CardStarter, the world’s premier incubator, launchpad, and insurance program for Cardano projects, will host an IDO for Lockness, a paytech protocol that will incorporate peer-to-peer escrow services to improve the security of commerce in the crypto space.
As blockchain technology and decentralized finance (DeFi) continue to gain popularity among the masses, the instances of scams and fraud have also skyrocketed. This puts novice and seasoned crypto users at risk of losing their funds. Due to the immutable, permissionless nature of blockchain applications, smart contract transactions are irreversible, rendering lost funds unrecoverable. Lockness’ solution to this dilemma is a secure payment gateway enabled via escrow.
The platform will support two payment formats:
- Direct P2P Payments: Funds paid by customers are held in escrow and only released to merchants after customers confirm the reception of products/services.
- Milestone Payments: Scheduled distribution of funds held in escrow in predetermined amounts and frequency of distribution.
To facilitate the adoption of their platform, Lockness has developed a full suite of products that can be easily integrated by businesses as part of their payment system.
Software Development Kit (SDK)
Designed for ecommerce businesses, Lockness’ Software Development Kit (SDK), is slated for deployment between the first and second quarter of 2022. With that, businesses who intend to accept crypto as a form of payment will be able to integrate the Lockness API to utilize escrow services in their payment system. The platform charges a flat rate fee of 0.5% per transaction.
Tap & Pay
Tap & Pay is Lockness’ Point of Sale (POS) payment solution that can be implemented by traditional brick and mortar establishments without the need for third-party hardware. The system will utilize NFC technology built into most smartphones in the market today for over-the-counter payments.
LockSwap eliminates the need to swap unwanted cryptocurrencies by allowing users to determine a currency of choice before it is sent to their wallets. The system will automatically convert unwanted currencies to that which is desired before deploying them to users’ wallets. This cross-chain compatible feature will massively reduce clutter in crypto wallets, allowing for easier tracking of funds.
To complement all the above, Lockness will also be developing their very own Lockness wallet which is also scheduled to be released in the first half of 2022.
How to Participate in the Lockness IDO
The registration window will be open for 72 hours, from January 4th @ 7am PST/3:00pm UTC to January 7th @ 7am PST/3:00pm UTC
Step 1 — Staking
To register for Lockness you must have a qualifying number of CARDS staked.
- The linear bracket will begin at a minimum threshold of 500 CARDS tokens at a 1X pool weight, up to a maximum participation amount of 40,000 CARDS tokens at an 80X pool weight. All participants will be guaranteed an allocation directly proportionate to the number of CARDS they have staked within this bracket.
- Please read our most recent tiers article to learn about tier requirements
- Please read our staking guide to learn how to stake your CARDS if you have yet to complete this process.
Step 2 — KYC
Lockness requires KYC. If you haven’t provided KYC through our partner Fractal yet, please do so now.
In addition, if you provided KYC to Fractal but it didn’t request your wallet address, please log back in through the following links to link your wallet address to your KYC.
NOTE: Your KYC must be completed and verified by the end of Lockness registration window. If your KYC is not verified by January 7th @ 3pm UTC we can’t guarantee you’ll be whitelisted.
Step 3 — Register
Head over to pools.cardstarter.io to register!
Click on the Lockness box (below where it says IDO Status) to open the registration window.
Once in the registration window, click “Register”. This will open up your connected wallet to complete the transaction. Please confirm the transaction, and give it a few minutes to go through.
Click Register On The Right To Register
Confirm the transaction
Once the transaction is confirmed, the button will say “Registered”, and your CARDS tokens will now be locked until 7 days after the end of Lockness IDO.
Step 4 — Purchase During IDO Event
After registration ends on January 7th, 3pm UTC, there will be a 72 hour whitelist finalization window.
Lockness’ IDO Event will begin on Tuesday January 11th @ 3pm UTC and last for 24 hours.
If you staked, registered, and KYC’d properly your address will be whitelisted and you can complete your purchase during this time on pools.cardstarter.io!
Thanks For Your Participation!
CardStarter is the first incubator, launchpad and insurance program for projects being built on the Cardano network. The CARDS platform is a unique and dynamic launchpad, connecting projects to early supporters and a network of key partners. The Cards Accelerator Program (CAP) team works with each project individually to establish the right connections and map marketing strategies, establishing the foundation for long term success.
CardStarter is also differentiated by its charge to protect its supporters. CARDS provides unbiased third-party audits of every project’s code and protects IDO participants with an in-house insurance program. CardStarter is proudly partnered with X21 Digital, BlockSync Ventures, Moonwhale Ventures, Genesis Shards, Plethori, Fractal, PARSIQ, Scryptic Tech and Longtail Financial. Once fully built, CardStarter will be an all-inclusive platform with a decentralized exchange to complement the current offerings. CardStarter also aims to be a nurturing force in the Cardano ecosystem, with hackathons and project development support being a major focus of the roadmap.
Lockness is a crypto payment protocol that aims to reduce the instances of fraud in commerce via the implementation of escrow services to create a more secure payment gateway for crypto buyers and merchants alike. The project will feature a plug-and-play API that can be integrated into existing online platforms and a POS solution that can be adopted by more traditional establishments. Lockness is led by a team of experts with diverse backgrounds in blockchain development, paytech and communications.
Notable partners include: Kudo Money, Spherium Finance, Swipelux, Network, Minted Lab, Escrow Protocol and Torus Wallet.