What is LODE’S Regulatory Structure and Governance
The LODE Association is an independent establishment recognized under Lichtenstein law, aimed at tokenizing investment-grade silver bullion into a two-token digital silver-money system. With no shareholders, the LODE Association is governed by a Board of Directors. It is made up of a global, decentralized group of sound money advocates that believe silver can serve as an affordable, verifiable, and secure store of value, and that when “tokenized” upon the blockchain, becomes a superior medium of exchange. Together with the LODE Service Providers, the LODE Association is creating a collaborative ecosystem built on the foundations of the LODE Ethos. An autonomous, secure, and disciplined ecosystem that returns a private, resilient, and autonomous unit of account to our economic system.
Why is the LODE Association based in Liechtenstein?
The Lode Association has been established in Liechtenstein because the country has a unique legal type of entity called “Establishment.” Given that an “Establishment” has no owners or shareholders, it provides a perfect structure for the LODE Community and the LODE Project. Liechtenstein is also the leading jurisdiction when it comes to blockchain regulations.
Is The LODE Project Safe? What is The Risk of Contributing to The Project?
Safety and security are the LODE Project’s highest priorities. All contributed Silver and Gold in the LODE Vaults is safely accounted for in the Bullion Dealer Alliance vaults.
Like any investment, there are risks associated with committing investment-grade Silver and Gold Bullion to the LODE Project. Contributing members understand that any investment into the LODE Project is not 100% secured and may be subject to complete losses of assets in the event that the project becomes insolvent.
The Silver from contributions is sold, either digitally, as AGX Coins, or physically, to cover the costs of the development of the system. Therefore, there will likely only be a small fraction of the invested Silver that could be returned to the Contributor in the unlikely event the Project becomes insolvent or otherwise fails. (See the “LODE Investment Contract”).
Should The LODE Project Fail to Move Forward, Will My Contribution be Returned?
In the unlikely event that the LODE Project fails to move forward, all contributed Silver in the vaults (minus any liabilities) will be returned to LODE Token Holders. These liabilities include the AGX and AUX already in circulation as well as any other debts incurred for the Project’s development.
If I Have a Concern About My Contribution, My Member Account, or Want More Information About The LODE Project, Who do I Contact?
You can contact a LODE Ambassador at email@example.com for more information, or through LODE’s Intercom channel by clicking on the blue and white circular icon in the lower right corner of the page. You can also ask any questions and state concerns about your “Buy” or “Deliver” order, or about any other issues, concerns, or suggestions regarding your LODE account and the LODE Project.
LODE has multiple platforms and support mechanisms, feel free to sign in to the various LODE media platforms (Twitter, Facebook, YouTube and Telegram) to keep up to date with LODE news and other updates. You can also review the following documents in your Desktop Member Portal:
Business Plan, Valuation Report and Transparency Report
The LODE Token Investment Contract and the AGX/AUX coins Terms of Service can be viewed and downloaded from your Member’s Dashboard Profile section.
I Am Doing My Will - What Are My Rights For Survivorship?
LODE strongly encourages any contributor to ensure that they have a clear survivorship plan for their LODE Tokens, AGX and AUX Coins; This will ensure a Beneficiary’s ability to take ownership of the assets with relative ease should the need arise.
There are two different scenarios wherein the Right of Survivorship is applied to the ownership of LODE Tokens and/or AGX AUX Tokens:
The first is when LODE Tokens, are stored in the LODE Association's Hyperledger Blockchain Platform
When LODE Tokens and/or AGX/AUX digital coins (the Assets) are held within the Lode Association's Hyperledger Blockchain Platform, the Assets will be under the control of the wallet holder (the deceased). In order to change ownership of the assets, the LODE Association will require the information and process as listed below. Once the below steps are complete, the LODE Association will contact the LODE Wallet Service Provider(s) to initiate the transfer.
Steps for LODE Token transfer from a Deceased Member to a Beneficiary:
The Executor or a Wills and Estates Lawyer must send an email notification of the Contributor’s passing to firstname.lastname@example.org as soon as possible after passing including the following:
A certified true copy of the Death Certificate.
Proof of Executor status and order of the Probate Court.
The Executor or the Token Beneficiary(s) must create a LODE Member Account and generate a LODE Wallet;
The Executor or the Token Beneficiary(s) must complete the KYC process attached to their wallet; and
Upon completion and confirmation of the above steps, the Vault Master (or Service Provider) will transfer the Tokens to the Executor or to the Token Beneficiary’s Account.
In the event that the Account also holds LODE Tokens where the Account would also qualify for AGX micro-payments.
LODE accepts no responsibility for this transfer and it is incumbent upon the Executor and Beneficiaries to ensure proper lawful transfer of these elements of the estate.
The second is when the assets are stored in a private wallet outside Hyperledger
In the event that the deceased LODE member had his AGX/AUX assets in a mobile device or LODEpay Wallet, his estate must secure the 12 word recovery phrase that will allow them to restore the wallet of the deceased and the assets to be accessed and transferred or liquidated. WITHOUT THIS 12 WORD RECOVERY PHRASE, THOSE ASSETS CAN NOT BE RECUPERATED.