Website

LOTS (LOTS)

ICO

Published: Jul 23, 2018

The LOTS platform is a blockchain-based marketplace that stands out for its approach to borrowing and lending in the crypto world. LOTS enables its users to leverage their blockchain assets to secure crypto loans, on terms mutually agreed upon by both parties.

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Overview

Project industry	Crowdfunding & Lending
Product type	Marketplace
Whitepaper	Open

What is LOTS

LOTS will use ID authentication of wallet address and work with external digital identity verification providers, as well as the mainstream credit data companies (such as the FICO in U.S.) to improve fraud detection operation.

For users participating the services provided by LOTS, no matter what kind of digital assets is to be borrowed, the LOTS token could be used in settling the service charges and discounts will be applied accordingly.

The OTC one-on-one paper contract is replaced by a smart contract on blockchain, using technical features of smart contracts including programmability and auto-execution to enables more customization.

LOTS users could borrow SOC to attend gaming events.

LOTS users who hold ETH can use ETH as collateral to borrow EOS, instead of selling ETH to acquire EOS (giving up appreciation of ETH).

LOTS users who hold a large amount of BTC may want to achieve a steady income through lending.

Details

Token supply: 500,000,000

Legal

Blockchain Platform: Ethereum

Token info

Ticker: LOTS
Type: Utility-token
Accepted currencies: ETH
Token distribution:
50% - presale, ICO
5% - foundation
25% - community rewards
20% - team
Funds allocation:
30% for platform construction ‧
20% for worldwide staff recruitment ‧
20% for market expansion and maintenance ‧
20% for legal expenses and government relationship maintenance ‧
10% as reserve