A new cryptocurrency to solve the issues tox has.
The main issues Tox face are that since we do not have central servers things
like making multiple devices have the same “account” and offline messaging is
very difficult. For this reason we have searched long and hard for a real
decentralized solution to these problems. We are proud to announce today that
we have found such a solution. This solution also has far reaching applications
and could also for example enable the creation of more efficient crypto
currencies and solve world hunger.
So how does it work? First we define proof of trust as the amount of trust that
can be proven a node has in a distributed peer to peer network. The trust a
node has in the system is defined as the inverse of the non trust a node has in
the system. Trusted nodes are assumed to always behave correctly meaning
untrusted nodes will not behave correctly. By making each node look for nodes
that do not behave correctly non trusted nodes can therefore be identified and
disposed of by the network. This leaves a network that only contains trusted
nodes. Once a network is certain to contain only trusted nodes any system which
requires such a system can easily be implemented on top meaning it is possible
to implement every centralized system in an efficient decentralized manner.
Creating a decentralized internet will therefore be possible. The possibilities
are endless. With this revolutionary new technology anybody will be capable of
having their own website.
Why name this technology toxcoin? The best way to get this technology up and
running fast and to fund development is to make it its own crypto currency.
Toxcoin will also be used to fund development of Tox. Tox developers will be
payed in Toxcoins which will increase in value as more and more people used
Tox. If we assume a total market cap of 1 million toxcoin and assume each tox
user is worth 10$. When Tox reaches 1 billion users each toxcoin will be worth
10000$. Toxcoins are clearly an investment that will only grow in value.
Investing in this con will truly increase your money.
Is this an altcoin? No, toxcoin will be implemented using the bitcoin
blockchain as a base.
There is already some proof of concept code in the github repo but it is still
in very early stages.
See the whitepaper: coin.tox.im/whitepaper.pdf
Github repo: github.com/irungentoo/toxcoin
Join the revolution: #toxcoin on Freenode.