THE LODE PROJECT
What is the LODE Project?
The LODE Project is a collectively organized community of sound money advocates. The mandate of the community is to restore silver to the monetary system using blockchain technology. The community recognizes that silver can again serve as an affordable, verifiable, secure store of value and autonomous unit of account. When tokenized on the blockchain as a cryptocurrency, it has the potential to become a superior, super-fast, low-cost, borderless medium of exchange.
The LODE vision is to solve inefficiencies that exist in the silver marketplace that limit its use. Through working together as a community, we embrace the mandate to restore silver to the monetary system.
Where does the term “LODE” originate from?
The term “LODE” comes from the phrase “mother lode”, which is a principal vein, or zone of veins, of gold or silver ore. The phrase refers to the origin or source of something valuable or in great abundance.
How does the LODE Project work?
The LODE Project is the world’s first Cryptographic Silver Monetary System utilizing a revolutionary blockchain protocol to enable the creation and distribution of two tokenized assets, each representing a unique and direct relationship with investment-grade silver.
Using blockchain technology the community ensures a supply of investment-grade silver bullion is made transparent and verifiable to all LODE users at all times, and also provides that certain rights and claims upon the silver represented by two “tokens” each uniquely and individually controlled with private encryption keys.
Is there a White Paper?
There is currently a Project Paper. The next paper will be the System Design Paper and the White Paper will follow.
What is a User of the system?
All Token Holders, Merchants, and Service Providers are “Users” of the system.
How does the LODE Community operate?
The Community operates autonomously, and is not dependent upon any one governing body, mind or management. Users in the LODE Community rely on blockchain technology to install trust across the system and remove any third-party or counterparty risk.
What is the Plan of Arrangement (POA)?
Who is the LODE Community?
The LODE Community is a Collectively Organized Distributed Ecosystem (C.O.D.E) made up of like-minded silver enthusiasts who advocate for the restoration of silver as a timeless Medium of Exchange (MOE), a durable Store of Value (SOV) and a trusted Unit of Account (UOA) for settling private trade and commerce. In other words, advocates for “sound money”. There are many different users working within the LODE Community, such as:
Contributors are registered members in the LODE system who have contributed (leased) investment-grade silver into the LODE Project.
A Service Provider is a User in the LODE system. They are tasked with objectives that provide a specific service that supports and strengthens the capabilities of the community. Service Providers follow the ETHOS of the community and act within the guiding principles of Unity, Faith, Humility and Courage.
An Affiliate is a User in the system that markets the LODE Community with the intent of expanding the community and receiving micro-payouts using a performance-based model. An Affiliate must be an active, contributing User of the system.
An Ambassador is a User in the system that has knowledge and appreciation of the LODE Project, and uses their established online presence, high level of professionalism, and natural leadership skills for building and growing relationships that promote and benefit the LODE community.
A Merchant is a participating User of the system that is involved in either the wholesale or retail trade of goods and services.
A vault master is an administrative position within the LODE Community. It is a “council” of Service Providers tasked to oversee the interests of the LODE Token and AGX Coin holders.
In simple terms, the Interfix is a super-user in the system and acts as a “general contractor” and provides arbitrage to the community to harmonize and fulfill the objectives and mandates set out in the Plan of Arrangement, details of which can be found in the Project Paper at pages 20 – 25.
What is a Stake?
Historically, the word “stake” refers to staking a claim in the mining industry. The LODE Community uses this term affectionately for marketing purposes only. For LODE, the term “stake” means participation in the community. It is by no means a direct reference to the LODE Token economics.
Are there Stakeholders in the LODE Project?
No, there are Contributors that have put their silver to work in the LODE system.
Is LODE a security?
No, it is not a security. It is an internet foreign managed community using silver to underpin a utility coin with a target to alleviate financial suffering in the third world.
What is a Claim of Right?
A Claim of Right is a right which entails responsibilities, duties, or obligations on other parties regarding the right-holder. Claims of Right are building blocks to explain relatively complex matters as they relate to a personal piece of property. In the case of LODE, the token holders have a claim of right on all marginal, vaulted AGX Coins in the system. All AGX Coins in circulation are redeemable for physical silver. This is net of all operational system fees.
THE FUTURE OF MONEY™
Why is LODE the “Future of Money”?
A secure, stable and dependable form of money MUST be grounded around three fundamental principles. “Money” must act as a store of value, a unit of account, and a medium of exchange.
A store of value is the function of an asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved. More generally, a store of value is anything that retains purchasing power into the future.
A unit of account in economics is a nominal monetary unit of measure or currency used to represent the real value of any economic item; i.e. goods, services, assets, liabilities, income, expenses.
A medium of exchange is the function of money as a widely accepted “token”which can be exchanged for goods and services in trade and commerce.
Unlike today’s currencies, LODE has been able to combine all three principles with the unique and historical qualities of silver, along with today’s modern cryptographic technology to create a form of money that meets the current and future needs and demands of global trade and commerce.
Why Silver as money?
For thousands of years, and up until just a few hundred years ago, silver was widely used as money in day to day trade and commerce. Unlike today’s paper money, silver has always had its own intrinsic value. And has proven itself over the centuries to be a stable store of value, a trusted unit of account, and an affordable medium of exchange. However, silver, as money, now largely sits idle due to the shift towards the “convenience” of using paper money and metal coins, except for a few old world cultures that still use silver as “sound money” as their primary medium of exchange within their societies.
What is sound money?
Sound money is stable money backed by tangible commodities such as gold, silver or platinum. Sound money has an intrinsic value that has purchasing power determined by the market and is independent of governments and political parties. In general, it is not liable to sudden depreciation or appreciations in value. The term sound money has its roots in ancient Rome where small silver coins were the standard in every day trade and commerce. (See Black’s Law 4th Edition page 1157)
What is a monetary system?
The usual meaning is, “pertaining to coins or currency, or having to do with money”, but it has been held to include personal property. A commodity money system is a monetary system in which a commodity such as gold or silver is made the unit of value and physically used as money. The money retains its value because of its physical properties(intrinsic value). The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even though it has no intrinsic value.
What is paper money?
Paper money is any legal document that displays or carries a monetary value such as promissory notes, cheques, postal orders, cash, bank drafts and other bills of exchange.
What is currency?
Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade. It has face value but no intrinsic value and are often printed without reserve or limitations.
What is cryptocurrency?
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies are a kind of alternative currency and digital currency that have limits pertaining to their creation.
How are cryptocurrencies created?
These are digital tokens built over cryptographic functions. Cryptocurrencies are sequence of encrypted bits transmitted and stored over a network. These digital currencies are developed using different cryptographic functions and have different values based on its creation date, number of users, extent of the network and transaction volumes.
What is a cryptographic or digital monetary system?
It is a blockchain-based, electronic money transfer system that uses peer-to-peer networks to prevent double spending or any fraud of accounts. Widely considered to be the future of money, cryptographic monetary systems are capable of instantaneous transactions and borderless transfer of ownership.
What is a monetary mass?
In the LODE Community, it is the silver that has been securely vaulted and authenticated for tokenization.
What is the LODE Cryptographic Silver Monetary System? (CSMS)
The CSMS is a concept whereby silver bullion would be restored to the economic system through the use of blockchain technology, and be used by millions of individuals and businesses as a vehicle to settle trade and commerce. LODE proposes to “mine” idle, above-ground silver, one gram at a time, to be restored and serve as an affordable, verifiable, safe, and secure store of value that, when “tokenized” upon blockchain technology, may become a superior medium of exchange, one that returns to the global economic system, a fungible, private, resilient, and autonomous unit of account.
What is a cryptographic token?
A cryptographic token represents a particular fungible and tradeable asset or utility and is often found on a blockchain. It can be utilized to solve or cure certain inefficiencies in industry or commerce.
What is a digital coin?
It is a secure, stable, user-friendly digital asset that acts as an optimized way to send or receive money, commonly using blockchain technology. Digital coins can be used to purchase goods and services and are often referred to as digital money.
LODE TOKEN & AGX COIN
How is silver “tokenized”?
A “token” is a digital smart contract containing rights that are enabled upon a distributed ledger, or blockchain. The LODE Project will construct two tokens, LODE Token & AGX Coin, whereby each represents a unique relationship or right of claim to investment grade, securely-vaulted, silver bullion.
What are the two tokenized assets?
The system works similar to a complex leasing arrangement, whereby individuals with physical investment grade silver can have it “LODED” into the system and subsequently tokenized. Those who don’t currently have silver can purchase silver directly through the community’s vaulting partner, SWP Cayman, or a participating bullion dealer. The corresponding token is referred to as a LODE Token and is a digital representation of a weight of silver bullion contributed and delivered to the vaulted LODE Reserve by individuals seeking a contributor’s participation in the Lode Cryptographic Silver Monetary System. As the monetary mass circulates, LODE Token holders will receive micro-payouts known as AGX Pay which will be delivered to the wallets of holders. As the monetary mass expands, the rate of these micro-payouts increases.
The second token, referred to as an AGX Coin, is a digital representation of one (1) gram weight and measure of the vaulted and verifiable investment grade (99.9%) silver bullion held in the LODE reserves. It is redeemable via merchants and bullion dealer globally.
How are LODE Tokens and AGX Coins created?
They are created from the monetary mass in the vault, and each have a unique relationship to the vaulted silver.
How does the LODE Token work?
After a secure registration process, new members can contribute investment-grade silver bullion (or gold equivalent) to the LODE Community vaults. When the silver bullion arrives at the vault it is certified as 99.9% pure, properly accounted, vaulted, insured and tokenized by the LODE Cryptographic Silver Monetary System (CSMS).
Next, a corresponding certificate is generated by way of a “smart contract” for the total gram weight of each contribution, triggering the creation of a LODE Token commensurate with the current exchange rate. (See the rates of exchange under the “Terms of Service”)
The creation and issuance of LODE Tokens will occur in progressive phases, and at exchange rates determined by LODE Service Providers and vendors. The LODE Token exchange rate will rise over time as the community grows and the supply of AGX Coins increases. (See bonded curve issuance model)
LODE Tokens are delivered to the contributor’s private wallet, leaving a verifiable and immutable receipt upon a public blockchain.
LODE Tokens are controlled exclusively by their owners with encryption keys, and can be liquidated at any time, and from anywhere with participating bullion merchant dealers for physical silver and gold bullion products. LODE Tokens can also be deposited with cryptocurrency exchange operators and converted to other assets like Bitcoin, or into fiat positions, or they may be exchanged for value with an LODE friendly merchant.
Who is a LODE Token Holder?
A LODE Token Holder is a user in the system that has contributed silver to the vaults and in return has received a digital receipt (commonly known as a token) from system confirming their Claim of Right. Tokens, under certain conditions, may attract micropayouts.
What are the use cases for LODE Tokens?
Silver Stackers (Individuals)
LODE Tokens provide an opportunity for individuals to put idle silver grams to work on the blockchain, track them and receive micro-payouts (AGX Pay). LODE Tokens maintain a unique relationship to the Silver-Monetary-Mass working in the LODE ecosystem.
LODE Tokens are merchant enabled cryptographic assets which may be transacted on merchant payment gateways such as CoinPayments.
A LODE Token is a speculator’s asset that has a unique relationship to silver. Crypto traders can purchase a LODE Token if they wish to lease physical silver into the system and speculate on a blockchain enabled silver-monetary-system. Crypto traders and/or fund managers of cryptocurrencies and blockchain assets can position LODE Tokens as a means to diversify their portfolios.
Precious Metals Dealers & Retailers can align with LODE and discover new customers by enabling their stores and websites to accept LODE Tokens for physical bullion products.
Public and private silver mining companies may deliver and exchange their silver into the LODE System. The silver will then be tokenized and made available to their industrial clients, employees, suppliers/merchants, vendors and any other number of groups or silver enthusiasts.
LODE Token assets may present an additional opportunity for silver investors that have experience trading in ETFs, silver stocks and the Paper Silver market. LODE Token positions may afford an opportunity to invest in a new asset class that provides a platform for further diversification, new types of security instruments and lower administrative costs for trading, exchanging and transacting.
Silver bullion investors may exchange their physical coins and bars for LODE Tokens and tap it’s purchasing-power among LODE friendly payment gateways, merchants and retailers seeking private and secure settlement. Additionally, LODE Tokens can be deposited with a cryptocurrency exchange operator and converted into other digital assets like Bitcoin and allow silver investors to seamlessly position into the cryptographic asset investment sector.
How does the AGX Coin work?
AGX Coins will provide the LODE CSMS users with a high-speed, low-cost, private, and borderless method for global commerce. All transactions are secure, transparent, verifiable, and immutably recorded upon the blockchain.
AGX Coins will only flow in and out of private wallets when enabled by the encryption keys of the AGX Coin owner, without limits or restrictions, and with immutable receipts notarized upon the blockchain.
AGX Coins may be exchanged or redeemed for investment grade (99.9%) silver bullion, or gold bullion products, through participating precious metals dealers (subject to the vendor’s terms and conditions), and through participating retailers via payment gateway service providers. (ie: visa, debit, POS, ATM)
Who are the best candidates for utilizing AGX Coins?
Everyone that is interested in participating in a “sound money” ecosystem.
What are the use cases for the AGX Coin?
Individuals ensure savings and protect purchasing-power by holding AGX Coins in their own private wallet, secure in knowing that each AGX Coin is tethered to a verifiable one (1) gram weight of reserved silver bullion, and confident that AGX Coins may be exchanged at any point, and from virtually anywhere, for physical silver and gold products with affiliated LODE bullion dealers.
Small business owners, manufacturers, professionals, and retailers can discover new customers by offering products and services within the LODE Marketplace and by accepting AGX Coins from other members seeking value. AGX Coins may allow a merchant to protect their purchasing-power from depreciating fiat currency, or to recover losses on idle inventory, or more easily afford business expenditures offered by other merchants aggressively seeking AGX Coins.
Fund managers of cryptocurrencies and blockchain assets can position AGX Coin as a means to stabilize and diversify their portfolios, insulate profits, or hedge against volatility.
Industrial Users of silver may seek to buy, exchange, or earn AGX Coins as a means to further secure their hedging operations, or to secure future supplies of silver for industrial applications, or to speculate upon future silver prices.
Precious Metals Dealers & Retailers can align with LODE and discover new customers by enabling their stores and websites to accept AGX Coins for physical bullion products. Dealers can hold their AGX Coins balances and deploy them on future ‘street’ purchases (buybacks), or ‘call’ for silver bullion from the LODE Reserve at wholesale pricing.
Public and private silver mining companies may deliver silver into the LODE System and exchange their AGX Coins within the LODE Marketplace to enhance purchasing power with AGX friendly merchants or utilize their AGX Coins to compensate employees and/or vendors.
Silver Exchange Traded Funds (ETF’s) may discover that AGX Coin positions provide better security and flexibility than Silver Exchange Traded Funds, which require administration by various counterparties. Blockchain enabled AGX Coins are controlled exclusively by their owners with encryption keys, and can be liquidated at any time, from anywhere, for physical silver and gold bullion products, via affiliated LODE dealers and retailers*. AGX Coins can also be deposited with cryptocurrency exchange operators and converted to other assets like Bitcoin, or into fiat positions, or they may be exchanged for value with an AGX friendly merchant.
Silver bullion investors may exchange their physical coins and bars for AGX Coin and tap it’s purchasing-power among AGX friendly merchants and retailers seeking sound silver settlement. Additionally, AGX Coins can be deposited with a cryptocurrency exchange operator and converted into other digital assets like Bitcoin and allow silver ‘stackers’ to seamlessly position into the cryptographic investment space.
B2B Exchange Operators
Operators may conduct reciprocal trading for AGX Coin by offering their member inventories (scrip, due bills etc.) within the LODE Marketplace and provide their local members with new opportunities and new customers! When successful, exchange operators can exchange their AGX Coin balances for physical silver and other products. Also, the operators and/or their members will be enabled to “spend down” and profit with sound money!
How does the AGX Coin derive its value?
The value of the AGX Coin is derived from industry retail pricing metrics (ie. the cost of producing and vaulting the silver) found within the precious metals marketplace, combined with the added value and convenience of digital tokenization.
What is a rotation/cycle of the system?
The inflows from the initial sale of AGX coins into the marketplace will be utilized to purchase more silver bullion, which will then be used to secure and issue a second tranche of AGX Coins, again at a margin, which ensures the reserved silver bullion exceeds the number of new AGX Coins outstanding. Each of these issuances represents a cycle, or rotation, of the LODE system.
Can I redeem AGX Coin for physical silver?
Yes, via participating merchant dealers including Precious Metal Bullion dealers worldwide.
Can I buy physical silver with LODE Tokens and AGX Coins?
Yes, via participating merchant dealers including precious metal bullion dealers worldwide.
Can I sell my LODE Tokens?
Yes, you may sell your LODE Tokens at any time, either through an authorized cryptocurrency exchange operator (subject to the operator’s terms and conditions), or to a private buyer, in which case certain fees may be avoided and/or certain other “forms” of payment may be negotiated and accepted through private agreement. LODE Token transfers will be enabled over a private, secure, autonomous, and immutable blockchain, with transmissions secured by encryption keys.
How do LODE Token holders receive micro-payouts?
Micro-payouts are paid out progressively. As the marginal silver increases in the vaults, LODE Token holders receive micro-payouts as the vaulted silver is put to work as money.
How are my LODE Tokens stored and secured?
Your LODE Tokens are currently held in a custody wallet provided by qualified service providers. Your Tokens are secure and insured in a similar method to vaulted silver.
What is the conversion rate of physical silver to LODE Tokens in each of the Phases?
See the LODE “Terms of Service” for details on all of the Phases at the bottom of the home page. The LODE Project is currently (September 2018) in Phase 3, and the conversion rate is 3.70 grams to secure one LODE Token.
How do I calculate the number of LODE Tokens I will receive for my contribution?
To calculate the number of LODE Tokens you will receive for your contribution, simply divide the number of grams you contributed by the designated exchange rate for the Phase in which you contributed. For example, if you contributed 100 ozs (3110 grams) in Phase 3, divide 3110 by 3.70 (the Phase 3 exchange rate) for a total of 840.54 LODE Tokens.
Another example: If you contributed 200 ozs (6220 grams) in Phase 2 ( Exchange rate of 1.85 ), divide 6220 grams by 1.85 for a total of 3362.16 LODE Tokens
Can I sell my AGX Coins?
Yes, of course! AGX may be exchanged or sold in a variety of ways. The first of which will be with a LODE affiliated bullion dealer or retailer, who can deliver physical silver and gold bullion products at prevailing market rates for your AGX Coins. Additionally, AGX Coins may be deposited with an authorized cryptocurrency exchange and sold or traded for other cryptographic assets like Bitcoin, or for fiat currency. Finally, AGX Coins may also be used to settle trade and commerce with participating merchants, many of which may offer superior pricing (discounts) for AGX Coin settlement.
Where can I find the current rate of exchange between AGX Coin and the reserved silver bullion?
AGX Coins are anchored to the reserved silver bullion in the vaults and then tethered to it cryptographically by blockchain architecture. This rate of exchange will, in the future, be posted live on the LODE website in multiple fiat currencies to provide merchants and speculators with a baseline for price discovery when settling commerce. Merchants are free to price their products and services however they choose and are not subject to mandates or pricing schedules. All parties to AGX Coin settlements are expected to conduct themselves with integrity and honesty. The LODE Association is not a third-party to any transaction between members or users and cannot be held liable for transactions or transmissions between private parties.
What is AGXPay?
AGX Pay is the system for distributing AGX Coin micro-payouts via a progressive blockchain protocol to LODE Token holders as the monetary mass expands.
How do I register for the LODE Project?
You can register for the LODE Project by visiting the home page on the LODE website at www.lode.one. Click on either “Members” or “Login” at the top of the home page, then click on “Register” and provide the required information.
Where can I find my LODE ID Account number?
Your LODE ID is in the upper righthand corner of your profile page, which can be found by clicking on the “man” image in the upper right area of your dashboard. (after you have logged into your account).
What information is required to complete my registration?
To become a member of the LODE Community, the system will ask for your first and last name, your phone number, country of residence, and your email address. In addition, you will need to choose a username and record your unique password for your LODE account.
However, if you would like to contribute to the project by “LODE-ing” the vault with physical, investment grade silver, and receive LODE Tokens, you also will need to provide a physical street address as per KYC (know your customer) policy.
The LODE system indicates that my password is invalid. What can I do?
When creating your password, please ensure it is a minimum of 8 characters and includes at least one capital letter, one small letter, one number, and one symbol/alphanumeric such as an exclamation mark (!) or a question mark (?), or some other symbol.
I can’t log into my LODE account, what should I do?
LODE is constantly upgrading and making changes to the website. As such, you may occasionally find that you are not able to log into your account. If you experience this issue, we suggest that you login with your email address instead of your user name . If the issue persists, you may need to clear your browser history and cache. In addition, you may need to use Chrome as your browser when logging into your LODE account. In most cases this will solve the issue.
As a last option, try creating a new password by following the instructions noted above.
Still having problems logging into your LODE account?
If you continue to experience problems accessing your online LODE account, please contact a LODE Ambassador at firstname.lastname@example.org and provide your name, LODE ID number, email address, and a detailed description of your problem.
How can I contribute investment-grade silver bullion to the LODE Project?
You can contribute silver bullion to the LODE Project by logging into your LODE account and either;
- Complete a “Buy” order, which will be filled on your behalf by SWP Cayman LODE’s vaulting service provider, and will be transferred directly to the LODE Community vault account at SWP Cayman.
- Complete a “Delivery” Order whereby you can arrange for your own silver to be delivered to the LODE Community vault account at SWP Cayman.
Who is SWP?
SWP is a Cayman world class, fully integrated, Level 3, precious metals dealer and secure storage provider specializing in the acquisition and secure storage of precious metals for individuals, companies, trusts and wealth management professionals on behalf of their clients. They are located in Georgetown, Grand Cayman and their website can be found at www.swpcayman.com.
What is the minimum weight of investment-grade silver bullion that can be contributed?
The minimum weight of investment-grade silver bullion required to participate as a LODE Token contributor is 3110 grams, or one-hundred (100) troy ounces.
Where are the silver contributions held and secured?
All silver bullion contributions to the LODE Project are held and secured through LODE’s vaulting partner, Strategic Wealth Preservation (“SWP ”) located in Grand Cayman or any one of SWP’s five (5) current affiliates in Canada, Liechtenstein, Germany, Singapore or New Zealand.
What do you do if you don’t own silver, but still want to participate?
- First, register for the LODE Project at www.lode.one.
- Once you have set up and registered your LODE online account, log in to your account and click on the “Buy” tab at the top of your Dashboard page.
- On the next screen input the number of ounces* that you wish to buy.
- Click on the blue “Commit” button and then click on the “Confirm” button.
- Your dashboard will then show the status of your order in the system as “New”.
SWP Cayman, sells investment grade silver (.999) to LODE Community members at the spot price plus the current bullion dealer premium. Once you place your “Buy” order, SWP Cayman will be in touch with you within 24 hours and provide you with more information, purchase options, and instructions on how to complete your “Buy” transaction.
Note: This is a measure of Troy Ounces which converts to 31.1 grams.
Purchases of silver bullion from SWP Cayman may be made by way of a bank wire, credit card, or with bitcoin or nineteen (19) other cryptocurrencies. Please note, there is a 5% surcharge on all credit card purchases, and a 1% surcharge to settle your order with crypto. For specific details, please contact SWP Cayman at swpcayman.com
How do I “Deliver” my silver to the vault?
You can “Deliver” your own silver to the vault by clicking on the “Deliver” button at the top of your dashboard. From there, provide a list of the various brands and weights of your metal, if different, to be delivered. Enter each different brand and weight separately and click on “Add to list”. After completing all of your entries, check to make sure your total weight is correct before clicking the “Commit” button at the bottom left of the page. Our vaulting partner, SWP Cayman, will then email you instructions on how to package and ship your metal. The cost of shipping and the associated insurance will be the responsibility of the individual as of January 16 2019.
How long does it take for my silver order to be delivered to the vault?
Shipments can take anywhere from ten days to two weeks to reach the nearest vault affiliate facility, depending on where your contribution is being shipped from, and to which vault facility your contribution is being shipped to. Shipments can be tracked in real-time on the FedEx or Loomis websites.
Can I make additional or multiple contributions to the LODE Project?
Yes, you can always add additional contributions to your LODE account at any time, at the prevailing conversion rate, by placing either a “Buy” or “Deliver” order through your online LODE account.
When do I receive a confirmation of my contribution from SWP?
Once your contribution has been deposited into the vault, you will receive confirmation by way of an email from SWP Cayman.
When do I receive a confirmation of my order in my online LODE account?
You will typically receive confirmation of your contribution to your LODE account from LODE within 5 business days after you receive your confirmation from SWP Cayman.
Can I change my contribution method from a “Buy” order to a “Deliver” order, or vice versa?
Yes, you can change your contribution method by contacting LODE at email@example.com to request the change. Please be sure to include your name and six digit LODE I.D. number with your written request. You will then receive an e-mail confirmation of your change detailing any new instructions on how to complete your “Buy” or “Deliver” contribution to the vault.
Can I contribute gold bullion to the LODE Project?
Yes, you can contribute investment-grade gold to the LODE Project. When placing your “Deliver” order through your LODE online account, simply click on the “silver” box at the top of the page and change it to “Gold” and then indicate the number of ounces or grams of gold that you are contributing. Once you have completed your order, you will then receive instructions from SWP Cayman, LODE’s vaulting partner, on how to “Deliver” your gold contribution to the vault. The current conversion rate of gold to silver is 75 ounces of silver for each ounce of gold contributed.
Do I have to pay the shipping and insurance costs when delivering my physical silver to the vault?
Yes, as of January 16, 2019 all costs of delivery to the LODE vaults, including insurance and storage are the responsibility of the individual.
What is a smart contract?
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible.
Which Blockchain do the LODE Tokens and AGX Coins use?
Currently, the system uses Syscoin (https://www.syscoin.org/) as its Blockchain network.
Who is Syscoin?
Syscoin is a blockchain network designed and built by Blockchain Foundry (BCF). BCF has a large number of organizations utilizing their token and network solution. The Syscoin protocol is built upon the Bitcoin core and has a series of proofs that ensure secure and timely transactions. Syscoin is a revolutionary cryptocurrency that offers near zero-cost financial transactions like Bitcoin and provides businesses with the infrastructure to trade goods, assets, digital certificates and data securely. Unlike other cryptocurrencies, Syscoin’s intrinsic value derives from the decentralized services it provides directly on the blockchain. It is a decentralized system of record hosted by a series of “nodes” on the Syscoin network.
What is cryptocurrency wallet?
A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchains to enable users to send and receive digital currency and monitor their balance. There are three types of wallets – desktop wallets, cloud wallets and cold storage wallets.
What is a payment gateway?
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar businesses.
Who is CoinPayments?
CoinPayments is a global cryptocurrency payment platform that accepts over 65 altcoins at a flat transaction fee of 0.50%. This payment platform caters to merchants or anyone who sells products or services online. CoinPayments is the first and largest payment processor of over 65 cryptocurrencies. The platform is used by 234,500+ vendors across 182 different countries. It’s popular among businesses who want to accept cryptocurrencies, but don’t want to go through the process of individually accepting each currency. Coinpayments provides the LODE Community with transferability and complimentary enabling services.
What is a crypto exchange?
A cryptocurrency exchange, or a digital currency exchange, is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. A cryptocurrency exchange can be a market maker that typically takes the bid-ask spreads as a transaction commission for a service or, as a matching platform, simply charges fees.
Where can see my tokens?
On December 12, 2018, LODE Tokens were issued into a secure custody wallet. Representations of your LODE Token account balances are available to view in your personal LODE dashboard. Any Tokens reserved after December 12, 2018 are also available to view in the dashboard. Additional issuance of these tokens to a custody wallet will take place in early Q1 of 2019.
If you have questions regarding specific wallets, please join our telegram channel for more information, on this as it becomes available.
Why aren’t LODE Tokens issued directly to individual wallets?
LODE Tokens have initially been issued into a secure custodial wallet as a protective measure for the community. Upon the final legal review and sign off from the LODE Community legal team, LODE Tokens will be available to be issued to a variety of secure wallets. Wallet and cold storage service providers have been invited to provide secure solutions to the community.
When can the Community expect LODE Tokens to be distributed?
An update to the Community on Token distribution will be provided in Q1, 2019.
Why should I hold my LODE Tokens?
LODE Tokens represent your contribution to the monetary mass and, if held, generate micro-payouts in the form of AGX Pay.
Can I exchange my LODE Tokens?
Once enabled LODE Tokens will be exchangeable and transferable through the LODE alliance network and specific exchanges – one example is Coinpayments. Coinpayment has a network of over 1060 tokenized projects which will provide for fast and easy exchangeability. Another example is Blockchain Foundry which has developed a private BlockMarket Exchange, as well as developed relationships with major market makers to allow the LODE Token to be easily transactable.
How can I exchange my LODE Tokens and AGX Coins?
You can exchange the tokens/coins at any financial payment terminal – point of sale (POS) that is enabled to accept any cryptocurrencies and settle transactions on behalf of a merchant or network of merchants.
When are AGX Coins going to be issued?
Why are they not issued at the same time?
LODE Tokens and AGX Coins will be issued separately to give the proper time to create, audit and issue each asset securely. This will ensure that LODE has a 100% asset backed cryptocurrency.
How do I get a hardware wallet (ie Nano Ledger or Trezor)?
A contributor can purchase and use an existing hardware wallet in order to store LODE Tokens and/or AGX Coins. More details regarding this will be available in the coming weeks. Stay tuned to www.lode.one or telegram for more information.
What is the AGX Price Oracle?
The AGX Price Oracle sets the real-time daily value for the AGX Coins. It obtains live working metrics from the Internet and applies those metrics to establish the digital retail value of grams of silver (ie: AGX Coins). The AGX Price Oracle will assist merchants and users to establish real-time value for settling trade and commerce.
What is Bitcoin core?
Bitcoin core is the genesis of the blockchain revolution. It has never been hacked! Syscoin utilizes the largest network to leverage trustlessness while innovating to ensure transactability and speed of use.
Will there be an AGX mobile App?
Yes, certainly. Contributors/LODE Token holders will be notified when a mobile app is available for use with AGX Coins.
LEGAL & FINANCIAL
Why Cayman jurisdiction?
The Cayman Islands have a long standing history of financial stability and privacy and property rights.
Has the LODE Project been independently/financially evaluated?
Yes, see link for more information. The Evans & Evans Financial Report
Who is Evans & Evans, Inc?
Evans & Evans, Inc. is a leading Canadian boutique investment banking firm with offices and affiliates in Canada, the United States and Asia. They provide a full range of independent and advocate services including capital formation assistance, mergers and acquisitions, valuation and fairness opinions, business due diligence, business planning, market and competitive research
Is there going to be an ICO, or Initial Coin Offering?
NO! The funding mechanism for participation in the LODE Project as a contributing member is limited exclusively to an exchange of investment-grade silver bullion for LODE Tokens.
What is a exchange fee?
The exchange fee is the cost of exchanging cryptographic assets for any other type of currency such as USD, EURO, Yen, Bitcoin, Ethereum and/or Dash.
What is a transaction fee?
A transaction fee is the cost associated with operating on the blockchain network.
What is the risk of contributing to the LODE Project?
When a member agrees to commit investment-grade silver bullion to the LODE Project, a service fee (currently at 20%) is allocated to the Interfix. The service fee will be utilized to accomplish certain objectives (such as tech development and operational costs to name a couple) in accordance with the LODE Community mandate. (See the LODE Project Report)
In the unlikely event that the Interfix fails to deliver on the project objectives, contributing members may file a claim to release for pick-up by/to the member, any and all remaining silver bullion, net after the service fee which was assessed in the corresponding phase. See the “Terms of Service” .
Should the LODE Project fail to move forward, will my contribution be returned to me?
In the unlikely event that the LODE Project does not move forward, LODE and SWP will make every effort to return similar denominations of silver bullion. However, LODE and SWP cannot offer any guarantee except to return your original weight of silver contributed less the applicable service fee.
If I have a concern about my contribution, my member account, or want more information about the LODE Project, who do I contact?
You can contact a LODE Ambassador at firstname.lastname@example.org for more information, or ask questions and state concerns about your “Buy” or “Deliver” order, or about any other issues, concerns, or suggestions regarding your LODE account and the LODE Project. Also feel free to sign in to the various LODE media platforms (Twitter, Facebook, YouTube and Telegram) to keep up to date with LODE news and other updates. You can also review the following documents:
Will there be regular updates, news, and other information provided to the LODE Community on a regular basis?
Yes, the LODE Service Provider Alliance will be posting regular and relevant news concerning the LODE Project in the “News” section of the LODE Members’ back-office. Additionally, LODE Ambassadors will produce regular newsletters, and provide various channels for communicating updates through social media, including the LODE Telegram channel and our news section at www.lode.one/lode-news
The LODE Community team is currently hosting regular live webinars in which various subjects are discussed, and questions from the community are answered. All LODE webinars are recorded and automatically posted on the LODE YouTube channel. Should you wish to review a live webinar session, or have missed a live LODE webinar session, you can watch them at any time on the LODE YouTube channel.
LODE will also be providing regular updates through newsletters and the LODE Community Telegram channel as well.
I have other questions about the LODE Project. Who do I contact?
If you have other questions regarding the LODE Project, please contact LODE directly at email@example.com and a LODE Ambassador will respond to your questions within 24 hours.
I have other questions about the LODE Project. Who do I contact?
If you have other questions regarding the LODE Project, please contact LODE directly at firstname.lastname@example.org and a LODE Ambassador will respond to your questions within 24 hours.
LODE & AGX COLLECTIVE COMMUNITY CONSTITUTION & LEGAL FRAMEWORK
What is Property?
A comprehensive collection of legal rights over a thing.
What is an Asset?
A thing of value. (eg. Silver Bullion)
What is Bailment?
Bailment is a type of contract is between two parties where they agree to accomplish a common object. It is a common law principle that refers to the transfer of possession of property or asset (by the bailor) to another person (called the bailee) for some temporary purpose (eg. storage or safe-keeping) after which the property is either returned to the bailor or otherwise dealt with in accordance of the contract of bailment.
What is Bail?
The pledge of cash or property to secure the release of a thing or person which would otherwise be held in custody. (eg. through LODE, Silver that would otherwise be idle is secured and put to work on the internet.)
Who is a Bailee?
The person who receives property through a contract of bailment, from the bailor, and who may be committed to certain duties of care towards the property while it remains in their possession.
Who is a Bailor?
The person who temporarily transfers possession of property to another, the bailee, under a contract of bailment.
What is a Constitution?
A constitution is a set of fundamental principles or established precedents according to a government, state or other organization. These rules together make up, i.e. constitute, how the organization behaves.
What is the LODE Constitution?
The LODE & AGX Collective Community Constitution (LACCC) will be available on December 12, 2018.
Will the constitution contain Community By-laws?
Yes, By-law #1 will be added to the Constitution upon LODE Token distribution to individual wallets. Additional By-laws will be added as required to support the Community development objectives.
The Constitution can be found here.
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