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Trace: banking

Banking

Deposits and Investments form the backbone of the Conceal ecosystem, providing users with an egalitarian form of staking that earns interests on locked funds.

Click here to download Conceal Banking Whitepaper.

What is a Deposit?

A deposit allows you to lock funds for a specific period and earn interest. The minimum period for a deposit is one week and the maximum is one year (52 weeks). Interest rates increase from 0.0698% for a one-week deposit to 4.1% for a one-year (52-week) deposit. The longer you lock, the more interest you earn. (A week is represented on the blockchain as 5040 blocks).

What is an Investment?

Investments provide higher interest returns for long-term holders and require a minimum of 50000 CCX. With rates starting at 1.4545% for 1 quarter and as high as 36% for 20 quarters. In addition, the more you lock, the higher the interest.

Conceal Network offers CCX Users two ways to invest their CCX and put it to work for them… CCX Plus and CCX Platinum. Both operate as a traditional bank Certificate of Deposit or CD.

So, like CD’s, you pick a term to “lock up” your CCX and it stays put, earning interest, until it reaches its maturity date. One of the great advantages of using Conceal Network over a traditional bank is you can earn a substantially higher interest rate than a traditional bank. Your CCX is also secure thanks to the public ledger.

Let's take a look at CCX PLUS first.

CCX PLUS

CCX PLUS is for users who either have a smaller amount of CCX or may not want to lock their CCX up for a long period of time. The minimum amount you can lock up is 1 CCX. You can lock for 1 day up to 1 year. As far as interest goes, the rate factor is variable but maxes out at 4.16% for a yearly lock.

The purpose of increasing interest rates depending upon the time frame of the deposit is to incentivise users to deposit their coins for more than the minimum period, making the duration of the deposit mathematically significant. (As if the rate was constant there would be no incentive to deposit coins for longer than the minimum duration). Deposits are split into weekly intervals, with each additional week adding to the base interest rate. Under the current model, the weekly interest rate increases by 0.0002% per week of the deposit.

EXAMPLES
2M CCX Deposited for 1 year → 83.200 CCX interests, up to 4.16% p.a.

But what about users that have a lot of CCX? CCX Platinum is for you.

CCX PLATINUM

CCX Platinum is for users that have more than 50,000 CCX as that is the minimum you can lock. There are longer minimum time frames, so you can lock for a minimum of 3 months (1 quarter) up to 5 years (20 quarters). The interest rate, like CCX Plus, is variable, however, the maximum rate you can earn is 7.32% per year.

EXAMPLES
2M CCX Invested for 1 year → 120.689 CCX interests, up to 6.04% p.a.
2M CCX Ivested for 5 years → 732,462 CCX interests, up to 7.32% p.a.

Conceal Network allows you to establish your own interest rates and terms of deposits/investments. Funds are completely safe, payments are via smart contracts and secured by the blockchain. When you're not using your money, http://Conceal.Network helps you to generate profit.

Creating a Deposit/Investment

Deposits and Investments can only be created from the Desktop Wallet. If you haven't already done so, install it, and create a new wallet.

Step 1

Ensure that you have sufficient funds to create a deposit. In the case of an Investment, you will need a minimum of 50000 CCX. Then, in the Desktop Wallet, click on Banking from the left-hand menu or, the Deposit button in the centre, or the icon in the Deposits stats box.

Step 2

You are now in the Banking screen of the Desktop Wallet. The wallet defaults to deposits, and you will see options for deposits first. If you want to make an investment, click on the New Investment tab.

Step 3

Enter the amount you would like to deposit/invest, followed by the duration. The graph and the stats will update to show your expected interest earning for the values you set. Click Create New Deposit/Investment once you are ready to proceed. In the example below, I am creating a 10 CCX deposit for 2 weeks.

Step 4

Once you click you will get a prompt asking for confirmation. Please remember that your funds will be locked for the duration of the deposit/investment. Click OK to proceed or Cancel to change your values.

Step 5

If you proceed with the deposit/investment, assuming there are sufficient funds, you will be taken to the transaction history screen which will show you the transaction.

Important: Once you create a deposit or an investment, the funds will remain locked for the duration you select. You will only have access to the funds and the interest when the deposit (or investment unlocks).

Conceal Banking Terms

Deposits

Min Deposit: 1 CCX
Max Term: 262,800 blocks ( 365 days x 720 blocks ) → 12 months = 1 year
Min Term: 21,900 blocks ( 262,800 blocks / 12 months ) → 1 month
Rate Factor: Variable Rate
Max Interest Rate: 4.16% per year (max term)

Investments

Min Investment: 50,000 CCX
Max Term: 5 year (20 quarters)
Min Term: 3 months (1 quarter)
Rate Factor: Variable Rate
Max Interest Rate: 36.62% for 5 years or 7.32% per year (max term)

Current Interest Rates

4.16% for 2M for 52 weeks
4.16% for 1 CCX for 52 weeks as well
36.62% for 2M for 5 years or 7.32% per year