🕵️‍ ICO Watch

Unseating Bitcoin: Past-ICO Review

  • Eric Eissler
    🕵️‍ ICO Watch

    If you want to be better than Bitcoin, you need to be bigger than Bitcoin

Unseating Bitcoin: Past-ICO Review
Cover image via u.today


TokenPay (TPAY) positions itself as the world’s most secure coin and payment platform, and while it has a lot more bells and whistles to offer than Bitcoin or Litecoin, its downfall is that it is not Bitcoin or Litecoin and doesn’t have a strong enough name to be highly recognized or used as a mass payment processor. Before going further, let’s have a look at the financials.


TokenPay’s ICO ran from Dec. 7 to Dec. 26 2017 and raised $40.8 mln in funding. The current market cap is about $45 mln with a daily trade at just under $300,000.

The token entered the trading markets at $1.22 on April 5, 2018, and took off. It reached its high of $10.79 by April 22 before settling down to $3.19 at the time of writing.

The current price is still above the entry price so they are doing something right to keep it there.


All about paying

TokenPay is a Proof-of-Stake (PoS) system, whereas the Bitcoin network is powered by Proof-of-Work (PoW) mining. This makes transaction way more efficient and less costly as it avoids paying high transfer fees to miners.

According to the website, “Currently, TokenPay Swiss AG [TokenPay’s financial partner] owns 9.9 percent of WEG Bank, and the Litecoin Foundation owns another 9.9 percent, and TokenPay Swiss AG has the option (and financial capabilities) to acquire upwards of an additional 70 percent ownership rights.

Purchasing this bank will allow TokenPay Swiss AG to position itself as the crypto-market leader in merchant settlement services, in particular for those merchants that are not satisfied with traditional high processing fees and stringent compliance issues.”

That being said, TokenPay positions itself further to become a major processor of payments.

Privacy and security

TokenPay is an ultra-privacy coin. It contains several unique features such as multi-signatures, ring signatures, dual-key stealth addresses, ZK proofs (zero-knowledge), along with a fully encrypted and decentralized Tor network integration.

TPAY is the backbone of TokenPay’s fundamentally core cryptocurrency-friendly banking integration.


Crypto debit cards

In 2019, TokenPay plans to launch its Blue Diamond crypto debit card that will allow users to, “seamlessly integrate with your digital currency wallet of choice, enabling you to easily load your currency of choice to your debit card.”

You will then be able to use or spend your currency at any physical or virtual point of sale terminal and will have unfettered access to fiat at thousands of ATMs worldwide, enabling seamless fiat withdrawals.

Payment processing on the backend will be conducted through a closed-end real-time private exchange, owned exclusively by a licensed and regulated TokenPay entity,” according to the website.


Derek Capo- CEO

Capo’s is the former Vice President of International Relations at RoboTerra, founder of Next Step China, LLC and co-founder of eFin.com, he was also a hedge fund analyst and has a bachelor’s degree in business administration from FIU.

Joey Pacetti- CFO

Pacetti is currently the Vice President at Capital Bank Financial Corp where he handles mergers and acquisitions. He has an extensive background as a CPA and is primarily responsible for helping to analyze acquisitions and partnerships both abroad and in the US.

Carlos Salzar- Systems Administrator

Salazar has extensive experience working with a large portfolio of enterprise offerings from companies such as Cisco & Microsoft. He is primarily responsible for the merchant services API as well as several other projects. He has extensive experience developing API’s for online casino companies and strives to build high-quality implementations for TokenPay.

On the fence

While the company has many great features associated with their coin, they are only about 50 percent complete with the final product.

Next year will be the make or break time for TokenPay, depending on the success or failure of the Blue Diamond debit card.

Once it is launched they will have to compete with others in the same crypto debit card industry.

We reached out for more information, most importantly, how many registered users are there? Because if you want to be better than Bitcoin, you can be better, but you need to be bigger than Bitcoin. However, we were met with silence.


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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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📰 News

Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’

  • Yuri Molchan
    📰 News

    The head of a major Bitcoin mining pool says that Bitcoin privacy is weak and must be improved to prevent BTC from avoiding governments’ clampdown

Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’
Cover image via www.123rf.com

The CEO of one of the largest BTC mining pools, Poolin, has recently stated in an interview that Bitcoin privacy has to be improved. The current privacy features make BTC vulnerable to potential regulatory bolt tightening, says he, as reported by Forbes.

The Poolin mining company was set up by several former employees of BTC.com – a world’s major mining pool, a subsidiary of Bitmain. Among them was the Poolin’s current CEO Kevin Pan.

“Bitcoin’s privacy features are quite poor”

Over the past years, developers have suggested several ways to improve Bitcoin’s privacy. However, those were rejected by the community, since they would hard such major things as security, scalability, etc.

A good example here is Confidential Transactions that were among those suggestions. They disguise the amount of BTC sent in transactions. However, the integration of it was rejected, since it could have had a negative impact on the public verifiability of the present BTC supply.

Kevin Pan says that privacy is much more vital for a crypto asset development than scalability. Pan says:

“There is no other big question if the privacy issue is solved.”


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Governments may start controlling BTC miners

The company CEO believes that in theory, authorities or law-enforcement agencies may start telling miners to block certain address from receiving funds or sending them. However, in that case that would have to be 51 percent of the BTC network.

Pan believes that unless a solution to this problem is found soon, governments will get a chance to prevent transactions to certain addresses from happenning.

“What is more troublesome now is if government or law enforcement departments begin to create a blacklist of transaction addresses, it will make certain transactions unable to be packaged.”

“In fact, these can be done. But if there is privacy, you can't know who the address belongs to, and you can't determine how much the amount is, and there is no way to control the currency system. So for me, Bitcoin is basically no problem if the issue of privacy can be solved.”


Bitcoin Block Number 600,000 Was Mined — What Does It Mean for the Crypto Industry?

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China plans to clamp down on BTC miners

Previously, U.Today reported that Inner Mongolia, an autonomous region of China, plans to ban all the numerous mining pools located there soon.

Since this region is one of the biggest local crypto mining areas, some believe that China is about to ban mining of all cryptocurrencies ahead of the so-called ‘China Coin’ launch.

Do you think that poor Bitcoin’s privacy features could indeed bring down regulatory control over BTC one day? Feel free to share your view in the comments section!

Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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