LockChain Credibility — must read
Published in
7 min readNov 23, 2017
Check these facts, which will help you do a in-depth credibility assessment on our project, because LockChain is here to stay.
- Lockchain ltd is a transparent company with public tax number, initial capital of 150,000 EUR funded directly by the owners, publicly listed address of residency, listed director, beneficial owners and a link to the trade registry where you can check the tax number. This is public info made on our about page : https://lockchain.co/about.html .
LockChain Ltd
Business Registration number: 204752244
Korab Planina 27a, 3rd fl, 1407, Sofia, Bulgaria
Initial capital: 300,000 BGN / 150,000 EUR
- Lockchain is also a licensed operator of personal data under the Bulgarian regulation — yes you apply for this and you register with the authorities in Bulgaria.
- We are Incorporated in a EU member country (and not in an offshore jurisdiction like most competitor projects who hide behind anonymity and nominee directors). Incorporating in Switzerland or Lichtenstein, or BVI can happen through any offshore service provider and costs between 1,000–3,000 EUR. Some competitors tend to hide behind their unknown legal entities, unknown legal structure and unknown capital and at the same time point fingers. Teams physically based in locations different than the locations where they have incorporated their companies are generally the ones to be cautious with because of these simple questions, which they can’t give you an answer to…namely: Why is the team in a country which is different from the project’s domicile? Where do they pay tax? Where is their office address? Why is their office address different than the address of their company registration? Who is their legal advisor that advised them to incorporate e.g. in Switzerland, while their office e.g. is in Germany?
- As of 23 Nov, we have raised almost $3M from 2600+ transactions. We have 14,000 registered members and a total of 22,000 + community members. Many of those are travel and accommodation professionals. Others are end users who love to travel. Third are just speculators. In each case, we love our community. — Here is a link to our smart contract so youcan see how much we are raising in real time https://etherscan.io/address/0x5e3346444010135322268a4630d2ed5f8d09446c
- We (the founders) have recorded 1.5 Hours of live Q&A sessions. Here are two videos taken from our facebook page (The videos were recorded in Hristo’s head office in the 4,000 sq/m Softuni/XS Software complex (yes, that’s approx 43,000 sq/ft):
- And here is our pitch on the competition on the D10E event in Kyiev:
- We closed deal with HitBTC (among the Top 5 Exchanges in the world at the moment, with $150M–$200M daily trading volume) to list LOC against USD, ETH and BTC on 15th Dec 2017 (one of the hardest exchanges to get into) extremely expensive and time consuming KYC process at the moment. Only projects that have legal, technical and financial capability can pass through this process. Moreover, such an investment is meaningful only if the token’s long term value and potential for long term growth are put as highest priority and above all.
- Finalizing at the moment the legal work with a second reputable exchange (to be announced within the next week).
- Developed a pre-alpha marketplace with 600+ bookable properties as a proof of concept. Yes those are real properties, yes you can book them and yes you can compare prices on airbnb to see how we perform. A recent example : https://medium.com/@LockChainCo/booking-through-lockchain-vs-airbnb-is-there-a-difference-in-pricing-f9991e1d3f7b. Yes we know the functionality of the marketplace is limited and this is why we call it a “pre-alpha”.
Here is just one of the 30+ design screens of our next iteration of the alpha marketplace…..it has wicked design, and so do all other pages.
- We have published on GitHUB the front-end of the new alpha version of the marketplace, the MVP of the smart contract that will manage the bookings/reservations https://github.com/LockChainLtd/ . Those alone are 400+ hours of tech work (design, coding, html work, solidity programming), and we are not showing you the backend, because that’s sensitive part. The combined work is 700+ hours of advanced tech development. And we are doing all that while we are running our token sale. You can get an idea what we could do after we finish the tokensale and focus entirely on the tech development.
- We have the endorsement of President Rosen Plevneliev. This makes us the only project in the world that has a head of state in the team. Check this photo from our recent meeting with him…
Some background of the founders
- co-Founder Nikola Alexandrov (https://www.linkedin.com/in/nikola-alexandrov-12b73a9) has SEO agency theSEO.com — Domain Creation Date: 2000–05–30. Agency has 60+ long term corporate contracts in EU and across the world. In addition has online retailing company with 200+ branded products sold worldwide with thousands of user reviews on Amazon and Ebay — search for products “E-Cron” in stores. Online retailing business is owned and operated through the US based “Risk Asset Management LLC” which has been incorporated in 2007 with a valid US tax identification number 26–1262986.
- Link to Nevada Secretary of State registry where the US Based comany can be verified (and that it has existed, paid taxes and operated since 2007) : http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=QBpo3J9pcgUZZouDNMp4oA%253d%253d&nt7=0
- Global Trademark registry links (yes this costs money, time — approx 12 months, and you need legal advice to complete it properly)
US trademark registration : http://tsdr.uspto.gov/#caseNumber=86690395&caseType=SERIAL_NO&searchType=statusSearch
EU trademark registration : https://www.tmdn.org/tmview/get-detail?st13=EM500000013632534&lang=en - Featured together with his father on cover of “Manager” magazine issue 2016
- The bulgarian agency won Forbes E-Volution Award for best SEO agency of 2015 in Bulgaria
- co-Founder Hristo Tenchev (https://www.linkedin.com/in/hristotenchev) has Gaming business XS Software (https://www.xs-software.com/) with 55 Million+ players and a 9+ history. Co-founder of Softuni establishment with 100,000 students over the course of the last 4 years https://softuni.bg/ and an amazing talent pool of software engineers. Has been featured on Forbes.com (yes, that’s the global Forbes Read here : https://www.forbes.com/pictures/gimh45ghl/hristo-tenchev-29/#152026bb3fea , and here : https://www.forbes.com/profile/hristo-tenchev/ ) in the “30 under 30” chart for successfull entrepreneurs under 30 years of age (that was 2 years ago). Also on the cover of Forbes Bulgaria
The combined businesses of the co-founders generate more than $10M in revenue, with more than 150+ employees and a combined history of 19+ years
- Domain lockchain.co was registered late, because we initially thought using the domain chainlock.co (which was registered June 2017, feel free to check it yourself). If you open that domain, you will see its redirecting to lockchain.co.
- We registered the company late, because we had the tools, know-how, resources, and team talent pool, to plan and prepare for the whole project well in advance before incorporating the company which was intended for its final execution stage. Unlike some of the competition, we do not go through the learning curve of a conventional startup, because we already went through that. This is why we don’t go chasing angel investors on events and meetups 12 months before the launch , because we already have that know-how and resource.
- Yes, we were the owners of former Bitcoin7 Exchange (which is now closed, and have stated this from the very beginning). Bitcoin7 was an exchange which was hacked when it was #3 according to trading volumes back in 2011 and we immediately disclosed this to the public instead of covering it up and continuing to operate like MTgox. We shut down the operations, although it was a great project at the perfect time, with immense potential. We opened a KYC procedure for people to recover their bitcoins and refunded the bitcoins from our own pockets to all who completed the KYC and have dealt with this catastrophic event in a proper manner. There have been zero legal claims as a result and people got their money back.
So far we managed to keep up with every single promise we made for LockChain. We (the founders, and the team) are 24/7 in Telegram and we are speaking to every single person who reaches out to us, addressing every single question we receive.
We managed to prove that we are extremely strong when it comes to planning and execution. Our background shows that we work really hard.
Next time when you come across another “scam” warning, don’t let some anonymous fools ruin the day. Make your own research and get to the roots of things.
