Wolfonaire Chatbox : AMA With Tokoin (11th May, 2021)
Hello! Wolfonaire Family & Crypto Enthusiasts
We recently hosted an AMA With Tokoin on 11th May, 2021 at 12.00 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…
Guest Speaker :
Mr. Welly Salim | CEO, Tokoin
(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)
INTRODUCTION
Welly : Tokoin is a blockchain project aimed at helping MSME to be successful with the assistance of blockchain technology. We are still a young company who will trip and fall but eager to learn from mistakes.
Our DNA is Micro Small Medium Enterprise. How do we help MSME? by providing them with technology and using the data they sent to use to generate a ledger that will be used to produce a digital identity and credit scoring to help them secure credit from bank and others.
Wolf : Amazing 👏… For our members who are not already familiar with the project, can you give us a very high-level overview of what Tokoin is and what competitive edge it brings to the Crypto Universe?
Welly : Tokoin is a platform that establishes business identity as an acceptable reputation in the business ecosystem.
As a platform, Tokoin captures and processes business information from the users as a valuable asset, which, in our ecosystem, translates into a marker for the trusted reputation of the businesses, including but not limited to MSMEs, as our users. Our system will be our TOKOPOS, Konekto, Store Front, and my T wallet.
This enables them to access previously inaccessible financial business services from providers, which act as our partners. Therefore, Tokoin links the business and financial sectors to launch a scheme of financial inclusion, a fair playing field. The partnerships formed in Tokoin will subsequently contribute to the national economic growth, hence we are backed by Indonesia’s government.
we hope MSME will be able to be provided with -
- A Digital Identity for MSMEs that Represents a Valid Reputation (built from data from TOKOPOS).
- 2. Data to Create More Funding Opportunities (data from TOKOPOS).
- Growth Opportunities for MSMEs by Bringing Business Partnerships using Konekto (will be launched by end of May).
- Repeat business (Loyalty point from my T Wallet), hence less marketing spent.
- Wider token availability, they can be acquired from KuCoin, Acendex, Biki, lastly on our own T Wallet.
Wolf : Great Explanation… How do holders of the #TOKO benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?
Welly : Thanks, thats a great question too. It is really a low barrier to participate. You do not need to farm it. The requirement is really low, just open a Kucoin account BTW, Johnny, CEO of Kucoin is our advisor now. and also they are available on Acendex, and Biki. Not to mention our own T Wallet.
How do holders of the #TOKO benefit in the ecosystem?
We are in the middle of exploring a system to allow users to be rewarded with TOKO by loyalty point backed by crypto. these loyalty points will be given to a buyer for a purchase of goods and services in the TOKOIN ecosystem using my T wallet interacting with our POS and Konekto Store Front.
How do they get the POS?
Currently for every MSME register in Konekto, they will be given free access to TOKOPOS. TOKOPOS will allow them to manage their business while having their own storefront. Tokoin will not be implementing a escrow model.
Money sent from buyer will be received by seller immediately, hence MSME in Tokoin will be able to reinvest the profit from the sales immediately for the business. We are developing a system to take payment in this storefront and maybe able to offset/discount the price with the loyalty points backed by crypto. For investors, these points can be exchanged into TOKO token too.
You can use these newly claimed TOKO to reinvested them by staking them to our wallet. We are exploring adding more DEX into our wallet too and also, beside MSME, our technology can be used to help artist in Indonesia. Beside TOKOPOS, Konketo, Store Front, artist can sell their digital ARTs in NFT Marketplace by taking TOKO token.
Making MSME to be equipped with basic technology infrastructure to compete with bigger competitors is exciting too. MSME was hit the hardest due to COVID. I would really love to have TOKO to be used daily as medium of exchange (direct/indirect — depending on gov regulation) in our ecosystem.
This will make TOKO be valuable not just as a token for investment we never know. We need to dream big. Dream as big as we can, even if we fail it will still be something!
What power within your model do individuals hold?
They have the ability to use their token to help MSME and also influence tokoin’s milestone indirectly. We are listening,selecting, filtering and brainstorming for feedback from our HODLER in our tokoin telegram group.
Wolf : Final Question:- What was your inspiration throughout the journey of Tokoin? How has the artistic and creative vision of this project changed throughout its development?
Welly : In 2019 Tokoin team was set up, 2020 was a tough year, We were experimenting with development teams in multiple countries (built and close few R&D centers) and we have made the decision on where the R&D will be, hence in 2021 we were able to deliver apps such as TokoPOS, Konekto, T-Wallet.
2021 will be a year that We will be going back to basic and delivering the right solutions rather than being fast. We would really like to have TOKO become mainsteam in our ecosystem to help MSME. We are also exploring DEX in our wallet, NFT and loyalty system for MSME not limited to just providing digital identity.
Our vision also influenced by potential partnership. We are also frequently invited by few blockchain partners such as provider and exchanges to be working together. We are quite picky on selecting our partners. We are currently negotiating with one of the top 3 global exchanges.
hopefully we will be able to share good news soon.
Wolf : So let’s move for the community round
Now Community Question & Answer Session Began
Q1. Where are come from your project name? What importance does the name have in your project development and functions?
Welly : TOKOin -> TOKO is ship, in is -ed, TOKOIN is shopped.
Q2. NFT is very hot trend now, do you pretend to catch up with this trend or still follow and focus your original roadmap? create values, not create TREND !
Welly : no, we are exploring technology that will bring benefit. NFT might be one of them not the only one.
Q3. Revenue is an important aspect for all projects to survive and maintain the project / company. What is the way to generate profit / revenue of token? What is the income model?
Welly : the credit scoring will be presented to creditor to offer credit. Tokoin will take some margin there.
Q4. Due to the current pandemic covid19, do you think that Your project will grow enough this year?
Welly : yes, covid 19 made us to work leaner and smarter. We are dropping a lot of noise projects.
Q5. How will you distribute your token? Do you have a clear distribution plan? And are there free giveaways for the community?
Welly : please check our white paper.
Q6. Nowadays people are very careful in online transaction, especially with regard to data privacy security. How does Your project ensure the security of user data privacy?
Welly : we are audited by reputable company.
Q7. I want to learn more about TOKOIN but very little information, the community is relatively empty and little information is shared. What strategy does the TOKOIN team have to develop the community and retain users for the long term?
Welly : please join AMA and our community. We will be releasing update whitepaper soon.
Q8. No one can achieve anything valuable on its own, please tell us about your current and future partnerships that will lead you to success in this highly cramped crypto space?
Welly : we have few exciting ones, but i am unable to share them now.
Q9. The gas fee on Ethereum blockchain is crazy high. Why did you decided to build your project on ETH? Any plan to incorporate with other Blockchainchain such as BSC?
Welly : ERC20 was the most sensible chain before, we are building our network in BEP20 now. We are in the middle working with our partner Kucoin to enable the BEP20 listing. We have done the BEP20 part of smart contract and token.
Q10. Trust is very important in business, what makes investors, customers and users feel safe when working with your project ?
Welly : I guess our work will show this. We will work hard for this.
Q11. Who is your targeted customer? Besides Blockchain user do you have plan for non-crypto users too? If yes how can you attract them or what is your plan to attract them?
Welly : Yes, we would like to have our token to be mainstream. We would like our T wallet being use by everyone.
Q12. Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners? Can anybody anywhere use this project without Any restrictions?
Welly : Indonesia
Q13. “STAKING” is one of the STRATEGIES to ATTRACT USERS and HOLD USERS. Does your GREAT PLATFORM have plan about Staking?
Welly : please check our my t wallet for staking.
Q14. It’s a pity that some projects cannot go all the way for many reasons. How do you plan to make this Project Inverse sustainable and long-term?
Welly : by building the right token economy not just the token as investment tools.
Q15. NFT is getting more popular now a days. It looks NFT has bright future. So do you guies have any plan to include NFT to your project?
Welly : we are talking about this, we need to be smarter in selecting beneficial technology.
Q16. Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Welly : yes, but one country at a time.
Q17. Do you agree that there is always a risk of loss in investing? what is your strategy to at least reduce the risk of loss? Are you considering an insurance product, or do you have your own mechanism to protect investor funds?
Welly : yes. this is in our white paper.yes. this is in our white paper.
Q18. Smart contracts are prone to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audit it through any of the parties?
Welly : yes, it is audited. as matter of fact, due to kucoin hack, we rewrote the smart contract.
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Q19. Many projects are just clones of existing ones, and an analogue of an existing one is created. Do you have different and creative qualities from those who look like you?
Welly : We are working in the not so sexy industry, offline to online for MSME, hence not much crypto project in this space.
Q20. What is the team’s orientation and development plan for 2021 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?
Welly : DeFi is not a small industry and keeps evolving, we will be following the industry closely and will definitely jump to the right ship when we find the right fit between our capability with benefit to our investors and users.
Q21. What is the algorithm used by TOKOIN? What does it solve the problem of blockchain system? How do you manage the algorithm and operate it? How do you apply the users’ information?
Welly : we are selecting the best tech for the problem. We are not selecting all the tools to be decentralized. It will be a hybrid between decent and cent.
Q22. Are there any benefit by holding your token, for example any reward or incentives?
Welly : ROI, the value is up by 500%. I recalled there is some questions of anonymity of the team. Please check our group for our engineer
and few mores.
Q23. Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold this token/coin in the long term?
Welly : I think investment and speculation is different. Please give us more time to deliver our promise.
Q24. A lot of people will want to know what the strength of your project is but I want to know the weaknesses and problems faces? How do you plan to solve it?
Welly : by having a good team.
Q25. What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Welly : Konekto, TOKOPOS, BEP20, Wallet
Q26. Do you have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
Welly : by making the crypto to be used in the technology without general users know about it. After all users just want a good solution for their problem
Q27. Many crypto projects are just trying to sell tokens rather than creating and developing creative technology. Of course, selling tokens is part of this, but that shouldn’t be the only goal. What is your main purpose and goal? Do you have innovative solutions in the blockchain world?
Welly : We are selling our token to find our projects. By funding project via token, we can move faster and more agile.
Q28. What has been the hardest issue for privacy-preserving on blockchain area so far? How does node mechanism of ToKoin project work?
Welly : balance between decent and cent.
Q29. Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?
Welly : yes.
Q30. Will there be a need for more team members and ambassadors?And what ways can token holders earn? Are there any staking program?
Welly : yes.
Q31. DeFi is really changing our relationship with money. What do you think about DeFi? Is it really can replace CeFi as hype?
Welly : imho, there is room for both.
Q32. Users often care less about technology, but rather the value of the token. How do TOKO manage to strike a balance between developing the technology and also improving the value of the token?
Welly : by having more team members, so we can work on both. they come together as a package. buy 1 free 1 :P
Q33. Right now issuing a token is a fairly simple process. However, building systems and ecosystems is the hardest part. My question is, how will the demand for tokens increase and how will this token be used in the ecosystem?
Welly : there is not straight forward answer. this is our priority now, building the token economy.
Q34. Let’s get into some personal things. Can you tell us about your team members? How many team members do you have and what’s their qualifications?
Welly : please check the pics above. not all of them though.
Please kindly check us at
TOKO price right now is at $0,0972 (+33.8%)📈
Join Tokoin Telegram Group
✅ Tokoin Global : @TokoinGlobal
✅ Announcement Channel : @tokoinUpdates
✅ Price Discussions : https://t.me/joinchat/Tymb0rO2jVX_VnIx
Information for our community, that for now the $TOKO tokens can be bought / traded on the following exchanges:
✅KuCoin: https://trade.kucoin.com/TOKO-USDT
✅ KuCoin: https://trade.kucoin.com/TOKO-BTC
✅BitMax: https://ascendex.com/en/cashtrade-spottrading/usdt/toko
✅Biki: https://www.biki.cc/en_US/trade/TOKO_USDT
Q35. How long has your project being in existence and what are the challenges you have faced since then?
Welly : not a smooth ride. In 2019 Tokoin team was set up, 2020 was a tough year, We were experimenting with development teams in multiple countries (built and close few R&D centers) and we have made the decision on where the R&D will be, hence in 2021 we were able to deliver apps such as TokoPOS, Konekto, T-Wallet.
2021 will be a year that We will be going back to basic and delivering the right solutions rather than being fast. We would really like to have TOKO being used as a mainstream exchange mechanism in purchasing services and goods in our ecosystem to help MSME.
And also COVID did not help either. Kucoin being hacked was not fun as well, and lastly extravagant gas fee in erc20.
Q36. Binance smart Chain blockchain is having high transaction speed and cheap gas fees., Are you planning to launch your mainet or switch to other blockchains in the future??
Welly : Not for now, this move will take our energy and focus. BEP20 is still much cheaper than ERC20.
Q37. How was the idea of creating your project born? Do you still have that motivation and enthusiasm since the beginning of the project?
Welly : yes, COVID19 strengthen my believe in helping MSME.
Q38. There is no project that can ever guarantee the 100% Safety & security of their platform.right?,So what is your plan to do that?
Welly : by reducing the risk of it happening and mitigation.
Q39. A lot of people will want to know what the strength of TOKOIN is but I want to know the weaknesses and problems faces? How do you plan to solve it?
Welly : education about blockchain. blockchain is not just crypto.
Q40. Does your project have features or benefits that make it competitive with peers? Why did you choose AMA on Telegram to advertise your project instead of advertising on other social networks like Facebook, YouTube, Google?
Welly : Telegram seems to be the respected platform for blockchain industry
Q41. I saw many people said that NFTs are the next ‘Trend’. I also saw some use-cases of NFTs in crypto space. How do you think about the evolution of NFTs in crypto space and the real world?does Whitex launch any NFTin future??I am excited for Whitex NFT?
Welly : we are still exploring.
Q42. is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its development?
Welly : by not following the trend and hype. success is all about focus.
Q43. Do you have plan B, if there is a recession now, if crypto-winter suddenly comes and everyone starts to sell tokens and exit the projects?
Welly : by believing in our vision and working toward it. not just focusing in toko price but its utilization too.
Q44. Has your project been completely decentralized, and will there be any risk of centralization in the future?
Welly : we wont be 100% decent. it will be hybrid.
Q45. Can you tell about your listing plans?Specially the ones involving major exchanges, CEX and DEX. What types Partnerships you are looking for and what values would they bring?
Welly : the one that can make 1+1 = 3. We are exploring to have more DEX goodness in our t wallet.
Q46. During the 2020 I got scammed a few times, rugs, exit scams etc. — how can we investors be sure that this will not be similar, are your contracts public & somewhere to be seen?
Welly : yes, please check etherscan.
Q47. Why you decided to remain anonymous? So many scam projects are nowdays. How can we trust your project to not to do scam/rug pulled?
Welly : we are not anonymous.
Q48. Can you name your strategic advisors and how many team members you have?
Welly : Johnny, CEO of Kucoin is our latest advisor
Q49. Communities like Asia, Africa and other Non-English speaking communities,Do u have a local community for them to better understand ur project?
Welly : by partnering with local partner who understand blockchain and MSME in their country well.
Q50. What’s the focus of the now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold tokens? control flexibility, cost and security?
Welly : building the product and keeping the token value by having more team members.
Now the session ends with lots of thanks to our Guest Speaker…
Here are some important links of Tokoin
Website | Telegram | Twitter | Wolfonaire Family Chatbox | Wolf
