TOKOIN : A DECENTRALISED DIGITAL LEDGER MARKET FOR MSMEs
The progression in technology has taken the commercial world to another plain, advancing and meeting the demands of the partakers in the market even better. But the perfect market for deals between partakers is yet to be fully formed. The only thing that can speed up the rate of formation and development of the market is the birth of the digital ledger concept especially with the data involved. The reason is because the digital ledger setup is well organised with immutable structure which can be leveraged in securing data. Forming Tokoin as a project to boost the MSMEs market will birth a higher level of improvement.
WHAT IS TOKOIN?
Tokoin plans to establish a platform where all MSMEs can have all the resources needed to grow. A form of digital market will be established, and through it, they will find the strength and connections to grow and become stronger. The reputation feature is also introduced for each entity after creating their profiles. In Tokoin, all the daily activities with clients will be recorded in form of data, and a cumulative of such activities will be used to give the user a rating score that will attract financiaI banks to grant them loans to fund their programs.
TOKOIN PARTICIPANTS AND ROLES PLAYED IN THE INDUSTRY
The MSMEs: they are the entities that still need help to grow. They are the ones that platform targets as the main users. They are meant to create their account on this platform and design their profiles. The Tokoin app is available for this operation. It can be installed and operated from mobiles or PC. Each MSMEs are given a digital ID that is unique to them once they have registered successfully. When they make any deal, the data is recorded and they are incentivized with the TOKO token. The more the transact, the more TOKO they will have and that will be used in forming their credit scoring.
THE SUPPLIERS: in Tokoin, the suppliers are the brand companies and advertisers with their own service to display. They have access to the KYC data and the operation history of the users to know the users to Target with the products they are supplying to the buyers in the platform.
THE FINANCIAL MEDIATORS: these are banks that give loans to MSMEs with the perfect reputation that suit them. In Tokoin, all MSMEs are given unique reputations from the transactions they conduct in the platform. This partakers are also fond of selecting their clients after going through the KYC credentials of the users.
THE SERVICE PROVIDERS: These are the members that forms partners with the MSMEs to provide them with services ranging from the logistics services, shipping, loans, insurance and a lot more services that users would surely need. The service providers makes MSMEs able to perform or use any service at any point in time, meanwhile, they also have access to the data of businesses.
This platform is ready to handle all the participants even when more and more users comes into the network. As there are are direct users, other indirect users are also recognized to use this platform and also access the data provided by the MSMEs. They include well established companies and government bodies that can stake the token to derive benefits. For any one to access data here in Tokoin, the TOK token is needed. That is all they need to stake or pay for the users to have their own incentives for being the producer or source of the data.
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