TheRev, March 2017
It has been another month of exciting development behind the scenes at the Tokes Platform. With a wealth of content to release to you, let’s jump right in…
The burning question on many of your minds is which exchange we’ll be listed with, and when. While we have always stated that this is a secondary priority to us (behind development of our revenue generating business segments), we appreciate that it does lend an air of legitimacy to the project, and will provide additional exposure and increased interest in the platform.
For these reasons, we have dedicated time and resources this month to engaging with exchanges. We have reached out to several exchanges, including: Poloniex, Tidex, Liqui, NovaExchange, CoinQX, and Bittrex. Of these conversations, the most fruitful were with the owners of Bittrex and CoinQX. While this is not an official announcement, we are confident about obtaining a listing at both sites. However, given the current infancy of WAVES’ codebase, the implementation of listing WAVES assets (like TOKES) will take some time. We have a member of our development team working closely with members of both exchanges, actively implementing the adoption of WAVES assets. It is likely that we will make an official announcement about a Bittrex listing within the week.
Your efforts as a community go far in getting TOKES listed. Many exchanges have responded by instructing us to push our community to make requests for a listing at their exchanges. Emails, Tweets, and Facebook posts all will assist in getting more listings sooner.
As one of our core initiatives, we see our cash-onramping services as having the highest prospect to generate immediate revenue for the platform. This business model enables to us take fiat cash from dispensaries and move it through the financial system, ultimately creating an electronically stored asset for them. Our fees for this service are as high as 4.5% per transaction, but can be reduced by contracting with us to accept TOKES for retail purchases, and/or carrying our tangible product lines. We are pleased to announce that we have completed money services business (MSB) registration at the federal level, and are pursuing our licensing for the state of Nevada. This will enable us to satisfy KYC/AML requirements, and legally serve as money transmitters.
We have two big developments in the tangible products category. First, we have partnered with an innovative entrepreneur here in Vegas, Jonah Vongdala, who has created several cannabis-extracted salves and lotions. We’ll be assisting with brand development and marketing, and in turn receiving a share of the profits generated from his sales. We’re quite excited to have him operating under the Tokes Platform umbrella.
Second, we have started brand development on our own CBD-based product, which is a form of nutrition bar targeting a specific and previously untapped consumer demographic. Initial efforts have gone into package and logo design, as well as ingredient sourcing and recipe formulation. In the coming months we will announce our virtual real-estate of the brand and begin online sales.
In perhaps the largest development update to date, we are very proud to announce that we have negotiated a contract with a Nevada cannabis operation for a 5% stake in their entity. This arrangement provides us access to recreational licenses in the state, with potential for expansion into California, Oregon, and Washington, where they already have operations. A key caveat is that we are responsible for raising the capital necessary to build out a facility here. We’ll be targeting a $2.5MM raise from a strategic industry partner. We have several potential prospects to vet for this opportunity, but are still open to suitors. If you, or someone you know, would like to get more information on this investment opportunity, please reach out to Michael@tokesplatform.org. Minimum investment would be $500,000.
Defined Revenue Model
With all of this discussion on our revenue generating entities, you might be wondering how it all benefits you, as a TOKES holder. As we defined in our whitepaper, and have loosely explained during the ICO, our primary objective will always be a return of value for investors in this project. We have slightly modified the original ‘Tokes Repurchase Program’ in an effort to encourage TOKES investors to be long-term token holders. Our new economic model is outlined below, but the essence is that profits from our revenue generating arms will flow into a Bitcoin Reserve. We will subsequently take a snapshot of the WAVES blockchain quarterly, and distribute a proportional amount of tokesBTC (which will also be a waves sub-asset) based on your holdings in tokes. Your tokesBTC rewards will always be fully backed and exchangeable with BTC at any time. The below infographic explains the model, but feel free to jump in our Slack to discuss if you have any additional questions.
Minh Tran, our lead developer, has been quite busy coordinating with the WAVES team on the development of our mobile application. His recent accomplishments include:
• Successful setup of a full node for waves on local computer to allow handling of REST API calls
• Successful development of a prototype to demonstrate transfer of Tokes from one address to another address on Waves mainnet using Tokes as fee.
• Developed a prototype for QR code scanner on iOS
• Developed a prototype for QR code generator on iOS
• Developed a prototype for store locator.
We will have much more to report on in the coming months, but we’re very pleased with the rapid progress we’ve made in the space. Please join us in Slack for daily discussion!
Here’s to something new. Here’s to the revolution.