MyToken, a Chinese cryptocurriency price monitoring app has announced the launch of its ICO, based on the ERC20 standard, in order to advance the project in terms of team building, business and product development and community operation.
Below, you will find a Q&A by Spectra Ventures to Larry Guo, the CEO of the company about market opportunities, the project, the product, its features and
future plans.
Spectra Ventures: Let’s speak about MyToken. Which are the main issues do you want to solve?
MyToken: There are some issues to solve. First, according to statistics provided by MyToken, there has been almost 500 financing activities including initial fundraising for public offering of tokens since 2017, which raised a total of about 5 billion USDs. The rapidly inflated market and the crazy development trend exposed the ecological pain of cryptocurrencies in a more clear manner.
Second, investment transactions are too fragmented for people to measure their personal assets. Today, the variety of encrypted currencies available for trade now have soared to over 2,000 while the number of well-known exchanges offering digital currencies has reached nearly 300.
For investors, the purchase of cryptocurrencies and the choose of exchange is difficult. Transactions often go through multiple platforms, such as Over-The-Counter trading desks and token exchange platforms. Users may consume lots of energies during the transactions among platforms.
Due to these fragmented transactions processes, users’ overall experience cannot be effective. At the same time, it is difficult to measure the individual assets scattered across exchanges. The costs and timing of starting cryptocurrency trading is high, which makes it difficult to use it as easily as that of stocks and futures.
Third, consider that the essence of cryptocurrencies’ investment is the early investment of businesses and projects while individuals are acting as angel investing institutions. However, the unequal information between project parties and users may lead to a wild increase of the decision-making costs of investments. It has become a big challenge to judge the authenticity of project information, the rationality of market value and the reliability of the
team, and the risk of user investment soars correspondingly.
In the meantime, since the blockchain is inherently decentralized and globalized, it’s very difficult for countries and governments to effectively regulate the entire industry through administrative orders.
Given this, the phenomenon of frequent fraud has brought many investors losses and caused chaos in the entire industry, which has brought a severe blow to the entire blockchain industry, which is growing fast.
Spectra Ventures: Given the above, which is the market opportunity do you want to take?
MyToken: Blockchain industry boomed in 2017. With its decentralized features and reliability, blockchain technology is gradually but relentlessly moving from geek to the general public. It has both opened up revolutionary opportunities across industries and also makes cryptocurrency as a new investment and financing model, wth the potential to disrupt financial markets and presenting tremendous commercial prospects.
However, as usual, opportunities and challenges co-exist. Under the enormous return on investment, an increasing number of investors and teams are entering the market with this bringing an increasing risk of investment.
In this framework, MyToken, the price monitoring app of choice with the largest market share in China, focuses on the pain points of the industry with the aiming of restrucuring the investment ecosystem of digital currencies and become a working clearstream in the field of cryptocurrencies.
Spectra Ventures: please, tell us how MyToken is going to bring clarity in this caothic exosystem?
MyToken: Started as a project in August 2017 and after six months of high-speed product iteration, MyToken has become the price monitoring app with the largest market share as well as the most active user bases in China.
The app has solved the first pain point of the whole encrypted curriencies industry bysatisfying the needs of one-stop view of the instant price among different exchanges, giving investors the chance to easily mange their personal assets.
Spectra Ventures: Can you give us some user stats?
MyToken: Currently, MyToken has become the most popular market and information platform in the Chinese region with more than 400,000 users on iOS and Adroid.
Spectra Ventures: Development plans in the pipeline?
MyToken: MyToken is building a full service cryptocurrency investment platform, with the aim to solve industrial pain points and provide a bi-directional and transparent ecosystem for the development of the cryptomarket.
Generally speaking, our target for the future is, on one hand, to create an efficient investment environment that helps investors and developers better understand and participate in the future world of blockchain. It helps investors to deepen the understanding of blockchain industry and the project parties with objective and neutral data, information and tools, reduce the decision-making costs and integrate into the blockchain world through data consolidation, UGC, community and ecosystem services in a more effective way.
On the other hand, MyToken will be introducing both decentralized technology and a token system to attract more builders and business partners to jointly create an efficient, friendly cryptocurrency investment ecosystem.
Spectra Ventures: Which is your business model?
MyToken: Our main business models include advertisements, service fees of aggregate transactions, service fees of project issues, and service
fees of data interfaces.
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ICO page: https://tokensale.mytoken.io