Deal Box, Inc., a financial technology-focused capital advisory firm, today announced that it has been engaged by Token Name Service, Inc. for advisory services relating to its planned Security Token Offering. The offering of up to $10,000,000 inwill be made solely to accredited investors under Rule 506(c) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933.
Token Name Service Inc. was formed to provide a name service alternative to the status quo, providing end users with easy-to-use human-readable names, creating a crypto standard. The company’s name service is offered under the brand, MyCryptoName.
“During a monthly CEO Round Table meeting, the subject came up about how difficult it is when sending or receiving cryptocurrency, to remember the cryptocurrency public keys. Our team sprung into action researching the many ways to solve this problem. After 8 months of research, we developed our business plan and began this service.”
Frank Corsi, CEO Founder and early DNS pioneer
As of November 2018, close to 29 million blockchain wallets were in use worldwide. Despite the tremendous adoption of blockchain wallets, they continue to be difficult to use and public keys can be a real hassle for new users who find it difficult to understand how to send and receive cryptocurrencies to wallet and exchange accounts.
There are many confusing steps involved with the sending and receiving of cryptocurrency. Current wallets and exchanges work with public keys. These keys are used to identify your wallet account.
Public keys look like this: 0xE9863213B7E16949298e89CFEaF2E53385b96996
MyCryptoName can look like this example: $MichealJackson.btc
These keys are hard to remember and often incorrectly distributed which causes the complete loss of the cryptocurrency.
“We think MyCryptoName is a game changer for the burgeoning cryptocurrency market. A recent article estimates that Ethereum alone has reached 50 million unique addresses. That is remarkable. I think the current crypto market is much like the early days of the Internet. Back then, early movers including Verisign and Network Solutions created a multi-billion industry, helping to establish a market for licensing easy-to-use web addresses to individuals, businesses, and investors, replacing syntax-heavy IP addresses. And they created billions in enterprise value for their shareholders. In the same manner, blockchain wallet owners are in need of more consumer-friendly crypto addresses. At $19.95 per year, you get a wallet and personal address. We look forward to assisting Token Name Service in preparation and support of its planned Security Token Offering.”
Thomas Carter, founder and CEO of Deal Box, and advisor to Token Name Service