This project named LALA World, which means happy, fronts itself as an advocate for financial freedom, accessibility, and happiness to the underprivileged population of the world. The institution champions itself as the one to bring change to the over 2 billion individuals often overlooked by major financiers as they are deemed not worthy of the risk.
They aim to achieve this feat through interaction with governmental and non-governmental organizations, as well as incorporating blockchain, biometrics, and distributed ledger technology.
An Overview of The LALA World ICO
LALA World intends to distribute 150 million of its token to investors, which translates to 150,000 ETH. This means that 1 ETH is valued at 1,000 LALA tokens. Below are highlights of the much-awaited ICO:
- Presale begins on 25th November and ends on 9th December 2017. Subscribers to this event will be given a loyalty bonus.
- There will be a feedback and review period between 16th -31st December 2017
- The ICO proper will start on 5th January 2018
- The ICO will end on 5th February 2018
- ETH, BTC, and other cryptocurrencies are acceptable and will be converted to tokens during the process.
Allocation of Tokens
In addition to the 150 million tokens to be offered in the ICO, LALA will create 100 million more, bringing the two to 250 million. Afterwards, the tokens will be distributed in the following criteria:
- 60% will be in the ICO crowdsale
- 15% is reserved for the project’s proprietors and pioneering clients
- 10% will be granted to advisory and consultancy parties
- 15% will be credited to the reserves.
Usage of Proceeds
The funds raised in the ICO will be used in multiple ways, including:
- Blockchain integration
- Advertising and marketing
- Expansion of the business
- Administration of the institution
The LALA Ecosystem
In a bid to realize their idea of all-inclusiveness, LALA developed a platform known as the ecosystem. Individuals access the ecosystem through the creation of the LALA wallet, after which a LALA ID is issued.
From here, one can enjoy the services of the ecosystem which include:
This is the core module of the entire LALA ecosystem. It comes in the form of an app, which controls all the other components of the system. Once downloaded, users can buy and sell fiat and other cryptocurrencies, pay bills, transfer money, and manage any other traditional banking transactions at the comfort of their fingertips.
Fundamentally, the app uses LALA tokens to make transactions seamless. Within the app, there is an inbuilt exchange bureau through which clients can convert digital currency formats. Developers are also minded, with the inclusion of an API that allows for the integration of third-party systems.
Loyalty to the system does not go unnoticed, as regular users are awarded bonuses for continuously using the app. Also, by collaborating with numerous organizations, LALA has significantly increased the acceptance of the wallet globally.
A majority of the unbanked owe their woes to one underlying problem, inability to prove identity. Through the LALA ID, this project aims to create a unique digital identity for every individual that is universally accepted. To enhance its validity, the ID relies on biometric features rather than photos.
Once the wallet and ID are set up, users are good to go. One of the services they are privy to after verification is LALA transfer. This service enables them to transfer tokens to another user at affordable fees. The tokens can then be withdrawn in the form of fiat or the recipient's preferred cryptocurrency.
In the first world, peer-to-peer and micro-loans are a norm and easily accessible. Contrariwise, people in the developing world can hardly access this, a situation LALA is determined to put a stop to. Through their lending service, the institution offers in-app p2p and micro-loans, as well as community-based credits.
Users can order a physical card which in addition to the app can be used in running the LALA wallet.
To ease the entire process. The company developed a holistic kit which comes with a phone, SIM cards and all other prerequisites necessary to set up a LALA wallet.
Perks of being a member of the LALA ecosystem
- Appreciation in price of tokens, especially for long-term investors
- Enrolment to a rewards program
- Discounts every time you use the LALA wallet
- Through referral programs, users can get token bonuses