Tokoin AMA with Wolf Crypto
Tokoin is a platform that leverages blockchain technology to establish valid identities and reputations of MSME’s (Micro, small and medium enterprises). Tokoin uses blockchain-based solutions that allow Tokoin users to build a trustable profile for all stakeholders in the ecosystem.
Tokoin finds an opportunity to create a trusted and reputable profile for MSME’s by assembling non-financial data from MSME’s, such as the data submitted in the KYC protocol to be developed into a Digital Business ID. All the business data from daily operations which are previously scattered will also be transformed into a Digital Ledger to strengthen the digital profile of each business and grant it a solid reputation.
KuCoin is hosting the Tokoin IEO on KuCoin Spotlight on August 23rd.
Details of the Tokoin IEO on KuCoin Spotlight can be found in the announcement following announcement —
You can also visit the Tokoin Telegram channel or Tokoin website for further details.
Here’s what Tokoin COO Eddy Christian Ng and Tokoin CTO Welly Salim had to say in the AMA.*
*This AMA has been edited for clarity.
WC (Wolf Crypto Telegram Member)
Welcome to another edition of Wolf Crypto AMA, this time with Tokoin!
Joining us from the Tokoin team is Eddy Christian Ng, COO of Tokoin and Welly Salim, Tokoin’s CTO.
Guys, can you please introduce yourselves along with your background and what lead you to becoming involved with Tokoin?
TEAM & TEAM GOALS
ECN
Hi, I am Eddy Christian Ng, a seasoned banker who jumped into technology startup world back in 2015. What lead me to to be involved in Tokoin are my experiences dealing with MSME in my previous startup and my experience helping Ralali.com the largest B2B marketplace in Indonesia in terms of growing their number of MSME users. I saw many challenges in keeping up with funding whether through loan or other sources because all the transaction ledgers are recorded manually and no validation at all.
I also speaks from my family point of view who run a 30 years old mom and pop shop selling car spare parts. So we created Tokoin to help digitalise those transaction data and build reputation for MSME so that they have a credit score that can be used for funding application to banks or other financial institutions.
WC
What’s your elevator pitch for Tokoin before we get into the nitty gritty?
ECN
Tokoin is a full stack trade financing platform that help MSME building their digital identity and business profile so that financial institutions and other services can use these data for credibility scoring.
WC
Outside of yourselves can you please give us a rundown on the Tokoin team/advisors and perhaps a few key “superstars”?
ECN
We have our CEO Reiner Rahardja who was once an MSME player as well selling food in a small stall, we have our CTO, Welly Salim, who has experience working in technology industry since he was 19 years old building local Malaysian company and US companies.
As for advisors we have Mr Dahlan Iskan the ex-minister who in his time lead the Ministry of State Owned Companies who is still very active until today, also for technology and blockchain we have Richard Yoon from Metadium, Joseph Aditya the CEO or Ralali.com and Tiago Alves from Aptoide.
THE TOKOIN ECOSYSTEM
WC
For those that are unfamiliar with Tokoin can you please give us a rundown on Tokoin from inception to its current status?
ECN
The idea started back in April 2018 when we some of us the core team and our advisors got together and were looking at the fintech landscape and try to create something that brings value to the ecosystem, not just creating another fintech company that provides loan. We see the unserved market that needs to be addressed which is the 56 million MSME’s across Indonesia, therefore we started Tokoin in August 2018 and started fundraising in November 2019 then after we started onboarding our partners such as largest credit union in Indonesia who has many branches. We partner with the largest insurance marketplace in Indonesia.
In 2019 especially from March till July we work closely with Indonesia ministry of Industrial and also the Ministry of Trade. Plus at the end of July we signed an MOU with the Indonesia Chamber of Commerce and Industry to work together in solving the MSME problem and being the only blockchain project that will become a part of BCEE (Blockchain Center of Excellence Education). This center is a part of giving back to our country Indonesia.
We believe Indonesia is just the beginning, we will go to other countries in South East Asia such as Vietnam, Philippines and other MSME populated countries.
WC
What are MSME’s?
ECN
MSME stands for Micro Small and Medium enterprise. Every country has different criteria for MSME they use monthly income as the benchmark.
WC
What are the actual figures on the monthly income to be classified as a MSME?
ECN
They are looking at $100-$3000/month income.
WC
Before we dig into specifics, can you please breakdown current pain points for MSME’s and how Tokoin will look to alleviate these?
ECN
From our previous experience we dealt a lot with cash flow problem where MSME’s cannot take a larger scale of order because of cash shortage or even some of the larger company has to become the credit bearer by extending the period of payment to a couple months.
Tokoin is here to help MSM’s building their credibility and credit scoring so that financial institutions or even decentralized finance can use those credit score to disburse loan to these MSME’s.
WC
So in this sense, the main objective of Tokoin is micro lending?
ECN
You got it.
WC
You are currently focusing on emerging markets, which regions are you currently targeting and what is the reason for this?
ECN
We are from Indonesia, we already collecting data of MSME’s that will be our users once our apps is ready in the next couple months. Indonesia counted as 40% of total MSMEs in South East Asia region, Indonesia have 56 million MSMEs with 265 million population.
After Indonesia Tokoin will target other MSMEs populated countries such as Vietnam, The Philippines, Thailand, Malaysia and even the UAE.
WC
Can you explain why MSME’s are such an important demographic in a country like Indonesia?
ECN
Because 60% of Indonesian GDP is produced by MSME’s also our recently elected president with his government always focus on growing MSME’s because we believe that when MSME’s is prosper the country or the region will prosper.
WC
What is the current state of development of Tokoin?
ECN
Tokoin will launch our first module of our app in late September which is a Point of Sales as our IoT for the MSME’s to use in their daily activities to collect and record transaction data.
WC
How many modules will the app have?
Do you have a roadmap?
WS
Currently we are building a module by industry. The first one will be retails and food and beverage.
As an example, we will be giving module for F and B to have a system to support their daily operations such as Kitchen management system, order system,sales system and etc.
ECN
This is our current roadmap.
WC
What are the benefits for MSME’s to utilize Tokoin?
ECN
Opening more opportunities for MSMEs to grow through access to fund, financial services and even product sourcing.
WC
How are existing businesses onboarded to Tokoin?
ECN
They just need to register as users through our app.
WC
Is there a set fiat cost for companies to be on boarded onto the Tokoin platform?
ECN
No fee for now, we might charge onboarding fee later on.
WC
How exactly does the Tokoin data exchange function?
WS
Transaction data of MSME is being stored into our blockchain and when the users of data would like to use the data for any kind of purposes they need to use TOKO token to get the validation from the MSME’s who are the owner/providers of the data. The token then goes to the MSME’s.
Even,with the data we have, MSME’s will be happy. When did the last time small company able to access industrial data? With Tokoin they have that data.
For example a small factory can use our industry data to decide price point for new product developments, decide on new product development, decide on which next industry to be ventured on.
WC
Non financial data is mentioned can you give some examples of what these data sets would be?
ECN
The example of non-financial data is the behavior of MSME’s such as what type of products and services that MSME’s usually buy or use.
WC
How does Tokoin assist business with credit lines and fundraising?
ECN
They need to become our users and build reputation in our ecosystem because on the other side of our platform are financial institutions such as banks, other fintech and also DeFi.
WS
From the data, we will be able to build a credible credit scoring hence financial institution can use this score for credit assessment.
WC
The Tokoin platform has a reputation engine to assist MSME’s to establish a reputation profile that helps them build trust with banks, suppliers etc.
How does this reputation score actually work and what measures are in place to stop it from being gamed?
ECN
We record it end to end so that the customers of the MSME’s become the part that will validate the transactions.
WC
Can you explain Digital Identities on Tokoin and how they work?
WS
The TOKO token will be required to access the data or even report generation, imagine they use table to access data.
TOKEN UTILITY
WC
Why does Tokoin need a token?
ECN
Token represent the authority to access MSME data by other party.
WC
Are companies that are brought onto the network able to pay in fiat or all deals made are purely in TOKO tokens?
ECN
Indonesia only allow transaction in Indonesian Rupiah (IDR) so we will make adjustment for sure.
PARTNERSHIPS
WC
Does Tokoin have any partnerships with banks and alike that will actually accept the before mentioned Business profiles as verified data?
ECN
Yes, we have talked and signed partnership with banks, P2P lending, credit union and also DeFi.
WC
You recently signed a partnership with TOMO, what was the reason for this and how will you be working together?
ECN
We see TOMO have a very good technology that will be beneficial for our development in the near future also again like we mentioned before we would like to target Vietnam market and we also would like to become TOMO’s partner in Indonesia.
WC
You’ve also signed a partnership with Shuttle One, held meetings with MarkerDao and the Indonesian Ministry of Trade.
What’s the reasoning for these and how will you look to cooperate together?
ECN
Ministry of trade have their incubated MSME’s that they would like to help scaling, therefore we become the technology partner to do so.
Like previously explained, we are targeting some market that are not being served by the banks then ShuttleOne and MakerDao can fill the gap there.
WC
Are there any blockchain projects that you’d ideally like to work with in the future that could bring value to your platform?
ECN
For sure, any blockchain project that can bring value to Indonesia then we definitely would love to open our door for partnership.
EXCHANGES
WC
Are Tokoin in discussion with any other exchanges post Kucoin listing?
ECN
Yes we are.
WC
Kucoin has quite a negative reputation these days, are you worried about that and possible price performance and liquidity issues?
ECN
We are not worry at all, again you can’t make everyone happy right?
Only Ice Cream sellers can make everyone happy!
WC
Have funds been set aside for market maker’s?
ECN
We have engaged a strong MM, with funds set aside to ensure the operations and liquidity is good.
WC
Do you have any plans to be listed on the Binance DEX?
ECN
We are exploring this option.
IEO AND TOKEN SUPPLY
WC
Two initial questions, why an IEO and why KuCoin?
ECN
We believe we are a good and most prominent project from Indonesia therefore we choose to do the best we can.
We believe in value that KuCoin brings to Tokoin.
WC
What percentage are of tokens are being sold in the IEO?
ECN
This will be announced soon by KuCoin.
WC
What is the token price and hardcap for the IEO?
ECN
This will also be announced soon by KuCoin.
WC
How much money has Tokoin raised so far?
ECN
Close to $12m USD.
WC
Have any funds been raised via equity so far?
ECN
No equity funding has been raised.
WC
What was the price for TOKO tokens in the seed, private sale and any other rounds?
ECN
This cannot be disclosed right now.
WC
How long are seed and private tokens locked for?
ECN
12 months.
WC
What will be the circulating supply on day one?
ECN
1.69 % from the total supply.
WC
How long are team and advisor token locked?
ECN
24 months.
WC
40% of the overall supply are set aside for a “industry fund”.
What exactly is this?
ECN
This is a fund that is being used to help the ecosystem, incubating MSME’s and etc.
WC
Have you run any bounty or airdrop programs so far and if so how many tokens were allocated to this and how long are they locked for?
ECN
We have run a couple bounties in the past and also have two currently running total allocation is about 7 million tokens for all of the bounties.
CLOSING THOUGHTS
WC
Thanks to the Tokoin guys for being here today!
ECN
Thank you for giving us an opportunity to do AMA here!
Talk to you guys soon!
WS
Thanks guys, we will do our best for everyone here!
Tokoin Resources
Website: https://www.tokoin.io
Telegram: https://t.me/tokoinglobal
Medium: https://medium.com/@tokoin
Whitepaper: https://www.tokoin.io/whitepaper/Whitepaper.pdf?id=05f5c9d62d22ae24ea82
One Pager: https://docsend.com/view/g26ja62
Wolf Crypto Resources
Public Group: https://t.me/WolfCryptoPub
News Channel: https://t.me/WolfCryptoAnnounce
Twitter: https://twitter.com/WolfCryptoGroup
