Laser Coin, found online at LaserICO.online, is a new decentralized digital currency that appears to be linked to a lending scam. Find out what makes LZR unique today in our review.
What Is Laser Coin?
Laser Coin is a cryptocurrency that uses an open protocol to facilitate secure payment transactions. The platform is decentralized and distributed to different nodes on the network. The platform is described as “nearly identical” to bitcoin because it was built on the bitcoin platform. Just like bitcoin, you can send LZR anywhere in the world. All transactions are recorded on the blockchain.
If Laser Coin is identical to bitcoin, then why do we need it? What problems does Laser Coin seek to solve? Basically, Laser Coin seems to be linked to a lending scheme where you can earn money by staking it on the platform – similar to Bitconnect, Hextra, and other companies. However, there’s limited information about the project available online, so it’s hard to figure out anything about this project (despite the fact the ICO is scheduled for December 8).
Let’s take a closer look at how Laser Coin works and what makes it unique.
How Does Laser Coin Work?
Laser Coin’s official website describes the currency as “a real project that generates real benefits for its team and investors.” If that line doesn’t convince you, then Laser Coin’s lending program might do the job. The lending program seems to work similar to Bitconnect and other crypto lending schemes: you deposit money, lock that money up for a multi-month period, then withdraw enormous profits once the loan is complete.
Of course, Bitconnect has been accused of being a Ponzi scheme, and other crypto lending platforms are blatant scams that offer impossibly high returns. Is Laser Coin yet another lending scam? Or is this a legitimate project?
The problem with Laser Coin is that there’s limited information about the coin available online. The official website, LaserICO.online, has no whitepaper or further information about the project. There are images of a Laser Coin app, and a basic overview of the lending platform, but there’s no concrete information about the project’s goals.
Here’s what we know about Laser Coin based on the website:
- You can lend or borrow Laser Coin through the laser coin platform
- When a lending contract is complete, you can withdraw Laser Coin or renew your contract
- Each lending contract lasts for 30, 45, 60, or 90 days, depending on the amount of money being lent; LZR cannot be withdrawn during this period
- You can earn referral commissions of 4%, down 5 levels, for referring people to the platform
- There’s no minimum or maximum coin lending amount
- Laser Coin doesn’t seem to have any interest program in place; if you borrow 1 LZR through the platform, then you’re required to pay 1 LZR back to the platform, and the lender receives 1 LZR
- The incentive to lend LZR comes from the expected future price; if the price of 1 LZR is $1 USD when you deposit it, and that price rises to $5 USD when you withdraw it, then you’ve made money
That’s the process mentioned on the official website. I don’t really understand what Laser Coin is trying to say here. Why would someone lend money at a 0% interest rate? Why wouldn’t you just hold onto your coins while they appreciate in value? The company bases a lot of its information on the assumption that the price of Laser Coin will rise dramatically – but we see no reason to believe that will ever occur.
Laser Coin Timeline
Laser Coin doesn’t appear to have any products or services in place right now. However, the ICO and web wallet are scheduled for December 2017, followed by the launch of a mining pool and blockchain explorer in January 2018. The lending program is expected to launch in February.
By December 2018, Laser Coin hopes to launch an Android app, be listed on multiple exchanges, and have a complete mining/lending system in place.
The Laser Coin ICO
The Laser Coin ICO launches on December 8, 2017. There’s limited information about the ICO available online. However, it seems you can reserve your coins by visiting LaserICO.online today.
Like other lending scheme crypto companies, Laser Coin has a fixed supply of coins available per day. Hextra’s ICO launched with this model, and they used it to seem like their coin had higher demand than it actually did.
In any case, the Laser Coin website lists an exchange rate of $5 per token. However, they also mention that 300 LZR tokens will be available at a price of 0.08 BTC during the ICO, followed by 900 LZR tokens at a price of 0.02 BTC, and 4 million LZR tokens at a price of 0.05 BTC, with the final 12 million LZR tokens listed at 0.1 BTC.
The company claims that there’s a total supply of 49.6 million Laser Coin tokens, with only about 16 million of those tokens available during the ICO. It’s unclear where the remainder of the tokens are held.
Who’s Behind Laser Coin?
Laser Coin’s website features no team information, and the company has no contact information posted on the website.
Typically, when someone asks you to invest in their opportunity but refuses to disclose their information, it means you’re being scammed.
Laser Coin Conclusion
Ultimately, we can’t figure out much information about the Laser Coin ICO or how it works. The website does a horrible job of explaining anything. The website doesn’t have a whitepaper, team information, or any further info about the project. Based on what we can see online, the project is a lending scam similar to Bitconnect and Hextra. The developers claim their token is worth $5, with the value expected to rise in the future. However, they don’t explain why that rise in value will occur.
For all of these reasons, Laser Coin (LZR) is one ICO you should probably avoid – at least until more information appears online.