New Privacy Coin ICO - TokenPay

The TokenPay ICO recently started with just 3 day left to take advantage of the huge 50% bonus available. Having already raised over 950 Bitcoin (and rising quickly) this one looks set to sell out quickly.

What is TokenPay?

They’re creating an anonymous cryptocurrency based bank. The new bank will allow users to easily make anonymous payments to retailers and for online transactions.
They hope to combine the benefits of traditional banks with the benefits of the new blockchain revolution.
The new card will allow users to spend Bitcoin and a variety of cryptocurrencies including their own TPAY token.

How Does it work?

The new cryptocurrency will use a Dual-Key stealth address.These addresses allow the user to share their address publicly but any transaction that is sent to the address cannot be linked back to it.
This means that the payment will be completely anonymus.

You can check out full details on their website: https://www.tokenpay.com

The current crypto market

Cryptocurrency has seen huge growth during 2017, Bitcoin is still the biggest cryptocurrency by far with a huge coin price of over $17,000. Many new users have been introduced to the world of crypto this year and want to use it to make payments.
However Bitcoin is facing some major issues, transactions have become slow and expensive, nearly all transactions are costing $10 in fees, making it impossible to make any sort of small purchase with it.
Ethereum has also faced issues, the recent crypto kitties game showed that it’s blockchain still isn’t able to successfully handle many transactions.

Why does TokenPay use the blockchain?

The new blockchain that the project will be running on is from Bitcoin, this allows them to use all of the benefits that the blockchain has brought such as being safe and secure whilst adding their own beneficial features:

Extra security: The new blockchain will have additional security and anonymity features, many people believe Bitcoin to be anonymous, however this is far from the case. Tokenpay will be truly anonymous.

Proof of stake: Many people now view proof of stake to be far superior to the proof of work that Bitcoin uses. Proof of work needs miners who use computing power to solve problems, however this system has shown to use huge amounts of electric and is quickly being shown to not be scalable.
The proof of stake system that the platform uses means that users who hold the token will receive interest for holding on to them. This creates a more economical system which also provides benefits for holding the tokens which should then see the price increase.

Coin supply and Proof of Stake rewards

The new project will only ever have a small coin supply which is limited to 25 million coins, this is different to fiat currencies that people have become used to where governments can just decide to print more money.
Miners (those holding coins) will be rewarded with 5% yearly interest.

Use of the Tor network for maximum security

The project will make use of the tor network which has become famous for anonymity, this combined with their multi signature addresses will ensure privacy for users.

Advantages

Fast speed of transactions, making it much more practical to use.

The only coin to be completely private and have an encrypted chat.

Monero is currently the most private cryptocurrency, however Tpay also has the advantages of running on the tor network aswell and having a secure chat.

Many other currencies are supposedly anonymous but they still have faults making them linkable.

5% staking interest per year giving token holders an incentive to hold their tokens.

Becoming a licensed bank

Ofcourse TokenPay already has many benefits simply as a cryptocurrency for P2P transactions.
However they’re also aiming to become an international bank. They plan to either set up a bank or purchase a bank based in Vanuatu. They’re already in talks with this bank which already has an agreement with Mastercard, this will allow them to offer many banking services from the start.
They plan to offer traditional banking services with the bank based around the Hong Kong $ that is pegged to USD.

Multi Currency debit card

The new card will be linked to the Tpay digital wallets, meaning that it’s easy to load and then make purchases without the need for retailers to sign up to anything new, as far as retailers are concerned you’ll be paying in fiat with your crypto based card.
A users tokens such as TokenPay, Bitcoin or other popular cryptocurrencies will be available to spend at any store that accepts debit cards. The cards will also be able to use ATM machines for customers to withdraw cash.
The card will cost users just $15 with no fees if it’s being used in the users home country.

Payment processing

The project also aims to offer payment processing for merchants. Fees for merchants will be as low as 0.25% which is far lower than most payment processing providers. This will allow retailers to receive payments in either fiat or cryptocurrency.

History and Roadmap

Q2 2016: Got a partnership with UKSTOCKTRADE. Did a presentation at MIT fintech conference.

Q4 2016: Due to the rise in demand for blockchain based projects the founders began to focus on cryptocurrency. They then established their headquarters in the British Virgin Islands.

Q1 2017: Recruited a development team to build a more secure, private and faster type of cryptocurrency. Proprietary integration of the tor network. Created the stealth messaging system.

Q2 2017: Launched the multi-sig transaction system. Released the new paper wallets.

Q3 2017: Set up a deal to acquire an established bank. Added a new ring signature feature to the blockchain.

Q4 2017: Released the whitepaper and began the Tpay token sale.

Q1 2018: Completing the ICO. Adding Tpay to popular exchanges. New Apply iOS wallet released. Due diligence of the bank integration.

Q2 2018: Tpay website launched for commercial customers. Acquisition or partnership of the new bank. Merchant services application.

Q3 2018: The new debit card is sent out to customers.

Tokenpay ICO Details

The token sale is set to run until the 17th of January with 14,250,000 tokens available and is split up into 4 different sections with bonuses available:

Until the 13th December: 100% bonus on purchases.

December 14th- January 3rd: 50% bonus available.

January 4–10: 25% bonus available.

January 11–17: 10% bonus available.

Price: 1 Bitcoin=2000 Tpay.

Hard cap: 5000 Bitcoin.

Tokens will be sent to investors within 30 days of the sale ending.

Conclusion:

Cryptocurrency has grown massively during 2017, however, it’s still not being used for many real-world transactions with the fees of most coins currently being too high.
This new currency offers many benefits such as low fees and being anonymous. If it was to launch as just a currency then I think it would do very well.
However it’s also launching as a bank which offers additional benefits.
The team behind the project looks solid with some of them having a long history in the finance and banking world.
If the project can stick to its roadmap then I’m sure the token price will rise very quickly.