TheRev, August 2017
Hello Tokes Enthusiasts!
We kicked this month off with one of our most promising developments to date – real world adoption – which is one of the biggest challenges projects in the blockchain space universally face. I’ll discuss this achievement in detail in the Pilot Program section below. While that is quite exciting, we have also continued to progress on other initiatives, including the branding campaign, marketing efforts, PR engagement, and the Merchant Gateway, and we’ll be reporting back on those items in the coming weeks as we approach their releases. But for now, let us start with Pisos!
Dispensary Pilot Program
One conclusion we quickly came to as we were compiling our go-to-market strategy was that this project would be less oriented towards technical development, and more focused on business development. Fortunately, this is one of the tools we possess in our skillset and have demonstrated in our recent dispensary placement at Pisos Las Vegas.
Partially leveraged through our new ownership position in Herbology Tours, we were introduced to one of the principles of Pisos to discuss the implementation of TOKES into their payment infrastructure. As expected, there was a necessity to explain and educate how the underlying blockchain technology could be applied to their business to accommodate an e-payment solution. Not surprising, considering mainstream digital currency adoption, even for Bitcoin, is in its infancy. What we didn’t expect, however, was how quick the dispensary owner was to acknowledge the benefits presented by our platform. With that initial conversation we effectively secured our first commitment for dispensary adoption.
In the following week, Gabe and I returned to the dispensary to install the payment software and train the budtenders on how to use it. For our pilot program we are simply running the WAVES mobile wallet to transact, and Lite Client for secure storage. Both implementations installed seamlessly and the budtenders picked up the transaction process instantly. If you have TOKES on the WAVES mobile wallet (along with WAVES for the tx fee), we encourage you stop by Pisos to make a transaction. Through local promotion and our informal announcement during the month, we’ve already seen approximately 10 transactions complete on-site. Not huge, but it’s a great start.
The next phase of the Pilot Program will target an additional 4-9 dispensaries for adoption, and completion of the Merchant Gateway. The Gateway will function similar to a traditional point-of-sale system, but dedicated to acceptance of digital currencies – namely TOKES. There are several other compelling features we are building into the Gateway which I will elaborate on in a subsequent post.
Professional Investment Funds and Private Investment
Over the course of the month we had several ‘funds’ and individuals reach out to discuss strategic integration and token acquisition. This is the first time we have had direct interest from more institutional players, and quite encouraging. We were able to privately raise an additional ~$50,000 in funding off-market, with long term strategic holders. One advantage to these types of partners is that we will be able to utilize their relationships and business acumen in the further development of our platform.
From a longer term perspective, increasing our exposure to a more diversified audience will ultimately benefit everyone with a vested interest in the project. We’re cognizant of concerns about excessive sells (which we don’t undertake – see transparency reports), but genuinely believe that a modest inflation rate is necessary to accommodate our continued growth, along with an organic increase in community size. The more people with a position in $TKS, the more chatter there is in the broader community, which plays to our marketing and promotional agenda. It’s good for everyone that wishes to see this project succeed for the long-term.
This capital is being immediately deployed to our MSB registration efforts across the US, legal team, PR engagements, rebranding efforts, and an updated website. We are committed to investing capital raised to all efforts that will improve our position in the competitive crypto-ecosystem.
With the Herbology Tours deal complete, we have been able to refocus our attention on some of the other partnerships in the works. One new development was a conversation with the operators of Shapeshift, and discussion about integration with their site. Shapeshift would not only enhance our exposure, but would also enable us to accomplish some of the technical developments we laid out in the whitepaper, i.e. Asset Pegging. Nothing inked yet, but a fruitful conversation nonetheless.
We have also had forward progress on our ERP solution, which includes the development of a full-featured backend solution for the cannabis industry as a whole. Expanding well beyond TOKES as a payment mechanism. I’ll stop there for now for discretion purposes, but we are very excited about building out this next phase of the project.
And finally, we have a new engagement with a startup out of California dedicated to cannabis delivery. Our work here will center on payment integration into a mobile app designed for legal home delivery of marijuana products, in states that allow it.
Much more to come in the following weeks! We will also be attending a few blockchain oriented conferences in the next two months – TES in Shanghai, and Money2020 in Las Vegas. Events like these will expand our professional networks and provide opportunities to discuss objectives of the platform. The community support is amazing, and we thank you all!
Here’s to something new. Here’s to the revolution.