Income Locker is a lending platform to provide solutions for short term liquidity problems to cryptocurrency holders.

WHAT IS INCOME LOCKER

INCOME LOCKER is a lending platform which enables cryptocurrency holders to manage short term liquidity problems by taking a loan, using their existing cryptocurrencies as collateral. For investors wish to invest in turn - with the appropriate permits - can provide a loan risk free for those in need.

Due to the fact that the collateral can be exchanged into FIAT currency immediately, the risks involved for the lender party are almost identical to a bank deposit while gaining higher interest rates. The credit transactions are established between the two parties directly, our service as an intermediary ensures that the parameters of the agreement are recorded. Each of these terms are included in a smart contract, thus every credit contract between the parties is undeniable, and impossible to manipulate.

The Borrower is able to set its own conditions in terms of amount and duration in our system according to its needs. In addition, the level of risk taking for exchange rate fluctuations is also customizable. The process is fast and seamless and there is no need for additional credit assessment, since the borrower provides its collateral, which offers rapid and flexible convertibility. Our platform enables institutional investors to enter new markets, which have been out of their reach or the additional costs have prevented them from entering, as lenders.

MOTIVATION

Our goal is to connect the people who have already owned 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 describes the crypto-markets. Over the past year we have received numerous requests from both camps, so we are pleased to announce that we will soon release our platform, that provides mutually beneficial solutions for both parties.

HOLD IT

Many people own some kind of cryptocurrency nowadays, and to those that follow the events of price fluctuations, the underlying problem is obvious: If I spend or exchange my cryptocurrency today, how much profit I lose for not holding it for an additional 1-5 years? The dilemma is to decide when it is worth spending these assets - the good answer is probably never. The wealth stored in cryptocurrencies are not liquid it can only be utilized with high risks and costs. Cryptocurrencies sold to finance a temporary liquidity problem can often be bought back at a significant loss. Due to these risks and in absence of a better option these assets are only stored in crypto-wallets and rarely ever used. With our solution it is finally possible to utilize these assets while reserving the option to get the full amount back upon repaying the loan.

CRED IT

Our system enables borrowers to fully customize their loans, terms are flexible, the duration and the deposited amount are both set by the borrower. The process itself is fast and smooth, and there is no need for credit assessment since the collateral provided by the borrower can be exchanged to traditional fiat currency very effectively. The similar level of flexibility is provided to the lender party, they are able to browse the list of credit requests and select the one which they prefer. Whether they are looking for a short term or high value loan - they can choose freely. It is important to note that for the lenders the use of the platform is free of charge and the risks involved are similar to a bank deposit, while they can expect significantly higher interest rates. The state of the collateral is monitored by the collateral manager, and should the collateral close in to the coverage point, the contract will be terminated to provide maximum security for the lender.

PROF IT

Those who take out a loan with cryptocurrency used as collateral, finally are able to realize their investment plans, and even if the exchange rate significantly rises during the loan period, they still reserve the option to realize these gains by paying the loan back and getting their cryptocurrencies back in full. The institutional investors that transact on the platform as lending partners are able to gain revenue through interest. The users of the platform pay every cost in ILK tokens - except the interest, thus the ILK token plays an integral part of the INCOME LOCKER ecosystem. The ILK tokens can be purchased directly from the platform, or during the multi-step token sale. We are going to provide continuous information about the token sale schedule. Tokens are transferable, storable in personal wallets and it is possible to buy/sell through the inlock.io's own exchange.

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FAQ

Why is it beneficial for me to get a loan in exchange for my cryptocurrency? Shouldn't I just sell instead?

The main problem when it comes to cryptocurrencies is, if I sell my cryptocurrency today, that is a final transaction. If I spend it, or exchange it, I lose all potential gains forever. So instead of spending it, it is more beneficial to get a loan - in order to finance my temporary liquidity problem and use my cryptocurrency as collateral for the loan. This way I can preserve the freedom of choice, should the price of the cryptocurrency significantly increase, I can always pay back the loan and get them back in full.

What are the guarantees of the buy-back option?

Every parameter of every loan are locked in token based smart contracts, and these smart contracts are written on the independent blockchain of Income Locker. Thanks to the blockchain technology these data is traceable, verifiable and impossible to manipulate. This also guarantees that the lender will be able to get its cryptocurrency upon repaying the loan at any time.

Which country's citizens can access Income Locker services?

Only the countries listed on the FATF blacklist are excluded from our system by default. This list exists since 2000 and its purpose is to fight global money laundering and terrorism. In addition to this restriction every client must respect their own country's regulation.

What kind of authentication is necessary, and how long does it take?

In accordance to global anti-terrorism and the fight against money laundering directive, all customers must be verified by their government issued photo ID prior to use any of our services. This typically takes a few hours to complete, depending on the workload of our KYC partner. Upon completing the registration, the customers are able to setup 2 factor authentication to further ensure their safety.

What are the official contact channels of the Inlock Team?

The official website address of Income Locker is www.inlock.io
If you have any questions, we are happy to answer them here.
Official twitter: twitter.com/inlock_token
Telegram: join

Is there any minimum limit on deposit, and what is the maximum loan limit?

The intervals for allowed cryptocurrencies to be used as collateral:
BTC: 0.05 -50
ETH: 0.5 - 500
LTC: 2 - 2000
BCH: 0.3 - 400

We reserve the right to change these intervals, and we will notify all customers accordingly.

What technology do you use? Why is the network based on blockhcain?

Loan contracts are made directly between the two parties; our service guarantees as an intermediary that all parameters of the smart-contracts are stored in our independent blockchain in a way that is impossible to manipulate. All terms that are included in such contract, are probative, so the lawfulness of a credit agreement between the parties is unquestionable.

Do you plan to provide access to Inlock systems through mobile platform too?

Yes, of course! According to our plans all of our services will be available to use on our mobile platform too.

What is the purpose of your ILK token? Do you have a schedule for the token sale?

Tokens acquired during the initial Token sale or purchased directly from our platform are an indispensable part of the Income Locker ecosystem. For each loan transaction, every loan applicant needs to buy a sufficient amount of token. More information regarding the token sale and its scheduling will be available through our official channels.

How can I buy tokens?

During the token sale, or later directly from the Income Locker platform.

Are the tokens transferable?

The tokens are freely transferable, the customers will be able to trade them in our internal exchange, furthermore the tokens are storable in appropriate wallets.

What is the development plan for the future?

Our roadmap will be published soon.

What are the pre-requirements to be able to finance loans?

In accordance with domestic and international legal regulations, the platform's creditors may only be holders of licenses to grant credit. According to Hungarian law currently in force for private individuals, commercial lending is not allowed, in this respect the MNB's position is clear.

THE CORE TEAM

Csaba Csabai
Founder & CEO
Csabai Csaba, is a crypto and blockchain evangelist. He is an independent crypto currency related blogger and a well-respected member of the crypto-community. He spent the last 10 years in the second largest Bank group in the world: KBC. He participated in implementing and developing core banking solutions and built up several lending systems (including the brand new fully digitalized onboarding and lending platform). He wishes to combine his exceptional traditional banking and blockchain knowledge to deliver real solutions to valid use-cases of collateral-based lending in the crypto-world.
Peter Gergő
Co-founder & Marketing
Peter joined the crypto space with persistent research & enthusiasm, he quickly gained considerable knowledge about this amazing new tech called Blockchain. He has a penchant for the development of marketing strategies and He successfully launched numerous new product lines and enjoys the challenging competitive environment. As co-founder of INCOME Locker he is responsible for the marketing strategy and brand management in strong cooperation with business development.
dr. György Cseh
Founder & CEO
György Cseh is seasoned asset manager with 20+ years of experience. He had senior management positions and responsibilities in the field of finance, investment and asset management. As an Ex-CEO of CIB Investment Fund Management Ltd. (Intesa Sanpaolo Bank), György was responsible for more than USD 1,5 Billion Assets. Prior to that, he was Deputy CEO of Budapest Fund Management Company (GE Capital). Currently he invests heavily in moving the crypto ecosystem forward. Ex-COO of MrCoin crypto assets exchange. György holds a Masters degree in Economics and a Masters degree in Law and he is also a Certified EFFAS Financial Analyst.
Daniel Csendes
Business Development
Dániel Csendes supports inlock in the area of business development and he is responsible for the Rhyno’s blockchain solution. He participated in the successful ICO of Te-Food. He is an economist, investor and entrepreneur, founding member of the Hungarian Blockchain Research Association and co-founder of Rhyno Technologies.
Viktória Kazár
Audit & Compliance
Viktória is a results-driven professional with more than 10 years of experience in the field of business, with a heavy focus on financial services. She took part in introducing account management systems at world leading banks. She is a blockchain enthusiast and deals with crypto solutions. She has already showed results in several fields as project manager not to mention her great experience in the field of IT.
Barbara Szilágyi
Legal & HR
Barbara is a blockchain advocate with extensive experience in both the legal and the investor side of the crypto-world. She also the base of the human resources by helping to see through daily problems.
Krisztián Dobó
UX & Frontend epert
Krisztián started out as a front-end developer in the early days of the web. After a 10-year detour including various IT management positions and heading an online agency, he returned to his real passion, coding. He has since become a full JAMstack developer with a special interest in the emerging crypto space.

ADVISOR BOARD

David Sabo
Token Advisor
David has been building technology companies since 2012 across Europe from Budapest to London. He gained his experience in tokenisation as former Head of Global of Cofound.it. He is a co-founder of Symbol Network and helps Inlock with his experience in token sales.
Antal Károlyi
Token Architect
Business angel and entrepreneur. Antal supports Inlock with quantitative modelling as co-founder of Symbol Network. He is the founder and president of the Hungarian Business Angel Network. He also co-founded Traction Tribe, a technology accelerator. He has a combined 12 years of experience as a quantitative analyst and interest rate options trader at investment banks in Frankfurt and London. Holds a PhD in statistical physics.
Norbert Rádoki
Media Advisor
Norbert Radoki supports Inlock with his extended SN and media experience. He is the CEO of Bitcoinist.com one of the leading news site in the crypto industry and he’s in love with cryptocurrencies and graphic design. His goal and passion are to make cryptocurrencies as popular as possible.