TabbyPOS Weekly Update 09 AUG 2023

This week’s update will be explained through an example:

For instance, when a merchant uses our terminal for the first time, they need to activate the new device. The merchant simply needs to scan the activation code on the welcome onboard letter to complete the activation process. While the entire device activation process utilizes IoTeX’s Webstream platform, users do not need to understand the underlying technical details, similar to how people don’t need to comprehend the theory behind credit card swiping. TabbyPOS users are primarily engaged in the offline sector, which means that the customers and merchants we deal with might have limited or even no understanding of blockchain or cryptocurrency. In theory, they don’t need to grasp these concepts.

This belief is at the core of our conviction that this is the right approach for blockchain to enter the realm of commerce, aligning perfectly with the TabbyPOS philosophy. Consequently, our business model is unsuitable to directly compare with other decentralized applications (DApps). We hope that the TabbyPOS community can understand this point.

The second aspect pertains to the utilization of the EPOS Token. In the past, transparency was difficult to achieve due to a lack of transparent operational mechanisms. For example, it was easy to conceal how many devices were sold. However, with the device activation mechanism in place, the number of operating devices on the market will be clear at a glance. Profits will be stored in the DAO treasury and redistributed to EPOS holders through airdrops.

Regarding the matter of EPOS Yield Farming, we recently discovered that Yield Farming can actually be accomplished without the need to release the staggering 450 million EPOS Tokens, but rather by providing SPX liquidity rewards. Currently, the distribution of EPOS tokens is quite skewed, and we believe that releasing 450 million EPOS tokens in this situation could lead to unforeseen destructive consequences. This is particularly concerning when communicating with investors outside of the ERGO ecosystem, as they might be worried about the unreleased 450 million tokens. We plan to proactively contact Spectrum in the near future to explore the possibility of incorporating EPOS Yield Farming into their platform. If feasible, we will directly eliminate the 450 million EPOS tokens.