FAQ

Got Questions?

GetLoci Basics

 

Q: What is GetLoci?
A: GetLoci (getloci.com) is global app used to access the Loci Network. Users seek to use the Loci Network to circumvent predatory financial systems.

Q: What are Loci digital assets?
A: Loci digital assets are the medium of exchange between network peers globally.

Q: How do Loci digital assets get their value?
A: Loci digital assets are backed by the systemic role of the Loci Network and its sponsor Connect Financial, and the value held by the network in global currencies, crypto-assets, and long-lived real estate.

Q: How are Loci digital assets named?
A: Loci US, Loci dollar or LUS are the two forms of describing a digital asset minted by electronic transfer from a US bank or bank participating in the ACH system.

Q: What is the @Lociaddress? How can I use it with peers? 
A: Users select a unique username or @Lociaddress at sign up. Users may share their @Lociaddress with anyone as a unique payment destination in the Loci Network. 

Q: What are the features of the R0.3 Loci Pocket?
A: Use the R0.3 Pocket to mint or destroy Loci digital assets with select currencies and Bitcoin. Users may request, transfer, or exchange of Loci digital assets with network users globally.

Q: What are the ways to mint Loci digital assets using the R0.3 Loci Pocket?
A: The R0.3 Loci Pocket enables users to mint digital assets either by electronic bank transfer or Bitcoin transfer to a Loci Network address. The network offer local banking services in the United States, Mexico, the Eurozone, and select countries in South America.

Q: How do I get started?
A: Sign up making sure to cite your referral source by including their @Lociaddress. After confirming your email address, then complete profile including a photo government ID like a passport or drivers license. Once your profile is complete, you may mint your first Loci by electronic bank transfer or by sending Bitcoin to a Loci Network address.

Licensing Fees

 

Q: How is GetLoci licensed to users?

A: Users enter the GetLoci license agreement as described in the Term of Use. License fees, when they take effect sometime during 2019, will vary by user type, feature set and volume tier. GetLoci's progressive fee structure will enable most individuals to use the Loci Network and pay no transaction or licenses fees at all.

Q: How much are transactions cost?

A: All Loci Network transactions are free. There is never a network transaction fee.

Q: Is there a minimum amount required to create my Loci Pocket?

A: There is no minimum amount required to sign up, and no minimum balance requirement.

Crypto-assets in the Loci Network

 

Q: Are Loci digital asset a new crypto-asset?

A: No. Loci digital assets are utilized exclusively in the Loci Network, a cloud-hosted services network, as a unifying medium of exchange and digital store of value utilized exclusively by network peers globally. 

Q: What are the key differences between a crypto-asset and a Loci digital asset?

A: Loci digital assets are minted at the sole election of network users. Users control the supply of digital assets in circulation, not a crypto-asset administrator nor a blockchain protocol and its participating nodes.

Q: How are Loci Bitcoin minted or created by users of the Loci Network?

A: Use the Loci Pocket to provision a Loci Network Bitcoin address, and transfer Bitcoin to it from another address or wallet.

Q: How can I buy Loci Bitcoin using GetLoci?

A: Use the Loci Pocket to conduct a private exchange for Loci Bitcoin with a network peer.

Q: Can I send Loci Bitcoin from my Loci Pocket to any wallet address?

A: Yes, copy the destination Bitcoin address into the Send Bitcoin feature from the Loci Pocket.

Q: Will the Loci Network support other digital assets, like Ether?

A: Not yet. Today we are focused on providing users a good Bitcoin experience.