collateral Max 5% Divided evenly between savings account’s depositor and borrower
Contract termination on due date without repayment Collateral Max 5% Divided evenly between savings account’s depositor and borrower
Contract termination from locked collateral Collateral 1% Divided evenly between savings account’s depositor and borrower

 

How long is the maturity of the INLOCK loans?2021-02-25T13:16:36+00:00

You may choose between 10, 30, 45, 60, 120, 180 or 360 days.

It is not possible to borrow for more than 360 days as of now, but loans can be closed at any time, in which case the client only has to pay the interest on a pro-rata basis.

Are there any restrictions on what purpose can I borrow for?2020-12-20T14:29:25+00:00

The loan can be used freely for any purpose, which is permitted by legal and regulatory frameworks.

What do APR, APY and compounded Interest mean?2020-12-20T14:27:47+00:00

APR: Annual percentage rate, it is your interest rate stated as a yearly rate.

APY: Annual percentage yield, it is the return that can be realized on your savings annually. The APY expresses the effect of compounded interest for a full year.

Compounded Interest: it means the capitalization of interest. Currently, the INLOCK platform is not capitalizing accrued interest on loans with a maximum of 180 days, therefore our clients are not charged with any hidden surcharge of interest over time.
In the case of using the Savings Account, interest income accumulated by the customers is credited each week, which enables the collected interest to continue to bear interest from week to week!

What happens if I am not able to repay the loan or forget about it?2021-06-13T05:09:52+00:00

The system will send several reminders via e-mail prior to the scheduled repayment date. If you can’t make the repayment or ignore the notifications, the collateral management system will automatically liquidate a portion of your collateral and pay your loan back. Only as much of the collateral is sold off as needed for the full repayment, the remaining portion will be automatically credited to the client’s account.

Are there prepayment or partial payback methods, what is the advantage?2020-12-20T14:19:36+00:00

By paying in installments, clients can reduce their arrears (in case they repay more than the current interest debt).  As a result, clients only have to pay interest on a lower debt for the rest of the contract.

Prepaying is completely free of charge.

Can I have several loans at the same time?2020-12-20T14:21:27+00:00

Yes, you may own any number of loans. You can set different maturities and values ​​for them.

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