Cloud token – what can we expect in the coming months?
Ronald Aai – Chief Technology Officer at Cloud Token
The money generated from trading goes into the Reserve Account that is in USDT
The company is working on many CTO use cases:
They want to become a global wallet, allowing you to perform many activities from a single application, in a very easy way. Something that WeChat does, but they want to go global.
They are working on officially starting a partnership with Pundi X.
Every merchant that uses Pundi X POS terminal will be able to accept CTO tokens.
CloudToken NFC cards will be Pundi X compliant. That’s expected to be released by the end of August.
Debit cards will be out by August 15th.
The event for 10,000 people to celebrate the launch of the new office will happen in August and all the attendees will receive a Debit Card.
The KYC process will start early in August, so you can apply for the card.
Their plan is to hand out 1,000 – 2,000 login (security) cards at every event.
They are working with a liquidity provider that would allow to exchange CTO Tokens into USD (for Debit Cards)
They are working with the backend provider of Travel services of CTrip (trip . com) to incorporate this sort of service into the application.
Members will be able to book plane tickets, hotels, train tickets, car rentals etc… at a 8-10% discount, using CTO Tokens.
The company as an OTA will have access to these deals at 22-28% discount, and they will be putting the difference back into the Reserve Pool!
There are ongoing meetings with BitCross and Snap, in order to develop a solution to allow members to do trades too.
The company is running over 200 bots that do the trading. Inside the app in the Order History we only see a feed from 1 single bot right now. The company is working on a better solution to be able to help us see all the trades that are happening.
Over 105 million CTO Tokens have been given out to the members, and over 8 million of them have already come back to the company from transfer fees.
Cloud Token Blockchain Explorer will be available for the public before the end of August, right now it’s only available internally.
8 leaders (decision makers), including Mr Zhao have started the company, and another 7 came on board a later on as investors.
The company officially started on on 23 January in China and 123 leaders have attended that event. First 1,000 members came on board in February, but the software wasn’t ready back then. A more stable version came out in March, and around that time they just had 5,000 members.
By 12th May their member count has reached 160,000 members and as of 9th June 2019 it’s over 300,000!
Ronald Aai previously worked for the Malaysian Ministry of Defence, the next 10 years he’d spent on focused on mobile phone technology for companies like Samsung, Huawei being predominantly based out of Hong Kong, Korea, China and Denmark.
Then Ronald Aai started the SQ2 Fintech (http://www.sq2fintech.com/), focusing on payment card technology, working with big players of this market like Matchmove.
The price of the CTO is determined by dividing the amount in the reserve pool by the number of tokens in circulation.
Right now, 97 million tokens are still inside the members’ accounts (105M – 8M).
The price of 1 CTO can come down if there are more withdrawals than earnings, for this reason the company is coming up with more and more use-cases like the payments’ network with Pundi X and the Travel Booking System.
When you use the booking system for example, you are going to be decreasing the CTO in circulation and at that same time, the company will be putting in more money into the reserve fund (since they have up to 28% saving on every booking and only passing on up to 10% to members, the 18% worth of savings goes back into the reserve).
$111 Million are now inside of the trading pool and their bots are connected to 32 different exchanges, with as much as 40% of that amount being traded on Binance.