We are excited to share some of the interesting developments that have occurred in the past week and month of January
Team and Community
The Token Network saw amazing growth and success in its Telegram and WeChat community, building up to list on the exchange on the 7th of February. Our community has shown interest in what we are building for the eCommerce and retail industry. We had a successful bounty campaign for Telegram as well for our WeChat community
Token Network Lite
This month we are releasing Token Network Lite, an NRC 20 token that will be used for the SCO program, which was introduced by Nuls. SCO is a new method of fundraising where users are able to Stake Nuls to get rewarded in Token Network Lite.
Token Network Lite (TNXL) is 1:1 with Token Network (TNX). However Token Network Token is ERC20 based and 10% of the total supply is allocated towards the SCO which equates to 10 million TNXL. With our current structure, only 8 million TNXL will be going into the SCO program and 2 million will be kept aside for bounty and OTC (over the counter) sale of the tokens.
The reason the core team decided to create a separate token for SCO is that we want to keep the migration from Token Network (Erc20) to our native token as smooth as possible for the users. Users/participants who are taking part in SCO when they earn TNXL can exchange for tradeable TNX tokens. Token Network Lite is a non-tradeable token that is only earned through SCO and will be swapped only by the Token Network team for a tradeable TNX token.
Exchange Listing (Swft + Token network)
On the 7th of February token network was listed on SWFT blockchain exchange platform. Token Network was welcomed by the team of SWFT. With SWFT, it allows users and token holders to have more than just an exchange feature. SWFT allows users and our token holders to swap TNX across 200 cryptocurrencies, allowing users to send TNX as a red pocket that can be used as payment method to other people.
Token network Team
We are excited to share that we have got two more team members joining our core team to develop the next stages of blockchain network.
Rex Xu is our front-end developer and works mainly on user experience and interface of the blockchain.
Ashit Rathore is our full-stack java developer that will be working on token network chain using chain factory, together with Nuls community council members.
Nate George is our in-house trader and also advisor of the token network project since the starting of this project.
Token network will be making its SCO program live on the 25th February. More details about our SCO will be released later in the week.
The core team has been working on developing additional modules for the network and these include an automatic escrow system, developing a token standard for security tokens and adding cross-jurisdiction features for on-ramp and off-ramp of TNX.
Here is a sneak peek of some of the front development of the network