Ti-coin
ticoins_ticoin
ticoins
Overview
Abstract
ticoin Core integration/staging tree
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http://www.ticcoin.org
Copyright (c) 2015-2017 ticoin Core Developers
Ticoin Core integration/staging tree
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What is TIcoin?
The TIcoin is a consensual network, which facilitates to a new payment system and a completely digitized currency. It is a equivalent payment network that is decentralized, untrusted and self-certified, with open sources, controlled by users themselves other than the central management or intermediaries. From the user's perspective, TIcoin is equivalent to the internet cash. The fifth generation of TIcoin makes the currency with the concept of "secret currency" realized.
Who created TIcoin?
TIcoin makes the current with concept of "hidden currency" realized. In 1998, Wei Dai first described the concept of "hidden currency" in the cypherpunks mailing list, which refers to control the issuing and transaction of currency in cryptography theory other than depending on the new monetary form of central administration. In 2013, Lucian (technician of UK EDC internet company) discovered TIcoin based on the concept of Bitcoin block chain while developing the BitSpirit cultivation game, and once developed the amazed discovery in the interior journal of EDC. However, his weak technical application made the development of TIcoin stopped. In 2015, the enthusiast of block chain found the TIcoin once again and thought it is similar to Bitcoin, and has more commercial value. Therefore, they spread the concept of TIcoin to enable more people to realize the existence of TIcoin after integrated collection. Subsequently, the British Elves Valley ore company developed TIcoin intensively, picked up and popularized the business. In the late 2015, TIcoin was introduced to Asia from Europe. Hereafter, numerous developers were committed to TIcoin project, and the TIcoin grew fast. Though development of TIcoin is full of twists and turns, the currency integrated with commerce, security and science and technology is finally found by us.
Who controls TIcoin network?
No one possesses the TIcoin network, which is the same with the technique behind the e-mail. The TIcoin is controlled by users all around the world. Developers can improve the software, and can’t change the rules of agreement of TIcoin forcibly as all the users can choose software they want. To maintain mutual compatibility, all users also have to choose software that follows the same rules. Only after all users have reached a consensus can the TIcoin work normally. Therefore, all users and developers are very motivated to accept and protect this consensus.
How TIcoin operates?
From the user's perspective, TIcoin is a cellphone application or a computer program, which provides a personal TIcoin wallet to the users for paying and receiving TIcoin. Besides, it can realize the space transactions for users, and send commercial value of AR technique to everyone. This is the operation principle of TIcoin for most users.Behind the scenes, the whole network shares a public general ledger called "block chain" that covers each processed transaction, enabling the user's computer to verify the validity of each transaction. Authenticity of each transaction is protected by electronic signature corresponding to the sending address, enabling the users to completely control TIcoin transferred from their own TIcoin address. What’s more, anyone can deal with transaction by using computing capacities of dedicated hardware, and gain the extra TIcoin award. The service is usually called “mining”. For more information on TIcoin, please refer to the special page and original thesis.
How to gain TIcoin?
Use it to pay the commodities or service.Purchase TIcoin in an TIcoin exchange.Exchange TIcoin with the people nearby.Gain the TIcoin through competitive mining.Though some people may be willing to have their TIcoin purchased and paid in credit card, most of trading platforms would not accept these capital paid in that way, to avoid someone purchasing TIcoin with PayPal in some cases and then revoking the when the transaction is finished halfway, which is generally called chargeback.
How difficult to pay in TIcoin?
Compared with shopping paid in debit and credit cards, it is easier to pay in TIcoin, as you can accept the payment paid in TIcoin without merchant's account. In the wallet application on your computer or smartphone, the payment can be achieved only by entering the recipient's price and payment amount, and then pressing the send button. To input payee’s address more conveniently, many wallets can be accessed by scanning QR code or touching two phones with NFC technology.
What are advantages of TIcoin?
Free payment- Whenever and wherever you can pay and receive the capital in any amount, without bank holiday, national boundary and imposed restrictions. TIcoin allows the users to completely control their own capital by themselves.
Low fees- At present, no procedure fee or only a minimal fee during TIcoin payment would be charged. But the users can obtain the priority and receive the trade confirmation sent from network earlier by putting the procedure fees into the transaction. Besides, there are business processors used to assistant the merchant in handling transactions, converting TIcoin to legal currency every day and directly depositing the capital into merchants’ bank account. As all these services are offered based on TIcoin, they can offer a procedure fee far below the credit card network.
Lower merchants’ risk—TIcoin is safe and irrevocable, without sensitive or personal information on the customers, which avoids merchant’s losses caused by fraud or fraudulent chargeback, and can ignores the PCI. Where credit cards cannot be used or the high fraud rate is unacceptable, merchant can also expand new markets easily, resulting lower costs, larger markets, and less administrative costs.
POW+DPOS —It avoids developer or wolf effects generated from current digital currency by using a most prefect encryption mechanism, and establishes a decentralized economic system for start-up and operation through POW workload and combining with equity verification mechanisms.
Safety and control-Users of TIcoin can completely control their own transactions; and the merchant can’t charge the fees by force which are shall not be charged or difficult to be found in the payment methods. There is no need to bind personal information during the payments with TIcoin, which provides a great precaution against identity theft. Users of TIcoin can also protect their own capital by backup and encrypting. Combined technical advantages, block chain technology is used for TIcoin, and combined with smart wallet, the transaction data is backed up in more than one ways, which ensures complete decentralization. What’s more, the smart wallet can be encrypted doubly, making the operation more safe.
Transparency and neutrality (open source) - All information about the supply of TIcoin is stored in the block chain, convenient to be checked and used in real time for anyone. None of individual or organization can control or manipulate the TIcoin protocol as it is protected with password, which enables the TIcoin core to be believed it is completely neutral, transparent and predictable.
High negotiability-With more commercial meaning and value, it becomes the real negotiable digital currency and international circulating currency, making products exchange more convenient.
Yield advantage of deflation prevention –TIcoin can be mined in a short time, issued in a constant quantity (28,800,000) and released in 20 years. Work efficiency is improved through the Hash algorithm to enable people to gain more income instead the income is only hold in someone’s hands.
Why people believe TIcoin?
The most of trust on TIcoin is from the fact that it doesn’t need trust. TIcoin is completely open source and decentralized, which means that anyone can view the entire source code at any time. Therefore, any developer in the world can exactly verify the working principle of TIcoin, and clearly inquiry all existing TIcoin transactions and issued TIcoin in real time. All payments are independent of the third parties, and the whole system is protected by a large number of cryptographic algorithms reviewed by experts, such as those for online banking. No organization or individual can control TIcoin, and even if not all the users are trustworthy, the TIcoin network is still safe.
Can I earn money with TIcoin?
You should never expect to become rich through TIcoin or any emerging technology. It is always important to be vigilant about anything that sounds incredibly good or contrary to the basic economic laws.
TIcoin is a growing innovation area where there exist business opportunities and risk simultaneously. Even so far, TIcoin are growing at a rapid pace, but no one can guarantee that it will continue to grow. Entrepreneurial spirit is required for any investment in the time and resources of the TIcoin. We can earn money with TIcoin in those methods such as mining, or new business speculation and operation, all which are fiercely competitive and can’t ensure the profit. Therefore, everyone should make an appropriate assessment on the costs and risks involved in any such project.
Is TIcoin completely virtual or immaterial?
Like the credit card and online banking network used by people every day, TIcoin is virtual. It can also be used to pay on the internet or in the physical store like any other forms of currency, especially for the payment with mobile phone, it is more convenient. As the TIcoin balance is stored in a large distributed network, no one can change it maliciously. In other words, TIcoin users’ capital can only be controlled on their own, and will not disappear because of its virtual.
Is TIcoin anonymous?
Like any other currencies, the design of the TIcoin allows its users to pay and receive payment in an acceptable degree of privacy. But the TIcoin is not anonymous, it can’t provide a degreed of privacy like cash. Lots of public records will be left while using the TIcoin. Therefore, there are many mechanisms used to protect users' privacy, and some more mechanisms are under development. However, most of the TIcoin users have to make efforts before using these functions correctly. Some people feel worried that private transaction of TIcoin may be used for illegal purpose. It is worth mentioning that TIcoin will undoubtedly be subject to the similar regulations which play roles in existing financial system. TIcoin are not more anonymous than cash, and it is unlikely to interfere with the criminal investigation. Besides, the TIcoin is also designed to prevent a large-scale financial crime.
What would happen when the TIcoin is lost?
When a user loses his wallet, his capital will be out of circulation. Like other TIcoin, the lost TIcoin is still stored in block chain. But the lost TIcoin will always be in dormancy because anyone can’t find the private key that can re-use these TIcoins. According to the law of supply and demand, when the available TIcoins become less, the remaining coins will have a higher demand, and the value will rise as compensation.
Can the TIcoin become a major payment network after expanding?
Though the TIcoin network has been able to handle a much larger number of transactions per second than the current processing capacity, it is not fully mature enough to the extent its scale to the major credit card network. Raising the current cap is still in progress and the future needs are clear. From the beginning, every aspect of the TIcoin network has been maturing, optimizing and specializing constantly, and this process will continue in the next few years. As the flow increases, more TIcoin users may use lightweight client-side, while the full network node may become a more dedicated service.
Is TIcoin legal?
As far as we know, TIcoin in most jurisdictions are not defined by the legislature as illegal currency. However, some jurisdictions (such as Argentina and Russia) strictly restrict or prohibit foreign currencies. Other jurisdictions (such as Thailand) may restrict to grant the licenses to some entities such as the TIcoin trading platform. Regulators from different jurisdictions are taking steps on how to combine this new technology with a formal regulated financial system to provide rules for individuals and businesses. For example, Financial Crimes Enforcement Network (FinCEN) of United States Department of The Treasury issued non-binding guidance for the description of some activities referring to virtual currency.
Is TIcoin helpful to illegal activities?
The TIcoin is a currency which is always used legitimately and used for illegal purpose. To the extent of financial crime, cash, credit cards and current banking systems are far superior to TIcoin. TIcoin can bring a significant innovation to the payment system, of which the benefits are deemed to be far beyond their potential drawbacks.
The design of TIcoin is a great step forward in improvement of the security of currency and an important protection mechanism for many forms of financial crime. For example, the TIcoin can’t be totally imitated. Users can completely control their payment transactions, and would not receive the unverified fees like credit card fraud. The TIcoin is irrevocable, avoiding the fraudulent chargeback. Equipped with a powerful and useful mechanism, such as backup, encryption and multiple signatures, the TIcoin could protect its capital from stealing and missing.
Some people are worried that TIcoin may be more attractive to criminals, as it can be used for private and irrevocable payments. However, these features have already existed in the improved and widely-used cash and wire transfers. The use of TIcoin will undoubtedly be subject to similar regulations that have played a role in the existing financial system, and it is unlikely to impede criminal investigations. Generally, it is very common to cause controversies before some important breakthroughs are not known, where the internet is a good example that can explain this situation.
Can TIcoin be regulated?
TIC agreement itself cannot be modified unless nearly all users work together to select which software to use. It is impractical to make an attempt to grant special right to a regional regulatory body in the rules for global TIcoin network. Any wealthy organization can choose to invest in mining hardware to control half of the computing power in the entire network, thus freezing and cancelling the recent transactions. However, they don't have the ability to keep it up as this investment needs to be equal to the rest of the world's miners.
However, it is possible to regulate the use of TIcoin in a manner similar to any other currency. Like the U.S. dollar, TIcoin can be used for a variety of purposes, some of which can be seen legal, or not in accordance with the laws of each jurisdiction. In this regard, TIcoin are nothing else but any other tools or resources, and will be subject to the regulations of each country. Under restrictive provisions, it would be difficult to use TIcoin. In this case, it is difficult to determine what percentage of users will continue to leverage the technology. The prohibition of TIcoin by the government will be an obstacle to the development of domestic enterprises and markets and transfer the innovations to other countries. As usual, the challenge for regulators is to develop effective solutions without compromising the development of emerging markets and businesses.
What is the relationship between TIcoin and tax? TIcoin is not a legal currency. There is no status for legal currency in any administrative jurisdiction. But whatever medium is used, tax shall always be paid. In many different jurisdictions, there are various laws and regulations for income, sales income, wages, capital gains, or some other forms of tax liability arising from TIcoin.
Protection for TIcoin and consumer
TIcoin enables people to trade freely in their own way. Each user can pay and collect like cash, and also participate in more complex contracts.
Multiple signatures allow the TIcoin network to accept the transaction only if it has reached a certain number of members who have agreed to sign the transaction in a given group, laying the foundation for the future development of innovative dispute arbitration services. This service may allow a third party with no control over the funds to approve or reject a transaction if the two parties are unable to reach agreement. Unlike cash and other forms of payment, TIcoin will always have public evidence that the transaction did actually occur. This can be used to trace fraud.
It is also worth noting that businesses usually rely on their public reputation to maintain and pay their employees, but they do not get such information when they deal with new customers. The operation of TIcoin allows the individual and the business to be free from the risk of fraudulent chargeback, and when the customer does not want to trust a business, they can choose to ask for more protection.
How is TIcoin produced?
The new TIcoin is created by "mining", which is a competitive and de-centered process. This process includes individual services for the TIcoin network and is thus rewarded. Miners of TIcoin use special hardware to handle transactions and protect the coin network and collect new TIcoin at the time of the transaction.
The TIcoin agreement is such designed that new TIcoin are issued at a fixed rate. This makes the mining of TIcoin become a highly competitive industry. When more and more miners join the coin network, earning profits is getting harder and harder, so miners must seek efficiency to cut production costs. No central authority or developer has the right to control or manipulate the system to increase their profits. Any act that does not conform to the rules required by the system will be rejected by any TIC node in the world.
TIcoin is issued at a predictable rate of gradual decline. The number of newly generated TIcoin will be halved year by year until TIcoin amounts to 28.8 million. By that time, miners of TIcoin may only be supported by a large amount of small transaction costs.
Why is TIcoin worthy?
TIcoin has value because it is useful as a form of currency. TIcoin has the mathematical characteristics (persistence, portability, interchangeability, scarcity, severability and easy identification) of the currency independent of the physical properties (such as gold and silver) or the trust of the central authority (such as the legal currency). In short, TIcoin is supported by mathematics. With these characteristics, a monetary form to be valuable is the need for trust and use. For TIcoin, this can be reflected in its growing subscribers, business and start-up base. Like all currencies, the value of the TIcoin comes directly from the people who are willing to accept it as a way of paying, and that's the only source.
What factors determine the price of TIcoin?
The price of the TIcoin is determined by supply and demand. When the demand for TIcoin increases, its prices rise, vice versa. At present, only a small amount of TIcoins are in circulation, and the new TIcoins are issued at a predictable rate of gradual decline, which means that demand must follow this level of inflation in order to maintain price stability. Compared with the size of market it may achieve, TIcoin is still a relatively small market. Less funds will lead to the fluctuation of market price, therefore, TIcoin price is still very unstable.
Is there a limit to the limited amount of TIcoin?
TIcoin is unique in that only a total of 28.8 million of TIcoin will be generated. But this will not be a limitation at all because TIcoin can be divided into smaller subunits.
Will speculation and price fluctuations become a problem for TIcoin?
This is a chicken-and-egg problem. In order to stabilize the price of TIcoin, more and more enterprises and users need to develop large-scale economy. To this end, businesses and users will seek stable price.
Fortunately, volatility does not affect the main advantages of TIcoin as A-to-B point-to-point payment systems. Enterprises can immediately convert TIcoin into local currency so that it can benefit from the advantages of Ecoin, and will not be affected by fluctuations in the price of TIcoin. As TIcoin provides a number of useful unique features and attributes, many users choose to use TIcoin. With such solutions and drivers, it is entirely possible to realize the limited volatility of its prices as the TIcoin matures and develops to a certain degree.
What is the transaction fee?
Most transactions require no fee, but we encourage users to voluntarily pay a small fee to speed up transaction confirmation and reward miners. When fee is required, it usually costs just a few cents. Your TIcoin client will usually estimate the appropriate cost when needed.
Transaction fee can protect against excessive network traffic overload. The specific charging scheme is still being worked out and will change over time. Because the fee is not related to the amount of transaction, it may sometimes be very low, sometimes extremely high. The fee is determined by the size of transaction data and the number of transactions. For example, if you receive a large sum of money, then the cost will be higher. This kind of payment is like paying a restaurant bill with a penny coin. The rapid consumption of small TIcoin may also incur charges. If your activity meets the characteristics of a regular transaction, the fee should be very low.
What if I receive TIcoin when my computer is turned off?
It does not matter. TIcoin will appear in your account the next time you open the wallet program. In fact, TIcoin is not received by the computer software but to be added to a common account shared by all the devices in the network. If you receive TIcoin when your client is not running, it will download the block and update any transactions that have not yet been written down when the client is opened afterwards, and those coins will eventually appear in the wallet, like those received in real time. Only when you want to spend TIcoin, will you need your wallet.
What does "sync" mean? Why does it take a long time to synchronize?
Only a full node client like TIcoin Core will need a long time to synchronize. Technically, synchronization is a process of downloading and verifying all previous transactions of TIcoin over the network. Some TIcoin clients need to know all previous transactions to calculate the available balance in your TIcoin wallet and complete new transaction. This step is very resource-consuming, so enough bandwidth and space to store the entire block chain are required. In order to maintain the security of TIcoin, enough users are required to use full node client as they play a role in acknowledging and relaying transactions.
What is TIcoin mining?
Mining is the process of consuming computing resources to handle transactions, ensuring network security, and maintaining information synchronous for everyone in the network. It can be interpreted as data center of TIcoin, but the difference lies in its complete decentration. Miners operate in the world, so no one can control the network. This process is known as "mining" due to its similarity to gold rush, as it is also a temporary mechanism for the issuance of new TIcoin. However, different from gold rush, TIcoin mining offers rewards to services that ensure safe payment of network operations. After the last issuance of TIcoin, mining is still necessary.
What is the principle of mining?
Anyone can run software on specialized hardware and become an TIcoin miner. Mining software monitors transaction broadcast, executes appropriate tasks to handle and confirm these transactions through P2P network. It enables TIcoin miner to obtain the transaction fee paid by user for accelerating transaction as well as the TIcoin additionally issued at fixed formula.
Only when the new transaction is included in a block with mathematical workload proof will it be confirmed. This proof is difficult to generate because it can only be generated by counting billions of times per second. Miners need to run these calculations before their blocks are accepted and rewarded. As more people begin to mine, the difficulty in finding a valid block will be automatically increased by the network to ensure that the average time to find a block is maintained for 10 minutes. Therefore, the mining competition is intense, and no individual miner can control the contents in the chain
The workload proof is also such designed that the previous block must be relied on, thus constraining the chronological order of the block chain. Such design makes it difficult to revoke past transactions because of the need to recalculate the workload proof of all subsequent blocks. When two blocks are found at the same time, the miner will process the first block received and, once the next block is found, it will be transferred to the longest block. This ensures that the mining process maintains a global consistency based on the processing power.
TIcoin miner can neither increase their remuneration by cheating nor deal with fraudulent transactions that destroy TIcoin network as all TIcoin nodes will reject blocks that contain invalid data in contravention of the rules of TIcoin agreement. Thus, even if not all TIcoin miners can trust, the TIcoin network is still safe.
Isn't mining a waste of energy?
It is not a waste of energy to protect and run a payment system. As with any other payment service, the use of TIcoins will result in processing costs. Running the current popular services necessary for financial system, such as banks, credit cards and armored vehicles also consume a lot of energy although the total amount of energy consumed is not as transparent as TIcoin, it is also not easy to measure.
The mining principle of TIcoin is designed so that it can be used to optimize the mining process over time by using specialized hardware, thus consuming less energy. While the operating costs of mining is still proportional to demand. When the mining competition becomes too intense and the proceeds are reduced, some miners will choose to stop the activity. In addition, all the energy consumed by mining is eventually converted to heat, and the most profitable miners are those who can make good use of heat. An optimal efficient mining network does not consume any additional energy. Although this is an ideal situation, the economic principle of mining is that all individual miners are working towards this ideal situation.
How to help protect the safety of TIcoin by mining?
Mining creates a competitive mechanism that is equivalent to lottery, and it is very difficult for anyone to add new trading blocks to the chain. This mechanism can prevent any individual from being able to freeze certain transactions, thus ensuring the neutrality of the network. It can also prevent any individual from replacing part of the block chain to reduce their own costs. Otherwise, it can be used to cheat other users. The mining mechanism makes it difficult to revoke a previous transaction as it requires rewriting all blocks after the transaction.
What shall I do to prepare for the mining?
In the early days of TIcoin, anyone can use their computers’ central processor to find new blocks. As more and more people begin to mine, the difficulty in finding new blocks is so high that the only cost-effective way to use today is to use specialized hardware.
Is TIcoin safe?
TIcoin technology, including protocols and cryptography, has a strong security record, and the TIcoin network is perhaps the world's largest distributed computing project. For TIcoin, its most common weakness is the user error. The TIcoin wallet file that stores the private key may be accidentally deleted, lost, or stolen. This is very similar to the cash that is stored in electronic form. Fortunately, users can use reliable security policies to protect their funds, or use a provider that provides a good level of security and theft or loss insurance services.
Can users unite to attack TIcoin?
It is impossible to change TIcoin agreement easily. Any TIcoin client that does not conform to the agreement cannot force other users to comply with its own rules. On the current rules, it is impossible to conduct double consumption in the same block chain, so is TIcoin consumption without legal signature. Therefore, it is impossible to generate large amounts of TIcoins, use other users' funds, corrupt the entire network, and the like.
However, most miners may arbitrarily choose to freeze or revoke the most recent transactions, and most users may also exert pressure to make some changes to the agreement. Because TIcoins are only working when all users have reached a consensus, it is very difficult to modify the agreement, and overwhelming majority of users need to use these changes so that the rest of the user has no choice but to follow. In general, it is difficult to imagine why an TI user would adopt agreement changes that may compromise his funds.
Is quantum computing a threat to TIcoin?
Yes, this is also true for most systems relying on cryptography, including banking system. But quantum computer does not exist, and may not appear in the short term. When the quantum calculation is indeed about to become a threat of TIcoin, TIcoin agreement can be updated using post-quantum algorithm. Based on the importance of this update, there is reason to believe that the developer will review it repeatedly so that it can be ultimately accepted by all Ti users.
I would like to know more. Where can i get help?
You can get more information and help on Resources and Community pages, or Wikipedia FAQ.
Innovation of payment system
The TIcoin agreement is not just money transfer from A to B, and it has many unique features and shows many possibilities being explored in the field. What involved here are some technologies under study, among which some have been transformed into real products and services. Perhaps the most exciting function of TIcoin has yet to be discovered.
Fraud control
TIcoin promises an unprecedented level of security. The TIcoin network provides users with protection against the most common forms of fraud, such as returns and unnecessary charges. And no one can imitate TIcoin. Users can back up or encrypt their wallets, and the hardware wallet eliminates the possibility of stealing or losing later. The TIcoin is designed in a way that its users enjoy the absolute control over their funds.
Global use
All global payments are fully interoperable. TIcoin allows secure payment and collection for any bank, enterprise or individual at any time in any place without bank accounts. TIcoin is available in many countries that cannot use most payment systems due to their own limitations. TIcoin has enhanced the global business contact and will contribute to the prosperity of international trade.
Cost-effectiveness
Cryptographic method allows safe payments without slow and expensive intermediaries. An TIcoin transaction costs less than any other options, and can be completed in a short time. This means TIcoin is kind of hopeful to be a common method of money transfer in the future. TIcoin also helps alleviate poverty in many countries by reducing the high service charges of workers' salaries.
Tips and contributions
TIcoin has become a highly efficient solution to tips and contributions in some occasions. Paying only requires clicking a button, and receiving can be as simple as just showing a two-dimensional code. Contributions can be disclosed to the public, thus giving nonprofit organizations greater transparency. In the event of emergencies like natural disasters, TIcoin donations can contribute to a faster international response.
Contribution value computing
TIcoin has a special profit calculating way. Users can be rewarded by reassessing their corresponding contributions. It can make users more active in the trend of shared economy.
Crowdfunding
Although it is not easy to use at present, TIcoin can be used for crowdfunding like Kickstarter. Individuals can promise to provide funds for a project, and these funds will be really taken away only with enough funding commitments meeting the set goal. This guarantee contract is governed by the TIcoin agreement, and transaction is not allowed until all requirements are met. Learn more about the technology behind crowdfunding.
Micro-payment
TIcoin can handle a $ 1 payment, and even a smaller amount can be done soon. Such payment is conventional even today. You can imagine listening to webcast for billing per second, paying a small tip for each ad blocking while browsing the web, or buying bandwidth in kilobytes from wireless hotspots. Efficient TIcoin can make all these reality. Learn more about the technology behind micro-payment.
Dispute arbitration
TIcoin can use multiple signatures to develop innovative dispute arbitration services. In the case that two sides fail to reach agreement, this service allows a third party without control of the funds to approve or reject a transaction. Because these services will be compatible with any TIcoin users and businesses, the innovation is bound to lead to free competition and higher quality standards.
Multiple-signature accounts
This mechanism allows the TIcoin network to accept the transaction only when there are enough consenters in a given group. This can be applied to the board of directors to prevent any member embezzling part of their funds without the consent of the other members. It also can be used in banks to prevent theft by freezing payments beyond a certain amount and without additional credentials.
Trust and integrity
TIcoin provides solutions to many tricky trust problems facing banks. It serves as a basis for rebuilding trust and reaching agreement through optional account transparency, digital contracts and irrevocable transactions. Misbehaving bank will not be able to profit from the loopholes in the system at the expense of the interests of other banks or the public. In the future, major banks’ support of TIcoin will help rebuild the integrity of financial institutions.
Elasticity and decentralization
Highly decentralized TIcoin creates a different form of payment network with higher levels of elasticity and redundancy. TIcoin is capable of processing transactions worth millions of dollars without military protection. It will be more difficult to attack TIcoin network without central fragile link like data centers. TIcoin may represent an interesting advance in security of local and global financial systems.
Flexible transparency (strengths in opening up source)
Although all TIcoin transactions are open and transparent, the identity of the transaction participant is a secret, which allows individuals and organizations to have flexible transparency. For instance, an enterprise may choose to disclose certain transactions and account balances to certain employees, just as a non-profit organization can choose whether or not to publicize daily and monthly contributions it received.
Automation solutions
Automatic services are often used to deal with the cost problems and limitations of payments through cash or credit card, For example, cash and credit card won’t work for various vending machines such as bus booths and coffee machines. TIcoin is suitable for new generation of automatic services, and its operating costs can be cut down. You can imagine a driverless taxi or a store where you can pay with shopping basket and don’t have to wait in line. Many ideas are possible in the future.
Bitcoin is an experimental digital currency that enables instant payments to
anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate
with no central authority: managing transactions and issuing money are carried
out collectively by the network. Bitcoin Core is the name of open source
software which enables the use of this currency.
License
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Ticoin Core is released under the terms of the MIT license. See [COPYING](COPYING) for more
information or see https://opensource.org/licenses/MIT.
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http://www.ticcoin.org
Copyright (c) 2015-2017 ticoin Core Developers
Ticoin Core integration/staging tree
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What is TIcoin?
The TIcoin is a consensual network, which facilitates to a new payment system and a completely digitized currency. It is a equivalent payment network that is decentralized, untrusted and self-certified, with open sources, controlled by users themselves other than the central management or intermediaries. From the user's perspective, TIcoin is equivalent to the internet cash. The fifth generation of TIcoin makes the currency with the concept of "secret currency" realized.
Who created TIcoin?
TIcoin makes the current with concept of "hidden currency" realized. In 1998, Wei Dai first described the concept of "hidden currency" in the cypherpunks mailing list, which refers to control the issuing and transaction of currency in cryptography theory other than depending on the new monetary form of central administration. In 2013, Lucian (technician of UK EDC internet company) discovered TIcoin based on the concept of Bitcoin block chain while developing the BitSpirit cultivation game, and once developed the amazed discovery in the interior journal of EDC. However, his weak technical application made the development of TIcoin stopped. In 2015, the enthusiast of block chain found the TIcoin once again and thought it is similar to Bitcoin, and has more commercial value. Therefore, they spread the concept of TIcoin to enable more people to realize the existence of TIcoin after integrated collection. Subsequently, the British Elves Valley ore company developed TIcoin intensively, picked up and popularized the business. In the late 2015, TIcoin was introduced to Asia from Europe. Hereafter, numerous developers were committed to TIcoin project, and the TIcoin grew fast. Though development of TIcoin is full of twists and turns, the currency integrated with commerce, security and science and technology is finally found by us.
Who controls TIcoin network?
No one possesses the TIcoin network, which is the same with the technique behind the e-mail. The TIcoin is controlled by users all around the world. Developers can improve the software, and can’t change the rules of agreement of TIcoin forcibly as all the users can choose software they want. To maintain mutual compatibility, all users also have to choose software that follows the same rules. Only after all users have reached a consensus can the TIcoin work normally. Therefore, all users and developers are very motivated to accept and protect this consensus.
How TIcoin operates?
From the user's perspective, TIcoin is a cellphone application or a computer program, which provides a personal TIcoin wallet to the users for paying and receiving TIcoin. Besides, it can realize the space transactions for users, and send commercial value of AR technique to everyone. This is the operation principle of TIcoin for most users.Behind the scenes, the whole network shares a public general ledger called "block chain" that covers each processed transaction, enabling the user's computer to verify the validity of each transaction. Authenticity of each transaction is protected by electronic signature corresponding to the sending address, enabling the users to completely control TIcoin transferred from their own TIcoin address. What’s more, anyone can deal with transaction by using computing capacities of dedicated hardware, and gain the extra TIcoin award. The service is usually called “mining”. For more information on TIcoin, please refer to the special page and original thesis.
How to gain TIcoin?
Use it to pay the commodities or service.Purchase TIcoin in an TIcoin exchange.Exchange TIcoin with the people nearby.Gain the TIcoin through competitive mining.Though some people may be willing to have their TIcoin purchased and paid in credit card, most of trading platforms would not accept these capital paid in that way, to avoid someone purchasing TIcoin with PayPal in some cases and then revoking the when the transaction is finished halfway, which is generally called chargeback.
How difficult to pay in TIcoin?
Compared with shopping paid in debit and credit cards, it is easier to pay in TIcoin, as you can accept the payment paid in TIcoin without merchant's account. In the wallet application on your computer or smartphone, the payment can be achieved only by entering the recipient's price and payment amount, and then pressing the send button. To input payee’s address more conveniently, many wallets can be accessed by scanning QR code or touching two phones with NFC technology.
What are advantages of TIcoin?
Free payment- Whenever and wherever you can pay and receive the capital in any amount, without bank holiday, national boundary and imposed restrictions. TIcoin allows the users to completely control their own capital by themselves.
Low fees- At present, no procedure fee or only a minimal fee during TIcoin payment would be charged. But the users can obtain the priority and receive the trade confirmation sent from network earlier by putting the procedure fees into the transaction. Besides, there are business processors used to assistant the merchant in handling transactions, converting TIcoin to legal currency every day and directly depositing the capital into merchants’ bank account. As all these services are offered based on TIcoin, they can offer a procedure fee far below the credit card network.
Lower merchants’ risk—TIcoin is safe and irrevocable, without sensitive or personal information on the customers, which avoids merchant’s losses caused by fraud or fraudulent chargeback, and can ignores the PCI. Where credit cards cannot be used or the high fraud rate is unacceptable, merchant can also expand new markets easily, resulting lower costs, larger markets, and less administrative costs.
POW+DPOS —It avoids developer or wolf effects generated from current digital currency by using a most prefect encryption mechanism, and establishes a decentralized economic system for start-up and operation through POW workload and combining with equity verification mechanisms.
Safety and control-Users of TIcoin can completely control their own transactions; and the merchant can’t charge the fees by force which are shall not be charged or difficult to be found in the payment methods. There is no need to bind personal information during the payments with TIcoin, which provides a great precaution against identity theft. Users of TIcoin can also protect their own capital by backup and encrypting. Combined technical advantages, block chain technology is used for TIcoin, and combined with smart wallet, the transaction data is backed up in more than one ways, which ensures complete decentralization. What’s more, the smart wallet can be encrypted doubly, making the operation more safe.
Transparency and neutrality (open source) - All information about the supply of TIcoin is stored in the block chain, convenient to be checked and used in real time for anyone. None of individual or organization can control or manipulate the TIcoin protocol as it is protected with password, which enables the TIcoin core to be believed it is completely neutral, transparent and predictable.
High negotiability-With more commercial meaning and value, it becomes the real negotiable digital currency and international circulating currency, making products exchange more convenient.
Yield advantage of deflation prevention –TIcoin can be mined in a short time, issued in a constant quantity (28,800,000) and released in 20 years. Work efficiency is improved through the Hash algorithm to enable people to gain more income instead the income is only hold in someone’s hands.
Why people believe TIcoin?
The most of trust on TIcoin is from the fact that it doesn’t need trust. TIcoin is completely open source and decentralized, which means that anyone can view the entire source code at any time. Therefore, any developer in the world can exactly verify the working principle of TIcoin, and clearly inquiry all existing TIcoin transactions and issued TIcoin in real time. All payments are independent of the third parties, and the whole system is protected by a large number of cryptographic algorithms reviewed by experts, such as those for online banking. No organization or individual can control TIcoin, and even if not all the users are trustworthy, the TIcoin network is still safe.
Can I earn money with TIcoin?
You should never expect to become rich through TIcoin or any emerging technology. It is always important to be vigilant about anything that sounds incredibly good or contrary to the basic economic laws.
TIcoin is a growing innovation area where there exist business opportunities and risk simultaneously. Even so far, TIcoin are growing at a rapid pace, but no one can guarantee that it will continue to grow. Entrepreneurial spirit is required for any investment in the time and resources of the TIcoin. We can earn money with TIcoin in those methods such as mining, or new business speculation and operation, all which are fiercely competitive and can’t ensure the profit. Therefore, everyone should make an appropriate assessment on the costs and risks involved in any such project.
Is TIcoin completely virtual or immaterial?
Like the credit card and online banking network used by people every day, TIcoin is virtual. It can also be used to pay on the internet or in the physical store like any other forms of currency, especially for the payment with mobile phone, it is more convenient. As the TIcoin balance is stored in a large distributed network, no one can change it maliciously. In other words, TIcoin users’ capital can only be controlled on their own, and will not disappear because of its virtual.
Is TIcoin anonymous?
Like any other currencies, the design of the TIcoin allows its users to pay and receive payment in an acceptable degree of privacy. But the TIcoin is not anonymous, it can’t provide a degreed of privacy like cash. Lots of public records will be left while using the TIcoin. Therefore, there are many mechanisms used to protect users' privacy, and some more mechanisms are under development. However, most of the TIcoin users have to make efforts before using these functions correctly. Some people feel worried that private transaction of TIcoin may be used for illegal purpose. It is worth mentioning that TIcoin will undoubtedly be subject to the similar regulations which play roles in existing financial system. TIcoin are not more anonymous than cash, and it is unlikely to interfere with the criminal investigation. Besides, the TIcoin is also designed to prevent a large-scale financial crime.
What would happen when the TIcoin is lost?
When a user loses his wallet, his capital will be out of circulation. Like other TIcoin, the lost TIcoin is still stored in block chain. But the lost TIcoin will always be in dormancy because anyone can’t find the private key that can re-use these TIcoins. According to the law of supply and demand, when the available TIcoins become less, the remaining coins will have a higher demand, and the value will rise as compensation.
Can the TIcoin become a major payment network after expanding?
Though the TIcoin network has been able to handle a much larger number of transactions per second than the current processing capacity, it is not fully mature enough to the extent its scale to the major credit card network. Raising the current cap is still in progress and the future needs are clear. From the beginning, every aspect of the TIcoin network has been maturing, optimizing and specializing constantly, and this process will continue in the next few years. As the flow increases, more TIcoin users may use lightweight client-side, while the full network node may become a more dedicated service.
Is TIcoin legal?
As far as we know, TIcoin in most jurisdictions are not defined by the legislature as illegal currency. However, some jurisdictions (such as Argentina and Russia) strictly restrict or prohibit foreign currencies. Other jurisdictions (such as Thailand) may restrict to grant the licenses to some entities such as the TIcoin trading platform. Regulators from different jurisdictions are taking steps on how to combine this new technology with a formal regulated financial system to provide rules for individuals and businesses. For example, Financial Crimes Enforcement Network (FinCEN) of United States Department of The Treasury issued non-binding guidance for the description of some activities referring to virtual currency.
Is TIcoin helpful to illegal activities?
The TIcoin is a currency which is always used legitimately and used for illegal purpose. To the extent of financial crime, cash, credit cards and current banking systems are far superior to TIcoin. TIcoin can bring a significant innovation to the payment system, of which the benefits are deemed to be far beyond their potential drawbacks.
The design of TIcoin is a great step forward in improvement of the security of currency and an important protection mechanism for many forms of financial crime. For example, the TIcoin can’t be totally imitated. Users can completely control their payment transactions, and would not receive the unverified fees like credit card fraud. The TIcoin is irrevocable, avoiding the fraudulent chargeback. Equipped with a powerful and useful mechanism, such as backup, encryption and multiple signatures, the TIcoin could protect its capital from stealing and missing.
Some people are worried that TIcoin may be more attractive to criminals, as it can be used for private and irrevocable payments. However, these features have already existed in the improved and widely-used cash and wire transfers. The use of TIcoin will undoubtedly be subject to similar regulations that have played a role in the existing financial system, and it is unlikely to impede criminal investigations. Generally, it is very common to cause controversies before some important breakthroughs are not known, where the internet is a good example that can explain this situation.
Can TIcoin be regulated?
TIC agreement itself cannot be modified unless nearly all users work together to select which software to use. It is impractical to make an attempt to grant special right to a regional regulatory body in the rules for global TIcoin network. Any wealthy organization can choose to invest in mining hardware to control half of the computing power in the entire network, thus freezing and cancelling the recent transactions. However, they don't have the ability to keep it up as this investment needs to be equal to the rest of the world's miners.
However, it is possible to regulate the use of TIcoin in a manner similar to any other currency. Like the U.S. dollar, TIcoin can be used for a variety of purposes, some of which can be seen legal, or not in accordance with the laws of each jurisdiction. In this regard, TIcoin are nothing else but any other tools or resources, and will be subject to the regulations of each country. Under restrictive provisions, it would be difficult to use TIcoin. In this case, it is difficult to determine what percentage of users will continue to leverage the technology. The prohibition of TIcoin by the government will be an obstacle to the development of domestic enterprises and markets and transfer the innovations to other countries. As usual, the challenge for regulators is to develop effective solutions without compromising the development of emerging markets and businesses.
What is the relationship between TIcoin and tax? TIcoin is not a legal currency. There is no status for legal currency in any administrative jurisdiction. But whatever medium is used, tax shall always be paid. In many different jurisdictions, there are various laws and regulations for income, sales income, wages, capital gains, or some other forms of tax liability arising from TIcoin.
Protection for TIcoin and consumer
TIcoin enables people to trade freely in their own way. Each user can pay and collect like cash, and also participate in more complex contracts.
Multiple signatures allow the TIcoin network to accept the transaction only if it has reached a certain number of members who have agreed to sign the transaction in a given group, laying the foundation for the future development of innovative dispute arbitration services. This service may allow a third party with no control over the funds to approve or reject a transaction if the two parties are unable to reach agreement. Unlike cash and other forms of payment, TIcoin will always have public evidence that the transaction did actually occur. This can be used to trace fraud.
It is also worth noting that businesses usually rely on their public reputation to maintain and pay their employees, but they do not get such information when they deal with new customers. The operation of TIcoin allows the individual and the business to be free from the risk of fraudulent chargeback, and when the customer does not want to trust a business, they can choose to ask for more protection.
How is TIcoin produced?
The new TIcoin is created by "mining", which is a competitive and de-centered process. This process includes individual services for the TIcoin network and is thus rewarded. Miners of TIcoin use special hardware to handle transactions and protect the coin network and collect new TIcoin at the time of the transaction.
The TIcoin agreement is such designed that new TIcoin are issued at a fixed rate. This makes the mining of TIcoin become a highly competitive industry. When more and more miners join the coin network, earning profits is getting harder and harder, so miners must seek efficiency to cut production costs. No central authority or developer has the right to control or manipulate the system to increase their profits. Any act that does not conform to the rules required by the system will be rejected by any TIC node in the world.
TIcoin is issued at a predictable rate of gradual decline. The number of newly generated TIcoin will be halved year by year until TIcoin amounts to 28.8 million. By that time, miners of TIcoin may only be supported by a large amount of small transaction costs.
Why is TIcoin worthy?
TIcoin has value because it is useful as a form of currency. TIcoin has the mathematical characteristics (persistence, portability, interchangeability, scarcity, severability and easy identification) of the currency independent of the physical properties (such as gold and silver) or the trust of the central authority (such as the legal currency). In short, TIcoin is supported by mathematics. With these characteristics, a monetary form to be valuable is the need for trust and use. For TIcoin, this can be reflected in its growing subscribers, business and start-up base. Like all currencies, the value of the TIcoin comes directly from the people who are willing to accept it as a way of paying, and that's the only source.
What factors determine the price of TIcoin?
The price of the TIcoin is determined by supply and demand. When the demand for TIcoin increases, its prices rise, vice versa. At present, only a small amount of TIcoins are in circulation, and the new TIcoins are issued at a predictable rate of gradual decline, which means that demand must follow this level of inflation in order to maintain price stability. Compared with the size of market it may achieve, TIcoin is still a relatively small market. Less funds will lead to the fluctuation of market price, therefore, TIcoin price is still very unstable.
Is there a limit to the limited amount of TIcoin?
TIcoin is unique in that only a total of 28.8 million of TIcoin will be generated. But this will not be a limitation at all because TIcoin can be divided into smaller subunits.
Will speculation and price fluctuations become a problem for TIcoin?
This is a chicken-and-egg problem. In order to stabilize the price of TIcoin, more and more enterprises and users need to develop large-scale economy. To this end, businesses and users will seek stable price.
Fortunately, volatility does not affect the main advantages of TIcoin as A-to-B point-to-point payment systems. Enterprises can immediately convert TIcoin into local currency so that it can benefit from the advantages of Ecoin, and will not be affected by fluctuations in the price of TIcoin. As TIcoin provides a number of useful unique features and attributes, many users choose to use TIcoin. With such solutions and drivers, it is entirely possible to realize the limited volatility of its prices as the TIcoin matures and develops to a certain degree.
What is the transaction fee?
Most transactions require no fee, but we encourage users to voluntarily pay a small fee to speed up transaction confirmation and reward miners. When fee is required, it usually costs just a few cents. Your TIcoin client will usually estimate the appropriate cost when needed.
Transaction fee can protect against excessive network traffic overload. The specific charging scheme is still being worked out and will change over time. Because the fee is not related to the amount of transaction, it may sometimes be very low, sometimes extremely high. The fee is determined by the size of transaction data and the number of transactions. For example, if you receive a large sum of money, then the cost will be higher. This kind of payment is like paying a restaurant bill with a penny coin. The rapid consumption of small TIcoin may also incur charges. If your activity meets the characteristics of a regular transaction, the fee should be very low.
What if I receive TIcoin when my computer is turned off?
It does not matter. TIcoin will appear in your account the next time you open the wallet program. In fact, TIcoin is not received by the computer software but to be added to a common account shared by all the devices in the network. If you receive TIcoin when your client is not running, it will download the block and update any transactions that have not yet been written down when the client is opened afterwards, and those coins will eventually appear in the wallet, like those received in real time. Only when you want to spend TIcoin, will you need your wallet.
What does "sync" mean? Why does it take a long time to synchronize?
Only a full node client like TIcoin Core will need a long time to synchronize. Technically, synchronization is a process of downloading and verifying all previous transactions of TIcoin over the network. Some TIcoin clients need to know all previous transactions to calculate the available balance in your TIcoin wallet and complete new transaction. This step is very resource-consuming, so enough bandwidth and space to store the entire block chain are required. In order to maintain the security of TIcoin, enough users are required to use full node client as they play a role in acknowledging and relaying transactions.
What is TIcoin mining?
Mining is the process of consuming computing resources to handle transactions, ensuring network security, and maintaining information synchronous for everyone in the network. It can be interpreted as data center of TIcoin, but the difference lies in its complete decentration. Miners operate in the world, so no one can control the network. This process is known as "mining" due to its similarity to gold rush, as it is also a temporary mechanism for the issuance of new TIcoin. However, different from gold rush, TIcoin mining offers rewards to services that ensure safe payment of network operations. After the last issuance of TIcoin, mining is still necessary.
What is the principle of mining?
Anyone can run software on specialized hardware and become an TIcoin miner. Mining software monitors transaction broadcast, executes appropriate tasks to handle and confirm these transactions through P2P network. It enables TIcoin miner to obtain the transaction fee paid by user for accelerating transaction as well as the TIcoin additionally issued at fixed formula.
Only when the new transaction is included in a block with mathematical workload proof will it be confirmed. This proof is difficult to generate because it can only be generated by counting billions of times per second. Miners need to run these calculations before their blocks are accepted and rewarded. As more people begin to mine, the difficulty in finding a valid block will be automatically increased by the network to ensure that the average time to find a block is maintained for 10 minutes. Therefore, the mining competition is intense, and no individual miner can control the contents in the chain
The workload proof is also such designed that the previous block must be relied on, thus constraining the chronological order of the block chain. Such design makes it difficult to revoke past transactions because of the need to recalculate the workload proof of all subsequent blocks. When two blocks are found at the same time, the miner will process the first block received and, once the next block is found, it will be transferred to the longest block. This ensures that the mining process maintains a global consistency based on the processing power.
TIcoin miner can neither increase their remuneration by cheating nor deal with fraudulent transactions that destroy TIcoin network as all TIcoin nodes will reject blocks that contain invalid data in contravention of the rules of TIcoin agreement. Thus, even if not all TIcoin miners can trust, the TIcoin network is still safe.
Isn't mining a waste of energy?
It is not a waste of energy to protect and run a payment system. As with any other payment service, the use of TIcoins will result in processing costs. Running the current popular services necessary for financial system, such as banks, credit cards and armored vehicles also consume a lot of energy although the total amount of energy consumed is not as transparent as TIcoin, it is also not easy to measure.
The mining principle of TIcoin is designed so that it can be used to optimize the mining process over time by using specialized hardware, thus consuming less energy. While the operating costs of mining is still proportional to demand. When the mining competition becomes too intense and the proceeds are reduced, some miners will choose to stop the activity. In addition, all the energy consumed by mining is eventually converted to heat, and the most profitable miners are those who can make good use of heat. An optimal efficient mining network does not consume any additional energy. Although this is an ideal situation, the economic principle of mining is that all individual miners are working towards this ideal situation.
How to help protect the safety of TIcoin by mining?
Mining creates a competitive mechanism that is equivalent to lottery, and it is very difficult for anyone to add new trading blocks to the chain. This mechanism can prevent any individual from being able to freeze certain transactions, thus ensuring the neutrality of the network. It can also prevent any individual from replacing part of the block chain to reduce their own costs. Otherwise, it can be used to cheat other users. The mining mechanism makes it difficult to revoke a previous transaction as it requires rewriting all blocks after the transaction.
What shall I do to prepare for the mining?
In the early days of TIcoin, anyone can use their computers’ central processor to find new blocks. As more and more people begin to mine, the difficulty in finding new blocks is so high that the only cost-effective way to use today is to use specialized hardware.
Is TIcoin safe?
TIcoin technology, including protocols and cryptography, has a strong security record, and the TIcoin network is perhaps the world's largest distributed computing project. For TIcoin, its most common weakness is the user error. The TIcoin wallet file that stores the private key may be accidentally deleted, lost, or stolen. This is very similar to the cash that is stored in electronic form. Fortunately, users can use reliable security policies to protect their funds, or use a provider that provides a good level of security and theft or loss insurance services.
Can users unite to attack TIcoin?
It is impossible to change TIcoin agreement easily. Any TIcoin client that does not conform to the agreement cannot force other users to comply with its own rules. On the current rules, it is impossible to conduct double consumption in the same block chain, so is TIcoin consumption without legal signature. Therefore, it is impossible to generate large amounts of TIcoins, use other users' funds, corrupt the entire network, and the like.
However, most miners may arbitrarily choose to freeze or revoke the most recent transactions, and most users may also exert pressure to make some changes to the agreement. Because TIcoins are only working when all users have reached a consensus, it is very difficult to modify the agreement, and overwhelming majority of users need to use these changes so that the rest of the user has no choice but to follow. In general, it is difficult to imagine why an TI user would adopt agreement changes that may compromise his funds.
Is quantum computing a threat to TIcoin?
Yes, this is also true for most systems relying on cryptography, including banking system. But quantum computer does not exist, and may not appear in the short term. When the quantum calculation is indeed about to become a threat of TIcoin, TIcoin agreement can be updated using post-quantum algorithm. Based on the importance of this update, there is reason to believe that the developer will review it repeatedly so that it can be ultimately accepted by all Ti users.
I would like to know more. Where can i get help?
You can get more information and help on Resources and Community pages, or Wikipedia FAQ.
Innovation of payment system
The TIcoin agreement is not just money transfer from A to B, and it has many unique features and shows many possibilities being explored in the field. What involved here are some technologies under study, among which some have been transformed into real products and services. Perhaps the most exciting function of TIcoin has yet to be discovered.
Fraud control
TIcoin promises an unprecedented level of security. The TIcoin network provides users with protection against the most common forms of fraud, such as returns and unnecessary charges. And no one can imitate TIcoin. Users can back up or encrypt their wallets, and the hardware wallet eliminates the possibility of stealing or losing later. The TIcoin is designed in a way that its users enjoy the absolute control over their funds.
Global use
All global payments are fully interoperable. TIcoin allows secure payment and collection for any bank, enterprise or individual at any time in any place without bank accounts. TIcoin is available in many countries that cannot use most payment systems due to their own limitations. TIcoin has enhanced the global business contact and will contribute to the prosperity of international trade.
Cost-effectiveness
Cryptographic method allows safe payments without slow and expensive intermediaries. An TIcoin transaction costs less than any other options, and can be completed in a short time. This means TIcoin is kind of hopeful to be a common method of money transfer in the future. TIcoin also helps alleviate poverty in many countries by reducing the high service charges of workers' salaries.
Tips and contributions
TIcoin has become a highly efficient solution to tips and contributions in some occasions. Paying only requires clicking a button, and receiving can be as simple as just showing a two-dimensional code. Contributions can be disclosed to the public, thus giving nonprofit organizations greater transparency. In the event of emergencies like natural disasters, TIcoin donations can contribute to a faster international response.
Contribution value computing
TIcoin has a special profit calculating way. Users can be rewarded by reassessing their corresponding contributions. It can make users more active in the trend of shared economy.
Crowdfunding
Although it is not easy to use at present, TIcoin can be used for crowdfunding like Kickstarter. Individuals can promise to provide funds for a project, and these funds will be really taken away only with enough funding commitments meeting the set goal. This guarantee contract is governed by the TIcoin agreement, and transaction is not allowed until all requirements are met. Learn more about the technology behind crowdfunding.
Micro-payment
TIcoin can handle a $ 1 payment, and even a smaller amount can be done soon. Such payment is conventional even today. You can imagine listening to webcast for billing per second, paying a small tip for each ad blocking while browsing the web, or buying bandwidth in kilobytes from wireless hotspots. Efficient TIcoin can make all these reality. Learn more about the technology behind micro-payment.
Dispute arbitration
TIcoin can use multiple signatures to develop innovative dispute arbitration services. In the case that two sides fail to reach agreement, this service allows a third party without control of the funds to approve or reject a transaction. Because these services will be compatible with any TIcoin users and businesses, the innovation is bound to lead to free competition and higher quality standards.
Multiple-signature accounts
This mechanism allows the TIcoin network to accept the transaction only when there are enough consenters in a given group. This can be applied to the board of directors to prevent any member embezzling part of their funds without the consent of the other members. It also can be used in banks to prevent theft by freezing payments beyond a certain amount and without additional credentials.
Trust and integrity
TIcoin provides solutions to many tricky trust problems facing banks. It serves as a basis for rebuilding trust and reaching agreement through optional account transparency, digital contracts and irrevocable transactions. Misbehaving bank will not be able to profit from the loopholes in the system at the expense of the interests of other banks or the public. In the future, major banks’ support of TIcoin will help rebuild the integrity of financial institutions.
Elasticity and decentralization
Highly decentralized TIcoin creates a different form of payment network with higher levels of elasticity and redundancy. TIcoin is capable of processing transactions worth millions of dollars without military protection. It will be more difficult to attack TIcoin network without central fragile link like data centers. TIcoin may represent an interesting advance in security of local and global financial systems.
Flexible transparency (strengths in opening up source)
Although all TIcoin transactions are open and transparent, the identity of the transaction participant is a secret, which allows individuals and organizations to have flexible transparency. For instance, an enterprise may choose to disclose certain transactions and account balances to certain employees, just as a non-profit organization can choose whether or not to publicize daily and monthly contributions it received.
Automation solutions
Automatic services are often used to deal with the cost problems and limitations of payments through cash or credit card, For example, cash and credit card won’t work for various vending machines such as bus booths and coffee machines. TIcoin is suitable for new generation of automatic services, and its operating costs can be cut down. You can imagine a driverless taxi or a store where you can pay with shopping basket and don’t have to wait in line. Many ideas are possible in the future.
Bitcoin is an experimental digital currency that enables instant payments to
anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate
with no central authority: managing transactions and issuing money are carried
out collectively by the network. Bitcoin Core is the name of open source
software which enables the use of this currency.
License
-------
Ticoin Core is released under the terms of the MIT license. See [COPYING](COPYING) for more
information or see https://opensource.org/licenses/MIT.
Authoring entity
| Agency Name | Role |
|---|---|
| ticoins | owner |
Language
English
Methods, software and scripts
Software
| Name |
|---|
| Makefile |
| Shell |
| M4 |
| QMake |
| Python |
| Roff |
| C++ |
| Objective-C |
| C |
| HTML |
| CSS |
| Objective-C++ |
| Protocol Buffer |
License
| Name |
|---|
| MIT License |
Metadata production
Producers
| Name | Role |
|---|---|
| GitHub Bot | bot |
Date of Production
01 December 2019