LACCOIN REVIEW

LACCOIN REVIEW

  • LACCOIN (LAC) is an Ethereum backed cryptocurrency that enables the banked, unbanked and underbanked individuals who are in Latin America and Caribbean region to send money, invest and send micro-loans to each other with their mobile wallet or web app.
  • Combined with their LAC debit card and access to the LAC Union Wealth Fund individuals can spend their LAC tokens, invest or use their P2P loans that connect with their LAC wallets where every VISA or MasterCard is accepted.

 

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IDEA:

  • Their Idea is not to go head-to-head with the traditional banking services but to ease the burdens of individuals and businesses that do not have easy access to traditional banking services in the LAC region.

 

PROTOTYPE PRODUCT:

 

WHITEPAPER HIGHLIGHTS:

  • Laccoin is an Ethereum-backed cryptocurrency that uses a mobile wallet. Individual users will have the option of exchanging their cryptocurrencies and LAC tokens with one another through their mobile wallet or of spending their LAC tokens or other cryptocurrencies through their Laccoin prepaid debit card.
  • The scope and range of Laccoin will make it the first cryptocurrency or token to bring Latin America and the Caribbean under a single monetary jurisdiction.
  • Laccoin wallet will be available for download via IOS or the Android marketplace. With the use of the LAC card, individuals and businesses will be able to operate in the new Latin American and Caribbean digital economy from their mobile device.
  • FEATURES:
  • Problem(s): Costly remittance systems:
    • Solutions: Laccoin is an easy way to send international remittances to other Laccoin wallet holders.
  • Problem(s): Reaching the Underbanked:
    • Solutions: Access to current banking services and the new cryptocurrency card payments system using mobile devices which will have result in a more significant penetration rate than banks.
  • Problem(s): International and domestic aid to LAC region:
    • Solution: The speed of aid is essential in critical situations. With widespread mobile penetration, aid can be received efficiently.
  • Problem(s): Inability to invest or spend within the LAC region
    • Solution: To enable and empower citizens in the area to become a part of the new digital economy using LAC tokens within the LAC region.
  • Problem(s): Inability to access loans through traditional financing mechanisms to start business projects or personal projects.
    • Solution: To enable and empower citizens in the region to access micro-finance through nontraditional means by creating a credit score through their Laccoin wallet.
  • Problem(s): Unbanked and underbanked do not have access to complex financial vehicles to help build wealth.
    • Solution(s): An Union Wealth Fund will be open solely to LAC token holders. The Union Wealth Fund will hold highly liquid cryptocurrencies that are managed to ensure a robust portfolio that meets the needs of LAC ecosystem.

 

  • ECOSYSTEM:
  • LACCOIN Wallet:
    • The LAC Wallet is the answer to the lack of fund mobility and other financial limitations. Using the smartphone, users will be able to send money freely to other individuals and businesses across the LAC region.
  • Laccoin Debit Card:
    • Each Laccoin wallet user has the option of applying for a Laccoin debit card that works in conjunction with the wallet. Since physical prepaid debit cards are more accessible to people in the LAC region as opposed to virtual debit cards, the emphasis will be on physical debit cards.
    • LAC WHITE CARD– The Laccoin White Card is a standard edition card for all the Laccoin wallet holders. Every user can gain qualify for the white card as long as they pass KYC protocols. Users have a daily spending limit of US $1,000 and withdrawal limit of US $500. Fees apply to the white card.
    • LAC GOLD CARD-The Laccoin Gold Card is a limited-edition card for holders who invest 500 ETH or more in the wallet. The card comes with a daily spending limit of US $33,000 and a withdrawal limit of US $5,000. There are multiple additional rewards for the Laccoin token holder. Fees that apply to the white card do not apply to the gold card.

 

HYPE:

  • 5K+ telegram users, 20K+ followers on Facebook and 2.7K+ Twitter followers.
  • 8 ratings on ICO bench.

 

LONG TERM STRATEGY:

  • Their Vision is to create a viable ecosystem for monetary transactions which will be a viable alternative to the existing banking system. With the use of the Laccoin ecosystem, it will aid people within the LAC region with easy access to funds.
  • The goal of Laccoin is to acquire a category (A) banking license. With this, they will be on the issuing side of the equation. So far, they have formed strategic partnerships with issuers.
  • Laccoin will further develop a platform whereby individuals will be able to make small peer-to-peer (P2P) loans to individuals using LAC tokens.
  • Many of these people would normally be unreached within by the present system. Blockchain technology, which is it is cheaper, faster and safer, is an excellent way to reach out to and include everyone within the region to participate whether within the traditional economy or the new digital economy of the future.

 

Experts Review:

  • Team – none of core team or advisers have project listed on their LinkedIn profiles. KYC passed by 2 of core team, but still a red flag. Vision – not an original vision – banking the unbanked – but well thought out on location (good proliferation of tech and infrastructure in place) but does this project solve any issues that haven’t already been solved? It brings together all solutions under 1 roof, but these solutions already exist in 1 way or another. Project uses Ethereum blockchain, so questions on whether it can handle the transaction rate needed for a day to day currency. The core issue for me is, does a potentially volatile cryptocurrency solve the issue of hyperinflation that the target market has suffered from? Potentially not. I think a project like this would work better if the currency was pegged to USD or IMF SDRs. But that’s just my opinion. WP needs more info on how funds will be spent on different levels of raise. Can’t get past chapter 8 on WP without it crashing. 2 until they produce a format that’s fully readable. Product – doesn’t appear to be an MVP available. This project appears to be more of an exercise in marketing as opposed to a technological or economic advancement, but good look to the team in project initiation. –  Paul Cliffe (ICO advisor| Crypto-asset and ICO investor| Libertarian|CEO of Block Venture Project).

 

TOKEN METRICS:

Token LAC
Pre – Sale 1 LAC = 0.06 USD
Price in ICO 1 LAC = 0.10 USD
Country Canada
Platform Ethereum
Website https://laccoin.io/
Whitelist/KYC KYC & Whitelist
Restricted Areas USA, China, South Korea, Singapore
Pre-Sale 1st September,2018 – 26th September, 2018
Public- Sale 1st November,2018 – 30th November,2018
Tokens for Sale: 390,000,000
Soft Cap 10,000,000 USD
Hard Cap 30,000,000 USD
Total Token Supply 700,000,000 (The Total Supply can be changed if is deemed necessary by the committee to meet the demands of elasticity)
Token Supply Breakdown Open Market – 55%
Business Operation – 28%
Owners – 17%
Bonus Pre-Sale:
60%: Above $10K
80%: Above $50K
100%: Above $100K
Crowd Sale:
20%: Round #1
15%: Round #2

 

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