Recently, the name Cloud Token has certainly caused a stir in the crypto community. Followed by a feeling of both excitement and curiosity with many questions about whether this project is a scam? Join us to learn more about this project!
What is Cloud Token?
According to many sources, Cloud Token is considered as a cryptocurrency bank and also the beginning of a new trend in 2019. More specifically, it is described as a decentralized cryptocurrency wallet that integrates all assets. digital assets into one platform and act as the world’s first Blockchain-based digital asset management tool. Moreover, the wallet has adopted the latest Blockchain 4.0 technology and is capable of making transactions, trading tokens based on exchange rate differences.
Source: Cloud Token
What problem does this project solve?
According to this project’s whitepaper, cryptocurrency storage wallets are facing the following problems:
- Many Mobile Crypto wallets are currently in a centralized form. The user can forget the private key. Legally, cryptocurrencies are also not protected by law. So, according to them, these wallets are easy targets for some scammers.
- Cryptocurrency wallets currently only do two things: Protect the public and private keys. It is also used to check balances without increasing the account.
What is CTO?
Cloud Token is a token of the Cloud Token project, operating according to Ethereum’s ERC-20 standard. The CTO introduced by the project will probably be used as a shopping unit in the Cloud Token Mall. Currently, Cloud Token is not opening an ICO or being listed on any exchange. And to own CTO, investors need to invest to get CTO on their wallet. The goal of the project is to provide users with the perfect ecosystem to establish a rich society and become the standard token for the Blockchain industry.
Information and potential of CTO
Currently, CTO is not listed on any exchange, so information about CTO is quite limited.
- Ticker: CTO
- Blockchain: Ethereum
- Smart Contract: Unknown
- Token Standard: Unknown
- Token Type: Utility
- Total Supply: Unknown
- Circulation Supply: Unknown
In addition, some information about Token Allocation, Exchange Rate, Issuance Schedule, CTO Mining, Transaction Fees and Exchanges of this token is still a mystery…
The CTO is not currently listed on any major exchanges. However, it is still possible to buy CTO on Cloud Token Wallet or buy and sell in black market and CTO storage wallet, of course, right on Cloud Token wallet.
Ronald Aai is one of the founders of Cloud Token | Source: Cloud Token
Point distinctive belong to What is the project?
- According to information from the project’s homepage, Cloud Token is said to be a wallet solution using AI 4.0 technology.
- This is a Blockchain-based digital asset management solution with a smart transaction system called JARVIS.
- Instant exchange function.
- Tokens can be used for shopping in Cloud Token Mall.
Should you invest in a CTO? Cloud Token is a scam or Ponzi scheme?
Before answering the question of whether to invest in a CTO, we will share with you the process of learning about this project as follows:
When I go to Google search with the keyword ‘What is Cloud Token?’, the first result is ‘How to invest in Cloud Token and is Cloud Token a scam?’ The content of the above articles briefly describes the project, then focuses on explaining the ability to make money and profit in the project’s model. And in the article ‘Is Cloud Token a scam?’, most of the comments come from many people who have joined Cloud Token warning, sharing information to avoid being scammed, etc.
The project’s website has a Business Proposal, called a Whitepaper. There is also no information about the token (amount, allocation, payment plan, etc.). I couldn’t find any channels that can directly interact with the project but only one-way interaction channels like Twitter, Youtube, Instagram.
On Telegram, there is only one group chat channel of the Vietnamese community. When I tried to ask about the project, there were five live accounts that chatted with me inviting them to work with them. These nicks enthusiastically answer and analyze how to make a profit.
Here are some questions I ask myself:
- This project is about storage wallet solution, why need CTO?
- What is the purpose of CTO Token? What is aggregate supply, circulation and distribution?
- Token issuance project, why is there no information about the token in the whitepaper?
- Why not make information about the project and the place of work public?
- Why is the video in the project only focused on the profit when joining? Do not say how profits are generated?
Furthermore, as mentioned recently, a flurry of adverse news is happening with Cloud Token. The first is information surrounded by Chinese police. Despite witness and video evidence, Cloud Token representatives still firmly believe that it is fake. The second is unregistered to operate in Canada and is under investigation by the British Columbia Securities Commission.
Taiyuan police successfully cracked the first case of cloud currency platform trading virtual currency with blockchain in this city, captured 72 suspiciousness, there were more than 300 victims and involved more than $4 million.
— Crypto Even (@Crypto_Even) December 23, 2019
“The police of Thai Nguyen province, Shanxi, China have solve the case the first success of a cryptocurrency trading platform above blockchain in this city, arrested 72 suspects, had more than 300 victims and involved more than 4 million dollars.”
This is the first post where I have had to use so much the word “unknown” (uninformed) for such titles. The CTO that the project calls a token is not a token. It’s just points used in their system. Therefore, it cannot be transferred to external exchanges, but can only be used for trading between internal members. Projects can “print” as many CTOs as they want without anyone knowing.
The essence of the CTO is a Ponzi scheme ‘old wine in a new bottle’, taking money from the latter to pay first. If anyone has been in the market since 2017 it is clear how the results have been. As you may know, 100% of Ponzi projects are exit scam in 2017, hope you can draw your own experience.
According to AZCoin News
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