TokenPay (TPAY) is an open-source crypto project. It started as an ICO in 2017. It is a decentralized and self-verifying payment asset based on mathematics algorithms. The main aim of the project was to create a tool for secure transactions between multiple parties. TokenPay was supposed to merge banking and crypto exchange. The platform exclusively works via the encrypted Tor Browser as it was declared, the project has an official license and relies on the strict regulations.
What Is TokenPay?
TokenPay is often considered to be an anonymous cryptocurrency network. Tor provides anonymity for the TokenPay operations and guarantees maximum security. The crypto asset uses a special dual-key address. It means that everybody can easily see the address but the outgoing transactions from this address won’t be linked. Thereby, with these features the user has a truly untraceable and stealth cover. The dev team created a proprietary TPAY token which can be used to execute transactions. The platform promises some benefits and discounts to the token holders.
Prices and Rates
As of May 13, 2021, the approximate price fluctuates around $0.13 per one coin. It is currently trading on 7 active markets with several hundred thousand USD traded daily. The current CoinMarketCap ranking is #1448, with a market cap of $2,884,925. It has a circulating supply of 22,076,270.82 TPAY coins and a max. supply of 25 000 000 TPAY coins.
TokenPay Wallet
In order to facilitate the use of the coin the developers also realised the TokenPay wallet. It has desktop and mobile versions. The wallet seemed easy to use and it uses a multi-layer TPAY protocol. Just like the coin the wallet has the dual-key function Tor encryption as well. As a proper crypto service it also provides multi-signature.
The Litecoin Scandal
In July 2018, developers of the project were involved in a scandal. TokenPay and Litecoin decided to work together with controversial cryptocurrency Verge in order to release a cryptocurrency debit card. The crypto investor and blogger Tone Vays slammed this cooperation. He had a serious suspicion that the whole project is a fraud. You can read his posts here https://twitter.com/ToneVays/status/1017917017532362754. He also accused the companies of money laundering.
The CEO of LTC and TokenPay say that all these allegations were flimsy and they accused Vays back in shiling Bitconnect. Despite these justifications the reputation of TokenPay was tarnished. That’s why a lot of traders and crypto enthusiasts don't have confidence in the project.
Conclusion
We can conclusively say that TokenPay is not a scam project. A controversial incident with Litceoin may seem like bad publicity. But the coin shows a growth for the past years and the developers efforts prove their trustworthiness. The wallet release can be a good example of that. Of course, we have to add that the coin isn’t the market leader. It could be a good asset to diversify your funds and make anonymous payments.