TongTong Coin is a decentralized Blockchain-based cryptocurrency devised to dramatically reduce transaction fees for existing payment systems such as credit cards and cash, bank charges for online remittance services, and to facilitate the processes of payment gateway and remittance. Also, it is a system which can return the monopoly profits of existing financial companies to mankind because it can be used as a substitute for mileage/points of online stores without limitations on where or when to use.
The existing payment system charges the users with 1.5-4.5% credit card fees and 0.3-0.5% payment settlement agency service fees for simple transactions. These costs are used to create profits for existing banks and credit card companies by transferring costs to both users and stores. The transaction costs are reflected in commodity prices, so the users have to purchase goods with higher costs than their actual value. To solve these problems, TongTong Coin uses a platform based on the Ethereum blockchain database which can lower the transaction fees to 1/10 compared to that of the existing payment gateway and remittances systems.
TongTong coin is a specialized platform for payment gateway services and remittances. It has a simple user interface in connection with TongTong, its internal messenger platform. It has functions such as purchasing goods, fast remittances through decentralized P2P transactions, and exchange of mileage/points, etc. All transactions made through TongTong Coin guarantee anonymity, ensure similar speed to centralized transactions and maintain a high level of security. It is also implemented for use in a variety of existing media environments.
TongTong Coin platform is expected to lead the markets for payment gateway services and P2P trading by replacing the existing payment methods and supporting fast remittances through decentralized P2P transactions, thereby reducing transaction fees. As the number of users of TongTong coin increases, the profit of the existing banking and credit card companies will be returned to the users, thus giving the users an economic benefit.
TongTong Coin will be the means of payment and remittance. The company in charge of issuance and management of TongTong Coinis Tomato. When TongTong Coin is issued, one TongTong coin will be worth 100 KRW, and a total of 10 billion TongTong Coins will be issued.