Fiat PurchasingLast Updated: June 19, 2018
Loci is proud to introduce fiat purchasing which is a new way to buy LOCIcoin, directly on our platform with a credit card. Here's a letter from our COO, Eric Ross explaining it.
I want to address an inconvenient fact… the crypto world is complicated! If you have spent any time in it, then you know that even answering simple questions like, “how do I buy bitcoin?” involves answers that are challenging to articulate and even more perplexing to execute. Once the covers get pulled back and altcoins get involved, the complications grow exponentially. This is where the world of the mythical “utility token” exists. I say mythical because most of them don’t have any actual utility, but for the ones that do, like Loci Coin, how can a “regular” person acquire them in order to benefit from their utility in such a complicated system?
The team here at Loci has built a revolutionary new way to purchase and use tokens without any of the complications that come with typical cryptocurrency transactions. I call it revolutionary because it breaks through a fundamental problem plaguing fiat purchases of crypto right now…. How can I prove that I actually own what the exchange says I own? Especially when you talk about fiat purchases, there is a chance that you don’t own what you purchased. In fact, one of the tenets of crypto is that if you don’t own your private keys, you don’t own the crypto in the first place. We have a solution to that with all the same benefits!
Loci has taken what was previously a 13-step process for purchasing and redeeming utility tokens and reduced it to three simple steps that can be executed by anyone with a credit or debit card directly in the same platform. All of this is made possible by blockchain technology and a transparent custodianship of utility tokens.
Blockchain technology, also known as a distributed ledger, is remarkable because of its immutability and transparency in recording transactions, and at Loci we have brought all of that into the fiat purchase process within our platform. Anyone can buy Loci Coin directly in the platform and then see the details and ownership on the blockchain themselves. Technical details can be read in depth here.
A few important notes about this process include the fact that Loci will maintain a pool of tokens that purchases draw from, but we will purchase tokens from the secondary markets to refill that pool on a regular basis. We are not taking volume from the markets, but instead providing a service that will pass transaction volume through. This also allows us flexibility in how we price our platform’s features because the entire platform will run solely off of tokens.
It’s innovation like this that keeps Loci at the forefront of the utility token market. Our tokens are now truly the gas that runs the Loci Search platform and will enable inventors to search, stake, and sell their ideas, now more effectively than ever before!