What can I do with IDON on the CoinLock Platform?
CoinLock is a platform that delivers increased utility to cryptocurrency by providing transformational value-added services and will provide users of Idoneus with additional options.
Summary of Features
- Buy and sell IDON for free: users transact directly, peer-to-peer, bypassing exchanges and their fees. Currently IDON can be bought or sold with USD and ETH.
- Send IDON payments via email to other CoinLock members, as well as non-CoinLock members, for free.
- Hedge and lock-in a fixed USD value on your IDON’s without paying any fees or having to sell your tokens, shielding against market volatility and enhancing IDON utility as a stable payment option.
- Access interest-free leverage services: the platform allows users to get 4x leverage (400%) and does so without charging any interest.
*As additional features are added, this page will be updated.
Buy and sell IDON for free
From the CoinLock Dashboard users can buy & sell IDON on the CoinLock Marketplace. This Marketplace enables peer-to-peer transactions between the seller and the buyer, and has no fees.
The seller can select the payment method (wire transfer, paypal, neteller, ethereum) and the time allowed by the buyer to pay for the purchase. Once the order has been confirmed by the seller, it will appear on the Marketplace.
Interested buyers can browse the Marketplace to look for suitable offers. When they find an offer they like, the buyer can confirm to buy the offer and make the payment as indicated. Once the payment has completed, the IDON will be released to the buyers IDON wallet.
On the Dashboard you can see both the offers that are for sale on the Marketplace (All Listings), as well as the buy and sell orders that you have pending (Your Orders).
Send IDON payments via email
From the CoinLock Dashboard, it is possible to easily send IDON via email notification to other CoinLock users, as well as to non-CoinLock users, free of charge. Also no ETH gas fees are charged (as these are off-chain transactions). This provides for a very simple and fast solution to send IDON to your clients and friends & family.
If you send IDON to a non-CoinLock user, this person will have to open an account with CoinLock in order to receive the IDON. IDON that has not been accepted by the intended receiver, will be returned to the originating sender.
Hedge and lock-in a fixed USD value
An IDON Protect Position on the CoinLock Platform is an amount of IDON whose exact amount is stabilized regardless of market fluctuations. You enter it if you’d like to protect your IDON from any price drops, without having to sell your tokens. Once stabilized, you can then send exact amounts of IDON for payments without the risk of price fluctuation.
Advanced users can also set conditional orders, which allow you to set limit prices on entering and exiting orders.
Access interest-free leverage services
An IDON Leverage Position on the CoinLock Platform allows you to profit when the value of IDON increases. You match up with capital from another user, and you will reap 400% of all the rewards (or suffer from 400% of any losses of the combined positions).
There are no extra fees on the Leverage users capital. However, 20% of any profit from the Leverage Position’s matched capital is automatically invested into the LOCK coin. An investor can then choose to hold onto this investment or sell it.
Advanced users can also set conditional orders, which allow you to set limit prices on entering and exiting orders.
