FAQ

Frequently Asked Questions (FAQ)





How can I buy the LOC token?


You can place an order for LOC from our secured dashboard. In order to do so, please open an account from the following link : https://lockchain.co/profile/signup.php
If you already have an account, you can login into the dashboard from this link : https://lockchain.co/profile/login.php





What is the LockChain.co marketplace and what is the LOC Ledger?


The decentralized LOC Ledger is the bookings engine/database which will hold all information about hotel listings, their availability, booking requirements etc. The decentralized LOC Ledger will operate only with the native LOC token. The LockChain.co market, on the other hand, will be the first web-based application which will be connected to the decentralized booking engine. The marketplace's purpose is to provide an easy to use interface for anyone who wishes to be part of the decentralized engine. LockChain is actually a combination of two projects in one. The two projects make a self-sufficient relationship that does not really rely on external factors and businesses for the full deployment of the service.





How will the decentralized LOC Ledger operate?


The LOC Ledger will be free to use and open source to the public and will be built on the Ethereum VM. Anyone who wishes to connect and use the decentralized global database of hotels and their availability will be more than welcome to do so. Both centralized and decentralized user-friendly applications will be able to connect and to provide added value services to end customers and hosts. The relationship between hotel and customer will be governed by smart contracts which will aim to balance the power between the two and will guarantee fair environment for value driven accommodation services with zero commissions.





Why will LockChain accept fiat currency? Isn't this in conflict with decentralized economy?


Fiat currency will be accepted only as a mean for LOC purchase on the LockChain.co market, and will immediately be converted to LOC. The decentralized LOC Ledger will function solely with the native LOC token. Fiat is accepted only to provide an easier way for inexperienced users to directly purchase the digital token on the marketplace at the time of the booking (instead of going through an exchange and buying Ethereum first). The decentralized backend/engine that handles the bookings, and all transactions between clients and hotels will operate solely in LOC.





How will transactions occur on the marketplace?


All transactions between clients and hotel/property owners will take place in the decentralized LOC booking engine and will be in LOC token. Bitcoins, Ethereum and fiat currency will be used as a mean to buy the LOC by the LockChain.co marketplace. This will generate liquidity and demand for the LOC token.





How will clients and hotels be protected from price volatility of the LOC token?


We plan to provide an added value service on our market, where both clients and hotels can take advantage of price spot booking on the transaction between the two. In these cases we will use our advanced built-in algorithm to place an opposite order at the time of the transaction which will hedge against change in crypto asset value. For example if a client books a hotel with his EUR credit card, the marketplace will immediately place a BUY LOC order and will forward the LOC along with the triggers and booking information to the smart contract which is managing the designated property. At the same time our exchange algorithm will place a SELL/Short LOC order, in order to hedge the open Buy/LONG position from any shifts in prices during the time of transition between the client and the hotel/property owner. Any loss that occurs from the BUY/LONG position will be compensated from the gains of the Sell/SHORT position or vice versa. As soon as the LOC is withdrawn from the hotel, both positions will be closed and the only cost will be the spread between the two. This will provide additional liquidity on the LOC aftermarket.





What about aftermarket of the LOC and which exchanges will support it?


We have already established strong relationships with several exchanges and will make sure that the aftermarket of the LOC is liquid and accessible to everyone. Our plan is to add our token to at least three exchanges. We are also looking into the possibility to bridge the exchanges through advanced liquidity mechanisms to ensure our token is liquid and easily accessible. And in addition don't forget that you will be able to instantly use the LOC to book hotels on the LockChain.co's marketplace as well.





How are you going to operate without charging any revenue commissions?


Advanced blockchain technology and the use of a native token will allow us to operate at effectiveness which is unmatched by any other accommodation provider in the industry. This will allow us to cut out all commissions on revenue and focus on providing value driven service for a fixed monthly fee in combination with a "freemium" model, where some extras can be provided at an additional price.





Is the LOC token a security?


LOC token is a digital/software utility product which is not a security and which does not provide any ownership rights. It is a way for you to book a hotel on our website. You can either buy the LOC in advance, or at the moment of placing an order for a hotel listing from our marketplace.





Can I re-sell the LOC token?


LOC tokens have no expiration and it is up to you to decide whether you want to use it for booking accommodation on our website or to re-sell it at your own will to someone else.





How will hotel owners be paid out?


Hotel owners will be paid out either in LOC or in direct bank wire after we convert the LOC to fiat. It will be entirely up to them to decide.





When will the marketplace be launched?


The pre-alpha version of the marketplace has already been started and can be accessed in our "Market" section.





How much properties will you have during the token sale (Sept - Nov)?


At the beginning of the token sale we expect to have several hundred properties. We have an agreement with more than 7,000 properties that provide coverage on some of the major cities across the world. It is a matter of technical integration which we hope to make by 1st Dec 2017.





Do you have the smart contract on GitHub and Etherscan?


Yes, You can access the smart contract from here :
GitHub
Etherscan

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