we hosted an amazing AMA with TokoCrypto on the 8th September
And here we will put some of the best questions
Q1. Can you introduce yourself to our community?
Hi everyone. My name is Chung Ying and I am the CSO for Tokocrypto.
In terms of the blockchain ecosystem, I am the chairman of a few leading events in the industry namely the INBLOCKS Conference, the Indonesia Blockchain Week (IBW) and the Indonesia Blockchain Week (IBW) Binance Smart Chain Summit.
Im also currently handling the NFT arm of Tokocrypto in boosting realworld usage of NFT =)
Q2. Can you briefly tell us what is Tokocrypto ?
Tokocrypto is the top cryptocurrency exchange in Indonesia.
Established in October 2018 with the aim of becoming Southeast Asia’s leading exchange for digital assets by providing customers with an easy, simple, instant, and secure platform to transact with confidence, Tokocrypto is now well on its way towards achieving its objective.
In the span of 3 years since it came into operations, Tokocrypto has established itself as the top cryptocurrency exchange in Indonesia with 30,000+ weekly active traders, USD59,650,000+ daily trading volume, and 1 million (1,156,000+) downloads of our mobile application since its launch in October 2020.
Q3. Let’s now talk about the milestones you have achieved so far and about your upcoming plans?
wow if i have say it, i think there are countless milestones that we have achieved =p
let me pick a few best ones to share haha
Since Tokocrypto’s milestones have been discussed in the previous question, we’ll talk about TKO instead. TKO’s first major milestone was achieved on the very day it was launched on the Binance Launchpad i.e.
on 7 April 2021 which resulted in a record-breaking 50,000% over subscription from 201,406 individuals, with a total of 10,502,201 Binance Coin (BNB) (approximately USD4 billion in value based on the price of BNB on 7 April 2021) subscribed for the launch.
Besides that, we have also successfully hosted the IBW <> BSC Summit 2021 in March and more recently the T.K.O Summit 2021 in July 2021.
we also have launched our NFT Marketplace on Aug 2021! There are many exclusive NFT which we have launched together with famous indonesia brands =)
in term of upcoming roadmaps, as for what’s in the pipeline, you should watch out for upcoming Toko Launchpad which is comprised of 3 key components namely Toko Swap, Toko Incubator and Tokocrypto Sembrani Blockchain Accelerator (TSBA) and through which Tokocrypto will be furthering its evolutionary agenda for Indonesia’s blockchain ecosystem.
this is a big initiatives by tokocrypto to grow the blockchain ecosystem of indonesia, we will incubate and accelerate the growth of high protential projects in indonesia
By the end of 2022, TKO is set to be integrated with an umbrella of CeFi and DeFi products, backed by Tokocrypto’s mobile app and ecosystem.
Long story short, there are certainly a lot of things in the pipeline which TKO users can look forward to in time to come.
By the end of 2022, TKO is set to be integrated with an umbrella of CeFi and DeFi products, backed by Tokocrypto’s mobile app and ecosystem. Long story short, there are certainly a lot of things in the pipeline which TKO users can look forward to in time to come.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
Tokocrypto was officially launched in September 2018 with the vision of helping Indonesians gain a broader knowledge of the industry and to integrate the technology into the society and subsequently, the global economy. Tokocrypto literally means crypto shop because we want to give all Indonesian a place where they can trade cryptocurrencies in a safe and affordable manner as the first step towards blockchain adoption.
The key members of our team behind the Tokocrypto project and their background are as follows:
As mentioned during the introduction, I’m the CSO of Tokocrypto.
In addition, I’m the Chairman of the INBLOCKS Conference and the Indonesia Blockchain Week (IBW) and Indonesia Blockchain Week (IBW) Binance Smart Chain Summit.
Pang Xue Kai who is our co-founder and CEO has since 2016 been a vocal crypto advocate across Indonesia, and he is a governing council member in the Singapore Chamber of Commerce Indonesia.
Teguh Kurniawan Harmanda who is our COO is a key figure behind Indonesia’s crypto asset trading regulations in his capacity as the Chairman of the Indonesian Crypto Asset Traders Association (Aspakrindo).
Nanda Ivens who earned a double major in Political Science and History from Boston University in 1997, has over 25 years of marketing, communication, and advertising experience, as well as 13 years of experience investing and building startups.
Together the 4 of us, we called ourselves as the C4 of Tokocrypto haha
Fair to say, the team behind the Tokocrypto project is one of the best, if not the best, in the crypto town and our simple and intuitive name definitely allow people to remember us easily
And here we will put best questions from our members and TokoCrypto fans:
Q1) Regarding government regulations that apply to Indonesia, has TokoCrypto had any problems so far with these government regulations or what strategies have you been implementing to maintain a healthy working relationship with these government regulations?
for tokocrypto side, we have actaully been very collaborative with the regulators, we actually are the one who actively talk to regulators to improve crypto regulation of crypto in indonesia
Due to the trust and confidence we have build with the regulators, in November 2019, Tokocrypto broke new ground in Indonesia’s crypto domain when it became the first entity in the country to be registered under the Commodity Futures Trading Regulatory Agency Indonesia (BAPPEBTI) in November 2019.
In addition to maintaining a close working relationship with regulators, we have put in place a regulatory compliance manual whereby we constantly make sure that we tick all the checklist boxes therein to warrant that we unfailingly comply with each and every government regulation that is applicable to our operation.
This has enabled us to have a relatively smooth ride with government regulations thus far and we will do our utmost to keep it that way to continue earning the trust of not only the regulators but also the crypto community as well.
furthermore, we have always been very active in updating and communicating frequently with PPATK (Financial Transaction Reports and Analysis Centre of Indonesia) in compliance requirement and FATF compliance standard
Q2) Do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Certainly, we at Tokocrypto strive to do anything and everything we can to maximize the value of TKO for the benefit of its holders by lowering the inflation rates of the token to the lowest possible levels.
As part of our tokenomics arrangement for TKO, every quarter we will utilize a portion of trading volume generated on Tokocrypto’s crypto-to-crypto platform to burn TKOs whereby the amount of TKOs burned may go up to 10% of total TKO token supply. TKO’s first and latest quarterly burn was carried out from 26-30 July 2021.
Do stay tuned for our next quarterly burn.
Q3) I understand that Toko Token is the first local Indonesian cryptoasset project that offers a unique hybrid token model, but I would like to know if this project focuses only on Asian users or seeks to be a global project?
For Toko Token (TKO), despite having a stronger indonesia & asia presence, we are actually a global token. TKO is already listed on several global exchanges such as Binance, Pancakeswap, Gate.io etc
Furthermore, our Tokomall are also opened to world wide users who are interested in collecting Indonesia Digital NFTs too! For now most of Tokomall creators are Indonesia brands, but in near future, we have plans to expand our creators pool to the global space too
Q4) SECURITY is so important with every project and platform. How does #tkobytokocryto keep users’ assets and personal data safe from hackers? How does you manage if there is an attack to your platform?
As part of our continuous efforts to ensure Tokocrypto is safe for our users, we have developed our data information management and cloud computing systems to such an extent that they have been certified with ISO 27001 and ISO 27017 respectively.
This effectively renders Tokocrypto’s systemic integrity to be practically infallible in terms of security protection from hackers. Nonetheless, as there is always going to be an unknown factor in the equation, we should never say never and that is why we have put in place a business continuity plan (BCP) which would safeguard not only the personal data of Tokocrypto’s users but also their crypto assets in the unfortunate albeit unlikely event our operations are disrupted by any cyber security incident.
Furthermore, our other platforms such as Tokomall have also been audited by Certik which is one of the best Blockchain Smartcontract Auditor in the world, allowing our security to be of world class standard
Q5) TKO is launched in BSC platform , which offers many advantages but do you plan to launch in other platforms as well? How effective is TKO regarding interoperability between blockchain?
BSC was chosen as the platform for TKO on the basis that BSC is a state-of-the-art blockchain network which offers utmost security and unparalleled flexibility. Precisely because the BSC platform boasts smart contract functionality and operational compatibility with the Ethereum Virtual Machine (EVM), tokens such as TKO which are launched on the BSC platform can be integrated with the rich universe of Ethereum tools and DApps. This has allowed Binance to launch its Bridge Project which has increased interoperability between different blockchains of BSC-based tokens such as TKO.
In essence, the Binance Bridge Project lets anyone convert selected coins into wrapped tokens (or “pegged tokens”) to be used on Binance Chain and Binance Smart Chain.
This brings digital assets such as BTC, ETH, USDT, LTC, XRP, LINK, ATOM, DOT, XTZ, ONT, and more to the Binance Chain ecosystem.
Thanks to the Binance Bridge Project BSC-based tokens such as TKO can have fluid interactions with tokens from other blockchains thereby enabling TKO to effectively have a high degree of interoperability between blockchains.
Q6) Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
ah actually u can look at our whitepaper at our tokoscape.com
so total minted will be 500million tokens
and for team token wise will be 15% vested across 5 years =)
the team have long commitment and confidence towards the project =)
Q7) I want to support your project. Tell us more about the Ambassador Program and in what ways can we participate??I want to support your project. Tell us more about the Ambassador Program and in what ways can we participate??
we actually have our TKO Angel program running for both indonesia and global hodlers of TKO!
this you can reach out to our Community Manager in our TKO Token Telegram and they will be able to assist you on how to be onto the program
Q8) $TKO is Indonesia’s fastest growing digital asset exchange.What makes it fastest growing asset exchange? Is it marketing of $TKO or its other advantages over other exchange? If other advantages, then, what are they?
for this i would split it into 2 different advantages , our marketing and technology
for marketing wise, we have been very community focus, we held many big community events and have always listen to our communities on what they want from Tokocrypto, this really build alot of trust between Tokocrypto and our community
in term of technology wise, we have the technology support from Binance, the world largest exchange. Their world class technology has been adopted by tokocrypto through Binance cloud
Q9) Will your project supports any yield staking and farming in the near future?
yes, many platforms actually already have staking and farming support for TKO
for global platforms, we have Binance Earn, Pancakeswap, Bakerswap, Fortube
and in indonesia wise, Tokocrypto already has a feature known as TKO Lock which allow users to lock their TKO and unlock rewards
Q10) What is the most ambitious goal of your project? What is the ultimate vision that your project is trying to achieve in the cryptocurrency market? I would appreciate it if you could share with us any upcoming updates?
Our ambition is actually to be the leader to grow the indonesia and asia blockchain ecosystem
we believe that exchange is a good starting point for the general commuinity to onboard to crypto and blockchain, from there they can then get exposure to many blockchain and crypto utilities (DeFi, NFT etc)
after being the number excahnge of Indoensia, we believe that its time for us to further build our blockchain ecosystem and also help other up and coming projects to launch their projects
And this was the end of our AMA with TokoCrypto.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://tokoscape.com/
Instagram :- https://www.instagram.com/tkotoken/
Twitter :- https://twitter.com/tkobytokocrypto
Telegram official community :- https://t.me/tkogroupOFFICIAL