This is the Pre-Announcement for the TrustNet CryptoCurrency to be launched in 2018
There will be NO Pre-mine, NO ICO, NO Fundraising, and all efforts will be made for a fair release.
The big unfulfilled promise of CryptoCurrencies is the financial inclusion of the billions of unbanked/underbanked worldwide.
TrustNet will try to change that by being specifically tailored to the requirements of the unbanked focusing in decentralization, censorship-resistance, anonymity and usability.
more decentralized:- 60 minutes block time
- ASIC resistance, standard hardware mining
- Low full node hardware and broadband requirements
- Fair initial distribution of 1% total monetary base each year
more censorship-resistance:- Private transactions by default
Specifications* Ticker Symbol: XTN
* PoW algorithm: Equihash (cpu/gpu)
* Reward: 1,000 Trustee/Hour (Fixed - 1% of the total Monetary base each year)
* Max supply: 8,760,000/Year - 876,000,00 million (100 Years)
* Settlement Block time: 60 Minutes
* Transaction Propagation 95%: ~15s - ~60s
* Difficulty: Re-targets at every block
Block Reward distribution- 50% for miner
- 30% for a number of random mobile full nodes (number of nodes to be set, in the future full nodes, will require a small deposit to be able to receive this reward)
- 10% to be Airdropped to poor people and refugees in developing countries and incentivizing savings
(still to be established how this will work)
- 10% for sustainable software development and divulgation efforts
Some technical trade-off decisions and explanations60 minutes block time - This enables the currency to be mined with low bandwidth communication requirements, eliminates the "orphaned blocks" and "empty mined block" problem due to low latency, and reduces miner hash power waste to almost zero.
We think this technical choice will improve decentralization, increase miner profitability, and increase the network's overall level of decentralization and security.
"High" minimum transaction fees - This parameter will be constantly tweaked on each update 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, untraceability 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 enables maximum privacy.
Small and monetary base auditable, blockchain - every year it will be defined a snapshot block where there will executed a hard fork and all transparent UTXO's will be migrated to a new blockchain, the owners of the private key of shielded address will need to transfer the balance to transparent address before the snapshot block, after the migration to the new blockchain they can transfer again to shielded address.
This is a trade-off that will enable to keep the blockchain small (expected bellow 6gb) and enable to audit of the monetary base.
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Source code and binaries to be release in *to be announced*
Start Mining: *to be announced*
White Paper*to be released*
Roadmap- Full node Android app
- Asset creation and management on the blockchain similar to Counterparty
- MimbleWimble Sidechain with Scriptless Scripts
- Financial services for the unbanked using smart contracts on sidechains
- Atomic swaps with Bitcoin and Bitcoin forks
- Stable currency based on a basket of digital assets
- Integration of future developments from other zkSNARKs-based currencies
Mining PoolsAt this bootstrap stage we expect to only have solo miners, in the future we will launch distributed autonomous mining pools with 0% fees.
Price DiscoveryWe will try to get listed in a few exchanges with the following criteria:
- Not too small, have good reputation (avoid any scam/malicious exchange)
- That it's listing Zcash currently
- It has clear procedure for coin listing assessment
The team feels that the disclosure of real identities could create a centralization pressure point, the identities will remain undisclosed.
Word of caution: We are using a lot of untested code and expect to move fast and break things, so there is the possibility that in the future a critical bug can be found that could lead to the necessity to erase the blockchain and start again and you may lose your mined coins, please proceed at your own risk. Any constructive feedback is welcomed.
Your PledgeTrustNet has been developed with the intention to foster the progress of society and help billions of unbanked worldwide. By using it, you make a pledge not to use it to incur in:
- Any kind of illegal or criminal act, activity or business;
- Any kind of act, activity or business that requires any kind of governmental authorization or license to legally occur or exist, without previously obtaining such authorization or license;
- Any kind of act, activity or business that is expected to infringe upon intellectual property rights belonging to other people;
- Any kind of act, activity or business involving dangerous or controlled goods or substances, including stolen goods, firearms, radioactive materials or drugs. Something will be considered illegal, criminal, or requiring any kind of governmental authorization or license, when either the laws or regulations of the country in which you reside, or the laws or regulations of the country from which you use TrustNet, consider it illegal, criminal, or requiring any kind of governmental authorization or license.
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