Tokes Platform Newsletter, June 2018 — Tokes Documentary & Sponsored Transactions
Welcome Back Tokes Enthusiasts!
First off, we’d like to say how pleased we are that our friends to the north officially legalized cannabis. This is a tremendous cultural victory for Canada’s citizens and will certainly bring a wonderful boon to both Canada’s cannabis industry and beyond. Here in Vegas, summer is in full swing, and the Tokes team has been hard at work on software development, business development, and marketing. This month’s newsletter will touch on a few of the bigger developments in these arenas since our last newsletter.
Vault Logic Kiosk
One of the more exciting developments of the last month is that we have received the first of many Vault Logic kiosks to be deployed in Las Vegas. Vault Logic has a unique offering in the world of bitcoin teller machines (or BTMs) as they presently offer support for a number of cryptocurrencies including: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dash, and Raven. Given this feature, you’ve probably already inferred that we will be adding Tokes to the list of supported currencies on the Vault Logic BTM!
The fundamental goal of this relationship is to ease the Tokes onboarding process for users who wish to transact in Tokes; whether at a dispensary or any participating merchant. Users will be able to directly purchase tokes from the Vault Logic kiosk, loading the Tokes directly onto their mobile wallets. From here they can then transact with the merchant using the accompanying merchant gateway software for ease of checkout.
Down the road, we intend to integrate our merchant gateway software directly into the kiosk, allowing for consumers to check out and make payments using the kiosk directly, potentially bypassing the need for the mobile application. In this instance, the consumer remits payment directly though the kiosk, and the merchant will receive tokes in exchange for goods or services.
The Vault Logic kiosk is one of the more full-featured kiosks on the market, and we are very pleased to be working closely with them to deploy kiosks across the Vegas valley. More information on their unique BTM product can be found at VaultLogic.com.
Many of you have already seen the trailer of our upcoming documentary. Rather than simply serving as a marketing piece for the company (a purpose it also serves) — we intend to highlight the challenges facing the industry and paint a clearer picture of the green space along with the financial and regulatory hurdles of current legal cannabis businesses.
We spoke with business operators, politicians, lobbyists, software developers, law enforcement, and consumers to demonstrate the concerns and needs of this budding industry. Further, we illustrate how these specific considerations can be solved with Tokes’ technology and blockchain in general.
Watch the trailer below:
Finally finished with the late stages of quality assurance testing, we have both of our mobile applications (Android and iOS) ready for app store submission. Expect announcements around this once we have finished the application process. We look forward to sharing this initial version with our users, and we are excited to hear your initial feedback!
Relatedly, one hurdle in transacting Tokes (or any other asset within the Waves or Ethereum networks) is the need for the transaction fee of the asset transaction to be paid in network’s native currency. However, Waves recently announced the ability to “sponsor” transactions which will allow users to send and receive Tokes without having to keep a Waves balance within their mobile wallet. For the technically inclined, we implore you to read more about this functionality here. While live on the testnet, it is expected that this functionality will be ready on the Waves mainnet in July, along with added smart contract functionality.
Beach Cities Conference
Tokes founders Michael Wagner and Gabriel Allred along with Eugene Lopin of the Cannabis Hemp Exchange (CHEX) spoke at the Beach Cities Cannabis conference this month. Particularly we discussed the topic of cryptocurrency for payment solutions and how blockchains can revolutionize supply-chains; facilitating back-end seed-to-sale tracking or wholesale transactions like those facilitated on the CHEX platform. Questions abounded from the audience and the feedback was largely positive around our projects and blockchain in general. Also speaking at the conference was Steven Bradford, Chairman of the California Senate Banking Committee. When pressed on cryptocurrency and blockchain solutions within the state of California by an audience member, Senator Bradford noted that he is in favor of tokenized blockchain solutions to solve the golden state’s cannabis banking problems — a nugget of good news from our closest neighbor.
Until next time…
Here’s to something new. Here’s to the revolution.
For more information on the Tokes Platform, visit http://tokesplatform.org