Token network AMA west community.
Hello NULS Community! This is Berzeck, I am a Co-founder and Community Council Member of NULS and I am based in Chongqing China.
Tonight, I am very pleased to introduce Patrick Howard CEO and Co-Founder and Ashutosh Sharma, Co-Founder and CTO of Token Network. Let’s welcome Ashutosh and Patrick Howard and he will explain more about Token Network and Token Network Lite.
Questions and Answers
Hi Ashutosh, would you please give us a brief overview of the Token Network?
The token network is an open-source eCommerce built using the nuls chain factory.
Token network backed by The Web Company to jumpstart and start using this
blockchain with their existing clients. Token network is a proof of credit blockchain
with smart eCommerce contracts which allows eCommerce business to start using for there daily business transactions.
What is difference between Token Network Lite and token network?
Token network (TNX) is an erc20 coin that is being traded on exchanges we choose ERC 20 because it was easier for exchanges to adopt this and later in July we will be moving to our own blockchain using Nuls Chain Factory. Token Network Lite on the other side is earned through the SCO program. Token Network lite is no tradable coin however it is 1:1 with TNX and in our whitepaper, we have put an allocation for TNX which is 10 million via SCO program. So the price of 1 token network Lite = 1 Token Network (TNX). Also, you can see the wallet address allocated for TNXL which is 10 million TNX.
How can I swap Token Network lite to Token Network?
Ashutosh Sharma: .
Token network core team will start swapping process from march 31. Token network will exchange the Token Network lite tokens to Token Network (ERC20) token. So essentially holding 1 TNXL is same as holding 1 TNX. Once we receive the TNXL, it will be destroyed/burned and we will carry on this process until the 10 million is being burned and TNXL become non-existent thus only leaving users with TNX
How is token network team progressing in terms of development?
Token Network is working to release its test net around Mid of April and main net around July. We have already started establishing partnerships with business to use our chain and furthermore working with businesses to issues coins and fundraise in a way new and alternative way. We have been working to build more module for the eCommerce business and especially working with supply chain management as well.
What are the advantages does token network ?
Patrick Howard :
Token network has already market demand to plug our blockchain platform into small to medium ecommerce business via our partners The Web Company and Token trolley. This gives us head start into the adoption of the network and plus token network business modules as discussed into our whitepaper allows business smoothly integrate into there business without changing much of there business infrastructure.
How do we obtain TNXL and TNX?
TNXL is only earned through the SCO program and token network (TNX) can be purchased through the exchanges we are listed already.
What are the marketing plan for token network during this crypto winter?
Patrick Howard :
Token network is well-positioned for the crypto winter as this give us the time development and builds more features to the blockchain network in the meantime which will give us a lead way when the crypto market starts to climb again. Also during this time of crypto winter, we are working with close partners to help them launch into the market as well and establish ground.
Also to note that presently around the globe there is has been lockdown due to the current outbreak of CO-VID19 (Coronavirus), this has given has more opportunity to prepare ourselves from a technology development point of view and launch into market with tech and partners ready in place.
Can we Participate into the SCO now?
Yes you can participate into the SCO now and start earning TNXL right away. You can participate through NULS POCM platform and start earning TNXL right away.
Questions from Whitepaper
1. Will token network implement STO (Security Token Offering) module on its blockchain?
2. When did Token network being or started from the initial idea?
3. What is the name stable coin that will be implemented into the marketplace?
Answer: Bpay Coin
4. Upon the completion of the proposed Token Network token contribution (“Token Contribution”) how many TNX will be in total circulation
Answer: 100 million