Thanks for trolling. We are very open and have answered all technical questions presented to us.
You can also read our whitepaper and our code is Open Source.

You can learn more about us on our website, more info are in the OP.

Unfortunately we are forced to leave this subforum because of the amount of trolling we have experienced, even though we made every attempt to answer questions.

Nevertheless, thanks to all the community members who do support us.

This thread is now locked. We will not participate in discussion on this subforum any longer.

Dear Rotten Egg,

Skang is a reasonable individual and he would probably be the last person to feel scared or intimidated in any way.

Thank you for calling all of our parents rich!!

Nice pseudo-name, Suits you.

Trestor Team
www.trestor.org
@trestorconnect

 

Dear Skang,

Trestor team will like to thank you for creating this thread, it definitely helped us improve our communication.

We now understand that explaining the story is almost as important as the story itself.

Thank you once again.

Trestor Team
www.trestor.org
@trestorconnect

Dear Skang,

There is no legal definition what constitutes a Cryptocurrency under Indian Laws.

Some additional clarifications:

Proof-of-work is not required, a consensus is enough. (Thus trestor validators' consensus is needed to be trusted & they can change anyone's trests.)


If 80% of Trestor validators collude, they can make/block any transaction, wheras in bitcoin if 51% of miners collude, they can make/block any transactions and they can also rewrite the entire history of the blockchain.    

Value of a cryptocurrency is whatever people exchange it for. Trests however have fixed rate (No other cryptocurrency "sells" their currency.)


As more and more trests are out in the market, price of a trest will change as per market dynamics, Trestor Foundation's job is not to fix the market but to create a smooth transition from pegged to unpegged.

Trests are 100% pre-mined


Yes, 100% of the trests have been pre-assigned to Trestor Foundation. There is no mining in Trestor network.

When you buy trests, its not a purchase but a donation, so there is no legal protection for you.


Yes, Trest is neither Goods nor Service, Trest is itself the final settlement, it is a "Store of value"

The right to become a validator is by "buying" it from trestor but there is no return as profit!


Trestor is in talks with some of the leading academic institutions who have shown interest in running Trestor node. After final selection, they will be given 100 million (locked) Trests each, 2% Trests will automatically unlock every year and can be utilized by the institution to fund its research.    

If there is a dispute, there is no history and resolving it is purely a matter of Trestor's discretion.


The primary reason we chose not to have a typical blockchain is because a 51% attack can rewrite the entire history, Trestor Network agrees to the state of the ledger every 10 - 20 seconds, which is equivalent to taking a picture of our ledger every 10 - 20 seconds and sharing that picture with the world. In case of any doubt the network goes back to the latest picture, but in no circumstance, even with the whole network colluding can the picture change. Trestor's history cannot be Overwritten.

Trestor Team
www.trestor.org
@trestorconnect

Dear Skang,

Can you send money from Canada to India using Trestor? Yes.
Is sending money to India & holding it allowed, as per Indian or Canadian laws?


Trestor has created a digital "Store of value" and yes it can potentially be used for Remittance, but we are not a money transmitter and do not provide money transmission services. Its obviously clear how people can use Trests to send value across the world for free.

Cryptocurrency is a very new industry with practically zero regulation, as governments begin to regulate cryptocurrencies, Trestor will be proactive and comply by it.

Regulation always lags behind technology.

You can think of the current cryptocurrency situation as that of Internet in the 90's. It took Indian government more than 10 years to make sense of Internet and thereby enact the first Indian IT law on 17th October 2000.


Trestor Team
www.trestor.org
@trestorconnect 

We have just updated the OP with the latest info so that it is official.

We have also locked other threads as we don't want to have multiples in the same section.
The feedback from the moderator and the community is welcome, we do mean that.
It was our fault, but from now on we want to stick to one thread.

We are well aware that some of the community members have different opinions about Trestor but we do welcome all to join the discussion.

We are around to answer any queries as we have been doing in the past.

Feel free to ask away. Thank you.

Dear BTCIndia and Palmcoin,

Thank you for bringing some rationality and logic into this debate.

Technical whitepaper along with associated source code is scheduled for release tomorrow. It should help clear the fog.

Trestor Team
www.trestor.org
@trestorconnect

Dear Skang,

David's paper about Stellar protocol (SCP), which already forked due to faults. There is a reason why Stellar is now centralised and working with Ripple.


We are citing David's work in general, his SCP research was commissioned because of the fork, paper was released much later. 

Do you still think Trestor project deserves such a thread title?

Trestor - A confirmed cryptocurrency scam !


Trestor Team
www.trestor.org
@trestorconnect

Skang,

We are confident that you have genuine intentions and your motivation is to save the community from yet another altcoin fraud.

Trestor team is not a scam, just a bunch of Individuals who have come together to create something truly new and innovative. All of us are financially well placed, money is our secondary motivation, primary is to 'create something awesome which not only us, but our parents and our country can be proud of '
   
We will be happy to answer any more questions here.


Trestor Team
www.trestor.org
@trestorconnect

BENSON :  It was a try to divert.. You have unresolved threads. You have not answered many many questions of the forum.. You have not yet let me know I can post this WhatsApp thing on the forums as well..


Update:

https://bitcointalk.org/index.php?topic=1064423.0

https://bitcointalk.org/index.php?topic=1057794.0

Regards,

Trestor Team
www.trestor.org
@trestorconnect

Dear Skang,

Welcome back. Hope you had a fun trekking trip.

Trestor protocol makes no assumptions about the rational behavior of attacker. Compared to generic proof of-work/proof-of-stake schemes, our protocol has minimal computing requirements. UTXOs is not the only solution for distributed security. Prof David Mazieres, Head of Stanford's secure computing group has written extensively on this topic. http://www.scs.stanford.edu/~dm/home/papers/

Do you really mean the following statements: 

1.  A consensus is not enough; proof-of-work is also required.

2.  Worst still, if a majority decides that a transaction is valid, that transaction is validated, irrespective of any algorithm preventing trests to be created out of thin air; not even Trestor!


Also, we didn't quite understand the legal protection and two-level pyramid scheme accusation.

Trestor Team
www.trestor.org
@trestorconnect

How to get this thread marked resolved. Any suggestions?

Trestor Team
www.trestor.org
@trestorconnect

So to summarize people, Trestor has admitted to two things:
1. Proof-of-work is not required, a consensus is enough. (Comfortably ignoring the failure of consensus based systems like hashcash that existed much before bitcoin. Also, Trestor has no proof-of-whatever in their system, so there)
2. Value of a cryptocurrency is whatever people exchange it for. Treats however have fixed rate (, determined out of thin air.)


Yes, we admit it. Network consensus is enough.

As more and more Trests come out in the open market, exchange value of each Trest would begin to be subjectively determined by market participants.

Dear Trestor,
1. What is your justification of a 100% premined currency?
2. The only way to obtain trests is to buy them from the Trestor foundation. Why does the foundation lists every sale as a donation?

Strictly speaking, Trests are Pre-Assigned not pre-mined, because pre-mined is used where the creators of a protocol, mine some coins before opening their network to other mining participants. As, there is no mining in Trestor Network, Pre-Assigning is a more appropriate term. Justification for Pre-Assigning is strong but complex, therefore it will be detailed in our whitepaper. 

"Trest" is short for Trestor Donation Receipt (TDR). 

We look forward to understanding the flaws that you discovered. Enjoy the trek.

Trestor Team
www.trestor.org
@trestorconnect

We will be happy to answer any other questions.

Thanks guys,

Trestor Team
www.trestor.org
@trestorconnect

We will be happy to answer any other questions.

Thanks guys,

Trestor Team
www.trestor.org
@trestorconnect

Dear Polynesia,

"Do you seriously expect authorities to act on mere suspicion?"

Thank you for being rational and logical. Really appreciate it.

Regards,

Trestor Team
www.trestor.org
@trestorconnect

Dear Skang,

Thank you for elaborating on the question, it is much more clear now.

Thus a consensus is not enough; proof-of-work is also required. Why? What are these issues? And how does proof-of-work solve these issues?

Your principal argument is deeply flawed, consensus is enough, that is all one needs, consensus is the end goal and proof-of-work is the tool used by bitcoin protocol to make its network come to a consensus.

There are over 300 altcoins with many variations, there is only one thing common, in fact central to every coin without exception and that is 'Consensus'.

Proof-of-work, proof-of-stake, proof-of-<whatever> are tools utilized to help the network come to a consensus.

The most fundamental difference between Trestor network (T-Net) and bitcoin/alts is that we have Insulated the 'current state of the network' from 'history of the network'

Therefore T-Net transactions are always 100% confirmed whereas in bitcoin no transaction ever gets completely confirmed, every transaction is theoretically open to an overwrite. This does not in any way mean that bitcoin is unsafe, it just means that bitcoin network cannot guarantee probabilistic certainty.

Trestor Team
www.trestor.org
@trestorconnect

We will be happy to work with community members and Benson to resolve the thread.

It may be difficult for us to reply to baseless accusations but we will try.

Trestor Team
@trestorconnect
www.trestor.org

Dear Rotten Egg,

We appreciate the underlying intent to save people from an organisation that you consider absolutely evil or a confirmed scam. Kunal will be happy to assist you with any documentation/information that you may need to file an FIR. You can reach him at kunal [at] trestor [dot] org or take his cell phone number from Benson. 

In order to save maximum people you can simply explain how this intentional/unintentional Trestor scam works, Kunal is willing to stop the project if anyone can objectively explain how the Scam works.

In an event where you find rationality discomforting or gently put 'not worth your time',  Do try and call Trestor's Retail Partners (we have over 600 of them and will soon have over 3000), you can find their location and contact numbers from our website, please save them all from our evil intentions!

Also consider saving some people in parts of Africa, they will soon be receiving their first government entitlements via Trests. You may have to save many in Brasil who are using Trests for remittance because it lowers their transaction cost from 12% to 4%. Number of people who need your immediate help is growing rapidly, so please hurry.

Regards,

Trestor Team
www.trestor.org
@trestorconnect