FAQ

Frequently Asked Questions for blockhive’s ILP

Initial Loan Procurement

  • What is Initial Loan Procurement?

    ILP is a fundraising method that enables blockhive to expand its ecosystem by procuring loans. Creditors earn interest on the funds they lend to the company. ILP is innovative in that:
    1) The loan agreements are digitally signed on Agrello’ s legal platform.
    2) The Loans are transferable using access tokens we call FLAT, which stands for Future Loan Access Token.
    3) Creditors lend funds in Ethereum (ETH), and are paid interest in ETH.

  • What is FLAT?

    FLATs are ERC20 tokens issued on the Ethereum blockchain. They can be used to:
    1) Transfer loan agreements to others.
    2) Claim loan transfer and sign loan agreements with the loan issuer.

  • What are Hive tokens?

    Hive tokens are the first-ever Future Loan Access Tokens. They will be distributed to creditors who participate in blockhive ILPs. ILP creditors can use Hive tokens to trade their loan agreements to others and to sign loan agreements with blockhive.

  • How does blockhive use blockchain technology in the ILP?

    Through Future Loan Access Tokens blockhive has developed, blockchain is used to record all transactions between token holders who are potential creditors.

  • Why should I consider participating in an ILP? What kind of return can I expect?

    Creditors earn annual Interest payments. Total loan interest will be 20 percent of operating profit from the blockhive community. The face value of the principal of each token remains constant, even as the market value of the Hive tokens fluctuates.

  • What is the blockhive community?

    The blockhive community consists of in-house projects such as eesty and joint projects with IMAY, and the ILP platform. More projects will arise from our community as we move forward with additional partnerships. All profits will be added to blockhive OÜ, and 20% will be allocated to Creditors.

  • What is the definition of operating profits?

    We calculate operating profit as sales minus 'selling, general and administrative expenses (SG&A)'.
    SG&A includes 1.labor costs, 2.rents, 3.travel expenses, 4.professional expenses, 5.marketing/PR expenses, and other relevant expenses. We publish a summary of our financial statements annually.

  • How often will blockhive’s performance be disclosed?

    A brief financial overview will be available semi-annually, and a summary of our performance is available on an annual base at the beginning of each year.

  • How often will interest be paid?

    Once a year.

  • I want to watch my Hive token, Please tell me the Hive token address.

    0x895f5D0b8456B980786656A33f21642807D1471c

ILP Process

  • After I create my account, can I change my email address?

    You will not be able to change your email address because the loan agreement is based on your email address.

  • After I set my ETH address can I change it?

    No changes can be made after the ETH address is set. The contract will be based on the ETH address, and tokens will be sent to the ETH address registered. ILP participants are encouraged to be sure the ETH address entered is the one they wish to use to receive Hive tokens and interest payments from blockhive.

  • If I enter the wrong ETH address and save it, what can I do?

    For the reasons given above, if you enter the wrong ETH address and save it, we suggest you give up the old ILP account and create a new one. Loan agreements are based on the ETH address entered.

  • Could I use exchange wallet for send?

    1) No. You must send from a wallet with a private key.
    2) You need an ETH address to send money and sign contract. In return, we will use this ETH address to send you Hive tokens (ERC20) and interest payments. So it would be best to have a ETH wallet.

  • Why do I need to provide my documents for KYC?

    To adhere to European and other international regulatory guidelines, participants in blockhive’s ILP are required to identify themselves and have their identities verified.

  • What kinds of documents can I use for verification?

    The list of supported documents varies by nationality. It can be found here : A link to the list will also be found on the first page of the verification process.

  • How much time will it take to verify my identity?

    The process of taking the photos will take you no more than 5 minutes. Once the photos have been uploaded and sent to us, depending on the amount of requests in the queue it will take us between 5 minutes to 24 hours to make a decision. This timeframe has been created since verification requests are coming from all over the world, from a variety of timezones.

  • Can I verify my identity by sending you photos by email?

    No. For security and in some cases due to legal reasons it is only possible to verify your identity in Veriff’s environment.

  • I have sent you my photos, but you asked me to try again.

    Please check the message with the reason why you are asked for resubmission. The issue can be with the photo quality, the document can be too far away from the camera, maybe you have chosen an incorrect document country. Please look at the reason and follow the instructions.

  • You asked me to choose a different document country, what does it mean?

    It means that you have chosen a country that is not matching your document country. You can change your document country if it was chosen incorrectly. Please make sure you are choosing your DOCUMENT COUNTRY, it can be different to your nationality or place of birth. If you are using a passport, your document country should be located right in the top part of your document.

  • I don’t have a surname, what do I do?

    Put NA or none. We will be able to correct it, if needed.

  • I am getting an error that my document number/ given name/ surname is too long, what do I do?

    Put as many characters as you can and we will correct it from our end.

  • Why do I need to create an Agrello ID?

    The Agrello ID is used to simplify the procedure for signing contracts. Each user must go through the system once to create a personal identifier.

  • What is Total Contract Hash?

    This is a number that is used to uniquely identify a contract, and is used to create signatures. It is a hash sum of the contract text and contract parties.

  • What is a signature body?

    This is a Total Contract Hash that is signed with a private key.

  • Is my full name required?

    Yes, you must enter your full name.

  • If I lose my passphrase, can it be reset?

    It can’t be reset because passphrases are not stored in our system. Please be sure to store it in a safe place or remember it.

  • I don't have a computer with a video camera, and I don’t have a smartphone. Can I still participate?

    No. Creditors must have either a smartphone or a computer with a video camera to participate in the ILP.

  • Why do I need a passphrase?

    Passphrases are used to encrypt keys. The passphrase should be entered when you digitally sign a contract with blockhive.

  • My computer's camera does not work. What can I do?

    If you do not have a computer with a working camera, you must use a smartphone for verification. The Agrello ID app can walk you through the process of installing the mobile application and verifying your identity.

  • I am using Safari, and I am having trouble with the process. Can I use my webcam with Safari?

    ILP participants will not be able to use their webcam with the Safari browser, due to technical incompatibilities. We recommend using the Agrello Smart Contract wizard, which automates the verification process using the mobile app.

  • Can I change my Agrello ID information such as name and address?

    You may change any data except the first name and last name.

  • Can I use a different ETH address to send payment to blockhive?

    No. You must use the same ETH address that was used in the identity verification process.

  • If I use another ETH address to send payment to blockhive, can I get a refund in ETH?

    No. The system will only send tokens to the registered ETH address.

  • Can I use blockhive’s platform to send other digital currencies like bitcoins?

    No, we only accept ETH.

  • If I receive Hive tokens as a gift, what do I need to do?

    If you are given Hive tokens, you can use the tokens to sign the contract. Make sure the same ETH address is used.

  • Why is the Hive token amount different from the value shown in the send ETH calculator?

    The conversion rate is an estimate. The token amount is based on the actual conversion rate when the transaction is completed.

  • After I sign the contract and send ETH, when will the Hive and the loan agreement amount be shown?

    It should take less than an hour. The time it takes will depend on web traffic and how soon it requires for the mining process to be completed.

  • Can I increase the loan amount?

    If you want to increase the amount of the loan agreement, you must first add Hive. When you open the Dashboard of the ILP site, you will see the 'Add Token' button. After you add Hive, you can update the amount of your loan agreement.

  • What does the Renew Loan button do?

    After you have registered and received tokens from the exchange, you need to renew the loan agreement. Click Renew, and your total loan amount will be changed.

  • Where can I check my contract content?

    You can check the contract content on the 'My Account' page.

  • If I send Hive tokens to other creditors, will my loan balance change?

    If you send your Hive tokens to others, your loan balance will be reflected depending on the timing as to when the new creditors sign loan contract with blockhive.

  • What's the timebase of the loan history?

    blockhive's loan history is based on Estonia time. GMT+0200 (EET).

ILP structure

  • Is the Hive token price always €0.045?

    No. Hive tokens are access tokens that enable creditors to transfer loan agreements. The principal of the loan is fixed at €0.045 per token, but the price of a Hive token may increase or decrease based on fluctuating expectations of profits generated by the blockhive community.

  • The principal amount remains constant, even as the value of FLAT fluctuates. How does that work? Could you explain in detail?

    If you have 1 Hive token, you have a 0.045 euro loan agreement, and you will be repaid your 0.045 euro principal when the loan matures. The principal of the loan agreement is always 0.045 euro over the life of the loan. Creditors holding loan agreement receive interest if blockhive makes profits. Hive tokens are access tokens that enable creditors to transfer loan agreements. While the principal value of the Hive token remains unchanged at 0.045 euro, the market price of a Hive token may increase or decrease based on investors’ expectations that the profits generated by the blockhive community will rise or fall.

  • If I'm a Hive token holder, I earn interest on my holdings. How does that work? Do I have a wallet? Does the value of my Hive increase or decrease the way other tokens do? Can I trade my tokens?

    We have released the alpha version of our eesty smart wallet (www.eesty.ee). In eesty, you can hold ETH, ERC20, and bitcoins, as well as Hive tokens. Interest payments can be sent directly to your eesty wallet, or to other wallets or services, depending on which one you use when you enter the contract.

  • Could you explain how a lender transfers loans to other investors? By selling tokens in the market?

    Yes, that is right. Creditors can use FLAT tokens to transfer loans to others. In the blockhive ILP, we call it these Hive tokens. New creditors can use Hive to sign loan contract with blockhive. Once it is signed, the agreement with former creditors ceases to exist.

  • Will there be two tokens, Hive and FLAT? And will they be listed on exchanges?

    FLAT is a generic term for tokens issued for an ILP. No tokens will be released under the name 'FLAT.' As other businesses adopt ILP and FLAT structure, they can brand their token with as they wish. In blockhive ILP, we issue Hive tokens, and we plan to list them on various exchanges.

  • How will the interest be allocated to loan agreement holders?

    Interest will be paid on the outstanding amount of the loan balance.

  • What is the loan agreement cap?

    1,000,000,000 Hive tokens may be issued, for a cap of €45,000,000. However, we will only procure funds as needed.

  • For a new blockchain company, wouldn’t it be a good idea to conduct both ICO and ILP to raise capital?

    Each company itself must choose whether to use ICO or ILP to raise capital, just as traditional firms choose to finance through equity, bonds, or bank loan. It is possible for companies to raise capital through both ICO and ILP, but they need to think of the interests of stakeholders.

Future of ILP

  • Is the Hive token price always €0.045?

    No. Hive tokens are access tokens that enable creditors to transfer loan agreements. The principal of the loan is fixed at €0.045 per token, but the price of a Hive token may increase or decrease based on fluctuating expectations of profits generated by the blockhive community.

  • The principal amount remains constant, even as the value of FLAT fluctuates. How does that work? Could you explain in detail?

    If you have 1 Hive token, you have a 0.045 euro loan agreement, and you will be repaid your 0.045 euro principal when the loan matures. The principal of the loan agreement is always 0.045 euro over the life of the loan. Creditors holding loan agreement receive interest if blockhive makes profits. Hive tokens are access tokens that enable creditors to transfer loan agreements. While the principal value of the Hive token remains unchanged at 0.045 euro, the market price of a Hive token may increase or decrease based on investors’ expectations that the profits generated by the blockhive community will rise or fall.

  • If I'm a Hive token holder, I earn interest on my holdings. How does that work? Do I have a wallet? Does the value of my Hive increase or decrease the way other tokens do? Can I trade my tokens?

    We have released the alpha version of our eesty smart wallet (www.eesty.ee). In eesty, you can hold ETH, ERC20, and bitcoins, as well as Hive tokens. Interest payments can be sent directly to your eesty wallet, or to other wallets or services, depending on which one you use when you enter the contract.

  • Could you explain how a lender transfers loans to other investors? By selling tokens in the market?

    Yes, that is right. Creditors can use FLAT tokens to transfer loans to others. In the blockhive ILP, we call it these Hive tokens. New creditors can use Hive to sign loan contract with blockhive. Once it is signed, the agreement with former creditors ceases to exist.

  • Will there be two tokens, Hive and FLAT? And will they be listed on exchanges?

    FLAT is a generic term for tokens issued for an ILP. No tokens will be released under the name 'FLAT.' As other businesses adopt ILP and FLAT structure, they can brand their token with as they wish. In blockhive ILP, we issue Hive tokens, and we plan to list them on various exchanges.

  • How will the interest be allocated to loan agreement holders?

    Interest will be paid on the outstanding amount of the loan balance.

  • What is the loan agreement cap?

    1,000,000,000 Hive tokens may be issued, for a cap of €45,000,000. However, we will only procure funds as needed.

  • For a new blockchain company, wouldn’t it be a good idea to conduct both ICO and ILP to raise capital?

    Each company itself must choose whether to use ICO or ILP to raise capital, just as traditional firms choose to finance through equity, bonds, or bank loan. It is possible for companies to raise capital through both ICO and ILP, but they need to think of the interests of stakeholders.