CTK : a Blockchain-based Utility Token
The Cryptyk Token (CTK) is the new digital currency for enterprise-class cloud security and storage applications from Cryptyk Inc. CTK is a utility token that leverages the permanent immutable nature of consensus driven blockchain technology to underpin a new independent digital economy for secure enterprise cloud applications. The primary function of the CTK Token is for the processing and logging of cyber-security and payment related verification tasks for Cryptyk's SaaS security and storage services. When initially launched on secondary exchanges in Q2 2019 the CTK smart contract was built on top of the ERC-20 Ethereum protocol to establish initial liquidity and a trading regime. However CTK is blockchain agnostic and can sit on top of public protocols such as Bitcoin and Ethereum, and also private permissioned protocols such as Hyperledger. This makes CTK tokens "future-proof" against the potential availability of improved blockchain protocols, and applicable to both enterprise and consumer security applications.
In Q3 2020 the CTK economy will be integrated with the CRYPTYK CLOUD product suite that includes the VAULT cloud storage and SENTRY cloud security platforms. This hybrid blockchain integration will form the underlying payment processing and auditing system for a new independent decentralized cloud ecosystem. CTK's token utility is used for the fast processing of network security verifications for the SENTRY security auditing platform. CTK also acts as the underlying payments platform for SENTRY and VAULT plus the numerous software applications (or APPs) to be built on top. The CTK token economy will help drive customer adoption of the CRYPTYK CLOUD product suite and also incentivize 3rd party development of an APP ecosystem built on our ultra-secure cloud storage. Building an engaged community of software developers will be key to the evolution of CRYPTYK CLOUD from a SaaS product into an open source ecosystem that organically builds new applications by itself. To this end Cryptyk Inc has founded the non-profit Cryptyk Foundation to manage the customer, developer and investor communities for the benefit of all stakeholders.
Explainer Video: CRYPTYK CLOUD Ecosystem
Token Economy Structure
The CTK Token Economy was developed in early 2018 with the CTK smart contract creating 750 Million digital tokens (fixed in number forever). The initial distribution of CTK tokens was as follows:
(1) Initial Circulating Supply of 300 Million CTK (40%)
(2) Company Supply of 250 Million CTK (33%)
(3) Community Supply 200 Million CTK (27%)
A total of 300 Million tokens were issued to investors via the CTK token sale and to strategic marketing partners via token swap agreements. The token sale and exchange listing processes has created over 2200 token holders which form the initial circulating supply for trading on secondary exchanges. It also generated $4.4 Million of product sales for over $2M of income used for Cryptyk Cloud product development.
The Company supply consists of 250 Million CTK tokens that are reserved for Cryptyk Inc shareholders and staff. These will be issued to staff in stages starting in Q3 2020 once the CRYPTYK CLOUD product platform has been successfully launched. The Community supply consists of 200 Million CTK tokens and is managed by the non-profit Cryptyk Foundation. These tokens are for issuance to key enterprise customers and 3rd party app developers from Q3 2020 once the product platform has been launched.
Customer Adoption drives CTK Value
The CTK Token Economy will not exhibit any growth due to product utility until the CRYPTYK CLOUD product suite is launched in Q3 2020. Until then CTK price and market behavior will solely be determined by market sentiment and investor speculation (ie: similar to a security or share). Nonetheless we can expect the CTK price regime during the pre-launch and trial phases to be between 0.01 cents and 1 cent. Once the product suite has been launched CTK price will start to be increasingly determined by its product utility. Hence, CTK price will be primarily driven by customer adoption and grow exponentially during product launch and sales growth phases. While CTK pricing cannot be accurately forecast or guaranteed, estimated price trading regimes* are shown in the diagram here ->.
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