LACCOIN — Banking Service with Cryptocurrency

For people in some developing countries like in Latin America and Caribbean region sometime getting a full banking service might be a bit hard. Wherever there is people and economic activity then there surely need some money transfer or money transaction services involved. To offer such banking service to area where maybe there is no bank or no specific banking equipment like ATM machines or debit card reader present then surely it need an alternative solution. For these area then it needs viable alternative platform to the existing traditional banking system so every body in such region can still do economic transactions easily and safely.

Laccooin is a 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. In Latin America and the Caribbean the total amount of remittances amounts to 7.5% of the GDPs of these nations. This is compounded by the fact that payments sent across international borders through the traditional banks are still very complex, slow-moving and expensive. Laccoin exist as a new platform to offer the solution for economic transactions to still happen even in area where previously traditional banking services is deemed impossible to happen. Combined with their LAC debit card and access to the LAC Index 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.

Laccoin is an ethereum backed cryptocurrency, this mean it is using the blockchain technology to operate the platform ensuring audit-ability and security as the so called economic transaction will be recoreded in a distributed point instead of 1 central bank server. These concept has proven to be more reliable and tougher to ensure a valid recording to every economic transactions that happen. Laccoin developers could have made its own blockchain however, the security issues arising from forming a new blockchain would have hampered efforts to get Laccoin underway in the region. A trusted blockchain such as Ethereum with established protocols would better allow for future expansion and scalability without comprising security. However, it is not outside the realm of possibility for Laccoin team to develop its own blockchain in the future.

A very important advantage of cryptocurrency over existing monetary currencies is the speed of transactions. Sending money to another country through the existing banking system takes considerable time and a large commission is charged for the transfer. The project team believes that using the ecosystem Laccoin will provide people in the region with easier access to financial resources. Blockchain technology, which is cheaper, faster and safer, is an excellent way to reach and include everyone in the region to participate, both in the traditional economy and in the new digital economy of the future. Transactions sent through Western Union, MoneyGram, RIA, Xoom, Dolex, Sigue, Intermex, Barri, Viamericas, and Wells Fargo — handle 90% of the 14 million transfers to the LAC region. While these transactions can take days, they can be executed in a matter of minutes using Laccoin cryptocurrencies.

Laccoin 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. However, the full benefits of Laccoin will only be apparent once a person can use the token in the same way that he uses other fiat currencies or fiat back debit cards for everyday payments.

LAC coins implement Know Your Customer (KYC) protocol which ensure its platform security and reliability. KYC is the process of a business identifying and verifying the identity of its clients. KYC process is essential for LAC future growth and to be able to cater to the needs of the unbanked and underbanked. It consist of the terms of:

• Every participant has to submit KYC documents.
• Deadline to submit documents for the KYC process is during the pre-ico stage.
• LAC Tokens will be distributed only to the participants who will pass the KYC protocol.

Compliance with the regulations is essential to the growth and the reach that LAC tokens will have in the future. The KYC process implemented are:

• Proof of Identity: Laccoin platform accept Passport, National ID, Driving License — Please ensure that the scan of the ID is high quality and includes both sides and that there are clearly visible edges of the documents.
• Laccoin platform accept Electricity Bill(s), Bank Statements(s), Postpaid Mobile Bill(s), Certificate of Registrations from a govt department with your address. Documents must be less than 4 months old.

The Laccoin platform are offering below products:

• LAC Wallet: This multi-asset wallet will provide a decentralized and trusted storage of the user’s virtual coins. The wallet will have strong security features to ensure the confidentiality of the user’s information. The wallet will also provide access to P2P loans.
• Laccoin Debit Card: This card works in conjunction with the LAC wallet. The users have an option to lock or unlock the card and the use of the card provides an opportunity for the user to be rewarded with LAC coins. Reward program available for both LAC WHITE CARD/LAC GOLD CARD.
• Laccoin Loans: Users of the Laccoin platform will be able to make peer-to-peer loans. Users can also come together and if they have a high credit rating, they will be able to make small P2P loans. Users who have high credit ratings can also apply for loans on the platform.
• The Laccoin Wealth Fund: The fund is a cryptocurrency wealth fund that will hold liquid digital coins. The fund will only be open to the LAC token holders. The portfolio will be well managed, regulated, diversified, and monitored to meet the needs of the LAC token holders.

Advantages of using Laccoins are:

• Multi-asset (any blockchain asset compatible with and accepted by the Laccoin Wallet)
• Affordable Money Remittance System
• Assets remain in cryptocurrency in Laccoin Wallet
• Know Your Customer (KYC protocols) for customers reliability and audit-ability.
• Decentralized and trusted storage
• Providing Services to The Underbanked
• Strong Security features to control the physical & and virtual card
• Providing the Unbanked and Underbanked with A Financial Vehicle to Build Their Wealth (Tips tailored for individuals to reach their financial goals)
• Allowing Users to Access Loans (Access to P2P Loans)
• Mandatory Two-factor authentication (also known as 2FA)

The LAC Initial Coin Offering (ICO) will be structured as below:

• ICO — PreRounds:
  Before opening the ICOs to the publіc, Laccoin want to gіve prospectіve іnvestors the chance to meet and plan wіth key іnvestors who іntend to buy Laccoіn. Team want to allocate exclusіve bonus pools of Laccoіns to these іnvestors who see the vіsіon and have been commіted to Laccoіn from the іnіtіal stage.
• ICO — Publіc — Stage 1:
  Laccoіn wіll have an іnіtіal supply of 390,000,000 LAC, 55% of whіch wіll be released to the publіc іn three dіff erent stages. The fіrst phase wіll have 33% of the total allocated tokens for sale to the publіc. Dіfferent bonus tіers wіll also be offered.
• ICO — Publіc — Stage 2:
  The second stage of the ICO Publіc campaіgn wіll see an allotted 20% of coіns beіng dіstrіbuted to the publіc, of whіch 20% wіll be reserved for bonus allocatіon.
• ICO — Publіc — Stage 3:
  The thіrd stage of the ICO Publіc campaіgn wіll see an allotted 10% of coіns beіng dіstrіbuted to the publіc, whіle none wіll be handed out for bonus dіstrіbutіon.

Laccoin Token Sale is performed at 01 November 2018 until 30 November 2018. The token name is LAC, with token type ERC 20. The ICO Token Price at USD 0.1. Total Tokens available at 700,000,000 LAC. Available for Token Sale is 56%. Token Issue at 390,000,000 LAC. All unsold tokens after the ICO phase will be burnt. It accepts ETH cryptocurrency for transactions. Soft cap is at USD 10,000,000 and Hard cap at USD 30,000,000. Laccoin has been rated at 8.3 ICO Score from foundico.com. It is based on 10 points for main info, 8.8 points for finance, 6.6 points for product, 10 points for team and 6.0 points for marketing.

Laccoin has planned the following milestone for its development:

• Q4 2017: Formation of Core Team
• Q4 2018: LAC Wallet Beta Stage Begins
• Q4 2018: Pre-ICO Sale Begins
• Q4 2018: Pre-ICO Sale Ends/ LAC Wallet Andriod app Alpha Finished
• Q4 2018: Public Token Sale Begins / LAC Wallet Alpha Andriod app
  Alpha released
• Q1 2019: LAC Tokens distributed
• Q2 2019: Banking License process started
• Q2 2019: LAC Wallet Premium and regular cards start to roll out
• Q2 2019: LAC Wallet Apple Alpha development begins
• Q2 2019: Addition to Centralized and Decentralized Exchanges
• Q3 2019: Beta stage of P2P lending / Credit Rating System / LAC Wallet Apple released
• Q4 2019: P2P Alpha microloan / LAC Union Wealth Launches
• Q4 2019/Q1 2020: P2P alpha lending rolls out

Laccoin believe that, with the use of the LAC, it can provide people within the LAC region with easy access to funds. Many of these people would normally be unreached within by the present banking 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.

Website: http://laccoin.io/

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