Chrono.tech launches physically-backed Toilet Paper token
With stores running out of many everyday items, the crypto industry is here to help.
The rapid spread of the novel coronavirus has prompted a wave of panic buying, as shoppers race to stock up on food and other essentials ahead of potentially lengthy periods of self-isolation. Toilet paper has become one of the most sought-after commodities of the COVID-19 pandemic, and shelves across the world are being emptied as soon as they are refilled.
For some households, this has become a serious concern at a time when good hygiene is paramount.
Tokenising toilet paper
Sydney-based blockchain company Chrono.tech has tokenised 100,000 rolls of toilet paper, minting a dedicated token on the Ethereum blockchain. These digital Toilet Paper tokens (TP) can be purchased for AUD $5 (around USD $3) from the company’s pioneering crypto exchange, TimeX.io, using the Australian Dollar token (AUDT).
Customers can buy any number of tokens, without restriction. As a blockchain token, TP can be transferred frictionlessly to other users or traded on TimeX at the price dictated by supply and demand.
All TP tokens issued are backed 1:1 with real toilet rolls, making 100,000 rolls available to token purchasers.
Any number of tokens can be exchanged for toilet paper directly from the Sydney warehouse where they are being stored. Customers will need to transfer tokens to the Ethereum address provided by warehouse staff. The warehouse address will be provided on request.
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TP token is a limited-edition digital novelty item created by TimeX for entertainment purposes only. TimeX and any of its associated companies will not redeem TP Token for cash, cryptocurrency, or any other property other than toilet paper. TimeX does not guarantee the TP token. The TP token is not a security; holders of TP token are not entitled to property, or interests in property of any form. TP token does not represent an interest in TimeX, or any of its associated companies.