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July 24, 2018, 06:03:36 AM
Last edit: July 24, 2018, 02:40:01 PM by lee.wiest |
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I am in the process of researching where to do an ICO/TGE for the Tokin' Token, which is the power behind the Tokin' Token Network. The Tokin' Token Network is, at inception, a group of 5 synergistic inter-related marketplaces specific to targeted sub-segments within the worldwide legal marijuana supply chain. On a case-by-case basis, funds raised will also be used to assist businesses that are members of the "network" in reaching that next level they need to become profitable operations (a greatly needed service in the legal cannabis industry).
A "True" Utility Token
The Tokin' Token is a “true” utility token designed for use by business members of the Tokin' Token Network and in the case of retailers their retail customers. The Tokin' Token is one of few cryptos designed to function as money in a real-word scenario. It is not designed for speculation – speculators will not like it although cannabis businesses and users will. HODLers might appreciate it as a place to "park" during periods of extreme downward volatility in markets due to its relative stability. The purchasing power of the token is tied more to the retail cost of legal marijuana than to any exchange or speculation. We can not and do not make any claims of increasing value (this is sort of standard disclaimers necessary in the TGE process).
The project is ready to go. However, after researching where to best do the TGE (jurisdictions) I started to look outside the USA. I found it difficult to want to give up 25-30% of the raise to taxes (funds raised are considered revenue in the USA). I believe project supporters want their money to go to the project. Furthermore, having to deal with all the SEC stuff makes a USA-based TGE cost-prohibitive (very very very expensive – requires a backer with deep pockets in order to do a TGE in the USA). As a result, the TGE will most probably be performed using an off-shore entity. Currently, Malta is edging out the Caymans as the jurisdiction to issue the token. Of course, a North American presence will be necessary – probably HQ’d in Nevada. But Malta will still be necessary, especially as the more-than-twice-as-large European market for legal cannabis opens up (3-5 years).
While this project is over 2 years in the making, the project does not yet have a complete team in place (only the CTO/programmer-cryptographer). In the near future, the project will need people from Europe when it actively expands into that market. In any case, I know exactly the type of persons, their experience levels and backgrounds needed to fill various positions within the operation.
The project does not place emphasis on a technological team but on people who will drive the Tokin' Token Network as a business. This is not to say the project is ignoring technologists – it will have them as well but the legal cannabis industry is a highly-regulated business, a worldwide one at that, and not just a token. Those who will be responsible for the token on a daily basis will be within the IT group.
Additionally, the project avoids ETH (ethereum) as a platform and instead uses the Stellar platform (more secure and much faster). After all, the token will be used as the primary medium of exchange for a business use case and transaction cost, security, and speed is paramount.
The project white paper is completed as well as a real business plan (focuses on the USA) with modest projections for the business end. The Tokin' Token will initially fund the business and be used as the primary source of transacting business within the network.
On a final note, I would certainly be open to having a partner/partners. I am particularly interested in a CMO with a background in neuroscience/neuromarketing and a CFO with a good grasp of monetary infrastructure and policy. But not too many -- partners can be painful.
I look forward to questions from users (not speculators) of utility tokens, particularly as it relates to cannabis. I will try to answer speculator questions as well but this token is not geared to that audience.
[MORE TO COME]
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