For too many of us, especially in my generation (I am 62) the world of Crypto is so fast moving and bewildering that it becomes a real challenge to become involved as a participant/investor...let alone even understanding it all. lol
To that point, a recent business partnership with my Vietnamese Partners in a sweeping travel initiative, actually includes my "Baptism" into the Crypto World through the first-ever "Travel Token." (see definition of a Utilty Token below)
While cryptocurrencies, such as Bitcoin, represented a defined value, utility coins have a specific use. These token grant right holders the ability to use the blockchain network and its services, and – in some cases – vote on governance. You might think of utility tokens as a pre-paid software license, which is used to access services.
A good example would be the ICO from Filecoin, which sold utility tokens providing user access to its cloud storage. Filecoin succeeded in raising $275 million dollars. Similar to other tokens, there is a limited supply sold. The data is spread across a network of computers that rent out the storage in exchange for Filecoin payments. It’s similar in concept to Airbnb or Uber, in which users are able to maximize utilization of their homes or vehicles by renting it out in small amounts to end users. In the case of Filecoin, it’s data centers and hard drives around the world that have unused storage space available to “rent.”
“I believe every ICO I’ve seen is as a security,” SEC Chairman Jay Clayton testified before the Senate Banking Committee in February .
Utility tokens, even as part of an ICO, may not be subject to such strict federal security laws. Utility tokens are not strictly investments. Think of them as a “digital coupon” for future services.
There’s increased interest in utility tokens since the state of Wyoming recently passed theUtility Token Bill. The bill classifies utility tokens as neither a commodity (regulated by the Commodities Futures Trading Commission) nor a security (regulated by the SEC). As a new asset class, the bill excludes token sellers from security laws if they meet certain conditions. Caitlyn Long, founder of the Wyoming Blockchain Coalition said the law defines utility tokens as a new form of property. Property, Long said, is generally the purview of state law instead of federal regulation. Other states are considering new legislation.
With utility tokens, in addition to less federal regulation, there is cost savings in legal and administrative filings, less record-keeping and duplication of records, and the automation of administrative tasks.
With these advantages and potential legislation exempting utility tokens from strict SEC and CFTC regulations, utility tokens appear poised to grow rapidly and become more viable options for future ICOs.
My partner's innovation brings the Utility Coin format "married" to a vast array of travel benefits "married" to their "Coin." (see below)
INTRODUCING HI-TEKCOIN TravelPAY™
Travel & Tourism is one of the world’s largest industries, contributing 7.6 trillion USD to the global economy in 2016, of which online travel booking contributed $565B USD.
Today, worldwide travelers can quickly search and book their hotels, car rentals, cruises, flights, trip visas online rather than through travel agencies. The money that visitors use for booking must go through many providers of intermediary or payment services (Banks, Paypal, VISA, MASTERCARD…) and then reach the service providers with long processing time, unfair foreign currency exchange, too many high fees, and lack of privacy, often with high security risks.
™ Cryptocurrency (HIC) is a new form of a decentralized Online Payment System, based on the X13 platform and is not controlled by any central authorities. HIC was created as a new method of payment for online travel services. The HI-TEK travel platform offer our global customers in multiple languages, including the Vietnamese visa registrations, over 800,000 hotels worldwide, 150,000 flights daily; car rentals, cruises and entertainment at www.Prebook.com; www.Travel.vn at deep discounted rates for our members. At transaction time, money from the Customer’s account will go directly to the Service Providers, and not through any Intermediary, saving customers time, money, and their privacy.
The HI-TEK Team has more than 20 years of experience in building and developing online payment solutions which are the foundation of introducing the HIC. HIC is created with the purpose of providing an alternative payment method for those 70% worldwide travelers without credit cards; especially in Asian countries (Vietnam, Japan, South Korea, Singapore, Philippines, Laos, Hong Kong, UAE, Malaysia, India, China, etc…). Now, approximately 4 billion people will have a better way to book their travel using our premier online travel portals.
We intend to sign up worldwide travel partners and service providers to use this secured HIC merchant payment system too.
Furthermore, we are developing our own Cryptocurrency Exchange to support our HIC and many other coins. Our proprietary HIC Exchange platform has mandatory Veriﬁcation KYC – AML and is a One-Stop-Solution for the entire crypto industry. We aim to create a centralized, flexible, informative and safe exchange for everybody to use and make money.
What does this all mean for you and me, as both consumers and businesspeople? Quite frankly, it can be a windfall.
Specifically, if you purchase the Travel Token through their App Online, you will be registered in their Blockchain with all of the Security Protocols (KYC, et al) in place for the safety of all. Your purchase of the Tokens provides you the means of a direct and seamless purchase of virtually unlimited travel benefits and at prices that are not available to the traditional consumer (20%-70% discounts from the best Internet rates).
Here is a visual of both our Token and our Travel Offerings:
Of great interest should be that within 3 months time, our Travel Token will be listed on an Exchange that will allow both the anticipated appreciation and liquidy for the Travel Tokens. This Utility Coin is 100% "premined" so there will never be more than have now been "mined," therefore scarcity is a future factor. The Travel Token will be able to be exchanged for various Cryptocurrency (Bitcoin et al) as well as Fiat, through the new Exchange. When the expansive market envisioned for this unique product is manifested...it is only natural to assume its desirability will propel its value...always redeemable for the "Travel Credits" it was designed for.
In short...this very powerful new entry into the world of Crypto, utilizing the Utility Token format truly is..."Having Your Cake and Eating it Too!"
Learn about my 4 decade-long journey into the world of entrepreneurship at www.peterjburns3.com.