TIP BLOCKCHAIN
User-friendly cryptocurrency is here!
The Internet has brought people together in ways that were not possible before. An internet user can communicate with friends or family across the world using various social mediums and communication channels. In the early days of the internet, it was primarily used by researchers, academics, network and computer enthusiasts and the military. As the internet got easier to use, more use cases were conceived and developed which gave the average user a reason and the ability to connect. Today, the internet is more pervasive than radio was half a century ago.
With the rise of the internet, new peer to peer networks such as BitTorrent were created, which allowed users to share information directly without the involvement of third parties. A natural evolution from that was Bitcoin and other cryptocurrencies, where users are able to exchange value without an intermediary, or a trusted third party, such as a bank, clearinghouse or money transfer service.
Just like the internet, Bitcoin was initially only accessible to tech-savvy computer geeks, that were able to download the source code, compile and run the software. Since then, there have been several advances in technology and services, such as modern light wallets and cryptocurrency exchanges, which have made access to cryptocurrencies easier for more users. While it is easier to use cryptocurrency today, it still takes a degree of technical knowledge: Private keys, public keys, hashed wallet addresses, syncing, nodes, are some of the terms new users have to familiarize themselves with. These are hurdles to adoption that have undoubtedly slowed the uptake of cryptocurrencies by the masses. We believe what is needed to make mass market adoption of cryptocurrency a reality is making the entire experience easy and familiar. All the technical details of the underlying protocols should be abstracted from the average user so that using cryptocurrency is as natural as using any social media platform.
The ability for users to discover information and other users on the network is vital. One major catalyst for internet ubiquity and user adoption was the rise of search engines, which made it easy for users to find useful information on the vast world wide web. The problem of discovery on the blockchain is an analogous one. If users are able to discover other users, content, and information in general, there are a multitude of applications that can be built upon this foundation, providing value to more users. This is the fundamental problem Tip is proposing to solve. Tip is creating a fully indexed, searchable, decentralized network that can be queried for information, thus solving the issue of discovery on the blockchain. With the problem of discovery on the blockchain solved by our platform, we can begin to build custom solutions for both end-users and businesses.
While some other cryptocurrency projects are working on addressing the issue of humanreadable names to send transactions, we believe that is only a small part of solving the mass adoption problem. Other projects are also working on making cryptocurrencies easier to use for users. Again, that is only one part of the problem. Tip is the only platform tackling the mass adoption issue using a holistic approach from a discovery standpoint, and building applications that connect end-users to businesses. This will provide solutions that can be used by both endusers and merchants in day-to-day cryptocurrency transactions.
Cryptocurrency mass adoption cannot wait for two or three years. This needs to happen now! That is why with the Tip is working on this as our primary goal, and delivering a solution that solves the issues outlined right away.
This is how we will achieve mass adoption of cryptocurrencies, beginning in 2018.
Key features
Smart Addresses
Send money to friends and family using their username. You can send to @TipToken, instead of 0x28AD00F1CDF1E24900031Merchant Solutions
Point of sale system for merchants to easily accept cryptocurrency payments from their customers, saving transaction fees and time.Transaction Metadata
Arbitrary data attached to transactions can be used for various purposes, including identifying info, memos for payments, receipt confirmation and more.Search and Discovery
Information on the network is indexed and searchable so users and businesses can find information by searching using our wallet and point of sale apps.Peer-to-peer Instant Messaging
Chat with your friends and family over secure peer-to-peer connections and send TIP tokens from right within your conversation.Light Mobile and Desktop Wallets
Our light desktop wallet ensures that you can connect to the Tip network and start sending transactions whether you’re at home, office, or on the go.
PROBLEM DEFINITION
To illustrate the main problems users face when using cryptocurrencies today, let us present a few scenarios. These scenarios will illustrate how present-day solutions are inadequate for dayto-day use of cryptocurrencies by the average user.
- Peer to peer cryptocurrency transfers
For our first scenario, let us assume we have two users, Bob and Alice. Bob needs to send Alice a cryptocurrency transaction to repay her for lunch she bought him today. With existing solutions, Bob would somehow have to get Alice's wallet address from her. If they are in person, Bob could scan a QR code containing Alice's wallet address. If they are not in the same location, Alice could send Bob her address hash by copying, pasting and sending it to Bob over text messaging, another messaging app, or by email. These additional steps to initiate a transaction create unnecessary friction which puts off users.
Most users who are not used to cryptocurrencies would think these steps to be too much of a hassle and not even bother using cryptocurrency. With so many options to send fiat currency between users, for cryptocurrency to compete, it needs to be easier than sending fiat transactions.
- Small business accepting cryptocurrency
In the second scenario, we will consider the case of small businesses accepting cryptocurrency for the payment of goods or services. These could be your neighborhood coffee shop, restaurant or shoe repair store.
Assuming a business, let's call it Gino's Pizza, wants to accept cryptocurrencies for payment, a common practice used today is the business displays QR code that can be scanned by customers to get the business' wallet address. Customers can then send transactions to this address using their own wallet application. This again creates barriers to entry for users who are not used to dealing in cryptocurrencies.
Secondly, what if the business in question is a restaurant that delivers, and requires payments to be made when orders are placed? With fiat transactions, users can give their credit card numbers to the order taker over the phone. This is not possible with cryptocurrencies. The closest thing to giving a credit card number over the phone would be the order taker reading out the store's cryptocurrency address over the phone. This would be very highly error-prone and impractical to use, as if the customer misses a single character, the transaction could be lost forever.
Businesses are hesitant to adopt cryptocurrencies due to these limitations.
- Contextual informationaroundtransactions
The third scenario pertains to contextual data for transactions. Let us go back to our neighborhood restaurant. Let us also assume that Gino's Pizza is a popular joint, thus, and several transactions are processed in an hour. If several orders are placed over the phone or by users scanning the business address QR code, the restaurant operators have no way of knowing which transaction corresponds to which order.
One ineffective solution would be to match the value of transactions with orders. This would not work if there is more than one transaction with equal or similar value. Another option would be the customers reading out the source address out over the phone, and the order taker recording this address, and then match addresses when transactions come in to attribute them to the correct customer. With only addresses hashes to go by, this is technically infeasible. Now imagine that the pizza shop is expecting deposits from multiple customers. It would be a total nightmare for the store employees to match transactions to customer addresses.
Another ineffective solution used presently is the businesses generating multiple addresses, one for each customer or order. This is a tedious and cumbersome process for small businesses to manage, as it leaves them with an ever-increasing number of addresses to manage over time. This is another non-solution to this problem.
THE SOLUTION: TIP BLOCKCHAIN
Before we get into the details on how the Tip solves the specific problems presented above, let us first understand the solutions the platform provides.
TECHNICAL IMPLEMENTAION
- ERC20 TOKEN ON THE ETHEREUM NETWORK
A core component of the Tip solution is the Tip blockchain. Tip blockchain will have features which enable discovery on the blockchain. Building a blockchain with these advanced features would take a significant amount of time. Tip team will launch the Tip solution on the Ethereum Network initially. This initial solution will use a hybrid model of decentralized network and apps, and centralized database to solve the problem of discovery in the short term.
Tip solution on Ethereum will be coupled with a distributed off-chain database which will provide the name registration, indexing, and querying of arbitrary information. The ERC20 TIP tokens will then be converted to the new network tokens at a one to one rate.
- Desktop and mobile light wallet: Kasakasa
The main interface users will use to connect to the Tip Network is a mobile and desktop wallet application, Kasakasa. The mobile version of this wallet will iOS and Android native apps, covering more than 95% of mobile users. Will also be releasing a cross-platform desktop app for Windows, Mac, and Linux which will provide coverage to 99% of desktop computer users.
- Merchant Point of Sale System: Sika
To supplement our consumer focussed solution, Kasakasa, Tip Network will create a desktop and tablet application for small businesses, which will make it easier for businesses that accept cryptocurrency. Tip Network will work closely with retailers to deliver a solution that gives them the highest value and ease of use.
This solution will be very attractive for merchants because, as cryptocurrency transactions become more pervasive. Current payment networks such as Visa and Mastercard charge processing fees of 1.5% - 3.0% per transaction, depending on location. Transaction fees on Tip will be 0.1% - 0.2% for most transactions.
THE FUTURE OF TIP BLOCKCHAIN
The long-term goal of the Tip Project is to move to the Tip blockchain, where indexing and searching are supported natively on-chain. Transfer of TIP tokens will also be processed on the Tip blockchain, and not on Ethereum. This has the result of removing the centralized database and replacing that with the fully decentralized Tip Node network and IPFS.
Transactions on the Tip blockchain are any write operations that can be specified in the Tip protocol. Tip blockchain nodes (nodes) are responsible for processing transactions and propagating them to other nodes on the network.
The Tip Blockchain will use a delegated proof of stake (DPOS) consensus mechanism for securing the network and generating new blocks. Transactions are then confirmed by these trusted nodes. Delegates are rewarded for securing the network by receiving more TIP tokens in newly created blocks.
THE TIP TOKEN
The TIP token, is the unit of account on the Tip network. It is the native currency on the
network, thus is used to pay for transactions, storage and other services on the network.
TIP is a utility token that the users will be able to use it to:
- Transfer between peer to peer.
- Use it to buy things in the real world with merchants who accept TIP.
- To store data on the Tip decentralized database.
- To pay for transaction fees on the network.
- Reward developers for creating apps that run on the Tip Network.
- To vote for delegates to secure the network.
- For delegates to stake their coins and earn staking rewards for securing the network.
The Tip platform provides an ecosystem that will allow users to purchase both digital goods and services on the platform, and also tangible goods in the real world from merchants that accept Tip token.
TOKEN DISTRIBUTION
Token Sale
In order to generate financing to fund the research, development, and marketing of the Tip Blockchain, Tip Inc will be launching a sale of TIP tokens which will be open to the general public. Users will be able to purchase TIP tokens using either Ethereum or Bitcoin. The sale price for Tip will be 1 ETH = 10,000 Tip, or 1Tip = 0.00001 ETH. The price of TIP tokens in Bitcoin will be calculated by converting the Bitcoin value to Ether, using the Bitcoin-Ethereum exchange rate at the time of purchase.
The token sale will run for four weeks. During this time, 60% of the total TIP supply will be available for purchase by the general public.
Tip Bounty Programs
Besides purchasing TIP tokens during the token sale, users will be able to acquire TIP tokens by participating in bounty programs the Tip will be launching.
More information about bounty programs will be announced on our social media accounts.
ROADMAP
CONCLUSION
Tip proposes innovative solutions to the problems users face in using cryptocurrency for day to day transactions. We do this through the power of discovery on-chain, and building applications that harness the power of discovery on-chain to create customized solutions for end users and businesses. Discovery is made possible by a blockchain that supports storing arbitrary metadata off-chain in IPFS, and indexing this data on-chain so it is searchable and discoverable by end users and decentralized applications. This provides an extensible platform on which various other apps can be built to utilize this data stored on-chain.
The first decentralized app built on the Tip Network is the Kasakasa wallet, which supports address aliases or usernames, and makes sending transactions as easy as sending an instant message. The second application, targeting businesses is the Tip point of sale system, Sika, which makes receiving cryptocurrency payments as easy as using other point-of-sale systems retailers are used to. With these solutions in place and the solid foundation of on-chain discovery, Tip is poised to be at the helm of the cryptocurrency revolution.
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Author : Kelampok ijo
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