TKX is an ERC-20 token that was created on the basis of the Ethereum blockchain. The token was released by the project Tokenize Xchange to turn the platform into an independent blockchain network based on Xchain, the proprietary proof-of-stake protocol, which was developed by the in-house team. Initially, the founders tried to make a gateway to cryptocurrencies that offers a convenient and frictionless portal for customers buying digital assets. However, they didn’t stop at that as they made further advances.
According to the whitepaper released in 2018, the main goal of the exchange was to become the SE Asia’s leading cryptocurrency exchange and IEO platform with a focus on financial inclusivity and an egalitarian sharing economy. The team of the company is dedicated to the mission of giving frictionless access to a new paradigm of blockchain to users.
In April 2020, the platform became one of the first three digital asset exchanges that were fully approved by the Securities Commission Malaysia. At the time of writing, the exchange takes second place by trading volume in the crypto industry in this region. The customer base of the facility exceeded 100,000 users, most of which are located in adjacent countries such as Singapore, Vietnam, Malaysia, and Thailand.
Tokenize Xchange technologies
The company has performed huge research before developing its customized PoS (proof-of-stake) solution. According to its protocol, the validation of transactions occurs without mining. It is sufficient to hold a certain amount of native tokens for the members of the community to perform the validation work. Using this algorithm, the network is safely protected from malicious attacks due to their higher costs and, consequently, lower economical incentives.
The protocol is heavily integrated with AI technology that can build a blockchain capable of correcting human errors. The AI mechanism supervises transaction traffic, which is in charge of potential fraud along with suspicious activities such as money laundering and financial terrorism. The platform monitors market positions round-the-clock with the help of an automated risk management system developed by the team of the company.
Tokenize Xchange is a digital exchange platform headquartered in Singapore. The facility was founded in 2017 to create a safe and secure environment for trading digital assets. The Tokenize platform set the goal to become a leading hub embracing different kinds of activities connected with cryptocurrencies. The exchange started its activity in February 2018.
By listing top ICO tokens in SEA (South-Eastern Asia), the company develops the community enabling easy transfer of tokens or their liquidation. It wants to give SEA projects an opportunity of minting their newly minted assets, thus mitigating the entry barriers for investors. It also helps to ensure the dynamic activity of the marketplace. Bringing enthusiastic cryptocurrency investors together, the platform creates a vibrant community that explores and propels blockchain innovation.
At the time of writing, more than 60 cryptocurrencies are listed on the platform while the list continues to grow. To develop its ecosystem, the company has issued a native token TKX. The release of TKX enabled the facility to go beyond its functionalities as a digital assets platform. Thus, the introduction of yield farming models enabled users to earn higher profits within the Tokenize ecosystem. Moreover, Tokenize offers up to 8.3% APY on popular cryptocurrencies such as Ethereum and Bitcoin. The platform tries to branch into the field of custody as well, so it has grown beyond the traditional exchange model. The platform conducts active work educating its customers as it reveals different trading strategies and explains basic concepts of trading activity.
In January 2022, the platform joined the Nexus WorldBook, which is an inter-exchange liquidity network established by an initiative of Broctagon Fintech Group, under the licensed entity Broctagon Prime Markets Limited, with the goal to create a universal liquidity standard for digital assets.
The marketing policy of the project is rather vibrant. For instance, in May 2022, the Rebate Program was launched by the platform. With its help, users with Premium and Platinum memberships who use a debit or credit card for depositing on the exchange, get 2.9% TRX rebates to their wallets within an hour. Also, to celebrate Labor Day on May 1st, the facility provided a reward of up to 2,000 SGD from the May Day Trading Rush Program announced earlier. A trader with the largest volume gets the largest promotion reward, which is 2,000 SGD worth of TRX. The prize is 1,000 SGD worth of TRX for the second place, and 500 SGD for the third place. All members of the community can participate in the rewards giveaway campaign. At this, only trades in USD and SGD pairings are considered when the volume of trades is counted.
TKX is a utility token that is used for covering transaction fees. Additionally, it helps the members of the community including individual users or projects to get access to the IEO platform, which is one of the elements of the ecosystem. TKX holders can enjoy a 30% discount when paying trading fees. Also, there is a program Tokenize Crypto Earn that works as a digital wallet holding your assets, which can be simultaneously used to earn interest that is paid at the beginning of each month.
Users are urged to upgrade their membership to Premium or Platinum to get a range of benefits allowing them to economize on transaction fees and use the possibility to stake and withdraw at any time with the FLEXI feature. It is possible not to pay the withdrawal fees for those who hold 5,000 TKX in their wallets. The fees depend on the type of membership. There are different rates for “Normal”, “Platinum”, “Premium”, and “Verified” members of the ecosystem that can be found on the official website of the platform.
Tokenize Xchange security
Addressing security issues, the platform introduced AES128 Security encryption, 2FA and IP whitelisting, a hybrid wallet mechanism, and multi-signature confirmation. The company employs a 7 layer security gate to protect the network and its customers. Using this approach, the team can successfully hinder DNS flooding, UDP amplification, and HTTP flooding. The platform maintains strict KYC and AML procedures for the security of its users. With personalized round-the-clock customer service, it effectively addresses the needs of customers. The team uses hybrid wallet mechanisms to avoid cyber attacks and security loopholes.
Tokenize Xchange team
The founder and CEO of the platform is Hong Qi Yu who worked at fintech startup Bambu before. He is a blockchain tech enthusiast with experience in FOREX, equities and cryptocurrencies trading.