I got the key and used "fastboot oem unlock <key>" to unlock the device. Replace the logo.bin so that the warning messages goes off. After that I locked the phone. Following is the screenshot.
# fastboot oem lock
...
(bootloader) Phone is locked successfully!
(bootloader) Please reflash system image before reboot the phone!
OKAY [ 1.595s]
finished. total time: 1.595s
Now the phone remains in fastboot mode because it cannot boot (system image issue.). While unlocking it says,
# fastboot oem unlock W3YRQHWOSLI2V7OVUI4L
...
(bootloader) Check 'Allow OEM Unlock' in Developer Options.
FAILED (remote failure)
finished. total time: 0.007s
It is a deadlock situation now, I cannot change the option because the phone does not boot to access Developer options and cannot flash because it is locked. (The display says Device is LOCKED. Status Code: 2, Software staus modified.)
# fastboot oem lock
...
(bootloader) Phone is locked successfully!
(bootloader) Please reflash system image before reboot the phone!
OKAY [ 1.595s]
finished. total time: 1.595s
Now the phone remains in fastboot mode because it cannot boot (system image issue.). While unlocking it says,
# fastboot oem unlock W3YRQHWOSLI2V7OVUI4L
...
(bootloader) Check 'Allow OEM Unlock' in Developer Options.
FAILED (remote failure)
finished. total time: 0.007s
It is a deadlock situation now, I cannot change the option because the phone does not boot to access Developer options and cannot flash because it is locked. (The display says Device is LOCKED. Status Code: 2, Software staus modified.)
xda-developers