Tokoin Official AMA Summary with Decentralized Club ✔️
Dear, Community_
Welcome to our community on t.me/decentralized_club Telegram group’s AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you :)
✔️Introduction with Tokoin Official :👉
Trader(BILLY):
Q1. Can you please introduce yourself and also tell us a bit about what Tokoin is about? @IGM1297
Ignasius Michael 侯家明:
My name is Michael, I’m the general manager in tokoin. At Tokoin, I’m handling the finance and operation for day to day and market. Before joining Tokoin, I’m having 3 years experience in the stock and futures market and 2 years experience in b2b ecommerce. I joined tokoin because I’m interested in the blockchain industry and I have something in common when I play in the stock and futures market. I love to get challenges everyday and I can find it here. Without a doubt, blockchain will become a future for every industry in the world. Especially for Indonesia, an emerging country. Blockchain will have a significant impact for industry to grow higher because blockchain is very useful. Tokoin is a blockchain-based platform that helps MSMEs (Micro, Small and Medium Enterprises) to build their credibility and digital business identity.
Trader(BILLY):
We all agree. Blockchain is already making the future
Q2. It is always mentioned that Tokoin aims to “make blockchain mainstream”. Can you please explain more about it ? And what efforts have you made in making blockchain mainstream? @IGM1297
Ignasius Michael 侯家明:
The penetration of blockchain technology in Indonesia is very low. Not all blockchain players focus on creating the technology that can help and have massive impact. This has just started and will keep growing for the next couple years. Becoming mainstream means everybody knows and accepting blockchain in their daily life, can’t life without blockchain. Let’s take an example in smartphone, nowadays all people can’t live without their smartphone. Due to low penetration in Indonesia, we collaborate with the government to educate city to city in all Indonesia to give more knowledge about blockchain itself. Aside government, we collaborate with some prestigious local Indonesia University to spread about the blockchain. The best thing to do is to give knowledge for youngster who will become leader in upcoming year
Trader(BILLY):
I think that is a problem many other countries also face. Until it becomes accepted by all the major corporations and governments worldwide we won’t be seeing major penetration in people’s lives
Ignasius Michael 侯家明:
yeap, it’s true. Totally agree on that. Most of the government didn’t accept that because they are scared too
Trader(BILLY):
Just imagine if Amazon or Walmart starts giving discounts on purchases made through Bitcoin, millions of people will instantly be aware of it and may also buy it
Q3. Defi seems to be quite important usecase and concept right now. Many finance-related blockchain projects are built with Defi inside. So, besides cooperating with banking, has your team thought about integrating Defi into Tokoin platform for MSME business?
Ignasius Michael 侯家明:
Defi is important. Maybe one of the breaking ground problem solutions for financial industries. But first thing first, to make it complete, we have to make sure their credibility. This is one of the case that tokoin gives, we are here to create the digital identity and credit scoring for our target market (MSME). Defi already in part of our plan for 2020–2021. Defi will be huge thing for the next upcoming year in emerging markets
Trader(BILLY):
Q4. Which product that you think will really affect the crypto market of Tokoin?
Ignasius Michael 侯家明:
we have 3 upcoming product that we will release this year. From these 3, all the product will have correlation each other. But the first product which Toko BITS, this is our POS system will have huge impact to the crypto market. All the token will have several usecase here. This month, we will launch our product in Indonesia as a starter. The next thing will be in vietnam and so on. Focusing on southeast asia market
Trader(BILLY):
Oh my god 2020 is a big year for Tokoin. And although price is not a true reflection of the project but with launches and announcements like these. Its a no brainer to hold Toko in one’s wallet!
Q5. Finally as we moved into 2020, what is Tokoin planning to achieve by end of Q1?
Ignasius Michael 侯家明:
usecase is the most important thing to keep the project long lasting. If you don’t have any usecase, just forget it
By the end of Q1, our target is to implement our product. Already did some local government distribution channel to tackle this problem and some advertisement company to monetize. Our target 50.000 merchant by the end of Q1 through our collaboration
So, the first thing we are trying to solve is supply chain system
Trader(BILLY):
Thanks a lot for the quick and highly informative answers of the questions.
I am sure hundreds of people today got acquainted with Tokoin by your interesting and illustrative answers
🐧Community ask Questions by Twitter ✔️
Trader(BILLY):
https://twitter.com/iyanbgz1/status/1235616815834750976?s=12
Ignasius Michael 侯家明:
there’s no such thing like bad punishment for the MSME. Tokoin just giving some review and clarification regarding their profile based on their financial report. Then for the loan depends on the third party. In this case, back to the financial institution that we do collaboration
Trader(BILLY):
https://twitter.com/cryptoboy236/status/1235281518286835712?s=12
Ignasius Michael 侯家明:
okay, youngster is really important for the next upcoming growth in any country. I believe their potential is to give them a knowledge about new technology because they will live it more than us. The most important thing to make blockchain mainstream through education and make it easy as possible. So they will live with it
Trader(BILLY):
https://twitter.com/cryptoboy236/status/1235281518286835712?s=12
Ignasius Michael 侯家明:
For the next 12 months, listing several exchange is part of our plan. We will list in new exchange (stay tune to our announcement this evening). But the most important thing is to implement our product in our ecosystem for this year. We already did some good partnership and keen to look more to expand. Afterall, we already change our logo, tokoin comes for every business sector, so the target not only for MSME and financial institution.
✍️ ⏩Telegram live Questions answered by Tokoin Official : ✔️
Crypto Future:
Could you give us an overview of your tokenomics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn?
Ignasius Michael 侯家明:
Our token is utility token. The rise and fall of the token demand and supply for the product in our ecosystem. Staking and burning is part of the token mechanism
Raden:
Can you share ideas when developing TOKOIN? What makes you use blockchain technology to do those ideas?
Ignasius Michael 侯家明:
Tokoin’s founder background having some traditional store. Through here experiencing some obstacle to secure their data, recording their financial data, and the credibility of data. So, makes them hard to get funding through financial institution. This is one of key part of blockchain play the part here.
obenkz Obelix:
What is the mission of TOKOIN? What kind of problem/use cases is TOKOIN looking to solve?
Ignasius Michael 侯家明:
we are trying to create the digital identity and credit scoring for MSME. The problem we are trying to solve is the credibility of MSME data
Sonia:
Total Supply: 2,000,000,000 TOKO. So, are there any repurchase plans to burn or block tokens to increase the TOKO value?
TOKO tokens are issued on the ERC20 platform, so does Tokoin have a plan to issue / convert to another platform? What will happen to TOKO when Ethereum switches to POS?
It is known that Tokoin has a very unique token burning mechanism, what benefits does this activity bring to the Tokoin ecosystem? And is it one of the ways to create the value of TOKO tokens?
Ignasius Michael 侯家明:
yes our total supply 2,000,000,000 TOKO. To increase the TOKO value it’s not that simple by buying and burning the token. Our token is utility token, which is the one that will impact the price itself is the demand and supply of the market for the coin that will be used for our ecosystem. This ecosystem relate to the tokoin POS that i mention before. Also, tokoin not making our own mainnet and will use ERC 20
Vladimir Pleskun:
Revenue is an important aspect for all projects in order to survive and keep the project/company up and running for long term, what are the ways that tokoin generates profits/revenue and what is its revenue model?
Currently, the TOKO token has been listed on two major exchanges, KuCoin and BitMax. So do you plan to list TOKO on some other exchanges? And does TOKO have plans for programs like Staking?
Do you have any plans to attract non-crypto investors to TOKOIN and how? What are the measures to increase awareness of TOKOIN in non-crypto space ?
Ignasius Michael 侯家明:
as i said before, we already do some collaboration with some local advertisement agency for monetization. Regarding new listing, please stay tune to our announcement this evening. We always targeting several new exchange this year. Staking program will be done in our apps later on at TokoW, it’s ready in app and google play store
Aldilan (aku suka lia):
why did you make a blockchain that can transact with OCBC and BCA is there any benefit for Indonesian friends?
Ignasius Michael 侯家明:
if you can do your transaction BCA, it’ll make you easier to do right. Most of the people use BCA nowadays.
Jerry:
As we know, every successful project has a few stories behind the scenes, what’s the story behind Tokoin success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Tokoin updates that you want to show/share with us?
Ignasius Michael 侯家明:
Basically, it’s from our founder experience where we experience a hardship to get some fund from financial institutions due to unstandardized financial statement from MSME and their lack credibility of information