My first Post About Twins Cryptocurency
How TWINS works:
TWINS is an online currency with P2P payment traffic (Cryptocurrency), meaning it does not need a central middleware server. What is the advantage of this? Think about traditional financial transactions:
Pay by Ticket: You spend with transportation to the bank and in addition to the time spent on locomotion, the recipient only receives the money a few days later.
Shopping on the card: Charges at the time of purchase, or card maintenance fees.
Transfers: Rates for transfers and waiting times when they are between different institutions.
WHAT is twins ?
TWINS is a true decentralised cross-chain peer-to-peer exchange platform. The initial phase of this project will introduce the TWINS cryptocurrency and build an extensive decentralised network of masternodes together with the global community.
TWINS is built using PIVX fork in the initial stage, but will be upgraded to NEM fork (catapult) in the later stage. TWINS is a coin running on its own blockchain.
In the P2P system like TWINS you do not have a financial institution, for example, mediating the purchase, so it is instantaneous and at a reduced cost.
Currently, online transactions require mediation from financial institutions, already with TWINS the process will be so simple when buying a product with a ballot in a physical store:
Imagine buying a shirt for $ 50 in a physical store: you deliver a ballot with this amount, you withdraw your product without the need for a bank to mediate the purchase.
In the same way, it is the virtual transaction with the cryptocurrency, therefore it has become popularized, it is cheap and fast for being P2P.
TWINS is a Cryptocurrency, but what is it?
Just as a Royal bankroll has protection technologies, virtual money also needs to have. The new Real banknotes have holographic bands, high relief, fluorescent elements, security wire, watermark, jigsaw, micro prints and a hidden number; Too much technology to avoid fakes is not it !?
Likewise, in order for virtual money not to be cloned, it is protected by a set of principles and techniques called encryption.
Crypto: is a set of techniques that aim to encrypt information so that it can only be read by those who know the code, ensuring the security of the information.
Making a metaphor would be like sending a locked trunk to a friend by means of a messenger: he will take the trunk to the other person, but he will not be able to open it, only his friend who has the key can see what is inside.
A currency that does not have a mediating institution like governments or banks is totally free. With this, a government can not stimulate its inflation, for example, "printing" more ballots. For this reason, the market itself with its supply and demand law will dictate the dynamics of Bitcoin.
The lack of mediation by a financial institution also reduces transaction values and speeds up paperwork.
In addition, transaction data is stored until it can be validated by so-called miners, and this process happens transparently: the code is free, so it is possible for anyone to access the information to check its validity.
Why TWINS is Safe:
The records of the transactions are public as we mentioned in the last topic and that is the advantage over the paper money financial policy. The banks keep the fourteen keys their records, so all information about finances may be real or not.
This is not to say that banks necessarily lie about their fortunes, but who can take proof of it but themselves?
Crypto-currencies, however, follow another protocol in their transactions. As the code is opened, anyone can check information such as:
User1 has transferred 200 TWINS to user 3
User1 has -200 TWINS
User3 has +200 TWINS
It is not possible to know who is User 1 or 3, as this information is confidential, but there is a transparency about the veracity of the transactions.
Another security is in encryption. The codes generated are easy to read for those who own the key, but difficult to read for someone trying to intercept the coin. That means it's hard to fake money.