Tokoin AMA Recap

Tokoin AMA Recap

CryptoDiffer team

Hello everyone!

We are glad to meet here Welly Salim, CTO of Tokoin (@juspokat) and Eddy Christian NG (@ecn123) , Eddy will join us later

Can you introduce yourself to the community? What is your background and how did you come to the idea to create your project?

Welly Salim
CTO

I have been in tech since Y2K time. My first venture is social networking site (friendster/myspace time). Then into auto stock trading program. I came into idea of tokoin because I cant really find interesting idea on how to use blockchain until recently, how do we make use decentralized nature of storage outside of just crypto currency? and having brain stormed with co-founders. And decided we can use the blockchain to help MSME in Indonesia. It is a unheard combination – MSME in Indonesia to use tech, especially blockchain. Blockchain is just one of the tech we think can be used to help grow MSME in Indonesia, we met investors and they were excited. So we were kinda relieved that our idea might have some chance to be succesful – Thats how we begin tokoin

CryptoDiffer team

Can you briefly describe what is Tokoin in 3-5 sentences?

 

Welly Salim
CTO

Tokoin has a purpose to help MSME to be able to compete globally with the use of technology. It will be so simple until the MSME dont even know they use tech. Just like everyone is able to fly now.

We wanna make technology simple for MSME

 

CryptoDiffer team

What are the major milestones you have achieved so far?

Welly Salim
CTO

Partnership with 2 ministries: industrial ministry and trade ministry of indonesia. And we also in the middle of finishing our first app to help MSME. We also the only one that signed MOU with Indonesia Chamber of commerce to help build blockchain center of excellence education and we have engineering center set up in across countries now.

So we really start as global mindset – we go from global to local, we are also lucky to be partner by a good Indonesia company ralali.com, they are the largest B2B marketplace in Indonesia.

 

CryptoDiffer team

Can you name your competitors? What are the main competitive advantages of Tokoin?

Welly Salim
CTO

We think we are one of the earliest in this market in Indonesia, I know there are many credit scoring company in Indonesia or Asia such as Experian. However they are not into MSME, and Indonesia’s economy is make up by MSME, we think we will do better than some of the credit scoring company by our offering instead of giving/labeling certain MSME with score of “X”. we will make them adopt technology to help the business, they can see how each move/investment they make hep their score (not limited to be use by creditor). The score can be used not limited to:

– Find suppliers.

– Being employer of choice.

We might also be indirect competitior with some data analytic company such as AC NIELSEN. AC NIELSEN get data from major company and we will get our data for MSME and the MSME can use the data as well unlike AC NIELSEN.

 

CryptoDiffer team

What is the utility of the Tokoin token? How can it be used in your future products?

Welly Salim
CTO

Obviously they will be used in our ecosystem for EGG a company would like to do a new product development. They are thinking what to develop, where to market, what the sweet pricing point, they can pay us in token to get access to some industrial data to help them in making those decisions above, thats one of the way the token utilization It will be cool too. If we can have out token being used as a currency to purchase goods between company in the future.

 

Cryptodiffer Community

Before we dig into specifics, can you please breakdown current pain points for MSME’s and how Tokoin will look to alleviate these ?

What are the actual figures on the monthly income to be classified as a MSME ?

 

Eddy Christian COO

Pain point of MSMEs are to keep up with cash flow, the chicken and egg problem is there between scaling and keeping up with cash flow, we build tokoin to create digital identity and credit scoring so that MSMEs can get value out of it and connect them to financial institutions

monthly figures are $100-$3000

 

Welly Salim
CTO

I think we answer this already 

Pain point of MSMEs are to keep up with cash flow, the chicken and egg problem is there between scaling and keeping up with cash flow, we build tokoin to create digital identity and credit scoring so that MSMEs can get value out of it and connect them to financial institutions

 

Cryptodiffer Community

Q1.Focusing only in Indonesia or DO YOU HAVE ANY expansion plan?

Q2.A workshop organized in Indonesia, supported by INDONESIAN GOVT, HOW WAS THE RESPONSE, WHATS THE FEEDBACK AND WHAT OUTCOME CAME OUT?

Eddy Christian COO

1. expansion plan is going to South East Asian country as we believe the MSMEs culture are very close to Indonesia such as Vietnam, philippine 

 

2. In fact today we are on the way to roadshow across Indonesia with industrial ministry targetting to onboard MSMEs

Cryptodiffer Community

How do you see the project develop in 3-5 years from now, both business wise & company wise? What are the plans to expand in different regions? Will you outsource the team/skills or keep it centralized and set up offices?

Welly Salim
CTO

It will not be centralized. We dont believe of getting talent limited by geography. It will be a diverse working environment.

Cryptodiffer Community

 

 Which countries have you focused on implementing tokoin payment system? which are your main goals of the next one to two  years

Welly Salim
CTO

We will begin in Indonesia (we are familiar in this nation), then south east Asia then South Asia

Cryptodiffer Community

1. Who are the main pillars of Tokoin ecosystem ? 

2. What’s the biggest problem TOKOIN will solve which is not solved by any crypto project yet and why is the problem important ?

Eddy Christian COO

1. Stakeholders will be the MSMEs, partners such marketplaces, service providers and definitely govenrment 

2. Again is the lack of Identity management in MSMEs that is not address by other projects

Cryptodiffer Community

Can you explain why MSME’s are such an important demographic in a country like Indonesia?

How exactly does the Tokoin data exchange function?

Welly Salim
CTO

SMEs play an important role for economic growth and social inclusion in Indonesia. Based on data from the Ministry of Co-operatives and SMEs, Indonesian SMEs account for nearly 97% of domestic employment and for 56% of total business investment.

Cryptodiffer Community

1.These days Many projects are moving to binance chain for faster & efficient transections ,will you consider moving to binance chain in future ?

2.What is your roadmap for 2019-20 After IEO & listing on kucoin ,will you focus on more exchange listing or focus on development of the project ?

 

Welly Salim
CTO

Development of project. It will be funny to focus on IEO. IEO is not solving the MSME problem. The system will.

 

Cryptodiffer Community

 

1. I think Tokoin need to describe what are the datas shared to their partners?

2. Confirm whether Kadin which is government body is considered as partner or not, and if so, what are the type of datas shared to them. Kadin here have no obligation not to share their data to tax division. 

So this is dangerous Especially if tokoin will run POS on their blockchain. 

This will raises suspicions on Tokoin as it will seems like a wolf in a sheep clothing. I mean, centralized in a decentralized clothing

Eddy Christian COO

1. datas will consist of transactions, inventories, business behavior and assets

2. It’s permissioned chain, so you need to get the permission from the MSMEs to get their datas

3. Tax consultant actually supported Tokoin because it will help everyone doing tax right and it’s already being generated in digital ledgers

Cryptodiffer Community

How do you accelerate growth of Micro, Small, and Medium Enterprises in Emerging Markets ? 

Eddy Christian COO

By being the platform that connects them to needs of MSMEs

Cryptodiffer Community

How does TOKOIN plans to fund its development to keep moving forward, if they face a situation like fund crisis?

What is the consensus algorithm used by your project TOKOIN and How it was picked?

Welly Salim
CTO

We will use respectable blockchain infrastructure company such as mcash, tomochain and etc. We dont reinvent the wheel. We want the data to be used to develop the credit score to be immutable.  Blockchain is giving us that.

 

Cryptodiffer Community

What is your go-to-market strategy? how you want to reach your potential partners and clients?

Eddy Christian COO

1. partnership with other companies that have the same vision and handling MSMEs, create a good utility and value for them

2. Working with government, they are the one that have access to market across the nation, so being supported by government is a very PLUS point for us

 

Cryptodiffer Community

1. How the rural sector MSMEs will be benefited by TOKOIN 

2. MSMEs have – No credit history/No proper documentation and No financial aid by bank?

Welly Salim
CTO

Yup. Will you lend money to someone that U know nothing about him?

Cryptodiffer Community

What is the progress of business development and what are some of your commercial partnerships?

Eddy Christian COO

Partnership with Insurance marketplace already in place to connect MSMEs with good insurance products, partnership with p2p, and  also with one the largest credit union in Indonesia

Cryptodiffer Community

What do you expect to achieve in the near future?

Eddy Christian COO

Growing our users

Cryptodiffer Community

1. How do you guys survive from Indonesia cryptocurrency regulations?

2. The Tokoin platform has a reputation engine to assist MSME’s to establish a reputation profile that helps them build trust with banks, suppliers etc. How does this reputation score actually work and what measures are in place to stop it from being gamed?

Welly Salim
CTO

Very good question. We have some idea in order to fight the system being exploited actually. Bank/Wallet companies has been having this problem since day one. There are many companies provide this solution with the help or deep and machine learning.

Cryptodiffer Community

How you can campaign about tokoin to small entrepreneurs, such as stalls and markets that they don’t know about blockchain technology?

Welly Salim
CTO

We are partnering with Ralali now for some system that we co developing now.

Cryptodiffer Community

Do you have plans to spread Tokoin ecosystem across other continents. if yes, what are the strategies and how can I as a community member contribute to making it possible?

Eddy Christian COO

Good question here, your mindset is global, we believe that expanison out side of indonesia is given, as a matter of fact we have partners in different country that will work together with us in this expansion mode such as singapore partner which shuttle one, malaysia, Vietnam partner TOmochain, US partner swift and others

Cryptodiffer Community

According to your roadmap you are planning expand pilot hyper-local operations to Indonesia, Thailand, Vietnam and Philippines in 2 years. What about Europe or Africa? Have you studied these markets and how fast can you adapt your solution to them?

Welly Salim
CTO

Thanks for the suggestion, however no plan for Africa and we dont think we will touch Europe. time will tell. We believe Asia is a big market and we are familiar, we have business network and investor in the asia region.

Cryptodiffer Community

As you are operating in a highly competitive sector of the market how do you plan to get ahead of your competitors ?

Which sectors/use cases have you identified as genuine sources of revenue?

Eddy Christian COO

The pie is so big, 56 millions MSMEs in Indonesia alone, we have close to 400million in South East Asia, as far as we know we are the first mover and we believe in the strategy that we have right now. 

We will target mom and pop shop, f&b business and retail

Cryptodiffer Community

Can you elaborate a bit about TOKOIN’s proprietary technology, novel approaches, and intellectual property that separates it from other solutions?

Welly Salim
CTO

I dont think our technology are special. It really depends on how the cohesion of the team executing the idea. Business and Tech work together, Our system is really nothing new. It is still trying to solve offline to online (in the beinning)

Cryptodiffer Community

How was the Global Blockchain Summit 2019? What did you get? Could you give us details, I was reading that article in medium.

Eddy Christian COO

Global blockchain summit is very tremendous in our milestone as we introduce our project to the world and also chinese investors and market, we are also signed MOU with Indonesia chamber of commerce to be the only blockchain project that will take part as partner to build the BLockchain center of excellence education

 

Cryptodiffer Community

Could you please tell about Tokoin’s team, its background?

Eddy Christian COO

We have our CEO Reiner Rahardja who were once an MSME player as well selling food in a small stall and he is a successful businessman who is currently believe in frontier technology and trying to focus on Blockchain technology, we have a CTO who has experience working in technology industry since he was 19 years old building local Malaysian company and US companies. We have Eddy Christian Ng a seasoned bankers who has 6.5+ years experienced in Banking and credit plus 4 years of experience building technology stary up.  As for advisors we have Mr Dahlan Iskan the ex-minister who in his time lead the ministry of state-owned company who is still very active until today, also for technology and blockchain we have Richard Yoon from Metadium a prominent blockchain project from Southe Korea, Joseph Aditya the CEO or Ralali.com which is a blockchain expert and Tiago Alves from aptoide a blockchain-based appstore.

Cryptodiffer Community

Could you tell us just a little bit about your background and take us through the early days of creating the Tokoin network.

What are the type of use cases Tokoin blockchain would be best used for, and why would toko be better at it than some of the other blockchains?

Eddy Christian COO

Me myself i cofounded a tech startup before which is helping small wood craftsmen workshop in selling their products online, from there i learrn that the challenges for these small businesses is always the cash flow, sometime they cannot take larger order because they don’t have the fund to buy materials eventhough the orders are a lot isn’t that sad so from here i think we need to create something valueble for these MSMEs

Cryptodiffer Community

I know you are working on this project for a while. Where did the money for development come from for the first 12 months of development?

Eddy Christian COO

The ideation started in may 2018 where we also flew over to NEM center in Malaysia to learn deeper about NEM technology and in Aug 2018 we build Tokoin with our own money and started fundraising in Nov 2018

Cryptodiffer Community

Can you explain why MSME’s are such an important demographic in a country like Indonesia ?

What is the current state of development of Tokoin ?

Eddy Christian COO

Indonesia has 56 millions of MSMEs and it counted into 60% of the GDP and the backbone of Indonesian economy is MSMEs. Our government support the growth of MSMEs so much especially our recently elected president focuses on MSMEs.

We are almost in a launch of our first model of the dapp 

 

Cryptodiffer Community

How you can campaign about tokoin to small entrepreneurs, such as stalls and markets that they don’t know about blockchain technology?

Eddy Christian COO

Simple, you need to give value to them that will benefit them and make them scale and do not too focus and making them understand towards blockchain but making them learn about the benefit of this great technology

Cryptodiffer Community

1. What is your strongest advantage that you think will make your team leading the market? 

2. In contrast, what is your weakness? How do you plan to overcome it? 

Eddy Christian COO

1. We are the early mover, and supported by many stakeholders

2. We can work alone, we need partners, we need suporter and not haters that speading hatred and fud

 

Cryptodiffer Community

1. What are the benefits of Digital Business Identity ?

2. How TOKOIN Accelerating Growth of Micro, Small, and Medium Enterprises , please explain ?

Eddy Christian COO

1. You have data which is valid, my family runs a mom and pop store for 30 years, not until 2015 that they use EXCELL file for their data for profiling

2. I think we answered that already, which we believe in connectivity, connecting financial institutions, marketplaces and service providers to help these newly profiled business to scale and grow

Cryptodiffer Community

Can you briefly explain how the Top milestones that the TOKOIN team aims to execute before the end of this year or going to execute in future, will help them succeed and What TOKOIN may look like in 2020 and beyond?

Eddy Christian COO

1. We are trying to as many users (MSMEs) that we can from our partnership and for 2020 will adding more frontier technology in our dapp

2. Exchang listing please do wait for our news and update

 

Cryptodiffer Community

1. If I am MSME entrepreneur , then what should I do to join Tokoin? 

2. Is your operation only limited to Indonesia ? What about India ?

Eddy Christian COO

1. Because we give value for your business to help you grow, and that is your choice

2. We are looking at South East Asia and definitely asia pacific

Cryptodiffer Community

What is the Tokoin’s vision in the future? What is the biggest challenge Tokoin has had so far? What is Tokoin’s vision for the future? What is the biggest challenge Tokoin has encountered so far?

Eddy Christian COO

Vision is to become the super dapp in South East Asia, biggest challenge is Indonesia is big, we need to work hard to make the nation Tokoinized =) we encountered the talent war in Indonesia which the solution is to build team outside of indonesia

 

Cryptodiffer Community

How are the plans shaping up for marketing and building a strong, core community which is essential for any new project in the crypto industry?

Welly Salim
CTO

We did a couple roadshows before, and we will keep doing what we do in promoting our project and introducing the value that we can give to the communities

 

Cryptodiffer Community

How Tokoin project helps businesses to grow well  and profitable to businesses ?  what’s unique is there in Tokoin that makes Tokoin different than others ?

Welly Salim
CTO

We focus on the digital ledgers, doing business is all depends on the MSMEs, they need to be educate as well by business coach or even the gov’t for building the right business, however indonesian are very entreprneurial, they learn it from everywhere and never give up

 

Cryptodiffer TEAM

Thanks guys for your answers and time. It was really interesting!

let’s finish our AMA)

 

There were a lot of cool questions

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
CryptoDiffer Admin
query2212@gmail.com

Leave a Reply

Your email address will not be published.