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Author Topic: [PRE-ANN] [XTN] TrustNet - The CryptoCurrency for the Billions of Unbanked  (Read 78 times)
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Trust_Net
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Today at 03:10:37 PM
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This is the Pre-Announcement for the TrustNet CryptoCurrency to the launched in 1 Jan 2018

There will be NO Pre-mine, NO ICO, NO Fundraising and all efforts will be made for fair release.

The big unfulfilled promise of CryptoCurrencies is the financial inclusion of the Billions of Unbanked worldwide.

TrustNet will try to change that by being specifically tailored the the requirements of the Unbanked.

Specifications
* Ticker Symbol: XTN
* PoW algorithm: CryptoNight
* Max supply: ~18.5 million (with tail emission)
* Block time: 60 Minutes
* Difficulty: Re-targets at every block

Block Reward distribution
50% for miner
30% for random full nodes (number of nodes to be set, in the future full nodes will require a small deposit to be able to receive the reward)
10% to be Airdropped to poor people and refuges on developing countries (still to be established how will work)
10% for sustainable software development and marketing efforts

Some technical trade-off decisions and explanations

60 minutes block time - enables the currency to be mined with low bandwidth communication requirements, eliminates the "orphaned blocks" problem due to low latency and reduces miner hash power waste to almost zero.
We think this technical option will improve decentralization, increase miner profitability and increase the network overall level of security.

"High" minimum transaction fees - this will try to reduce the growth of database storage requirements (bloated blockchain) and will enable the future continuous operation of full nodes on smartphones, the main blockchain of this currency is not intended for micro transactions, in the future we intend to implement a MimbleWimble style sidechain to support micro transactions.

Total Privacy, untrraceability and fungibility - Many of the Unbanked live under oppressive political regimes we think these are important features, being able to run your own full node on a smartphone is the maximum enabler of privacy.

-------------------

Source code and binaries release 1 January 2018 at 12:00 UTC
Start Mining : 1 January 2018 at 23:30 UTC

Road map
- Integration of future developments of other CryptoNote based currencies
- Full node Android app
- MimbleWimble Sidechains
- Financial services for the Unbanked

Word of caution: The main code is a fork of Monero but we are using a lot of untested code like bulletproof transactions, and expect to move fast and break things.

Any constructive feedback is welcomed.
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carabin84
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Today at 03:16:16 PM
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Hello,
I think all these features already exist on other cryptocurrencies, so you haven't brought anything new ?
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Today at 03:17:39 PM
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why swank?

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Today at 05:09:48 PM
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Hello,
I think all these features already exist on other cryptocurrencies, so you haven't brought anything new ?

Some diferences from other CryptoCurrencies.

- 60 minutes block time, the standard is 10 minutes, 1 confirmation of TrustNet will have the same insurance of irreversibility of 6 Bitcoin confirmations and around 30 Monero confirmations, the big rage is small transaction times we are contrarian and think higher block times are better and are looking for Miners that agree with us.
Can you make a list of CryptoCurrencies with a higher block time than 10 minutes?

- Able to run a full node on a android smartphone, you can run a Monero full node but you will have a 35GB size blockchain (3,5 years of data) not very practical, we expect to keep the size of the blockchain very low and with the same rate of adoption as Monero we expect to have a 10x lower size around 1GB per year, so will make it viable in the future to continue to run a full node on your smartphone.
We think that being able to run your own full node is essential.

Block reward distribution.

- 30% reward for running a full node, I don't know of other cryptocurrencies that, we believe that full nodes are very important for the health of the network.
 
- 10% to be airdroped to poor people on developing countries

- 10% allocated for development will give the users the guarantee that the project will be supported without relying on donations, we think the Monero development team is fantastic but have been probably caped by not having a direct allocation of funds like for example Dash as.

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