TOKOK Exchange Platform supports IGNIS

In the process of updating Nxter.org to reflect the latest state of our ecosystem, I have been updating myself on exchanges that have IGNIS listed – not all of them are represented on CMC.

One new exchange on the block is TOKOK, launched just months ago, July 2018. NXT and ARDR are supported (due to a community vote), and now it also got IGNIS implemented. Appreciated, of course, not least because IGNIS buyers and traders currently have limited options for choosing exchange, and a wise decision from TOKOK’s side, possibly, for the same reason.

What is TOKOK?

Let’s take a look at the information available. TOKOK is Chinese based, located in the British Virgin Islands, affiliated to Kindly Keep Network Technology Limited (Registration No. 1967379 ). No fiat deposits, so if you want to trade on TOKOK, you need to own cryptocurrency already. It has ETH, BTC and USDT markets. NXT, IGNIS and ARDR trade against ETH.

It’s AML-compliant, so you have to identify yourself before using their services. Picture, social security number, all that… let’s not go into that discussion here, nothing THEY can do about THAT. Upload your full identity to a private company’s central server you must, not. their. fault.

TOKOK wants to focus on projects with a good technical background and future application scenarios in the blockchain field. They are here to contribute, they say, to make a social contribution to the industry by growing a consensus community, and by adding to the development of blockchain technology themselves. TOKOK releases development reports in English on Medium and their website, so everyone can follow the ongoing development of the platform, new listings, and promotional programs. They actually communicate well in English.

Security

Safety first. To protect its trading platform and customers against bad things, TOKOK has partnered with John Wick Security (JWC), a Beijing based security service solution for Blockchain. It’s founded by core members of the security team from Baidu (one of the largest AI and internet companies in the world), 360 Enterprise Security Group, which – according to their website – has provided “security capabilities for companies such as Microsoft, Google, 360, Facebook” with JWC being on a mission to provide comprehensive and in-depth security solutions for blockchain companies and ecosystems.

Not bad, cryptocurrency exchanges should, after all, ALWAYS be safeguarded professionally – unfortunately, unbelievably, and as proven by too many exchange hacks, it just isn’t so! Centralised exchanges are by far the greatest danger to people’s blockchain tokens, so good to know that TOKOK is alert and takes their security measures. TOKOK also keeps a so-called “Risk Reserve” of frozen funds, for further customer protection, and promise that if any user’s assets on their platform “suffer abnormal losses, such as system failure loss, hacker attack loss, etc., [TOKOK] will make corresponding compensation for them after investigation, evidence collection and elimination of the user’s personal reasons”.

Fees for trading

The transaction fee is 0.1% of purchased assets. If you hold their token, TOK, you can use the equivalent value in TOK to deduct the fee. When using TOK, the transaction fee is reduced by 50%, to 0.05%.

No fee for Withdrawal

Withdrawing is free, except for the necessary transaction fee to blockchain forgers/miners.

Interest for hodling?

On September 7, 2018, TOKOK announced a “Deposit With Interest Program”.

What they want is to hold your coins in cold storage and pay you 0.005% in daily interest. The platform scans all coin balances daily at 0:00 (UTC+8) and generates the interest between 0:00-1:00. Users must actively claim their interest (daily) before it expires after 23:59 (UTC+8) or it will not be accumulated.

The money to pay for the Interest Program comes from the 6% of TOK total supply that has been set aside by the team for promotion. As interest is paid in the corresponding currency, TOK is used to buy up these currencies from the market. I asked my contact, June Chen, about this and got this information but no further details, as this is handled by another part of the team. The idea is clear though – “promotion” isn’t just buying ads, sponsored articles and going to blockchain events, but also creating benefits for users, rewarding and building community. Give and thou shall get more in return.

What is the TOK token?

You should know Binance, the world’s largest crypto exchange. And if you do, you probably also know about Binancecoin, BNB. It’s their ICO token and gold calve, giving traders a 50% discount on fees when they pay fees with BNB or trade other cryptocurrencies against it. Oh, and it just so happened to become a Top20 coin by marketcap within less than a year after its ICO in July 2017. Early investors saw a high return, and as a loyalty/utility token, it must be considered as nothing short of a success. And like any success (take NXT, as an example), others will want to follow in its footsteps.

TOK does smell like BNB. You can choose to pay fees on the TOKOK exchange with TOK, and you’ll get a 50% discount on the trading fees. 1 billion TOK were issued. Some gets burned (destroyed) weekly. No more will ever be created. TOK currently can be traded on the exchange against ETH, BTC, and USDT.

Tongue in cheek, let’s take a look at what else is offered TOK holders:

TOK fees:

70% of the TOK that are paid as trading fees are re-distributed equally as a dividend to each TOK on the platform. Holding is like mining, we get it. The remaining 30% is burned weekly (destroyed) and because no new TOK tokens will ever be issued, this is supposed to push up the value of the remaining TOK (and be reflected in its price), as the amount of TOK tokens decrease with every burn.

The non-TOK fees:

Then we have the non-TOK transaction fees. 80% of the non-TOK transaction fees is used to repurchase TOK, which is also distributed to users (TOK holders). The more TOK you hold, and the more trading orders you execute – the more TOK rewards you get. Hold TOK, spend TOK – get TOK.

Other rewards…

25% of the profit earned by the platform (which is of course not just fees) will be equally distributed to each TOK on the platform in the form of BTC, ETH or other currencies. When TOKOK cooperates with crypto teams about their coins, some of the tokens obtained from project cooperation will also be equally distributed as a reward to each TOK. TOK holders have other exclusive privileges, in proportion to their holding percentage – these are announced on the TOKOK blog and include lucky draws (for example, TOKOK recently gave away 100 iPhone X). 

TPS Rewards Points

Finally, TOKOK has TPS points.

These cannot be withdrawn or traded, but are awarded to users that participate in certain activities on the exchange. I couldn’t find much information about this and reached out to June again. He got back to me almost instantly: “A fairly large number of our users hold TPS and we are considering to prepare a gift exchange but for now the platform development shall prevail”.

If you want to buy or trade IGNIS, NXT or ARDR on the TOKOK platform, you can SIGN UP HERE. That’s an affiliate link. By using it, you will be supporting Nxter’s work. Remember – the blockchain wasn’t invented for you to keep your funds in 3rd party wallets – your tokens are safest in a blockchain wallet you control, and our security advice is always to keep them there, use them there, trade on the platform. But when you want to buy tokens with BTC, ETH or trade against them, you can’t do that on Nxt or the Ardor platform (yet), and also, daytraders do prefer the speed of centralized exchanges. The further incentives pushed forward by TOKOK in the form of interest, TOK fee discounts and dividends will likely help them to establish the liquidity and community they need to grow from here. We’ll follow them, as an interesting token use case to watch and not least, a place to buy and trade IGNIS, NXT and ARDR.

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