KitToken Review- Part 2: Strengths, Weaknesses, Roadmap
One major strength of KitToken lies in its using blockchain technology for international fund transfers. This is a master stroke because blockchain outperforms conventional payment systems when it comes to speed, security, and transparency. In addition, the low transaction fees paid on blockchain networks compared to when using credit cards or normal banks makes it attractive to small businesses with small budgets.
Merchants, e-commerce stores and their customers, I believe, will be very eager to embrace KitPay.
Another strength that KitToken possesses is its unique design based on Ethereum with in-built smart contract features.
In addition, KitToken finds itself in a great market position, being the first of its kind in Malaysia. Moreover, Asian countries are already preparing regulations, through regional bodies, to streamline cryptocurrency use and make the region a global hub for digital currencies.
Aside this, unlike other similar projects, KitToken is no longer a paper idea. It took off last year and now on the 2nd stage its ICO with supports from 3 different wallets: Metamask, Myetherwallet, and ImToken wallet.
However, the greatest strength which KitToken boasts of is its formidable management team, developers, and advisors. For example:
Amir Mohamed- CEO
Amir is a man of many parts with over 25 years of experience in business. He has been the CEO of a data centre company, Masterplan Center Sdn. Bhd., since 2011 and, before that, the CEO of Billadam (a mobile app company operating in both the UK and Malaysia), which created the first-ever mobile street map of London. Amir also has some experience in cryptocurrencies trading over the years.
Khalid Abu Hassan- Senior VP, Corporate Finance
Khalid is a versatile business guru with wide experience in business development with 2 major ventures namely NCIA and ECERDC. He was also the head of Quantitative Department for the Institute of Technology and a corporate consultant for the National Fund Ltd. His contributions to national development has been recognized with no less a personality than the Prime Minister sending him letter of commendation in 2012.
Aside these two, KitToken also has 8 other members of the team. Mohd Taufik Abdullah (Senior VP, Business Development); Siti Zaharah Ismail (CSO); Nurul Ain Hassim (CIO and Technical Lead); Irma Mardiana Abu Rahim (Backend Developer); Ahmed Faiz Amir (Lead Programmer); Siti Salbiah Nur Hussin (Blockchain Integration Manager); Wan Asiah Wan Adnan (Project Manager); and RuSydi Noh Bin Ramli (Operation Manager).
The advisors are Sujith Somraaj (Founder and CEO of Stellargold. Inc); Ben Jones (Cryptocurrency Evangelist); and Dato Mohd Anuar Sidek (Cryptocurrency Infrastructure).
All the members of the team, including developers and advisors, have diverse professional experience in cryptocurrency, blockchain, IT, and big business, according to their individual profiles on Linkedln.
WeaknessesA major weakness with KitToken is that its wallet will only be launched in September, 2018 and I cannot conclude about its performance yet. Although this shortcoming will probably be forgotten by next month after its launch.
Another issue of concern is the inability of blockchain platforms to cope with increasing number of participants. Large transaction volumes often reduce transaction speed and performance on such networks. However, the developers have foreseen this. They pledged to move KitToken away from Ethereum to Hedera HashGraph in the near future in order to nip this problem in the bud. HashGraph is not based on blockchain and it's acclaimed as the best Distributed Ledger Technology (DLT) out there.
Road Map
The KitToken project is in stages. Starting from July, 2017 when the idea was initiated, to 2020, the developers have mapped out major milestones. KitToken has an ongoing ICO ending by the end of August, 2018.
Final ThoughtsKitToken has great advantages and strengths. It has been dubbed the "User driven cryptocurrency of the future" by its developers. They have a nice concept backed with wonderful strategies to make their plan a reality. At the same time, they face minor challenges which must be overcome to place the business on a sure footing. Overall, I will conclude that KitToken is a viable platform that will benefit merchants, their customers, and all users.
For more information on this revolutionary payment platform and its ongoing ICO, feel free to visit any of the following links below.
USEFUL LINKS
Thank you for reading !
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The concept offered in this project is indeed very innovative. and I believe this project can develop rapidly in the future. because all members of the team will definitely work hard and cooperate for the progress of the project.
It’s gives me much more confidence seeing that the team remains committed to their goals as always, and always excited to share updates and progress over the course of the project.
The use of KitPay as a Payment Gateway and KIT as a mode of payment will allow users from different countries to remit KIT across continents and borders with lower costs, faster, safer and more secure.
I’m from Malaysia, I happy to know, Kittoken originated from my country and it would help me including the masses cut down the costs spent on transfer of funds as the rates offered by kittoken would be cheaper compared to normal, conventional banks.
Wow, Kittoken has successfully gathered the overwhelming confirmed response from five leading corporate companies to purchase over 2.8 billion KITs. This is a step foward, Lets wait to see how they can perform, if they hit their hardcap all well and good and if they don’t, I know they would still progress with the project’s development with the amount they’ve raised so far.
Any idea of the minimum amount to invest in KitToken’s ongoing ICO?
Hi @tikanurqaidah, Yes it’s 100USD
What would happen with unsold tokens, the tokens for sale is quite much and half haven’t even been sold yet and we are almost close to the end of the sales?
Unsold token as at 1 Sep 18 will be burned out from the 3.5Bil KitToken reserved for sale.
KitToken has decided to take a leap and bring the power of decentralization to overcome the shortcomings in this crypto industry.