TNC IT Group joined Edge Network’s official telegram group to participate in an AMA (Ask Me Anything) conference last July 9. The session started at 2:00 (UTC) and lasted more than 3 hours. The AMA event was virtually attended by TNC IT Group’s Executive Director Jason Jang and Edge Founder & CEO Joseph Denne. Edge Founder Christopher Mair, and CTO Arthur Mingard were also present.
The AMA session was a collaboration of the TNC and EDGE team gathered to answer questions of all who participated. Several topics were covered, from the OTC (over-the-counter) situation, the merger agreement between EDGE and TNC, updates on Aladdin Pro Wallet, among many others.
There were 43 questions answered in a span of 3 hours. We have selected ten questions that are directly related to the OTC deal and Crypto M&A to clarify the latest progress in our company.
Can you confirm the OTC deal?
Jason Jang: There was an issue on the OTC deal due to a delay that occurred on the Aladdin Pro Wallet. The wallet efficiently serves merger companies and TNC, however, we realize it was not ready for the wider public. We are carefully reviewing issues with our legal team at the moment. I assure you, TNC always aims to put users’ benefits first. So please wait for our public announcement regarding this.
When will you finally build a community with a chat with TNC employees active? (not just hired moderators but actual employees who can ask other employees stuff and communicate to the community)
Jason Jang: As we progress in the merger process, we expect a great number of users joining TNC’s official chat group. We don’t want the chatroom to be filled with questions with lacking answers, that is why we are taking our time before we launch one. It’s not that simple to just open the chat room and leave it to the public. We aim to run the chatroom with real-time monitoring that will require manpower and internal expert’s attention 24/7. We are planning to open a global TNC chat group before the second batch of mergers joins the project.
Does TNC see a need to get people to invest in TNC in the next years or is the plan to use its own funds to keep up the price at a decent level?
Jason Jang: Most token companies are dependent on investment and market trading. However, TNC focuses on the utilization of our own token in the market. This is one major difference that sets us apart from other token companies. TNC plans to introduce balanced solutions to future investment plans, as we penetrate the market step by step.
What makes your advisors so special?
Jason Jang: TNC tried to choose the various specialists around the world to evaluate the merger company’s technical capabilities and potentials in partnership. Our advisors are already special in their own domain. In the future, each advisor will support TNC’s new projects through endorsements.
Jason, a question, if the tokens are locked in the wallet, who are all trading on various exchanges at the moment. Why not let people withdraw their original coins till the time you can confirm the OTC deal & provide confidence to people?
Jason Jang: Due to the hacking issue on certain exchanges, TNC stepped immediately for a smart contract upgrade. The updates will be able to support massive traffic for the token swap. We want to create a clean market for all our users. The OTC deal which was talked about before will proceed. It will happen for sure, but we just need to finalize some wordings on the terms and conditions.
How are token withdrawals from Aladdin handled once unlocked – Manually (delayed withdrawal) or is it coded to allow transfers of no more than 10% (immediate withdrawal)?
Jason Jang: The Aladdin Pro Wallet will operate automatically instead of manually from now on. All the lock-up systems are already set for automated operations. For all related information needed about the wallet can be looked upon this website: Aladdin Wallet
Will TNC burn tokens to change the total supply?
Jason Jang: Yes, token burning is going to happen. We’ll share the news with you guys when we are ready to initiate the burning.
Follow up: Can you share how much % will be burned – previously it was stated 90% will be burned, is still correct?
Jason Jang: Out of the 500 target merger companies, we are now in the initial phase of merging the first 100 companies. This means only 20 percent of the total supply is open, and the remaining 80 percent will be burned if we don’t continue in the second batch of 100 companies.
How is TNC solving the issues with merging for future merges? What are big technical risks with merging that you have run into but have not yet been able to solve?
Jason Jang: For now, we are concentrating on ERC-20 token companies. Each mainnet developed coin companies are hard to merge. In simple words, the very reasons are:
- Listing problems with their coin structure — exchanges will have a hard time
- Swap check-up process problem since they hold their own block explore and etc.
We do have plans in developing solutions for these issues, and when we are ready to execute the 3rd batch of mergers, our technical solutions will be ready for coin swap by then.
When will TNC be listed on the King of all exchanges, Binance!? Do you have the ambition to be on Binance, Kucoin, Upbit, and Bitfinex?
Jason Jang: TNC will continue listing on major exchanges. We did set a clear goal to be listed around the world. It is quite sad that we are enslaved by exchanges, yet soon we are hopeful to see different market trends. Hopefully, we can make drive a change together in the crypto market.
According to the TNC Book, the number of exchanges and number of wallets makes up 80% of the grading of an M&A Project, while volume and & market cap only make up 20%. Fundamental value/proposition is not considered at all in this grading that determines the number of tokens a project gets. Can you explain the thoughts behind this system?
Jason Jang: Two major grading elements were user count and exchange listing status.
TNC’s project is a “Crypto Merger” with a “token swap” process. This project doesn’t involve any fiat value of the token. We concentrated on the potential ability of community power. TNC believes that we can provide a platform and ecosystem to cater to a great number of users.
Also, to provide users want to have a massive number of exchanges where they can trade and liquidate their assets. These are the reasons for the grading. We do respect the merger company’s technology and leave all rights to them. As for the considerations in technology, our intention is to work together on blockchain projects in the future.