Tokoin A blockchain-based cryptocurrency platform that establishes identity and reputation for MSMEs to access business solutions

in #bitcoin • 5 years ago

The goal of the Tokoin project and its creators is to implement a platform that would help entrepreneurs from the MSME sector (the smallest, small and medium-sized businesses) to boldly open their projects, scale them up and achieve higher successes in their business. And this will be done with the help of a digital identity system.

But first, let's look at what kind of problems exist in the modern world, at least within the Indonesian retail market, which the creators of the Tokoin platform are going to solve.

What Tokoin creators are trying to change

In many countries, including Indonesia, the situation with small and medium-sized enterprises - MSME - is rather deplorable, especially in the areas of retail (from the English retail - “retail”) and e-commerce. Large corporations, which do not allow smaller competitors operating in the MSME sector, crushed a large market share for themselves.

Such entrepreneurs also have problems with banks. The fact is that often banks do not want to give loans and loans to small and medium-sized businesses, because they are afraid of their turnover and, as a result, of the inability to return their money.

Customers also rarely use retail from MSME, because they simply do not know about many companies and firms, due to their low publicity. It is this list of problems that the creators of Tokoin hope to solve using their blockchain platform.

Problems of development of small and medium enterprises

Increasingly, small and medium-sized enterprises are faced with the problem of finding additional financing and lending.

Banks and credit organizations do not trust such organizations, since they do not yet have the proper legal documents, as well as a long-term lending history. Without an additional source of finance, enterprises are not able to produce a sufficient amount of products or services, which results in low volumes of supplies, which is why they cannot receive wholesale discounts.

Also, entrepreneurs have much less resources than corporations to find the best suppliers with favorable conditions for them. All this is the cause of high production costs, in contrast to large developed enterprises that have already established themselves on the world market.

Thus, the main problems in the development of small and medium-sized businesses are:

  • High production costs;
  • Minimum financial support;
  • Strong competition in the market;

Due to distrust of banking institutions, credit organizations, suppliers, customers do not trust small and medium-sized businesses.

About Tokoin Platform

The Tokoin Project is a platform that establishes Digital Business Identity and MSME's reputation . The aim of the project is to create valuable partnerships based on the trust rating of enterprises and organizations of small and medium-sized businesses.

The platform will be based on the principle of an identical Digital business, i.e. any transaction is stored in a “trust record”, later used as a mortgage.

The activity of buyers of goods and consumers of services will also be constantly recorded and a reputation will be gained. As a reward, the creators of the Tokoin platform offer a discount on any transactions, as well as a discount on the purchase of certain goods. All this minimizes the risks of fraud and unknown intermediaries, which will avoid damage from transactions.

Using the Blockchain technology, you can check all the information about previously conducted business transactions, since all data is recorded in the Blockchain network.

In other words, the reputation will directly depend on the purchasing behavior of consumers, which is one of the important parts of the profile. The Tokoin platform converts data into valuable assets that can be used as the main lever to compensate for the missing business lending requirements. One of these levers is to assess the reliability of the enterprise.

In addition, the Tokoin platform has external support in the form of partners that provide additional financing, insurance, loans, logistics, delivery of goods and services, as well as their storage. Using Tokoin, MSME can choose, based on its desires and preferences, business services and a development plan.

Interaction with MSME allows providers to access data and a complete overview of consumers.

Tokoin MSME Solution

As I said at the beginning, the creators of Tokoin, unlike many other crypto startups with similar intentions, decided to use the digital identity path as a possible solution to the problem.

Digital identity involves the use of blockchain to create a single database of all entrepreneurs working in the MSME sector. This database will record their information KYC and AML, a description of their activities, as well as data on cash and turnover. At the same time, thanks to the blockchain, all this data will be reliably protected from hacking and theft.

Tokoin Platform Features

The creators of the platform offer huge development opportunities for small and medium-sized enterprises. In the ecosystem, they will be able to:

  • create a professional profile for doing business;
  • perform certain operations daily, which will be converted into digital data;
  • show yourself in the current market and increase your reputation;
  • increase confidence on the part of banking institutions, credit organizations, suppliers and large corporations for further cooperation;
  • Get open access to those services that enterprises could not previously afford;

The technical side of Tokoin

As I said earlier, the Tokoin platform works on blockchain technology, which implies the creation of a reliable, secure and immutable database. Also, the Tokoin platform will have its own token, which will be used for internal settlements within the application between various businesses, banks and partners.

Initially, to simplify the process of developing and launching the project, the TOKO token was struck on the Ethereum blockchain using the popular ERC 20 standard. Also, the creators were released the official app (App). However, the creators of Tokoin are now developing their own blockchain, to which the TOKO token will then be transferred, and Tokoin dApp will also be released. I won’t go into technical jungle, but I’ll just say that the Tokoin blockchain will work on the Proof of Stake consensus, which will help ensure its high scalability and transaction speed.

Token Tokoin

TOKO is Tokoin's own token, whose country of origin is Indonesia. Softcap plans to raise $ 8,000,000, hardcup - $ 25,000,000. The number of tokens is 700,000,000.

More information on the project TOKOIN please visit their website listed below

Author

• Bitcointalk username: sachindu amarakoon
• Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2053287
• Telegram username: @sachindu15
• Myetherwallet: 0x77BF6EB201EE97DdD62Fa5d3c9484a2C5BF6F4D0

#cryptocurrency #news #blockchain #tokoin
5 years ago in #bitcoin by
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