What is Polkalokr (LKR) | What is Polkalokr token | What is LKR token
Why Polkalokr is different
What sets Polkalokr apart from the many other projects that are building on Web3’s favourite blockchain?
As the growth of the Polkadot ecosystem explodes, projects building a variety of decentralized solutions are flocking to the pioneering platform. With Polkadot’s snowballing popularity, it has become somewhat of a vehicle for all types of blockchain projects to boost their visibility and marketing campaigns; if you’re building on Polkadot, you’re going to get attention.
But what makes Polkalokr different from the rest? In this article, we’ll look at what Polkadot is, why we’ve chosen to build on it, and why Polkalokr stands out from many of the other projects building on this game-changing platform.
What is Polkadot?
Founded by Gavin Wood, Polkadot has quickly become one of the world’s leading blockchain platforms. Polkadot’s infrastructure improves on the limitations of the Ethereum blockchain (as well as several other blockchains) by offering bridging functionality between blockchains, connecting projects so that they become interoperable.
The current landscape sees hundreds of blockchains exist in isolation, with little ability to communicate; Polkadot looks to tackle this bottleneck by supporting multiple blockchains through a mechanism called “sharding”, with developers able to create their own “Parachains” with Substrate, Polkadot’s blockchain building framework.
The elephant in the room, namely Ethereum’s scalability issue, is now too big to ignore and until a suitable solution to this problem is released and implemented it will not be going away anytime soon; Polkadot presents developers with an alternative that boasts speed, performance, interoperability and composability.
The Polka-hype
With the aforementioned in mind, it is therefore not surprising that Polkadot is the cool kid on the block right now; there are currently over 350 projects building on Polkadot, with a myriad of use-cases ranging from DeFi protocols to security layers and data sharing. With the eyes of thousands of crypto fanatics, blockchain developers and investors alike all focused on Polkadot as the next big thing, often all it takes is for a project to announce its plans to build on the Polkadot platform for an instant awareness boost.
This has been overall amazing for the growth of the Polkadot ecosystem and the blockchain space in general, with more excitement than ever before surrounding the future of Web3 technologies, DeFi and blockchain. Where Bitcoin began back in 2009, Ethereum expanded upon and the near endless possibilities presented by blockchain technology are becoming more evident than ever before. Now, Polkadot’s Gavin Wood looks to be co-holding the baton with Vitalik Buterin in the race toward becoming the world’s best blockchain.
But there’s an issue…
Utilising the Polkadot brand as a marketing tool has worked well for many projects in the space, but there is a distinct lack of resources available for projects to actually follow through with building on Polkadot. Rust, the language used to build on Polkadot’s Substrate modules, is a relatively new programming language, having only been around since 2010; although the blockchain space is accelerating in terms of adoption in relation to developers, there is a huge shortage of substrate rust-based developers given how many projects are currently being launched on Polkadot.
The majority of projects building on Polkadot are therefore having to use a Polkadot bridge (such as Moonbeam) to run ERC20 smart contracts within the Polkadot ecosystem until they can move onto Rust and Substrate-written smart contracts that are Polkadot-based.
All of this unfortunately means that a large number of Polkadot projects are not yet able to execute fully on their plans and, until more of the hundreds of thousands of blockchain developers worldwide learn Rust and Substrate, this can be considered a bottleneck for the progress of many otherwise innovative projects in the space.
We’re Polka-natives
There are an estimated 30 million software developers globally, yet the number of blockchain developers is only in the several hundred thousands, with the highest number developing on Ethereum. There are even less Rust developers readily available with blockchain experience, particularly Substrate.
We are therefore very proud to have our very own dedicated Rust and Substrate developer on the Polkalokr team. Mohammed Hussain is a software developer and engineer with over 12 years experience, having worked on solutions in various sectors including e-commerce, investment banking and digital marketing. Mohammed is Ethereum Blockchain Certified and with working knowledge of Rust, his focus is on developing blockchain solutions primarily on Parity and Substrate.
“As a developer when choosing a set of technologies to work with, one of the key factors I look for is the founders/creators. Do they have a background of delivering? In this instance Gavin Wood certainly does and also, in comparison to other blockchain frameworks, Polkadot has a large and vibrant developer community that gives developers the tools and platforms to learn and build on the future of Web3 and decentralised solutions. All of this combined was the catalyst for me to get involved with Substrate and I am excited to be building Polkalokr on such a great platform.” — Mohammed Hussain
It is important to note that whilst Polkalokr is being initially developed on the Ethereum blockchain, in parallel we will be working diligently to migrate the solution over to be compatible with Polkadot and other blockchains in the near future. We want to make it clear that we are not just “riding the Polkadot wave”, but that we really mean business, and our community can expect to see continued and increasing activity from Mohammed and the rest of the Polkalokr development team in the coming weeks as we ramp up to our product launch.
About Polkalokr
Polkalokr is the first all-in-one, multi-chain token locking & escrow platform with built-in privacy functionality. Our products help build trust within the Defi space by removing the human element and focusing on governance through code, with a seamless, omni-channel digital experience platform accessible via mobile, tablet and desktop.
A next generation all-in one multi-chain, token locking and swapping platform build natively on Polkadot
Blockchain technology’s trustless, autonomous infrastructure is disrupting centralized and outdated business frameworks across a myriad of industries. As the landscape matures at such a rapid pace, interest is pouring into the blockchain space from all angles; financial institutions, business owners and the everyday investor alike are all looking to take advantage of immutable and highly interoperable blockchain-based platforms that are changing the way the world transacts.
DeFi in particular does away with intermediaries and centralized institutions, based on open protocols and DApps (decentralized applications). Offering unprecedented transparency, equal access rights, borderless inclusion, DeFi projects are underpinned by blockchain and enforced by code, with transactions executed in a secure and verifiable way.
But all this said, the elephant in the room has yet to be truly addressed when it comes to blockchain technology; there still exists single points of failure that have the power to jeopardize blockchain’s otherwise rock-solid infrastructure.
Decentralized infrastructures, centralized key holders
The complicated token economies that fuel many of DeFi’s innovative platforms and protocols are often, in contrast to the decentralized nature of blockchain, actually still somewhat centralized due to being managed by the project teams themselves. Token unlocks and distributions are also regularly processed by team members after multi-million dollar raises, meaning that the trustless mechanics that have taken so much effort to build are rendered almost useless.
Through a combination of weak security measures, bad actors and poorly managed treasuries, countless millions of dollars have gone astray over the years in the blockchain and cryptocurrency space. Nearly $2 billion in user funds was reportedly stolen as a result of various fraudulent or malicious incidents in 2020 alone, with some of the most recent incidents resulting in millions stolen in a single attack. Some of these incidents took place as a result of wallet and private key mismanagement, and this all goes to highlight that a change in approach is desperately needed in order to prevent otherwise wholly avoidable losses of user and project funds in the future.
The human touch?
The thriving token economies that make up some of blockchain and DeFi’s most exciting projects are largely what glue projects together. DeFi protocols have seen activity on their networks snowball in recent months, with the total value locked in decentralized finance protocols currently sitting at over $38 billion.
IDOs (initial DEX offerings) have replaced the 2017 ICO mania that saw many millions raised by blockchain projects in the space of a few years, but the token distribution and unlock mechanisms underpinning these token sales have remained largely unchanged. Overall, a human element is still required (more often than not this being the project team) and it must be trusted by investors and network participants to carry out token distribution and treasury management operations successfully, fairly and efficiently.
As we have seen so many times in recent years, when control of tokens and their distribution is in the hands of a central party, things can unfortunately turn bad quite quickly. In DeFi, the now infamous term “ Rug Pull” refers to the pulling of liquidity from a project’s trading pair after the project has received considerable outside investment and attention — unfortunately this is still an incident far too prevalent in the space and, when not due to an exploit, is carried out by the fraudulent developers/founders of said project themselves. It leaves the investor with no access to and very little chance of recovering their funds due to the decentralized nature of DEX’s such as Uniswap. This is a prime example of the risks attached with centralized token holding models.
In a perfect world, we would be able to rely on the person/s that are tasked with carrying out these operations, but a combination of huge amounts of money, complex smart contracts, hysteria and human nature can often produce unwanted results. And after all, a system is only as strong as its weakest link. MultiSig, a process that entails multiple signatures from different parties in order to confirm a transaction can somewhat mitigate the risks of a lone bad actor wreaking havoc with user funds, but this still sees the overall control of funds in the hands of a few.
Blockchain is still complicated
On top of the aforementioned risks accompanying many of today’s token models, on the user side of things interacting with tokens is difficult and itself also carries inherent risks; there have been countless instances of a complete loss of funds due to human error or a limited understanding of smart contracts, DeFi protocols and exchanges. But understanding the inner workings of smart contracts takes time the everyday investor often does not have, and this has arguably been one of the main bottlenecks for global adoption of blockchain technology and DeFi thus far.
Code is complex and most users can’t read smart contracts… So how do they know that tokens are being distributed fairly and according to plan? Inflation models and token unlocks need to be more understandable for everyone involved and, until platforms and protocols offer easy to navigate and transparent platforms that even those brand new to blockchain can get to grips with, worldwide adoption will continue to be suppressed and user funds will continue to be irreversibly lost in the ether (pun intended).
Introducing Polkalokr
Polkalokr** is a highly customisable escrow platform that will put power back into participation.** As a highly customisable token locking platform for token economies, Polkalokr offers a suite of modular building blocks for all needs. By creating a seamless, omni-channel digital platform with User Experience at its core, we plan to restore trust and simplicity to complex token ecosystems, with a multi-chain token escrow platform that puts token distribution into the hands of network participants.
We’re building the most versatile, multi-chain token locking token solution available on the market; taking the complex and difficult-to-understand mechanics required to suit any token locking requirement and packaging them inside a simple to use interface. Thanks to Polkalokr’s fully customizable and flexible framework, blockchain and DeFi economies can now offer investors, validators and network participants a host of payout options, release schedules and monetising opportunities, with no more reliance on centralized token holders or third party escrow services.
With a wide array of features and use-cases that blow competitors out of the water, Polkalokr is being built natively for Polkadot from day one. We are serious about security, scalability and cross-chain functionality, and our experienced developers are building in Rust with access to the Polkadot Testnet.
Polkalokr Products
The Polkalokr platform consists of two main products: Lokr and Swapr. Combined, they offer token economies and users within them comprehensive options to lock, distribute, monetize, insure and swap the tokens that underpin the DeFi and blockchain protocols of tomorrow.
Lokr
The most versatile, multi-chain token escrow in the world.
- Highly user centric
- Cross-chain support through Polkadot
- Fully customizable, flexible release schedules
- Event-based token unlocks
- Optional Insurance Products
- Monetization of locked tokens
Swapr
The P2P, cross-chain token swapping protocol
- Cross-chain atomic swaps with privacy & multi-sig options
- Instant, or event based execution via Lokr Oracle feeds
- Swap any tokenized digital asset
Enterprise Focused Integrations
As interest in blockchain and DeFi from the world’s largest businesses only grows, Polkalokr will on-board Enterprise partners to integrate with our products and services and streamline the introduction of token economies to existing businesses.
We’re providing one of the missing links to global blockchain adoption — A trustless, flexible and easy to use token locking and swapping platform that cuts out unnecessary and risky human reliance and replaces it with a simple and versatile decentralized solution with near-endless use cases for those looking to harness the still largely untapped power of blockchain and digital assets.
Polkalokr (LKR) Token
The Problem With Token Economies
_There are still single points of failure – _human error, and bad actors.
Lack of Trust
Blockchain is inherently secure, but the system is only as strong as its weakest link. Token unlocks and distributions are still often done in a centralized way, and some token economies are in the hands of the team, who often control the treasury.
Complexity
Most users can’t read smart contracts… How do we know that tokens are being distributed fairly and as the issuer explains? Inflation & token unlocks need to be more understandable for everyone.
Adoption
Interacting with tokens is difficult and high risk. Code is complex. Polkalokr escrow simplifies accessibility and is highly customizable for even non technical users.
Finding a Solution
Polkalokr is a highly customisable escrow platform that will_ put power back into participation_
Trustless
Polkalokr products remove the weak link - the human component - and instead focus on governance to control the escrow systems and locked token pools.
Concise & Customisable
Polkalokr places the user front and center. We aim to build seamless, omni-channel digital platform with User Experience at its core.
Enterprise Focused Integrations
Polkalokr will on-board Enterprise partners to integrate with our products and services.
Our Token
HARD CAP: $1,050,000
INITIAL MARKET CAP: $500,000
TOTAL SUPPLY: 100M LKR
source : https://www.youtube.com/watch?v=QbI1Jkzztcw
Would you like to earn TOKEN right now! ☞ CLICK HERE
How and Where to Buy Polkalokr (LKR)?
LKR has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy LKR
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step
You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
☞What is Metamask wallet | How to Create a wallet and Use
Next step
Connect Metamask wallet to Uniswap Decentralized Exchange and Buy LKR token
Contract: 0x80ce3027a70e0a928d9268994e9b85d03bd4cdcf
Read more: What is Uniswap | Beginner’s Guide on How to Use Uniswap
The top exchange for trading in LKR token is currently Uniswap (V2) and 1inch Exchange
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once LKR gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
☞ https://www.mxc.ai
☞ https://www.probit.com
☞ https://www.gate.io
☞ https://www.coinbase.com
Find more information LKR
☞ Website ☞ Whitepaper ☞ Social Channel ☞ Social Channel 2 ☞ Documentation
🔺DISCLAIMER: The Information in the post is my OPINION and not financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
🔥 If you’re a beginner. I believe the article below will be useful to you
⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐
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