TheRev, June 2017
Hello Tokes Platform Enthusiasts!
We have continued forging forward behind the scenes, working harder than ever to help empower the cannabis industry with a much needed electronic payment network. This month’s focus was largely on business development, but we are also pursuing our marketing, PR, and product development initiatives as well. Let’s recap some of the monthly progress.
Tokes Ambassador Program
First and foremost, I want to recognize Mottsthoughts and Coinking from our very own community for the development and deployment of our latest bounty program. This is leaps and bounds ahead of the standard posts/signatures/likes/retweets campaigns that projects have historically run. We are targeting a distinct group of influential members in the crypto community to assist with building brand exposure. This is coupled with our broader marketing efforts and a desire to increase exposure and awareness to the project. We have received numerous applications for the positions available within days of our initial posting, and will continue accepting applications over the coming weeks.
Business Development and Marketing
Succinctly summarizing the numerous initiatives we either continued or undertook this month will be a challenge, but I will attempt to keep this high-level. From that perspective, these initiatives can broadly be categorized as ‘Retail Adoption,’ ‘Payment Processing,’ and ‘Strategic Partnerships.’
On the retail side of things we continued our pursuit of integration with Herbology Tours. The underlying structure of this relationship includes a method to obtain immediate adoption with several local dispensaries, in that TOKES sales are incorporated directly into the purchase price of a tour ticket. Every ticket will be accompanied by a fixed value in TOKES, preliminarily proposed to equal $20 USD, which are redeemable with our dispensary partners. However, a prerequisite – and means of driving consumer adoption – is that the customer will be required to download the WAVES mobile app on either iOS or Android devices to receive their TOKES. The dispensaries can then accept these as partial payment for orders exceeding a predetermined dollar amount at onsite POS terminals. The whole system will accomplish the goal of familiarizing these dispensaries with blockchain technology and POS systems, demonstrating payment processing functionality for digital currencies, and engaging with customers to begin utilizing TOKES for cannabis purchases. An added benefit is that we ultimately have zero cost basis on these units as they will be a promotional component offered by the dispensaries to encourage larger purchases. This system will initially be executed on a side chain created by the Tokes Platform (TokesBeta) to ensure we control distribution and redemption, but will ultimately transition into real TOKES units being distributed. One major goal will be the enabling of direct access to markets like Bittrex for customer purchases inside the mobile app.
The ‘payment processing’ initiative refers to conventional methods of transacting. We have been receiving increased interest from conventional processors to educate and assist with the integration of blockchain technology, particularly for the cannabis industry. As a result, we are serving in a consulting capacity with those firms, and seeking methods to integrate TOKES directly into their payment methodologies. These will be long-term objectives, as the amount of bureaucracy surrounding decision making in large firms like this lead to long lag times. The added complexity of new technology, such as blockchain, makes that process even longer. Nevertheless, the interest they’ve demonstrated is quite promising, and something we’re very much looking forward to succeeding on. Fortunately, through this process we did also identify a ‘high-risk’ payment processor who will satisfy our needs for online credit card processing on CBD-based product lines. So, in addition to various digital currencies that we intend to accept, we will also have traditional credit card processing capabilities for the Sport Canna line – a big win.
And finally, the strategic partnerships we’re targeting are largely within the crypto ecosystem. As I mentioned previously, we have conversations open with several of the new ‘digital currency card’ platforms that are coming out (e.g., Tenx, Tokencard, and Monaco), with some progress on that front. These will ease the transition into digital currencies for our cannabis industry customers more familiar with conventional payment methods. We also engaged with Bancor in the past days to discuss the mechanics of their system, and to determine ways to improve market liquidity through utilizing their technology. More to come on that. However, perhaps the most exciting relationship we’re cultivating is a partnership with TheraCann USA to develop a full turnkey solution for the entire cannabis industry. The service offering encompassed in this deal would be expansive. There’s little we can openly discuss beyond that at the moment, but I’d encourage everyone to take a look at their site for an introduction to their company: http://theracanncorp.com.
Mobile App, Rebranding, and More
In light of the successful launches of WAVES’ iOS and Android wallet apps, we’ve temporarily postponed the further development of our app to focus efforts on industry adoption. With the current wallet in hand as a tool, we can largely accomplish everything necessary to begin merchant acceptance of TOKES and placement of POS terminals. The Tokes App is something we will target at a later date as we are able to allocate more resources to building it.
Those of you interested in the inner mechanics of our reserve accounts will want to keep an eye out in the news section for an upcoming post with an initial version of our Transparency Report. The purpose of the report is to add transparency to our current reserves, any limit orders we have in the market, as well as any trades that were executed during the month to increase funding. Generally, it will outline any changes to current circulating supply – if any.
Lastly, in the coming weeks we will be releasing a refreshed design on our logo and brand guide through a professional creative unit. This again accompanies our broader initiatives of enhanced marketing and brand awareness within both the crypto community, as well as the broader financial and cannabis communities.
We want to thank our entire – rapidly growing – community for your continued support! Until next time…
Here’s to something new. Here’s to the revolution.