Tip Blockchain – User-Friendly Cryptocurrency

in #tip • 6 years ago

Despite the rapid development of the cryptocurrency market, there are barriers, because of which a new type of money has not yet been widely used in everyday life. Therefore, the Tip Blockchain project is aimed at eliminating these barriers and creating business solutions that can simplify the implementation of cryptocurrencies.

The Suggested Solutions

The use of long addresses by the most common cryptocurrencies is very inconvenient from the point of view of the average person. Therefore, the addresses of the wallets will be attached to names and nicknames that can be easily read.

In addition to the address or transaction, you can attach arbitrary data that the user wishes to specify. They can be either public (available to everyone) or private (the view is only available to the owners of the private key).
All information embedded in the platform is indexed, which means that it is possible to search for other users and new content. The client application will be developed for this.
It is planned to build additional functions in the wallet:
• account aliases;
• search on the network and add contacts from the phone's address book;
• the exchange of messages of various formats (text, voice, video call, animated and ordinary pictures).
The project is developing a decentralized application specifically for retail, which includes several functions:
• management of transactions, orders, customers;
• reports and analysis of sales;
• third-party integration.
This application should expand the scope of application of the cryptocurrency as it offers the functions of financial systems in the retail sphere familiar to people.

Technical Implementation
The development and deployment of a completely new blockchain, confined to the above functions will take several years. But people already need such a product, so the team decided to use the Ethereum blockchain to create Tip. Initially, it will look like a hybrid of a decentralized network and applications on the one hand, and a centralized database on the other. The function, which is the registration of an alias, the indexing of information and the search for arbitrary information.
The database will use the Interplanetary File System (IPFS) for the first phase of the project. However, the application of this system imposes some disadvantages, which were solved by creating additional layers for indexing and searching. Thus, a classical relational database management system (RDBMS) is implemented. The database is distributed among several nodes to increase the level of availability and protection from hacker attacks.
The working name of the wallet is Kasakasa. It will include all of the above functions and support both mobile platforms (iOS, Android) and desktop systems (Windows, Mac, and Linux). It is planned to develop a Sika application specifically for small businesses to accept payments, which not only should make payment for goods or services more convenient, but also reduce the commission. Tip will charge only 0.1 - 0.2% of the transaction amount, while Visa and Mastercard have a rate of 1.5 -3.0%.
The second phase of the project will implement its own Tip blockchain, capable of supporting indexing and searching without a third-party database. It will also process payments, completely detached from the Etherium network. ERC20 tokens are converted to new ones at the rate of one to one.

ICO Details
Name of the system token is TIP. In total, it is planned to issue 1 billion coins, which will be distributed as follows:

• 60% – available for sale during the ICO;
• 17% – the company reserve;
• 10% – team reward;
• 5% – advisors reward;
• 8% – bounty.

Payments are accepted in the Etherium, and funds received during the token sale are planned to be spent on:
• 45% – research and development of the platform;
• 25% – marketing campaign;
• 17% – platform management;
• 8% – reserved for unforeseen expenses;
• 5% – legalization.

((ICO is divided into several stages, presented below:

Conclusions
The main objective of the Tip platform is to remove technical barriers to the introduction of cryptocurrency into everyday life. For this purpose, it is suggested to use simple aliases instead of long addresses, to create an opportunity to search users and companies, and also to attach any data to the transaction or wallet. Therefore, working with Tip will be just as easy as with any social network.
The project has quite strong competitors, such as ENS:Ethereum NameService, Status Network или Telegram. However, the team still offers its achievements, which others do not have. And already now they are trying to launch their product in order not to allow other players to bypass it (a beta version of the wallet and application for messaging will be released in July).

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6 years ago in #tip by
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