What is Cloud Token and is Cloud Token a scam?
Recently, inevitably the name Cloud Token has been causing a stir in the cryptocurrency community in the past, and the excitement and wonder also come with many questions whether this project is fraudulent? Let’s AZCoin News find out details about this project!
What is Cloud Token?
According to many sources, Cloud Token is considered to be the beginning of a new trend in 2019, which is the crypto bank. More specifically, it is described to be a decentralized cryptocurrency wallet that integrates all digital assets into one platform and acts as a digital asset management tool on a first Blockchain platform in the world. Moreover, the wallet has applied the latest Blockchain 4.0 technology and is capable of performing transactions and trading tokens based on exchange rate differences.
Source: Cloud Token
What is the problem that this project solves?
According to this project whitepaper, the cryptocurrency storage wallets are facing the following problems:
- Many Mobile Crypto wallets are currently in a centralized form. Users can forget their private keys. Legally, Crypto is also not protected by law. So, according to them, these wallets are susceptible to some scam components.
- Crypto wallets currently only do two things: Protecting the public and private key. It is also used to check the balance without increasing the account.
What is Cloud Token (CTO)?
Cloud Token (CTO) is a token of the Cloud Token project, following the ERC-20 standard of Ethereum. The CTO introduced by the project is likely to be used as a shopping unit in Cloud Token Mall. Currently, Cloud Token does not open ICOs or be listed on any exchanges. And to own CTO, investors need to invest to receive CTO on their wallets. The goal of the project is to provide users with a perfect ecosystem to establish a wealthy society and become a standard token for the Blockchain industry.
Information and potential of CTO
Currently, CTO has not been listed on any exchange, so the info about CTO is quite limited.
- Ticker: CTO
- Blockchain: Ethereum
- Smart Contract: Unknown
- Token Standard: Unknown
- Token type: Utility
- Total Supply: Unknown
- Circulating Supply: Unknown
Also, some information about the Allocation of tokens, Exchange rates, Issuance schedule, How to mine CTO, Transaction fees, and Exchanges of this token remains a mystery…
According to AZCoin News mentioned above, CTO is currently not listed on any major cryptocurrency exchanges. However, one can still buy CTO on Cloud Token Wallet or buy and sell outside the black market, and CTO storage wallets are, of course, right on Cloud Token’s wallets.
Ronald Aai, one of the founders of Cloud Token | Source: Cloud Token
What are the differences in this project?
- According to information from the project’s homepage, Cloud Token is said to be a wallet solution using AI technology 4.0.
- This is a digital asset management solution on a Blockchain platform with intelligent transaction system called JARVIS.
- Instant exchange function
- Can use tokens to shop in Cloud Token Mall
Should we invest in CTO? Is Cloud Token a scam or a Ponzi scheme?
Before going to answer the question should invest in CTO or not, AZCoin News will share with you the process of learning about this project as follows:
When I went to Google search with the keyword ‘What is Cloud Token?’, the first results are ‘How to invest in Cloud Token’ and ‘Is Cloud Token a scam’? The content of the above articles is a brief description of the project, then focus on explaining the monetization, profitability in the model of the project. And in the article ‘Is Cloud Token a scam,’ most of the comments are many people who have participated in Cloud Token, warnings, information sharing to prevent scams,…
The project website has a Business Proposal, or they are called Whitepaper. There is also no information about the token (quantity, allocation, payment plan,…). I couldn’t find any channels that could interact directly with the project but only one-way interactive channels like Twitter, Youtube, Instagram.
On Telegram, there is only a group chat channel of the Vietnamese community. When I tried to ask about the project, there were five accounts directly chatting with me to invite referrals to run with them. These nick enthusiastically answered, analyzed on how to make a profit.
Below are some questions I wondered, try to answer it yourself:
- This project is about storage wallet solution, why is CTO needed?
- What is the purpose of CTO Token? How are the total supply, circulation, and distribution?
- Token issuance project, why doesn’t there is a piece of information about the token in the whitepaper?
- Why is the information about the project and workplace, not public?
- Why is the video in the project focused solely on the level of profit when participating? Without saying how profits are generated?
Moreover, recently, as AZCoin News once mentioned, a series of adverse information is happening with Cloud Token. The first is the information that it was surrounded by Chinese police. Despite witnesses and video evidence, Cloud Token representatives still believe it is fake news. The second is news that it has not yet registered to operate in Canada and is being investigated 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 suspects, there were more than 300 victims and involving more than $4 million.
— Crypto Even (@Crypto_Even) December 23, 2019
This is the first article I have to use so many words “Unknown” (no information) for such headings. The CTO that the project calls a token is not a token. It is only the point used in their system. Therefore it cannot be transferred to the outside exchanges. It is only trading between internal members. The project can “print” as many CTOs as they want without anyone knowing.
The essence of the CTO is a Ponzi model that is put on a new shirt, taking the money of the latter to pay first. If anyone has joined the market since 2017, it is already clear what the result is. As you may know, 100% of the Ponzi projects all exit scam in 2017, hope you can draw your own experience.