Terms of Service

LODE Online Reservation Event(s)

 

Upon completion of the registration process, this online system will generate a unique LODE Member ID. After registering, you are invited to consider the two available options for contributing to the LODE Project by selecting either the option to BUY silver or DELIVER your own silver to the LODE Vaults. Once you have completed the BUY or DELIVER process, you will be contacted by the LODE Vault Administrator at SWP to complete your contribution. If you elect to DELIVER your silver, the system will provide you with a digital receipt that will then trigger a set of instructions detailing HOW TO properly package, identify, and ship your bullion to the respective LODE Vault Facility nearest you.

 


TERMS OF SERVICE – the small print


WHEREAS, in accordance with the LODE Collective (LC) Community Plan of Arrangement (POA), individuals referred to as “contributors” can reserve their stake in the LODE Project by delivering or purchasing investment-grade silver bullion and committing it to the LODE Community Vault(s).  A service fee on all contributed bullion, (see following LODE Coin Contribution Phases & Service Fees for breakdown) will be utilized by the Community to enable the development of the LODE Cryptographic Silver Monetary System blockchain and to advance the following objectives:


1. Organize the LODE Collective as a C.O.D.E. (Collectively Organised Distributed Entity) Association;

2. Proceed with the development tasks and objectives in accordance with the LC Community Plan of   Arrangement, specifically the INTERFIX blockchain architecture and website development;

3. Conduct and complete all of the technical and legal development objectives outlined in the Plan of Arrangement and;

4. Segregate, secure, and insure the balance of all contributed silver bullion, after the deduction of the Service Fees.


 

LODE Coin Contribution Phases & Service Fees 

 

Phase 1.0 – NOW CLOSED
All reservations that were submitted up to and including September 21, 2017.
Exchange Rate of 1 LODE Coin for every 1.176 grams of silver. 
A service fee of 15% of the contributed silver is secured by the INTERFIX for operations and technology development. The balance of 85% of contributed silver will be secured and insured by the INTERFIX until such time as the Lode Coin architecture is operational.
 

Phase 1.5 – NOW CLOSED
All reservations that were submitted from September 22, 2017 up to and including February 19, 2018.
Exchange Rate of 1 LODE Coin for every 1.2 grams of silver. 
A service fee of 15% of the contributed silver is secured by the INTERFIX for operations and technology development. The balance of 85% of contributed silver will be secured and insured by the INTERFIX until such time as the Lode Coin architecture is operational.


Phase 2.0 NOW CLOSED 
All reservations that were submitted from February 20, 2018 up to and including June 30, 2018.
Exchange Rate of 1 LODE Coin for every 1.85 grams of silver. 
A service fee of 15% of the contributed silver is secured by the INTERFIX for operations and technology development. The balance of 85% of contributed silver will be secured and insured by the INTERFIX until such time as the Lode Coin architecture is operational.


Phase 3.0 
Total Allocation 150,000,000 grams of silver to be deposited in the vaults.
Exchange Rate of 1 LODE Coin for every 3.7 grams of silver. 
A service fee of 20% of the contributed silver is secured by the INTERFIX for operations and technology development. The balance of 80% of contributed silver will be secured and insured by the INTERFIX until such time as the Lode Coin architecture is operational.


Phase 3.5 
Total Allocation of 150,000,000 grams of silver to be  deposited in the vaults.
Exchange Rate of 1 LODE Coin for every 5.55 grams of silver. 
A service fee of 20% of the contributed silver is secured by the INTERFIX for operations and technology development. The balance of 80% of contributed silver will be secured and insured by the INTERFIX until such time as the Lode Coin architecture is operational.


Phase 4.0 
Total Allocation of 200,000,000 grams of silver to be deposited in the vaults.
Exchange Rate of 1 LODE Coin for every 8.33 grams of silver. 
A service fee of 25% of the contributed silver is secured by the INTERFIX for operations and technology development. The balance of 75% of contributed silver will be secured and insured by the INTERFIX until such time as the Lode Coin architecture is operational.


Phase 4.5 
Total Allocation of 200,000,000 grams of silver being deposited in the vaults.
Exchange Rate of 1 LODE Coin for every 12.5 grams of silver. 
A service fee of 25% of the contributed silver is secured by the INTERFIX for operations and technology development. The balance of 75% of contributed silver will be secured and insured by the INTERFIX until such time as the Lode Coin architecture is operational.


Phase 5.0 
Total Allocation of 300,000,000 grams of silver being deposited in the vaults.
Exchange Rate of 1 LODE Coin for every 18.75 grams of silver. 
A service fee of 25% of the contributed silver is secured by the INTERFIX for operations and technology development. The balance of 75% of contributed silver will be secured and insured by the INTERFIX until such time as the Lode Coin architecture is operational.

 

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All contributed silver bullion deliveries must be received at a LODE/Interfix Community Vault within 30 days of the closing of the Phase.
 

The reservation receipt issued herein will secure a position for a future LODE Coin Registration Event, which is scheduled to commence no later than 180 days from the completion of the reservation events. LODE Coin will be distributed to contributors at the exchange-rate specified.
 

In the event that the Registration Event fails to occur, contributors will be invited to file claim to the insured balance of their contributed bullion from the segregated INTERFIX Vault according to the balance insured under the phase the contributor entered into.
 

To file your claim, send an email to admin@lode.email and providing the LODE ID associated with your member account.