The term ‘TPT’ recently became popular on coinmarketcap.com, thanks to an April Fool’s joke they made about a fictitious ‘Toilet Paper Token’ which gained over 1,000% in price, currently sits above and is reversely more valuable than Bitcoin.
For the record, TPT means TokenPocket Tokens. It’s just two years old and while it’s very valuable even at this nascent stage, it doesn’t yet deserve the highest spot on coinmarketcap.com. Read on and you’ll get some interesting on about TPT.
TPT (TokenPocket tokens) is the native cryptocurrency of the TokenPocket ecosystem. It was created by the TokenPocket foundation on the EOS public network with an initial supply of 10 billion TPT, but it currently has a circulating supply of over 3.6 billion TPT. OMG!!!! From 10 billion to 3.6 billion? Its circulating supply has been reducing since its creation and it will keep reducing as more TPT get burned.
Who’s burning all the TPT?
The TokenPocket Foundation is actively burning TPT. This may sound scary but if you’re a developer or investor in the crypto space, you probably should already know that token burding is beneficial. By reducing the number of tokens in circulation, token burning causes scarcity and this usually translates to higher prices. Many altcoins use this method to maintain a stable value for their coins and give traders an incentive to ‘hodl’.
TokenPocket foundation has a Repurchase and Burn program through which they periodically repurchase and burn TPT with 25% of the revenue they make. This effectively removes TPT from circulation permanently, reduces its supply and help in increasing its price. About 74 million TPT has been burned using the program but the majority of the token burn (6.275 billion TPT) is based on proposals approved by the TP community.
Where can I buy TPT?
You might wanna get your hands on some TPT before the TokenPocket foundation burns everything (lol...). The best place to get TPT is in Newdex.io. You can create an EOS account on TokenPocket app, send some EOS there and exchange your EOS for TPT using Newdex.io. For a detailed tutorial on how to buy TPT, click on this link.
What’s TPT used for?
1. Forget CPU mode
During the EIDOS attack on the EOS mainnet, TokenPocket team created a solution called the “Forget CPU Mode” to save its users from CPU congestion. With the Forget CPU Mode, TP users could buy CPU for a very cheap price and by using TPT, they got a 50% discount.
Forget CPU mode is exclusive to the TokenPocket app and it’s still one of the cheapest ways to make transactions on the EOS network. With it, you can spend 0.12 EOS and get 100 transactions. You get a 50% discount if you use TPT.
2. Exclusive benefits on the TokenPocket app
Users who hold TokenPocket tokens gain access to exclusive airdrops; and other exclusive VIP features of the TP app such as searching transaction history, etc.
3. Bounties and Freebies
TPT is used for bounties and general promotions of DApps on the TokenPocket app. The first TPT I got was from one Twitter promotion. I want to give back to the TP community and so I’m gonna make this section very practical. If you help me share this post on Twitter, I’m gonna send you 100 TPT. Click to tweet and make sure you drop your EOS account name in the comments of your post so I can send you TPT.
4. Pay for DApp listing and adverts on TokenPocket app
DApp listing on TokenPocket is mostly free, otherwise, payment is preferable in TPT. If you’ve got an ad that you want to display to the large TP community via the app, you can also pay in TPT.
5. Buy things
Provided that the seller accepts TPT, you can pay for things with the TPT. Things like toilet paper, for example, can be bought with TPT.
6. Trading and Investing
You can trade the TPT/EOS pair on Newdex.io and other decentralized exchanges. If you believe that TPT is a good investment you can buy some and save it in your secure TokenPocket wallet.
This is not financial advice.
7. Future use-case: Paying for trading fees, etc, on TPExchange (with discount perks)
One of the ways to ascribe value to a cryptocurrency token is to increase its use-cases. The more utility in a crypto token, the more the price/value. I can imagine a lot of future use-cases for TPT and one that stands out is that it can be used in TPExchange for paying trading fees, etc, with discount perks.
TPExchange provides a secure and convenient way to trade cryptocurrencies. It combines the liquidity of Binance, Huobi and OKEx and the niceties of the TokenPocket app to give users the best trading experience. It has the lowest trading fee of $0.0095, and you can freely deposit and withdraw using EOS-USDT. you can get a $10 reward when you signing up.
To register or sign up on TPExchange, download the TokenPocket app, and follow the simple registration process outlined in this post.
