Thanks for asking – we get that question a lot. Our founder and CEO Richard Baker is especially pleased about the name (and our clever little logo too). And so he should be, because we all think it’s quite good. So, to clear up any confusion about our name, and to set the record straight, this is what Tokenovate actually means:
Some folks think it’s a play on tokenisation. Not a bad guess, and we admit – there is a token-flavour in the name. Others think it must be about innovation. Cool, we like that too. After all, we are in the business of creating new solutions, solving old problems. We’ll take it. Fortunately, no one thinks it’s about Ken. Which is good, although we like the Kenergy it oozes.
Anyway, the key meaning and core message within our name is actually something else – it’s about novation. Now, for those of you not well versed in contract law, novation is the replacement of one of the parties in an agreement between two parties, with the consent of all three parties involved. To novate is to replace an old obligation with a new one. It’s in other words an action and a task.
As we build and introduce new (innovative) smart legal contract solutions for derivative trading – built on the blockchain (with tokens) – that automatically manage contractual events and changes throughout the lifecycle of a trade, the name [Toe-’ken-ovate] feels pretty spot on.
And now you know too.
Read more about novation: https://www.investopedia.com/terms/n/novation.asp
Read more about Ken: https://en.wikipedia.org/wiki/Ken_(doll)