Inlock (ILK) Lending Platform Short Review
INLOCK is a lending platform, where users facing a temporary liquidity problem can lock their cryptocurrencies as collateral to receive FIAT loans. Inlock itself doesn’t hold any liquidity, it is a platform to connect commercial lenders with crypto-holder borrowers. Lenders accept all major currencies, such as: BTC, ETH, BCH, LTC and even ARK! The platform operates based on smart contracts in a trustless way. To use the platform, one must hold (and spend) ILK tokens, which are an essential part of the INLOCK ecosystem. The amount of ILK tokens that have to be spent when applying for a loan is in direct proportion to the collateral. INLOCK provides a competitive marketplace for lenders, where they compete for borrowers.
Inlock’s team mostly consists of Hungarian influencers, blockchain specialists, and international advisors. The founder, Csaba Csabai is a leading blockchain expert and possibly the most iconic crypto influencer in Hungary. Csaba has been editing a very popular blockchain technology blog since 2013.
Total token supply: 4.400.000.000
Token Reserve Split: 10% Team+ 10% Advisors, 5% Marketing
Token percentage for investors: 75%
Starting Price: 1 USD for 100 ILK tokens
INLOCK’s white paper is a refreshing surprise in the ICO world. Its complete ecosystem is mathematically proven with the team running extensive simulations. Platform roles are easy to understand, while giving insight into the underlying business model.
Where the project stands:
The idea behind the project was conceived in September 2017. Their prototype is available on their website, ready for testing. Their smart contract auditing was carried out by Coinfabrik in July 2018, and they found no major issues. The project was under the radar until recently, when the team started their international roadshow. They’re gaining traction quickly, presenting at major conferences around the Globe. Inlock seems to be on the right track for solving – as they put it – “the $60 Billion spendibility problem of Bitcoin”.