Tokenization is far from a new concept. For perspective, tokens were used back in the British Empire when there was a lack of fiat money and continue to be used when citizens pay with coins or bills in their local currency. Today, the same concept is being used alongside blockchain technology to increase liquidity and reduce the time required to execute a trade.
While just about everything can be tokenized on the blockchain, the actual process of creating tokens is lengthy and expensive. Sometimes even requiring the help of experienced developers to complete.
Recognizing the potential for new projects, the platform Tokel has aimed to help businesses and organizations take advantage of token economics, creation and management of tokens, and tokenize assets. Among them may be companies looking to create debt issuance tokens, asset-backed token ownership or other forms of security tokens.
Some of the resulting use cases include replacing VINs on a car with an NFT token to offer additional security and immutability or providing concert organizers with the same number of tokens as seats so they can earn a royalty on the resale of tickets.
In theory, the concept of tokenization offers many benefits. However, where businesses struggle is in the lack of ability to create and manage a standalone blockchain. The decentralized token platform, Tokel, is striving to solve this very problem.
Joining the token economy
Tokel is a community project that provides a platform that gives individuals and businesses access to token and NFT creation features that make it very easy to implement in everyday life. The platform is both open-source and a dedicated, token & nonfungible token (NFT) platform.
The team shares, “Tokel truly opens the door for every single person to access tokens and NFTs in an inexpensive, decentralized fashion. Whether you are a creator, collector, trader, project, business, developer, or a token user, you can utilize and benefit from the technology and features that the Tokel platform has to offer.”
Tokel aims to change the current NFT and token creation process, making it inexpensive and so easy that anyone can participate in the token economy. This is made possible through the combination of Komodo Technologies and the addition of their own newly built features. Partnering with the Komodo Platform has allowed the Tokel team to leverage the underlying technology, including the provision of dPoW that secures the network from 51% attacks.
Together, these technologies allow Tokel to deliver end-to-end token solutions to creators, businesses and projects alike. With these technologies, users gain access to streamlined token creation processes to create and manage tokens in addition to being offered a token explorer and wallet integrations. These tokens then can be bought, sold or sent through the platform’s TokenDEX & NFT marketplace. Any new tokens that are created with a minimal supply of 1 will qualify for listing.
Most recently, the platform conducted an initial DEX offering (IDO), which team members believe to be critical for the continued funding of the project and determining the price of their $TKL coin. The IDO occurred on AtomicDEX, the decentralized exchange for the Komodo Platform.
An 8 million Tokel Airdrop for Komodo holders was also announced to occur within a week of the IDO launch date. Users can participate by simply keeping their funds in wallets that give them access to their private keys.
Looking forward, the Tokel platform announced plans to release the NFT marketplace for artists and users to buy, sell and trade NFTs. On the TokenDEX, token creators can immediately trade their tokens, removing the need for expensive exchange listings. The platform also shares that their roadmap will include a discord game that is in the process of being built, as well as a simple to use token creation page for businesses and individuals that will be launched in the near future.
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