The Lode Project
What is the LODE Project?
The LODE Project is a collectively organized community of sound money advocates. The community recognizes that silver can again serve as an affordable, verifiable, secure store of value and means of commerce. When tokenized on the blockchain as a cryptocurrency, it has the potential to become a superior, fast, low-cost, borderless medium of exchange.
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.
Why should I put my silver to work in the LODE Project?
Millions of silver stackers around the world hold tens of millions of ounces of investment grade silver as a safe and secure buffer against any potential economic collapse. Most, if not all, store their silver in traditional methods such as home safes and banks.
Most of this silver sits idle for many years, in the hope that it might, someday, provide the owner with financial protection and possibly, a better return of value over and above the original cost of their silver purchase. While this may well happen, there is no guarantee.
The LODE Project offers these “stackers” and other silver enthusiasts an opportunity to put some of their idle silver to work and receive micro-payouts for their contribution to the Project. Similar to what Uber has done for the transportation industry, the LODE Project seeks to do for silver.
How does the LODE Project work?
- After creating an account, LODE members contribute silver through LODE’s verified vaulting partners.
- Contributors then receive a LODE Token in a digital wallet as a receipt for the vaulted silver.
- The silver is digitally recorded on the blockchain as AGX Coins. One AGX Coin is minted for each gram of silver.
- AGX Coins are then enabled through options such as POS, tap and pay apps, ATM networks, prepaid debit cards, barter networks, and exchanges.
- The proceeds from selling AGX Coins are used to buy more silver, which is then used to mint more AGX Coins.
- LODE Token holders are rewarded by receiving micro-payouts for every AGX Coin minted.
Using blockchain technology, the LODE Project ensures that the supply of investment-grade silver bullion is made transparent and verifiable to ALL LODE Users at ALL times. It also provides certain rights and claims upon the silver as represented by two “tokens”, (the Lode Token and the AGX Coin) each uniquely and individually controlled by the holder through private encryption keys.
Where can I find more information?
What is a User of the system?
All Lode Token and AGX Coin 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. Rather, a group of Service Providers use their specific areas of expertise to forward the mandate of the LODE Project. Users in the LODE Community rely on blockchain technology to instill trust across the system and remove any third-party or counterparty risk.
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 money. In other words, advocates for “sound money.” There are many different users working within the LODE Community, including:
Contributors are registered members in the LODE Community who have contributed investment-grade silver into the LODE Project.
A Service Provider is a user within the LODE system that plays a role in the development and functioning of the LODE Ecosystem. Service Providers follow the ETHOS of the community and act within the guiding principles of Unity, Faith, Humility and Courage.
An Affiliate is an active contributor and user in the system, responsible for sharing the LODE Project with others, which in turn, expands the community. An affiliate receives micro-payouts for their efforts using a performance-based model.
An Ambassador is a contributor and user in the system that has solid knowledge and appreciation for the LODE Project. With an established online and social presence, the Ambassadors have a high level of professionalism and are leaders in their respective fields. They possess the skills and natural leadership 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.
In simple terms, Interfix is a user/service provider in the system and acts as a “general contractor” providing arbitrage to the Community to harmonize and fulfill the objectives and mandates of the Community.
What is a Stake?
The word “stake” refers to staking a claim in the mining industry – the LODE Community uses this term affectionately for marketing purposes only.
Are there Stakeholders in the LODE Project?
There are no stakeholders but rather contributors who have put a portion of their idle silver to work in the LODE System.
Is LODE a security?
LODE is not a security, it is a global community using silver to underpin a utility coin.
What is a Claim of Right?
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 physical silver represented in the form of 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 (“sound money”) MUST be grounded on 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 anything that retains purchasing power into the future.
A unit of account 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, silver, and gold.
A medium of exchange is the function of money as a widely accepted “token” or “coin” which can be exchanged for goods and services in trade and commerce.
Unlike today’s paper currencies, LODE has been able to combine all three principles with the unique and historical qualities of silver, coupled 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. Silver has proven itself over the centuries to be a stable store of value, a trusted unit of account, and an affordable medium of exchange. Today, silver now largely sits idle due to the shift towards the “convenience” of using paper money.
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 appreciation in value. The term sound money has its roots in ancient Rome where small silver coins were the standard in everyday 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 a 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, the number of users, the 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 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 and AGX Coin
How is silver “tokenized”?
The term token is generally referring to a cryptographic string of numbers and letters that references particular data. For the LODE Project, the silver is tokenized through the creation, transfer, and storage of cryptographic data that use strings of numbers and letters to refer back to the values of the vaulted silver.
What are the two tokenized assets?
The LODE Project has two tokens, the LODE Token & the AGX Coin, whereby each represents a unique relationship or right of claim to investment grade, securely-vaulted, silver bullion.
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, Strategic Wealth Preservation (“SWP”), Grand Cayman Island, 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 dealers globally.
How are LODE Tokens and AGX Coins created?
They are created from the monetary mass, the physical silver that has been securely vaulted and authenticated. The two tokens each have a unique relationship to this 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.
The creation and issuance of LODE Tokens occur in progressive phases, and at exchange rates determined by the appropriate LODE Service Provider. The LODE Token exchange rate will also rise within each of these phases over time as the community grows. (See bonded curve issuance model)
LODE Tokens are delivered to the contributor’s private wallet, leaving a verifiable and immutable receipt via the blockchain.
LODE Tokens will be controlled exclusively by their owners with encryption keys and can be liquidated as needed, and from anywhere with participating bullion merchant dealers for physical silver and gold bullion products. LODE Tokens may 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 a LODE friendly merchant.
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.
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.
Stock / Paper Investors
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.
Bullion investors may exchange physical coins and bars for LODE Tokens and tap into its purchasing-power with LODE friendly payment gateways, merchants, and retailers seeking private and secure settlements. Additionally, LODE Tokens can be deposited with a cryptocurrency exchange operator and converted into other digital assets like Bitcoin. This allows bullion investors to seamlessly position themselves into the cryptographic asset investment sector.
How does the AGX Coin work?
AGX Coins will provide the LODE Users with a high-speed, low-cost, private, and borderless method for global commerce. AGX Coins will only flow in and out of private wallets when enabled by the encryption keys of the AGX Coin owner.
AGX Coins may be exchanged or redeemed for investment grade bullion, 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). AGX coins may also be used for the direct purchase of goods and services at participating merchants who accept AGX Coins as payment.
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.
Paper Stock Investors
Investors in 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 its 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(Barter) 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 select 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 secure custody wallet provided by a qualified service provider. Your tokens are secured and insured in a method similar to vaulted silver.
What is the conversion rate of physical silver to LODE Tokens in each of the Phases?
Details on all of the Phases can be found here. The LODE Project is currently 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
What is a Bonded Curve?
A bonded curve is a fancy way of saying that the price of the token is linked with an algorithm to the number of tokens that have been minted. The LODE Project will use the N squared curve, meaning that if the number of tokens doubles, the price will quadruple.
More information on the Bonded Curve see the links below.
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 discounts for AGX Coin settlement.
Where can I find the current rate of exchange between AGX Coin and the reserved silver bullion?
Each AGX Coin is anchored to one gram weight of reserved silver bullion in the vaults and then tethered to it cryptographically by blockchain architecture. The value of one gram weight of silver (i.e. one AGX Coin) 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?
AGXPay 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 right-hand 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. 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 eligible to participate?
To be eligible to participate in the LODE Community, you must be at least 18 years old and reside in a country in which LODE is available. Please note that LODE is not available in every country and in certain jurisdictions purchase of silver to acquire LODE Token digital receipts is restricted to accredited investors.
The list of Countries that can not participate in LODE at this time is as follows:
- Democratic People’s Republic of Korea (DPRK)
The list of Countries requiring accredited investor status for LODE Token participation:
- The United States of America
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.
f I choose to place a “Buy” order with SWP Cayman, what are my payment options?
- Bank wire transfer or ACH (Automated Clearing House – US residents)
- Credit Card for 100-ounce orders ONLY! (A 5% surcharge is applicable)
- Bitcoin – for orders of any size. (A 1% surcharge is applicable)
- Other cryptos for orders over $100,000 USD (i.e. BCH, ETH, EOS, LTC, XRP, XLM and others…please inquire) A 1% surcharge is applicable.
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 Island or in any one of SWP’s seven (7) current affiliates in Canada, Liechtenstein, Germany, Switzerland, Singapore, the United States 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, ACH – (U.S. residents), credit card, bitcoin or several other cryptocurrencies (please inquire). There is a 5% surcharge on all credit card purchases (maximum 100 oz order) 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 nearest vault facility by clicking on the “Deliver” button at the top of your dashboard page. 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.
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, 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.
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 a 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 four types of wallets – desktop wallets, custody wallets, cloud wallets, and cold storage wallets.
What Options Will I have For Cryptocurrency Wallets?
Cloud Wallets – LODE Community members will be provided LODE cloud wallets to enable their visibility and transactability.
Desktop and Mobile Wallets – The LODE Transfer Mobile App debuted at Anarchapulco and will be available for both vendors and AGX Community members late in Q2. The simple to use wallet provides primary transfer features enabling it to operate as a wallet and a cash register.
Cold Storage Wallets – The first cold storage solution provided to the LODE Community will be paper wallets for both tokens. Paper wallets can be an easy way to gift or send AGX to an individual or alternately be an offline privately stored solution.
Custody Wallets – LODE is currently speaking with potential partners to provide a custody wallet solution for members who would like to have their tokens managed by a third party in a highly secure and insured manner.
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 complementary 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, 13,770,626 LODE Tokens were generated and issued into a secure custody wallet. Representations of your LODE Token account balances will be made available to view in your personal LODE dashboard. Any Lode Tokens reserved after December 12, 2018 will also be available to view in your dashboard. Additional issuances of these tokens into custody wallets will take place in early 2019.
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 early, 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. Coinpayments 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?
A contributor will be able to purchase and use selected hardware wallets 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. Currently, a prototype has been deployed to beta.lode.one/oracle which publishes the futures contract price for AGX Coins which will provide a stable platform and reference to the retail value of grams of silver and then provides an exchange-rate (fiat and crypto pairings) in near real-time in accordance with the prevailing, signed oracle server and verified by the smart contract on the blockchain. 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. 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. Contributors/LODE Token holders will be notified when a mobile app is available for use with AGX Coins.
Legal & Financial
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 Demurrage?
Demurrage is the cost associated with storing anything of value over a long period of time. Fiat currency these days doesn’t have any official demurrage, but inflation acts similarly to an unofficial demurrage. In our case, it is a small annual fee implemented to cover the cost of storing and securing the silver.
Due to the nature of blockchain technology, the demurrage fee will be calculated hourly, but only deducted when the user makes a transaction. At the moment, the demurrage fee is planned to be 1.0% annually, which is roughly 0.0027% daily, or 0.00011% hourly.
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 non-refundable service fee of 20% is allocated to the Interfix. The service fee will be utilized to accomplish certain objectives (such as tech development and operational costs) 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?
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:
What are my rights of survivorship?
LODE strongly encourages any contributor to ensure that they have a clear survivorship plan for their LODE Tokens and/or AGX Coins. This will ensure a beneficiary’s ability to take ownership of the assets with relative ease should the need arise.
There are three different scenarios wherein the Right of Survivorship is applied to the ownership of LODE Tokens and/or AGX Coins:
- The first is when LODE Tokens/AGX Coins are in the Pre-Distribution phase
- The second is when LODE Tokens/AGX Coins are stored in a LODE specific Wallet
- The third is when the assets are stored in a private wallet outside the LODE ecosystem
Prior to distribution, LODE Tokens/AGX Coins remain under the control of The LODE Association. If a LODE Contributor passes away during this phase, it will be necessary to follow the process below and to provide the required information to make any changes to the deceased LODE Member’s Account.
LODE Specific Wallets
After distribution, and when LODE Tokens and/or AGX Coins (the assets) are held within LODE specific wallets, the assets will be under the control of the wallet holder (the deceased). In order to change ownership of the assets, the LODE Association will require the information and process as listed below. Once the below steps are complete the LODE Association will contact the LODE Wallet Service Provider(s) to initiate the transfer.
Steps for Token transfer from a Deceased Member to a Beneficiary:
- The Executor or a Wills and Estate Lawyer must send an email notification of the contributor’s passing to email@example.com as soon as possible after passing including the following:
- A copy of the certified Death Certificate.
- Proof of Executor status and order of the probate court.
- The Executor or the Token Beneficiary(s) must create a LODE Member Account and generate a LODE Wallet;
- The Executor or the Token Beneficiary(s) must complete the KYC process attached to their wallet; and
- Upon completion and confirmation of the above steps, the Vault Master (or Service Provider) will transfer tokens and/or coins values to the Executor or to the Token Beneficiary’s account when tokens and coins are issued to the LODE Community.
LODE accepts no responsibility for this transfer and it is incumbent upon the Executor and beneficiaries to ensure proper lawful transfer of these elements of the estate.
External Private Wallets
One of the features of a private wallet is that the tokens are exclusively controlled by the private key holders. This means that if the deceased party hasn’t provided the private key to the beneficiary, the assets stored in the wallet will be permanently lost. A clear survivorship plan, determined with a Wills and Estate Lawyer, will ensure the beneficiary’s ability to take ownership of the assets by using the private key. No proof of death or identity will need to be provided if the survivorship plan is in place.
Once again, LODE strongly encourages any contributor to ensure that they have a clear survivorship plan whether it be for LODE specific wallets or for any privately held wallet keys.
Bailment & Community Constitution
The LODE Community has chosen to use an arrangement called “Bailment” as the legal framework between the participating members within the LODE Community and its master agent and service provider, Interfix Corporation.
What is Bailment?
Bailment is a type of contract between two parties where they agree to accomplish a common objective. It is a common law principle that refers to the transfer of possession of property or an 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 satisfied in accordance with the terms expressed in the contract of bailment.
What is Property?
A comprehensive collection of legal rights over a thing.
What is an Asset?
A thing of value. (eg. Silver Bullion)
Who is a Bailee?
The bailee is the individual 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 bailor is the individual 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 constitute how the organization behaves.
What is the LODE Constitution?
The LODE & AGX Collective Community Constitution (LACCC) was made available on December 12, 2018 and can be read here.
Will the constitution contain Community By-laws?
Yes, the first By-law 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.
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.
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 firstname.lastname@example.org and a LODE Ambassador will respond to your questions within 24 hours.