LevelNet ICO. Phase 1: Non-investment.

in blockchain •  2 years ago 

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LVL Token Details

Holders of LVL tokens have a membership status that provides access to LevelNet services and software. LevelNet offers participants in the non-investment phase the following options:
● Business API and premium services. Participants exchange tokens for subscriptions to LevelNet services in case they have more tokens than the required amount. The possession of tokens in this required amount will significantly reduce the costs of a corporate plan.
● Lifelong use of the LevelNet application and any LevelNet services for ordinary users, without additional payment for premium features.
● Option to participate in Phase 2.
● Access to the “Buyback” and “Money Back Guarantee” funds, secured by a smart contract.
● The possibility of receiving an LVLS financial instrument upon a successful KYC / AML procedure (see Terms and Conditions).

Buyback
To increase the interest for the community members, as well as to foster equitable spending on product development, we created a smart contract. This contract, using the funds from the “Return Fund,” will regularly buy back tokens from the market using the algorithm described below. Buybacks will be carried out on CryptoCurrency exchanges.
The buyback algorithm is built by the Token Offering results, i.e., on the total number of tokens sold. Depending on the “Return Fund,” the smart contract algorithm redeems tokens automatically from exchanges on which it trades. Returned tokens are destroyed. This is the description of the algorithm:

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Smart Contract

The smart contract that is used is an ERC20 standard token, based on Ambisafe EToken contract. The source code is publicly available via github link in the footnote.

Token properties

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Security

The token code used is well tested and employed by multiple ICO’s, including Polybius, TaaS and Propy.
In case any bugs are discovered, the EToken protocol allows for easy migration of the contract logic to a newer version without any actions required from the users.

Money Back Guarantee

In order to increase investor interest, we created a smart contract that provides an opportunity to receive a reward for participating in the LevelNet project. Depending on the amount of token sold, the smart contract algorithm automatically calculates and sends a one-time payment to the investor from the “Money Back” Guarantee Fund. The tokens in this algorithm remain in existence. This is the description of the algorithm:

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Converting tokens into service subscriptions

As described in the Business model overview, LevelNet provides not only the free distribution of an endpoint security application, additionally LevelNet at one tier offers paid subscriptions for the use of LevelNet’s API and SDK for corporate clients. Similar subscriptions packages are estimated at $50k per year. LevelNet will allow for token owners to exchange the tokens purchased during the Token Offering for a subscription plan, which then can substantially be used by the owner or sold to others.

Subscription

This allows the use of LevelNet services for different periods and with different functionalities for corporate users. This subscription can be used by the owner of the tokens or sold to others.

Conversion Procedure

Only LVL tokens can be converted into a subscription. LVL tokens exchanged for subscriptions are subsequently destroyed. In exchange for the tokens, a key file is supplied which allows users to activate LevelNet services. Also, it contains information about the subscription plan type.

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The exchanging of tokens for subscription key files functionality will be available on the levelnet.co website in individual accounts. The following functionalities will also be available in the personal accounts:
● Exchanging tokens for subscriptions.
● The settings for the duration of the subscription and as well as its start date.
● Statistics on existing subscriptions.

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