Tozex: Creating a Token-based Economy
After the introduction of bitcoin, the world has seen the introduction of different types of cryptoassests or cryptocurrency. This has led to the creation of a whole new industry that hopes to revolutionize how we store and send value. The world of cryptocurrency took the world by storm when Bitcoin hit its peak price in late 2017 but in spite of the milestones achieved in the industry as a result of the success of bitcoin and other popular cryptocurrency, cryptocurrency still has a long way to go in order to achieve its full potential. As earlier mentioned , the end of 2017 saw a tremendous breakthrough in the cryptocurrency sector as the industry breaks a $500bn market cap. Simulteanoulsy, as the industry grows and more cryptoassets come into limelight the need to exchange different tokens from one to another increased. The industry has it shortcoimings that still holds it from realising its full potential and one of the them is the tedious and expensive methods employed in developing a token. These processes ranges from the shortage in the number of smart contracts developers and the ones that are available are very expensive to trying to the problems of trying to list and trade these tokens. Also the possibility of losing assets when an exchange is hacked are some of the shortcomings facing this industry that is described as the as one of the biggest discovery of mankind after the discovery of the internet.
WHAT IS TOZEX
Tozex is an ecosystem that will bring a reliable, transparent and user-friendly platform design to provide a unique gateway for token issuance, financing and trading. In other words, Tozex will be creating a platform where it can help a developer manage the lifecycle of a token. The lifecycle involves issuing of token, listing the token and finally trading of tokens. Tozex aims to develop a token based economy that will simplify the issuance of a token using a decentralized issuance module called the ‘Tokenpad’.
The ‘tokenpad’ is an open source standard smart contract that will help generate tokens that are in compliance with present and future blockchain protocols. Using Tokenpad, creating a token is as easy as filling a form as no special knowledge of programming is required and also users also enjoy the liberty of choosing their preferred blockchain be it Ethereum, credits or others.
The process of listing a token is another problem that Tozex will be solving when token issuers join its ecosystem. Traditionally, listing a token for investors, traders to buy is quite expensive and time consuming as the listing fee charged by crypto exchange is always on the high. With Tozex, listing is a token comes easier as long as the token satisfies the following criteria;
Regulatory compliance and legal
Token design and qualification (utility, payment or security)
Corporation & Team analysis
Operations & technology
High volatility of cryptoassets has been a major factor why the world is yet to fully adopt cryptocurrency and Tozex will solve this problem of high volatility by designing a liquidity mechanism where token issuers create a reserve of its tokens to help the market beco more liquid.
Tozex has its own native token known as ‘TOZ’ and is issued on ERC-20 token standard. Toz token will also be used to reward BRO participants.
TOZEX VISION
Imagine a situation where a commodity like 5-bedrrom is been ‘tokenized’. Tokenization can be defined as the process of representing an asset be it tangible or intangible as a digital token. Using the above analogy of a 5-bedroom apartment, each bedroom can be tokenized and that means different people can buy into that apartment rather than one person owning the entire entity. The visions of Tozex ecosystem is generally to beginning an era of a token-based economy where tokens become a powerful tool. The visons of Tozex are highlighted in three (3) ways;
· To ensure tokens are used as powerful crowdfunding tool using the newly developed tool known as ITO (initial Token Offering).
· Tokenization of assets (commodities and securities)
· To create a decentralized business model that makes token easier to buy and store.
Believers Reward Offering (BRO)
Believers Reward Offering (BRO)is a new type of crowdfunding facility developed by Tozex that allows an organisation to finance its development by borrowing cryptocurrency (usually stablecoins) from contributors around the world. The edge of BRO over popular crowdfunding facilities like ICO and STO is that participants of BRO are rewarded with TOZ tokens as additionally incentives for believing in the project. BRO runs on smart contract that will rewards ‘Believers’ at the precalculated due date. The process is very definitive and easy to comprehend.
Conclusion
The success of many projects depends how it is financed. Using blockchain technology and starting with the growing number of cryptocurrency projects, Tozex will revolutionize financing by using tokens as a powerful tool.
