The initial coin offering market has brought the cryptocurrency environment many different platforms that offer a wide variety of different solutions for long-standing issues. Bitcoin, the most valuable cryptocurrency in existence, is set to push through the $10,000 barrier sooner rather than later, and with this increase in value comes a dramatic surge in consumer adoption of crypto solutions.
Initial coin offerings allow disruptive startups to access growth capital that would otherwise be unavailable to them. In 2017, the most popular and successful initial coin offerings– or ICOs- have been focused on decentralizing the lending industry, which is one of the most tightly controlled financial industries in the world.
Currently, individuals seeking finance or those seeking to provide it are required to rely on third party financial institutions in order to create trusted agreements between parties. In most lending cases, these relationships are formed between a large lending organization and a borrower, rather than peer-to-peer lending.
New blockchain-based lending platforms, however, leverage the smart contract functionality and enhanced transparency of the blockchain to create truly trustless relationships between individuals, allowing users to conduct peer-to-peer lending without the high fees or delays associated with traditional lending
2017 has seen many lending-based blockchain platforms launch initial coin offerings, not all of which have been successful. In this article, we’ll be taking a look at Legendcoin, an upcoming ICO that incorporates a fresh- but somewhat confusing- approach to the lending process. We’ll take a look at the Legendcoin platform and find out what it offers, as well as take a look at the upcoming Legendcoin ICO to help you determine whether it’s worth considering investing in.
What Is Legendcoin?
The Legendcoin platform is a new lending-focused cryptocurrency, but operates differently than other blockchain solutions that perform the same function. In addition to providing lending investments, the Legendcoin platform also aims to provide life insurance, wallet solutions, and more.
Like virtually every ICO flooding the tokenization ecosystem at this point in time, Legendcoin aims to function as an everyday cryptocurrency that can be used to transfer value between individuals, store value, and provide any and all of the other benefits one would expect from a cryptocurrency.
This feature set alone would make the Legendcoin platform extremely mundane, but it’s the expanded functionality of the Legendcoin platform that makes it somewhat more interesting. In addition to offering cryptocurrency functionality, Legendcoin also plans to provide users with a dedicated wallet service that can be used on iOS, Android, and PC.
The Legendcoin platform also appear sot indend to provide users with a fully featured exchange, although this is only alluded to on the Legendcoin website. Interestingly, the Legendcoin wallet solution offers users the ability to generate 10% annual profits from staking, which implies that the Legendcoin platform will use a PoS consensus method or similar.
One of the major failing points of the Legendcoin ICO, however, is the complete lack of a white paper, which is critical in the current initial coin offering ecosystem. Although Legendcoin promises users staking benefits, it doesn’t provide any details regarding the blockchain technology that will drive the Legendcoin network, and thus the consensus method used by the platform is still a mystery.
The lending services offered by Legendcoin are similarly vague. Legendcoin promises that users will be able to deposit Bitcoin with the platform in return for LGC- Legendcoin tokens- and earn profit from the lending process of up to 45% monthly.
This doesn’t provide any information to investors regarding to whom capital is being lent, which implies that the deposit is merely a high yield investment program in which Legendcoin uses investor capital to conduct aggressive investment strategies.
Another red flag thrown up by the Legendcoin platform is the poor grammar used on the site. It’s clear that the creators of the Legendcoin platform have not invested a significant amount of effort or capital into the development of their online presence, which does not bode well for the development of the platform itself.
One of the biggest concerns we have regarding Legendcoin, however, is the complete lack of any information regarding the team behind the platform. Essentially, any ICO worth its salt should provide a comprehensive introduction to the minds behind it and extensive social links to their accomplishments, which Legendcoin does not do.
No white paper, no team information, no technical information- what does Legendcoin actually seem to deliver? From the appearance of the Legendcoin website, all the platform has to offer is yet another altcoin- likely built on the Ethereum network– mixed with an elaborate short term investment program.
The Legendcoin ICO
The Legendcoin ICO has an extensive ICO plan that is set to run from the 1st until the 20th of December 2017. During the Legendcoin ICO, the platform will release 7.5 million coins with prices ranging from 0.80 USD to 1.05 USD depending on the crowdsale stage.
Although Legendcoin do not currently have even simple smartphone app available- the App Store and Play Store links on the Legendcoin platform simply don’t work- they anticipate an incredibly optimistic token price of $250 by Q4 2017.
Legend Coin Conclusion
You may have thought you’d seen the last of blatantly fraudulent or completely useless initial coin offerings, but Legendcoin appears to be intent on proving that there is no limit to the unceasing barrage of irrelevant tokenization money-grabs that are currently devaluing the crypto market and agitating regulatory bodies around the world. Invest at your own risk.