Tokoin is a platform that helps micro, small, or medium enterprises to establish their own digital business identity and reputation. Tokoin uses the blockchain to provide an infrastructure that allows users to build a reputable profile that is immutable. This can potentially mitigate the difficulties faced by small ventures that need capital for growth.
Tokoin intends to build MSME profiles that guarantee their data integrity through the use of blockchain technologies. The dApp wants to create a sustainable and profitable business model that is also scalable.
By leveraging blockchain technology, Tokoin dApp is able to provide a new generation of credit score meta ratings to MSMEs by analyzing on-chain data delivery of transactional data. This is one of the earliest attempts at decentralizing financial data, especially with regards to the credit ratings of small businesses. The whole network is designed to incentivize users to be a part of the ecosystem as it enables data privacy and security while making the data widely accessible to financial institutions who may be interested in offerings loans to micro, medium, or small enterprises.
Tokoin uses their own ERC-20 token, called TOKO, which is used for transactions within the dApp. TOKO intends to be a utility token allowing large enterprises a means to stake and acquire high quality data. As the enterprises hold a stake in the ecosystem, it will be in their best interest to not abuse the data at their hands. This is at a stark difference from the data acquisition channels that exist at present. Essentially, the staking of TOKO placesan accountability factor the Tokoin dApp’s data buyers.
Tokoin recently completed their token sale on Kucoin with huge community participation and managed to sell out within seconds. This makes the Indonesia-based dApp as one of the most successful token sales of the year, and arguably one of the most successful projects from Indonesia. Naturally, much of the Indonesian community, that is a part of the cryptocurrency space, has rallied in support of the project.
According to the official Tokoin Blog, the CEO of the company, Reiner Rahardja “has gone on to judge many university and national level business competitions and has been an inspiration for more than 1 million young Indonesians.” He has assisted many young businessmen in accelerating their companies and become successful entrepreneurs. For all his contributions, he has been awarded the Indonesia Entrepreneur and Education Award as The Best & Most Recommended Business Acceleration Company.
The project clearly takes a pride in their national roots and is a great display of how blockchain technology can offer opportunities to entrepreneurs at a global scale. Tokoin dApp itself can play an instrumental role in helping Indonesian businesses, which often remain unbanked, acquire a credit score and thus finally have access to financial resources needed to expand and compete on not just a national, but even international level. Despite this early ambition to aid domestic development, the project’s long-term goal is to offer a DeFi product that can enable value-adds to small businesses across the world.