The global community of enterprises is booming because they have most of the relevant infrastructures and backing to make the best out of the industry. It is no news that bigger/established brands monopolize the system to their advantage and the detriment of startups.
Upcoming companies/startups are the worst hit in this monopolistic agenda. Issues like the stringent stipulations in getting loans/funds keep reducing their influence on the broader community.
These inordinate attempts to keep down Micro, Small, and Medium Enterprises (MSMEs) are about to become a thing of the past. The launch of the Tokoin blockchain is a step in the right direction. With blockchain as the core architecture, the project promises to reposition the fortunes of small-scale businesses. In the end, it would provide a flexible and transparent medium that eases the way startups can do business in a highly competitive business community.
Why Tokoin Blockchain?
Many challenges, such as inaccessible loans and credibility of startups, are the factors that triggered the development and launch of the Tokoin blockchain.
The role of blockchain in the whole affair is not in doubt. The network is famous for the redistribution of transactions conducted on it. Through that, companies operating via the medium are confident that their transactions are transparent. That, in turn, helps to boost the reputation of such blockchain-based companies — a move that is geared at promoting the status of Micro, Small, and Medium Enterprises (MSMEs) on the platform.
How Does the Tokoin Blockchain Function?
The platform is the rallying point for all the stakeholders in the business world. It has an ecosystem that features merchants (suppliers) that make products available to MSME. It also allows investors to have peer communication with startups that need funds to proceed with their business. In extension, it features service providers that provide additional financial services to startups. Some of the services include shipping, insurance, warehousing, and loans.
Boosting the Reputation of MSMEs
The first step taken by Tokoin blockchain to address the problems is to create a decentralized reputation system. It is called “Digital Business ID.” It takes cognizance of the transactions made by the end-users — Micro, Small, and Medium Enterprises (MSMEs). It then uses the collated information (data) to create a profile for such companies on its network.
Apart from creating a sound system of verifying a startup’s reputation, the platform also offers token incentives to each MSME that has its data mined. Furthermore, the reputation system helps to increase the chances of the enterprise(s) to get the needed funds.
The Funding Procedure
You may now be wondering about the possibility of getting loans from the Tokoin blockchain. It is possible because the platform already has a strategic partnership with multiple real-world investors. Besides, it has support from notable brands like Ralali.com, which is an Indonesian-based business platform that helps small-scale businesses to scale up their operations.
Now, coming over to the funding procedure, we’re considering it on a decentralized structure. That implies that every business transaction data through the network would be recorded and stored in blocks using cryptography.
Through the dedicated reputation system, the partners/service providers on the Tokoin blockchain would then stack the Tokoin tokens (TOKO) to get access to the data on the target enterprise’s profile. That would help the investors to confirm the eligibility/credibility of their prospective clients/enterprises.
Therefore, small-scale businesses are confident of having an immediate transaction process, through which they can get access to loans anytime they want. Besides, it’s worth noting that the qualification of an MSME to get the needed funds is based on the reputation it has been able to carve for itself in the space. Hence, every startup on the Tokoin blockchain should be committed to its operations within the ecosystem. That way, it can be able to boost its reputation ahead of the qualification to get the attention of investors for procuring loans.
The Tokoin dApp
The Tokoin blockchain was launched in consideration of the issues in the conventional business industry. Hence, the platform aims to forge a different approach to help startups in getting funds for their operations.
In furtherance of that motive, the platform also has the Tokoin dApp that serves as the sole medium of facilitating transactions through the platform. The dApp is the medium through which Micro, Small, and Medium Enterprises (MSMEs) can transact while the platform records that to get information about their activities. The data would then be converted and lodged on the digital ledger.
The dApp also empowers service providers and brands to check the profile of these startups. They can also gain insight into the real-time transactions made by the businesses. Moreover, investors can discover the reputation of the startups to ensure that it is qualified for loans.
Token Sales Information
Token Standard: ERC-20
Token Supply: 2 billion TOKO
Soft Cap: $8 million
Hard Cap: $25 million
There’s no denying that small-scale businesses are steadily on a downward spiral because of the monopoly by more prominent brands and the inability to access loans.
So, the varieties of features by the Tokoin blockchain are a dedicated attempt to ensure that the fortunes of the industry are increased. In the future, I believe that the platform would not only help Micro, Small, and Medium Enterprises (MSMEs) in getting funds but would also help in boosting their reputations.