Dec 20, 2024 : Miami, USA Cryptyk Inc announced today that, after numerous online meetings with selected CTK community members over the last 10 weeks, a new strategic marketing and technology plan has been developed in an effort to rescuscitate the Cryptyk Token economy and fund the company's plans for releasing a range of real-time Web3 consumer apps in 2025. The primary consequence of this new strategic plan for CTK token holders is the planned launch of a new Cryptyk Token (tentatively called CTK+) on the Solana blockchain network. Once CTK+ is launched existing CTK token holders will be able to swap their old ERC-20 tokens for new CTK+ Solana-based tokens at a significantly discounted rate.
The migration of CTK Token Holders to the Solana network will serve to remedy three major problems with the current ERC-20 token economy, namely;
(1) Filtering out the 20M+ stolen CTK Tokens that are still in the hands of criminals as a result of the Cointiger exchange "rug-pull" which occurred in February 2024. Over 35M CTK Tokens were stolen when the 6 year old Cointiger exchange suddenly disappeared with billions of crypto assets. Our research indicates that 15M CTK Tokens have been dumped already on ProBit and Uniswap exchanges which has significantly depressed the CTK token price. To date our only defense against further dumping and price reduction has been to freeze the accounts of large dumpers after the fact, and to depress daily trading volume extinguishing the bulk of the tokens effective liquidity. The upcoming migration of all legitimate CTK Token Holders using KYC / AML protocols will quarantine the stolen CTK to the old network and allow legitimate CTK holders to participate in the new "clean" CTK+ token economy. Furthermore it will allow us to increase trading volume without hurting token price which will in turn enable us to list on additional crypto-currency exchanges. It is imperitive for the successful launch of our Web3 apps that the CTK+ token economy has sufficient liquidity to scale the tokens utility.
(2) Improving the price and performance of blockchain auditing functions for our planned Web3 cloud storage and Web3 consumer app products. The Ethereum network is now old and very slow compared to much faster public blockchains such as Solana and Polygon. More importantly gas fees on the Ethereum ERC-20 nework are now prohibitively high to support the blockchain auditing functions that our Web3 products require at a reasonable price. Not only is the Solana network much faster than Ethereum or Polygon its gas fees are a fraction of a percent of Ethereum gas fees. Ultimately the CTK Token always had to be migrated to a new network simply from a speed, performance and price point of view. The new CTK+ Solana token will result in much faster and cheaper operation of all planned Cryptyk Web3 storage and app products.
(3) Assisting in fundraising for future Web3 product development. Although the structure, method and pricing of the new CTK+ Token release on the Solana network has not yet been determined, there exists an obvious opportunity to raise additional capital for product development via a new "mini-ICO" or IEO launch. Of course the details will be determined by the companies available marketing budget, funding requirements and valuation of IP and existing CTK Token economy. Nonethless our targets will remain relatively modest as not that much funding is required to finished the Web3 app development. It is hoped that at least US$200k of funds can be secured via the launch of the new, clean, faster CTK+ token. The company is currently investigating various grants, incubator programs and equity funding options to assist in securing an initial marketing budget and developing the ideal launch strategy.
Cryptyk CEO and Founder Dr Adam Weigold commented that "the migration of CTK to the faster and cheaper Solana network represents the most logical and effeftive solution to solving the tokens current problems; most notably the large amount of stolen tokens in the hands of bad actors thanks to the Cointiger rug-pull event earlier this year. I want to thank all community members who participated in the strategy meetings for their time and efforts to date. We plan to continue the companies productive involvement with the community via an advisory board consisting of the existing 7 contributors and myself. This involvement may increase after the planned CTK+ Token and Web3 app launches via a formal DAO structure. However until funds are secured and the new token is launched a more flexible advisory board structure will be used with board payments made in CTK / CTK+. We believe that the community has helped Cryptyk to be reborn again with this new marketing and product strategy. Our hope is that our unique decentralized storage technology will finally be released to the consumer / SMB market in 2025 and that CTK+ will be listed on some of the worlds biggest exchanges. More specific details and scheduled dates for the CTK+ Token launch and the Web3+ app launches throughout 2025 is expected to be released in approximately one months time."
For more about Cryptyk Web3 apps visit cryptyk.com
For more about Cryptyk Tokens (CTK) visit cryptyk.io
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