A small New York based company, Long Island Iced Tea Corp., announced in early December 2017 that it would rebrand as a “blockchain technology” firm. The effect on the company’s stock price was instantaneous. Shares soared as much as 500 percent in stock exchange trading, even though the company plans to maintain its focus on ready-made, grab-and-go drinks. Instead of injecting funds in rebranding, and hiring the most influential business developers out there, all they needed to do is, add the magic word: “Blockchain”.
Undeniably, the technology that most people find mysterious and a little-too-geeky-to-be-understood is blossoming. Many startups are extensively improving on the open-source project every day, making big promises of higher transparency, anonymity and stability. And Ti-Blockchain, a China based technology start-up, has a great promise of its own. Let’s dig deeper.
Ti-Blockchain at a glance
Ti-Blockchain is a public Blockchain platform improving on the already existing Ethereum Blockchain code. Think of it as a decentralized world computer. However, This “computer” doesn’t shut down. It is designed to eliminate censorship, fraud, and third-party involvement in online collaboration. It uses Storj as a decentralized cloud information storage solution, ensuring high encryption and safety.
How does Ti-Blockchain work?
Simply put, this “software platform” harnesses the capabilities of the Ethereum blockchain and “Smart contracts” features. It enables building complex decentralized software applications. Although still in its infancy, the project’s promise is to build solutions that don’t require the traditional “commanding-control” hierarchies. In other words, these are applications that don’t have an all-powerful single owner making and enforcing rules.
One of the early applications is a Social Media app with end-to-end chat capabilities, branded Ti-Value. It also serves as a platform for digital currency payments. The core idea is to solve problems in the financial sector, education, health care, source tracing and information sharing using the decentralized approach of the Blockchain. T.V, short for Titanium-Value is the project’s proprietary ERC-20 Token acting like a gas to the Ti-Blockchain ecosystem.
Distinguished project improvements: the DPoS
The project is a great improvement on the existing Blockchain technology.
This is due to the choice of DPoS as a consensus mechanism. DPoS (Delegated Proof of Stake”) uses “witnesses” to mitigate the impact of decentralized mining typically encountered in the “Proof of work” mechanism used by Bitcoin, and Litecoin.
It uses a decentralized voting process where randomly chosen nodes in the networks are selected to confirm every new block.
Currently, the Ti-Blockchain network can confirm a transaction every 10 seconds, compared to 60 minutes for Bitcoin.
As far as mining concerned, a T.V block takes 10 minutes to mine and every block can process up to 1,000 transactions. This uncovers a great potential for application the financial sector, especially as a peer-to-peer method of payment.