Transend Coin was released on February, 5, 2018. The dev team initially selected the lyra2z algorithm, later the opinion was changed in favor of Xevan. This algorithm was
first implemented by Bitsend team, followed by Solaris team, and now it has been employed by us.
The main features of the algorithm is its ASIC resistance and the impossibility to be used together with hashpower rental services such as NiceHash or Mining Rig Rentals.
Xevan is a unique modification of the X17 algorithm and extends the encryption to 128 bit. We took the best from the initial Bitsend and Solaris codes:
- a decentralized system of masternode management
- rapid InstaSend class transactions
- respecting the privacy of our users we also implemented the ZeroCoin protocol, which allows us to bring the transaction privacy to a completely different level
The strategy of coin development is given in the Roadmap. Though it has only advisory purposes, we intend to keep to this document. Also we, as the development team, will try to minimize the amount of intermediate technical releases in order to shorten the idle time of the pools and miners of our coin..
Our goal is to create a stable community around the coin and to further extend its application area. A variety of secondary services linked to our coin will be launched in the nearest future. We hope for a positive public reaction to this fact.
The Roadmap is not detailed and is as concise as possible on purpose – this will allow us to smoothly add services that were not initially planned.
We do not count on being listed on many crypto exchanges. We prefer the placement of the coin of 1-2 stable exchanges with sustainable software and hardware parts. This would prevent excessive decentralization of coin emission and provide a stable flow of buy and sell orders. As a consequence, we will be able to increase the number of trading pair and stabilize the exchange rates, thus providing our community with a stable means of payment.
Community-funded projects. We would like to specifically note the budgeting and funding system for side projects that is based on our coin. Everyone would be able to propose a project that requires funding. A special web portal will host the description of such projects and the masternode owners will be able to vote for projects to bring them to life.
In case of getting the required votes and the availability of the funds, the claimer will get the required funding. Budget funds will be collected from each coin block according to the Whitepaper and the technical data table presented in this post. In case the required number of votes is not received, developers can fund the project from the DevFee fund.
Funding of projects form the DevFee Besides the collection of coins from the block for project fundraising, a developer fee is taken from the blocks. This defines the really low premine volume. The biggest part of the fee will be used for the creation of a decentralized cryptocurrency exchange. It will list the major currency pairs and the pairs of TSC to the major currencies, thus providing free conversion based on our coin.
The benefits of coin holders will be supreme. Free coin conversion. High trading volumes. Access to commercial products bases on the coin. All of this and much more will be integrated into a whole ecosystem with the decentralized exchange being at the top of the evolution chain. The estimated exchange launch date is given in the Roadmap but may be lately postponed in case of development difficulties.
