Thursday's AMA saw Jason Jang from TNC join Chris, Arthur and Joseph. It was a two hour sessions, covering a lot of ground, but with a clear focus on the upcoming unlock of TNC Coin.
Written By
Bolaji Oyewole
• 1 min read
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Question 1
When Binance? (question which lingers for the past 3 years)
Joseph Denne: It's a funny question, akin to "when moon", but it's also one that masks the effort and spend required to deliver on exchange listings at scale. Edge's focus has always been on the tech first: it's a long-term play. New exchanges for the group will come about through future mergers in the M&A programme as we move forward.
Question 2
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 OTC deal & provide confidence to people?
Jason Jang: We listed TNC on exchange at the end of April this year. All the trading activities on exchanges are part natural buyer and part event participants around the globe. The reason we are holding user's token is simply following the contract and preparing for a synchronized release and launch. Also, any withdrawal issues on exchanges are not controlled by TNC.
Joseph Denne: To add to that, it's important to note that the swap process is ongoing and we're continuing to work through swap batches. And we're still on track for Oct. 01st.
Question 3
What are the 'many measures' to prevent the collapse of the token price upon unlock (as mentioned in the official TNC grounp)?
Jason Jang: TNC team develop new platform recently which will be open up to public very soon. Not just capital injection, we are planning to manage the market with real circulation and utilization of TNC. Our plan was never depending on big exchanges. Market style must change its orientation. Trading on exchange should not be the only solution for crypto. TNC new project will let you experience actual usage of TNC coin. New platform and usage of TNC will generate true circulation outside of exchange and this will prevent the collapse of the token price.
Chris Mair: Much of what is being done as a group is focused on the creation of real-world value. There's good alignment here between Edge and TNC.
Follow Up: Hi Jason. Care to elaborate on this new platform? Tell us a little more about what it is?
Jason Jang: News will be posted on TNC public channel.
Question 4
The order books are incredibly thin. People who've received airdrops alone can wipe out all available buy orders. Where is liquidity for this token coming from - - and please don't say trading comps because you tried that already.
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Knowledge
Last Updated:
September 2020
Jason Jang: We already cover this issue in question 3. So please refer to that answer.
Question 5
Please clearly articulate the use and utility of the TNC token. Why should I hold this token long term?
Jason Jang: TNC will introduce various market platforms for crypto in the near future. Buyaladdin and New platform will start the movement. Holding the coin or not is up to you alone - we are not here to consult your future investment. I do believe we'll do great yet it's my opinion only.
Joseph Denne: It's worth noting that TNC will be used for staking, service purchase and payouts in the Edge network post unlock.
Question 6
When will we receive details on the staking function of TNC?
Jason Jang: Staking function and mainnet development news is on its way. Please wait for our public telegram chat room news and public announcement on this.
Question 7
Why would you expect new investors to come in and buy TNC on the exchanges, when they know that a huge number of coins will be dumped every month by merged projects who got the coins at a 50x lower price? (please don't say because of buyalladin)
Jason Jang: Dear EDGE users, please note that since you are one of the 1st merger groups, you are receiving a larger benefit. 2nd and 3rd merger companies will not get this amount of TNC for their SWAP. We already closed the investment pool. We are not looking for further investors at the moment. Our initial investor group are ready to support the exchange market.
Question 8
What's the relationship between Playfuel and TNC, and how does this impact the merger going forward?
Jason Jang: PLF is one of the coin projects that TNC group support and invest in. PLF and TNC is separate company and will not affect each other. No airdrop or swap.
Question 9
How is the Mainnet of TNC going to work, Centralised or Decentralised?
Jason Jang: We do have a plan to deploy the mainnet, yet not ready to open up the news. Decentralized one for sure.
Question 10
How are you going to pay for Proof of Play, making more $TNC?
Jason Jang: Proof of Play is one of the concepts we studied in early stage of development. All the injection will be managed by sub company who wishes to issue the token under TNC.
Question 11
10 addresses hold 99,99% of TNCs available. How are you securing these assets?
Jason Jang: 10 addresses? Are you looking at the TNC group wallet? 80 percent of TNC is secured in 10 different wallets. It is not for circulation, so do not worry.
Question 12
On TNC roadmap, Q1 of 2021 is TNC Mainnet Launch. We are swapping until Q4 2021. How are we going to make this process from ERC-20 to TNC Mainnet during the swap?
Jason Jang: If we launch the mainnet then there will be one more migration we will need to perform. You don't have to worry it'll be automatic migration.
Question 13
Can you give a final confirmation for the unlock and the 0.04USD deal?
Jason Jang: October 1st is set date and we will follow. The OTC part of the deal has not been confirmed yet, and once this is done before the unlock date, it will be communicated officially through the website. Liquidity provider and other investor will support the market value for sure. Please wait for our announcement.
Question 14
Among the many cryptocurrencies the TNC/ABBC Group have minted, there are Playfuel (PLF), Homeros (HMR) and TNC Coin which all share the 'gaming blockchain' as their main goal. They also share extremely similar whitepapers, down to all three using the 'proof of play' consensus protocol. Can you clarify what the differences between these are and why TNC coin is branded as a gaming network and does not have or even explain the M&A program as its core vision?
Jason Jang: Please read the white paper again and also read TNC book https://tncitgroup.com/tncbook.pdf . These provide a lot of information.
Follow Up: I specifically asked why the three whitepapers I read are so similar and all contain the same 'proof of play protocol'.
Joseph Denne: As I understand it, they will be using the TNC mainnet (/ elements of it) as it is pushed out – so a lot of cross pollination.
Question 15
How are you going to introduce to the market the 1/2 trillion - TNCs ecosystem?
Jason Jang: why 1/2 trillion? We only open up for 20 percent which covers first 100 companies. If you look closer on token economy for TNC, 50 percent of that 20 percent will be locked for at least 1 year. Also, the other 50 percent is following the merger completion. Now we only close 5 merger companies. If you do the math, this only open up 5 percent. Within this 5 percent, only 10 percent will be released to the market.
So, if we Open 5% TNCs for Swap, it will be Maximum 5% TNCs ecosystem? Total of TNC in the market: 10%?
Jason Jang: 1 trillion TNC. 500 billion for merger; 500 billion for ecosystem; for now, we are processing first 100 companies. So, 100 billion for merger; 100 billion for ecosystem. Since we are in 1st group of mergers which is 5 companies only 5% for merger tokens and 5% for ecosystem tokens. These are the only supply amount in the market.
Question 16
How about 90% of TNC token burn/lock? Will it still happen?
Jason Jang: 80 percent for exact. If TNC stop processing the merger after 100 companies, then 80 percent of TNC will be burned for sure.
Question 17
If you burn/lock, let’s say 50% of TNCs created for Swap Projects, are you going to burn/swap the same amount of TNCs created for the Ecosystem?
Jason Jang: Yes. With same ratio.
Question 18
You said in a YouTube interview that in the future there will be many TNCs. When are you expecting these TNCs will be created and who is going to receive them?
Jason Jang: More mergers, more tokens! As we increase the merger joining companies, swap process will release more TNC coin to the market.
Follow Up: I think the question refers to that you said there will be 3 different TNC tokens/coins with different functions.
Jason Jang: 3 different TNC is for later. You'll not see this development right away. It is the plan after the stabilization completed. trading / stable / utility
Question 19
To succeed with the 500 company merger program, TNC will need very large capital reserves. Who is funding TNC and do these investors retain company shares or tokens only?
Jason Jang: This information is not for me to open up in this session. Commercially sensitive information, sorry.
Question 20
The former TNC CEO and founder Bruce Jeong was very outspoken and promoting TNC on numerous venues until shortly before the mergers were announced. Then he stepped down without explanation and deleted all his social media profiles (e.g LinkedIn). What happened?
Jason Jang: No comment on this issue. I will not speak about this matter ever in public.
Question 21
In the official TNC telegram group, Korean administrators do not have the slightest information regarding the project, any questions are answered so that we can look at the site. Will normal administrators be added who really work in the company and who can communicate in English without Google Translate?
Jason Jang: I'll see what I can do to improve communication for English holders.
Question 22
There was mention of new smart contracts for Edge. What are these for and how do they fit in with Edge as a token?
Joseph Denne: There has always been a requirement for a more developed use of smart contracts in the network, for example to enable the direct staking and de-staking of nodes. Work on this was de-prioritised over focusing on the core network code, but the requirement remains and it is in planning and development. The alignment of the contracts to value is important in that they relate directly to token use in the network. There's a bunch of work ongoing on this front, which will be released for discussion in due course.
Question 23
Moving away from Consul seems like a huge job and we've heard about it a lot. Why are you doing it and how does it benefit the network?
Arthur Mingard: It absolutely is a huge job. Network coordination and configuration sharing was and still is one of the key components to Edge. At the very beginning there was an immediate requirement to implement a solution that would last us long enough to work out exactly what we needed from it.
We introduced Consul early (not long after ditching ZooKeeper, but that’s a story for another time). As development progressed, it became clearer that what we needed from a decentralised network manifest was not always going to be covered by Consul, but introducing it was a level of technical debt we could, on balance, afford. Predictably, it became sluggish when trying to handle the increased number of health checks as more devices connected. Unpredictably, it also didn’t cope with regular KV writes, so as more users onboarded with CDN we saw a rapid slowdown of deployment. When I say rapid, I mean it took something like 30 seconds to deploy a new instance of CDN, which might seem pretty fast for global deployment, but we could see it wouldn’t scale.
Over the last 12 months we've raised a number of issues relating to performance without adequate feedback. We've also seen a rather quick shift to monetisation methods that we don't necessarily agree with, including the removal of features for non-enterprise users. To be an enterprise user we would need to host via Hashicorp owned infrastructure, which means it is no longer decentralised within our network.
For us, with all of the existing performance issues it is not yet a valuable option, so we took this opportunity to replace it with a system we'd been planning for far later in the roadmap, and it's coming along nicely!
Joseph Denne: This workstream also enables the use of Edge in a private network context, something that we envisage being taken to market as a standalone enterprise offering in due course.
Question 24:
How's the new business drive coming along for Edge?
Chris Mair: Pretty well! It's early days and we have a bunch to complete in support (the site update for e.g.), but the strategy is in place and is being executed on. We're starting to see green shoots and there will be updates about new engagements as we move forward. We're obviously focused on CDN in the main, but Edit is also a core focus for me. It's a powerful set of tech and does a great job of demonstrating what the network is capable of.
Joseph Denne: There will be some real-world deployments that we'll be able to share soon too.
Question 25
TNC Coin being added to the Abra app is great. Are there other integrations in the works?
Jason Jang: There will be various integration along the way. All the news will be shared through our public chat room. Abra app was processed by them not on us. More good movement will happen.
Question 26
How far along is the mainnet of TNC? Is there a whitepaper?
Follow Up: To what kind of clients/companies/sectors (obv. without needing to break NDAs) has the TNC network given edge access to and has it led to new business acquisition yet?
Jason Jang: Supply chain, academy, government level of project are on the table. But this chat room is not the place to mention the name of the company or project name. Again, so sorry some of the information are limited to share.
Question 27
What time is the unlock on the 01st of October and what time zone?
Jason Jang: I believe it will follow Dubai time. It will be announced through public chat room in the coming days.
Question 28
Can you elaborate on TNC as company, Playfuel, ABBC and how that will relate to, and benefit, TNC coin holders? The Koreans in the official channel are going nuts about this but fail to explain the direct link to TNC coin owners.
Jason Jang: TNC has invested in multiple projects and is building out an ecosystem that strengthens the entire group through larger communities, more reach and real-world projects.
Question 29
When will TNC token to coin swap be completed in Aladdin wallets?
Joseph Denne: We're working through the remaining swap requests in batches. There's been a little delay on the latest set, but we expect them to be processed soon.
