Recent updates from Ronald Aai on Cloud Token Wallet App operation status 9-24-2019
IMPORTANT UPDATE FOR ALL
First of all, thank you for your continued patience and support the past few weeks as the company prepares for the big event on Oct 5th
Ronald Aai has been dealing with a family crisis for the past few days as his brother was hospitalized following a stroke, yet he has not stopped taking calls from leaders. Family is always first but yet he has continued to work tirelessly despite tremendous stress so I can’t say enough about this gentle giant
Here are the latest updates from one of those calls summarized by Arthur Z
Pending transaction number will be displayed in the “Transaction History” section of the app to give members some idea on where they are in the queue. This should be implemented before the end of September. This way members will be able to track their position and see that there’s progress (they are moving up the queue etc).
Average conversion time right now, due to issues with processing transactions on the Ethereum Blockchain (high congestion) is 36-48 hours. The company is already working on several alternatives that would significantly speed up the “CTO conversion” process, some of them will still be implemented in September.
Profit Pool and Jarvis Audit:
Their lawyers are working on this. Getting the CEZA license is an important step towards starting the audit process. The company should be “CEZA Compliant” still before October 5th and after that they start. The name they used in order to register for the Ceza license will also be revealed on 5th October.
Pre-paid Debit Cards:
The card is refunded with $
The card has to be activated first in order to work (like a membership – 200CTO, 1 or 3 years – not decided yet).
You have to “lock” a certain number of CTOs in order to enable a certain limit (amount x current price of 1 CTO = spending limit).
Collecting Debit Cards for other members
Take a selfie holding your passport and a piece of paper saying:
“My name is __, my Cloud 2.0 account ID is __, and I authorise ___(name), Cloud 2.0 account ID___ to collect my prepaid debit card on my behalf.
When should we be able to convert CTO to ETH again?
Once that cryptocurrency stabilises. The number of pending transactions on Etherscan is still too high, but once it goes down to about 30,000, they will be looking to turn that feature back on.
They are looking to add DAI as another cryptocurrency, we can convert CTOs into.
Aurae Blockchain Explorer
They are working on it and will do their best to have it ready before the end of the year.
Online Reputation Management
The are putting together a “media department” to work with leaders and create standardised material, which leaders would then translate and disseminate across their teams.
They will also be organising webinars for leaders specifically, educating on how the communication is going to be done inside the company.
This year their focus is to be sure that Jarvis, Rogue, Debit Cards, OTC, Travel Platform, Global SimCard and their Blockchain Explorer are fully operational.
Next year it’s going to be all about growth!
They will be looking to to sublicense products from “traditional business owners” and sell them inside the ecosystem.
No, once they are on-chain, members just have to wait.
In-App Chat/Video Meeting System
The company will introduce a “group chat” functionality for groups with 50 users and less.
For larger groups, members will be able to do a one-way broadcast to the entire team. A streaming service like zoom will be also available to communicate with the team. Groups will have moderators too.
Members will be using their nicknames an account IDs.
How is the company planning to scale their infrustructure (around 20 minutes in)
The have to work with other cryptocurrencies in order to resolve this issue. Cloud is utilising Ethereum, Bitcoin and other networks inside of their ecosystem and many things are outside of their control. Ethereum is already working on releasing new functionalities that would significantly speed up their network (Ethereum 2.0).
Why the price of CTO suddenly started changing several times per day?
As the entire crypto market is a bit slow right now, they are introducing other trading strategies (scalping), in order to still be able to remain profitable.
Instead of using “just” 200 trading bots with 100BTC trading volume each, now they have around 5,000 bots, with 1BTC or less trading volume per transaction.
The are in a joint-venture with another company and 7 of their traders are sitting in Cloud Token’s office and they know, which crypto to target for good profit when it comes to scalping trading.
Because these types of trades are much shorter and now the funds are moving directly into the “Profit Account” (Not into the Reserve Account anymore), the price of CTO from now on will be updated a lot more frequently.
Corporate Structure Flow Chart (Assets, Liabilities etc).
The lawyers are still going through this, they are hoping to be able to release it before the end of the year.
There will be 2 versions of the product.
Version 1: 5th October
Members will be able to use their CTOs to buy packages and top up the card.
Version 2: Early December
They will be using members’ crypto assets in order to trade and use profits to buy data in BULK from data providers. Because of the amount of $$$, they will be able to get better deals.
The deposits made by members who are looking to use GlobalSim cards will be increasing the total amount of crypto, which they have available for trading.
Deals, which they may be able to get from data providers may already be paid for from 1 or 2 months worth of trading, and the rest of the earnings will be going into the “Profit Account”.
Defamation/Malicious Posts and Videos Online
1. “Cloud Token Mauritius issue” – this has NOTHING to do with the company.
The leaders out there got themselves into trouble with local regulators (the company offered help and their lawyers are already in talks with the regulators to resolve the situation).
2. The company have already sent out around 53 cease and desist letters to various Bloggers and Youtubers for defamation. Around 10 have already removed their content. Ronald is gonna get another update from their lawyers for us.
Crypto Assets Under Management
The Cloud Token Team has around $150 Million directly under their management.
They have 3 more parties involved in trading. Overall they have around $470 Million under management.
Binance Vs Cloud Token Trading accounts on Binance are NOT registered under “Cloud Token”, but setup as “personal accounts”.
The company has already moved about 60% of their funds away from Binance because of these issues with them (comments, Binance made on social media and accounts being frozen for 10 days).
Free Event Tickets:
Anyone who still wants to receive a free ticket to the event, must message customer services via Facebook asap.
Payout – how is it calculated?
The company decides on the payout % once per month, once they have a full summary available of their trading activity.
As per the information from company’s lawyers, they will be restructuring how the “Reserve Pool” is working, effectively converting it into a marketing fund”, that the community members will be able to utilise for various marketing activities.
If the company is making 8% profit from trading and it’s been decided that the payout for that particular month is 6%, they will pay out 6% to members and the remaining 2% will go into the marketing fund.
If they are generating “just” 4% from trading, then 4% will be payed out, everything is based on actual profits.
Recent updates from Ronald Aai on Cloud Token Wallet App operation status 6-22-2019
1. BTC Deposit
Btc deposit that was taking extremely long has been resolved and the new system shall take place on Monday. Deposits will now be quicker and require lesser blockchain confirmation (it was 60 confirmations before this)
2. Delay in starting up Jarvis has been taken care of and it is sometimes due to the gas fee. If you wish to start up jarvis and notice that there is no amount under “Gas Fee”, simply go out and come back in again and it should be fixed.
3. Missed payouts for CTO
To all members who has not received their payouts on the 18th, 19th, 20th and 21st of June Ronald and team are working on distributing it by batches. The reason that there is a delay is that the company now has 403 levels of network and not 21 anymore. This shows strong growth in the company. Everything should be taken care of by Monday. The Engineers are working on it.
4. Error while logging in
You sometimes see “No Internet Connection” while trying to login. Cloud token has 168 servers all over the world and they’re trying to find which is the server that is causing this problem and once found they will reboot that server and things should be resolved.
5. Missing ETH in the ETH wallets
For those members that had Ethereum in their ETH wallet before the company removed the old ETH wallets and replaced it with the new ones, nothing to worry as your ETH is safe. The company will be reflecting your funds into your superwallet again effective on Monday. They had to move your ETH into cold storage for them to be able to change the wallet address. And it’s taking sometime but will reflect in the shortest time.
All in all this is one of the biggest maintenance and updates Cloud Token has had but just like any other company, the beginning stages are always difficult and tough to cope but with patience and believe in the transparency we have, we believe that CTO will continue improving their systems to serve us better.
I would like to urge the community of Cloud Token as well as all members on my team to be extremely patience and go through this phase as it will be worth it in the end. A lot of exciting updates are on the way but it will only be exciting if you have faith in the company.
#CloudToken – what can we expect in the near future?
Ronald Aai – Chief Technology Officer at Cloud Token
The money generated from trading goes into the Reserve Account that is in USDT
The company is working on many CTO use cases:
They want to become a global wallet, allowing you to perform many activities from a single application, in a very easy way. Something that WeChat does, but they want to go global.
They are working on officially starting a partnership with Pundi X.
Every merchant that uses Pundi X POS terminal will be able to accept CTO tokens.
CloudToken NFC cards will be Pundi X compliant. That’s expected to be released by the end of August.
Debit cards will be out by August 15th.
The event for 10,000 people to celebrate the launch of the new office will happen in August and all the attendees will receive a Debit Card.
The KYC process will start early in August, so you can apply for the card.
Their plan is to hand out 1,000 – 2,000 login (security) cards at every event.
They are working with a liquidity provider that would allow to exchange CTO Tokens into USD (for Debit Cards)
They are working with the backend provider of Travel services of CTrip (trip . com) to incorporate this sort of service into the application.
Members will be able to book plane tickets, hotels, train tickets, car rentals etc… at a 8-10% discount, using CTO Tokens.
The company as an OTA will have access to these deals at 22-28% discount, and they will be putting the difference back into the Reserve Pool!
There are ongoing meetings with BitCross and Snap, in order to develop a solution to allow members to do trades too.
The company is running over 200 bots that do the trading. Inside the app in the Order History we only see a feed from 1 single bot right now. The company is working on a better solution to be able to help us see all the trades that are happening.
Over 105 million CTO Tokens have been given out to the members, and over 8 million of them have already come back to the company from transfer fees.
Cloud Token Blockchain Explorer will be available for the public before the end of August, right now it’s only available internally.
8 leaders (decision makers), including Mr Zhao have started the company, and another 7 came on board a later on as investors.
The company officially started on on 23 January in China and 123 leaders have attended that event. First 1,000 members came on board in February, but the software wasn’t ready back then. A more stable version came out in March, and around that time they just had 5,000 members.
By 12th May their member count has reached 160,000 members and as of 9th June 2019 it’s over 300,000!
Ronald Aai previously worked for the Malaysian Ministry of Defence, the next 10 years he’d spent on focused on mobile phone technology for companies like Samsung, Huawei being predominantly based out of Hong Kong, Korea, China and Denmark.
Then Ronald Aai started the SQ2 Fintech (http://www.sq2fintech.com/), focusing on payment card technology, working with big players of this market like Matchmove.
The price of the CTO is determined by dividing the amount in the reserve pool by the number of tokens in circulation.
Right now, 97 million tokens are still inside the members’ accounts (105M – 8M).
The price of 1 CTO can come down if there are more withdrawals than earnings, for this reason the company is coming up with more and more use-cases like the payments’ network with Pundi X and the Travel Booking System.
When you use the booking system for example, you are going to be decreasing the CTO in circulation and at that same time, the company will be putting in more money into the reserve fund (since they have up to 28% saving on every booking and only passing on up to 10% to members, the 18% worth of savings goes back into the reserve).
$111 Million is now inside of the trading pool and their bots are connected to 32 different exchanges, with as much as 40% of that amount being traded on Binance.