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Author Topic: [PRE-ANN] [XTN] TrustNet - The CryptoCurrency for the Billions of Unbanked  (Read 1149 times)
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Trust_Net
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December 18, 2017, 03:10:37 PM
Last edit: March 12, 2018, 11:06:21 AM by Trust_Net
 #1

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 explanations

60 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.

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

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 Pools
At this bootstrap stage we expect to only have solo miners, in the future we will launch distributed autonomous mining pools with 0% fees.

Price Discovery
We 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 Pledge

TrustNet 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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carabin84
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December 18, 2017, 03:16:16 PM
 #2

Hello,
I think all these features already exist on other cryptocurrencies, so you haven't brought anything new ?
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December 18, 2017, 03:17:39 PM
 #3

why swank?

Trust_Net
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December 18, 2017, 05:09:48 PM
 #4

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.

FreeZe_85
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December 18, 2017, 08:10:41 PM
 #5

Very unusual coin!
What about block reward?
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December 18, 2017, 10:01:31 PM
 #6

Hey guys, I don't really post on BCT often but I couldn't help it here. I'm really interested in this coin and plan to mine it. Looks like a great plan.

I've worked as an English editor and blockchain marketing content writer for a while now, and I'd be happy to help in those ways. Starting with some typos in your announcement that should be fixed;)

Can't wait to hear more!
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December 18, 2017, 11:16:40 PM
 #7

P.S. Also build websites (like steemline.io for example), do you guys have a site in the works?
Trust_Net
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December 19, 2017, 12:46:36 AM
 #8

why swank?

If I understand your question, you ask "why is this Coin cool?"

Among many other things it will enable a person living in rural North Korea with a very bad connection and a old PC to mine it, and to do transactions 100% private because he is using its own full node on a very low budget Android phone.
Trust_Net
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December 19, 2017, 12:59:51 AM
 #9

I've worked as an English editor and blockchain marketing content writer for a while now, and I'd be happy to help in those ways.

Thank You, please feel free to send a PM so we can discuss this further
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December 19, 2017, 01:15:13 AM
 #10

Too little information, the introduction is too simple
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December 19, 2017, 03:41:06 AM
 #11

Thank You, please feel free to send a PM so we can discuss this further

Sent a PM. Complete with the site’s automatic Newbie Warning Smiley
Trust_Net
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December 19, 2017, 11:09:06 AM
 #12

Too little information, the introduction is too simple

It's only the Pre-Announcement more info will be given, also we are engineers we like to keep things simple Smiley
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December 29, 2017, 08:46:45 AM
 #13

60 min for a block?  Shocked
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December 29, 2017, 08:51:33 AM
 #14

60 min for block? Ask yourself: do you want to wait fo 60 min? And you should wait for few block...

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December 29, 2017, 02:42:31 PM
 #15

60 min for a block?  Shocked

60 min for block? Ask yourself: do you want to wait for 60 min? And you should wait for few block...


Thank you for your pertinent question, probably many other forum users share your doubts and gives the opportunity to explain our assumptions.

- If you have a transaction on a mined block that becomes an orphaned block and after some blocks gets reversed what is the security of this confirmation?  1 confirmation from TrustNet will have the same insurance of irreversibility of 6 Bitcoin confirmations.

Also, our objective is to eliminate entirely orphan-blocks even on a highly distributed mining network where some nodes have very low bandwidth.

- If you are running your own full node you can rely on unconfirmed transactions, our ultimate objective is that anyone can run a full node on their phone.
 
Ultimately every parameter is a trade-off and we are choosing the ones that we think best serve our intended users.

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December 30, 2017, 09:09:35 AM
Last edit: December 30, 2017, 09:31:00 AM by waikey
 #16

hope the windows wallet be OK when launch ...

and what do you mean mobile node ?

OK, I got it, can run a monero full node on Andriod system~~~
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January 01, 2018, 06:12:33 PM
 #17

 Is this still launching today (January 1)?
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January 01, 2018, 06:15:13 PM
 #18

Is op still here ?
Quote
Source code and binaries to be release 1 January 2018 at 12:00 UTC
Start Mining: 1 January 2018 at 23:30 UTC

12h00 past and still no link for wallet ?  Roll Eyes
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January 01, 2018, 07:20:54 PM
 #19

the dev has forgot his project ....lol!
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January 01, 2018, 07:24:17 PM
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the dev has forgot his project ....lol!

Yes it is what i start to think. Very bad start, not serious project. Next
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