TOKO Token Swap: Read all the details here
In the month of September, the KuCoin Exchange security incident created turmoil in the cryptocurrency industry. The incident mainly affected those who store their tokens in the hot wallet. Just after the incident, KuCoin devised a meticulous and strong plan to tackle the security issue. They launched the Safeguard Program that will ensure extensive protection and support for individuals and institutions that are affected by this incident.
TOKO token swap, a strategic remedy
While the incident was beyond our control, we aim to remediate the situation swiftly and decisively. Tokoin has been intensively in touch with the KuCoin team to provide the best solution to all our token holders. After the incident, our team has been working hard in reviewing all the possible options. We have decided to create a new smart contract and initiate a token swap in the best interest of our token holders.
New token with new benefits
Our token swap approach will have multifarious benefits. First of all, it is an emergency step, thus, minimizing the repercussions of this unfortunate event. At the same time, it is an opportunity for us to upgrade ourselves and employ the latest technological developments. The new smart contract will include additional security mechanisms to enhance the overall safety of your assets. Along with the protection, our new smart contract offers better technical features and thus, more convenience. This carefully planned strategy will strengthen both the safety standards as well as the functionality for our users.
Details regarding TOKO token swap
- The new smart contract will replace all existing TOKO tokens with new TOKO tokens, in a ratio of 1:1.
- After the TOKO tokens swap takes place, the old tokens will become useless and obsolete.
- All TOKO holders must swap their existing tokens with the new TOKO tokens.
- If you are holding TOKO token in exchange wallets including KuCoin (you must be put your TOKO in the main account), Bitmax, BiKi, and currently on the staking program in My-T Wallet, then you don’t have to do anything. Tokoin will automatically swap the tokens for you.
*If you haven’t joined in TOKO Staking Program, please follow this guide to stake your TOKO token: bit.ly/HowToStaking - If you’re holding TOKO in non-Exchange wallets (such as My-T Wallet, Metamask, Ledger, Trust Wallet, etc), then please submit your details by filling up this form on 19 Oct — 23 Oct 2020 — http://bit.ly/TOKOTokenSwap.
- If your TOKO token is in a hot wallet / personal wallet (My-T Wallet, Metamask, MEW, Trust Wallet, etc.) then the TOKO token needs to be transferred to us (The wallet address is on Google Form) and fill in the form we provide above.
*Bear in mind, fill in the wallet address section still uses the old TOKO wallet address (NO NEED TO MAKE A NEW WALLET). - It is mandatory to fill in all the details. Otherwise, you will not be able to submit your form.
- Once you open the above link, you need to fill in the following details
1. Your email address
2. Your name
3. Your My-T wallet address (current TOKO address)
4. Total TOKO tokens — In case you have more than 1 wallet, do not write the total TOKO tokens you have. Please mention the number of TOKO tokens you hold separately for each wallet. For example, if you have 100 TOKO tokens in Wallet A and 200 TOKO tokens in wallet B, then it is important to mention the break-up.
5. TX ID (Transaction Hash) — After the transfer of the TOKO tokens, you should copy and paste your TX ID (Transaction Hash). Make sure the amount of TOKO tokens matches with the numbers of Total TOKO tokens you wrote above. - Please remember, it will be impossible to swap the tokens once the given time period is over. And the Tokoin team will not be responsible if anyone misses out on this deadline.
The safety of your assets is our top-most priority. We will not leave any stones unturned to achieve it. Our well-qualified team is working relentlessly to provide you with the most remarkable services. We are looking forward to wrapping up the token swap as soon as possible and continuing our roadmap.
Note — We request you all to be kindly patient. We understand that you will have various queries and doubts. Just take the steps mentioned above. All other queries will be timely answered.
Please avoid direct-messaging the team. Any necessary news and instructions will be communicated through the Tokoin News Telegram channel. You will be the first one to know about the latest updates.
Tokoin at a glance
Tokoin is Indonesia’s first blockchain-based platform which aims to support business institutions and build a promising digital future ecosystem for businesses by employing the latest technology. MSMEs in South-East Asian economies are facing issues in receiving enough financial support to sustain and grow.
MSMEs usually have low production, limited resources and that’s why they cannot take advantage of economies of scale. They have very little control over suppliers and thus, do not receive volume discounts. Tokoin aims to provide opportunities for MSMEs to establish a reputation profile that helps them build trust with banks, suppliers, and financial service providers. By becoming a data distribution platform for trading ecosystems, Tokoin helps businesses to expand exponentially.
TOKO token is the main utility token in the Tokoin ecosystem. The platform includes MSMEs, suppliers, financial intermediaries, and service providers.
For MSMEs, tokens will be a crucial factor in their digital reputation. The more TOKO tokens they own, the higher would be their credit scoring. Stakeholders can access data of any MSME by staking tokens. However, this data will only be shared, once the request is approved by the MSME. It is a win-win situation for everyone.
Tokoin will continue to expand its horizons to ensure the continuous enhancement of its platform. The long-term vision is to leverage blockchain technology and provide a platform that allows MSMEs to progress and increase their profits.
For further information or just to say a friendly ‘Hello’, do not hesitate to reach out to us on:
