The Transcoin team is pleased to announce the upcoming launch of our crypto currency, scheduled for Saturday May 24, 5:00 PM GMT
Algorithm: Scrypt
Blockchain: Proof-of-work
Total coins: 63.000.000
Block reward: 10 (no halving)
Block time: 2 minutes
Difficulty retarget: Every block using DigiShield
Windows Wallet:
https://mega.co.nz/#!6I8S0ApC!EpMS-1h70Fw_9aIaYebcTqgptUunN1tirLDHon_1NDUhttp://i57.tinypic.com/abhnr.jpgHere is more information about Transcoin:
Basic Information:
Algorithm: Scrypt
Blockchain: Proof-of-work
Total coins: 63.000.000
Block reward: 10 (no halving)
Block time: 2 minutes
Difficulty retarget: Every block using DigiShield
Premine: ~100k already mined during live testing
Pools:
http://trn.pool.mn/ (0% fee)
Q & A
How did you come up with the name Transcoin?
You have to admire the creativity in the crypto community, when it comes to naming a coin with so many out there. Admittedly, coming up with a name wasn't an easy job at first. We felt like branding was important to widespread acceptance and adoption, and we wanted a name that could be taken seriously. On a lighter note - we also wanted a name that most people could spell and have a general sense of the meaning behind the name. But when we thought about how crypto currency is all about transactions, transferring funds, and transforming the way we do finance, we naturally came up with Transcoin, One of our main focuses will be on creating a brand that will resonate with the general public, and that all types of businesses can take seriously when considering what crypto currencies they are willing to accept for payment.
Are Transcoin transactions anonymous?
Although many in the crypto community feel that anonymity is one of the most important features, we are not implementing built-in anonymity into Transcoin at this time. One of the biggest hurdles for crypto currency to overcome in the near term, as far as gaining mainstream acceptance, is the looming regulations that are certain to come. These will vary from country to country, but in general, they will all address concerns about illegal use, especially money laundering. If they feel they can't adequately address these concerns, they may decide to ban cryptos entirely. Full anonymity, in our opinion, would make the possibility of an outright ban more likely, or at the least make the regulations too strict, possibly to the point to where crypto currencies can not be a viable alternative to traditional means of electronic transactions. We understand the legitimate concerns of your information being available in a public ledger, but at this time we recommend common sense methods to ensure some privacy. Many will disagree with this point, but we are not trying to create an underground currency, we are trying to create a payment system that will enable end users and businesses to save money on transaction fees. That's our primary goal, we do not have any other philosophical or political agenda.
What is this Development / Marketing Subsidy?
(Development subsidy removed - we'll simply buy up coins while cheap to pay for future bounties etc.)
Why Proof-of-Work?
It is our opinion that of all of the concepts out there, proof-of-work is still the best overall as a solution to the Byzantine Generals' Problem, and as a distribution method. It's not perfect, but initially Transcoin will use proof-of-work. We could have been tempted to go with whatever is the latest buzz, but our goal is not to generate hype with technologies and algorithms that have yet to be proven superior. So until we develop something far superior and that we can test and prove to be a fairer distribution method without sacrifice to the security of the network, we will stick with proof-of-work. That being said, don't think for a second that we are not amazed at the ideas and innovations that those in the crypto community have come up with to address what we all know to be shortcomings of crypto currencies. We know that these ideas will help lead to the future success of cryptos.
Where is the source code?
Initially, we will not be releasing the source code to the general public. In the early stages of development, we do not want our ideas immediately ripped off and used in an untold number of clones. We will have a blockchain explorer available immediately at launch to provide some transparency so that people can monitor the blockchain to make sure nothing odd or fishy is going on and so that the pre-launch mined blocks during live testing can be verified. A note about the pre-mined blocks, from blocks 1 through 2910, the subsidy was 5 TRN, at which point we decided to change it 10 TRN per block. There will be no halving, as we feel that halving causes too much of an impact on the price. So it will remain at 10 TRN indefinitely until all coins (63 Mil) are generated. Pool operators can contact us for support needed to get their pools up and running.
So what is so different about Transcoin?
There isn't anything that is groundbreakingly different about Transcoin upon initial release, but we have plans/features that will be announced once development is complete. We are in the beginning stages, and we aren't looking to hype or feed you the latest buzz. We have a purpose and a plan, and ideas which we will develop over time. We look forward to working with others who share our goals, either as new team members or in partnerships, to help us create a crypto currency that can succeed in the mainstream. One of our primary goals is to make a user friendly system that anyone can understand and use. We realize that many will not share our views, or understand our approach. and there is nothing wrong with that. Diverse ideas and opinions is what will ultimately drive crypto currencies to the forefront of finance.
Regards,
Transcoin Team
