Company Spotlight: TIP Blockchain
We at BlockX Labs love working with and supporting innovative projects in the blockchain space. On May 25, 2018, BlockX Labs completed a Smart Contract Audit of TIP Blockchain.
In celebration of this, we wanted to offer showcase TIP Blockchain by interviewing their CEO and founder, John Warmann for more information about their upcoming project.
1. What does TIP Blockchain do?
Our focus is to make it easy for everyone and their non-techie grandparents to use cryptocurrency. This will be achieved through our light wallet Kasakasa which has features such as using short usernames like @HanSolo19 as wallet addresses, the ability to search & find people or businesses by their usernames, uploading contacts from your phone, to easily transact with friends and family on our platform.
Essentially anyone who knows how to use a smartphone can easily use the TIP cryptocurrency. We’ll compliment the Kasakasa light wallet with a cryptocurrency point of sale (POS) system — Sika, making it easy for businesses to accept TIP tokens. Sika will incorporate convenient features present in traditional fiat POS systems, such as order & customer management, sales analysis & reporting. It will allow for third-party integration — integrating with other popular cryptocurrency payment systems so merchants can stick to the system they currently use while enjoying the convenient features of Sika.
Both Kasakasa and Sika will be backed by the TIP Blockchain, the first blockchain to allow storing metadata attached to accounts and transactions, automatically indexing the stored data, making it fully searchable for future use.
2. Why create a this kind of platform? And Why jump on the ICO hype?
Even though cryptocurrencies have become more popular over time, they still have not reached the point of mass adoption. We want to help facilitate cryptocurrency mass adoption by making it exceedingly easy for non-techie people to enter this space.
One purpose of the ICO is to generate financing to fund the research, development, and marketing of the TIP blockchain. The other purpose is to create a community of early users/adopters of the TIP ecosystem.
3. What makes the TIP Blockchain so unique?
TIP Blockchain presents the most comprehensive, holistic solutions to solving the problem of ease of use. Usernames will be supported by nodes on the TIP Blockchain, so users won’t need to go through any third party services, making the ecosystem fully decentralized. TIP Blockchain supplies end to end solutions bringing end users and businesses together.
4. When is the ICO?
We’re currently in the Seed Round with 200% bonus (only 4% of total TIP tokens are available for this round): June 1–15, 2018
The Pre-sale with 50% bonus is from July 13–20, 2018
The Crowd Sale with 30%/20%/10% bonuses for the first three weeks is from July 20 — August 17, 2018
5. What were your motivations for starting this project?
As cryptocurrency enthusiasts, we understand how inconvenient and prohibitive using cryptocurrencies still is today. After searching around for a solution, we couldn’t find anything that offers true convenience without sacrificing the decentralized and trustless nature of cryptocurrencies. So we started designing a decentralized holistic end to end solution catered to both end users and businesses.
6. What are the steps involved in the project implementation?
First Stage — The Present: 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. We believe the solutions proposed will be truly revolutionary in the cryptocurrency space. The problems highlighted are ones that need to be solved immediately, and not in a few years.
Thus, the 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 a centralized database to solve the problem of discovery in the short term.
Second Stage — The 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 Interplanetary File System (IPFS). The features of the end-user wallet and retailer point-of-sale systems in phase 2 will be identical to those in phase 1, albeit enhanced by switching to the newer, faster, purpose-built TIP Blockchain.
7. Who are your closest competitors? How are you better?
ENS: Ethereum Name Service
ENS offers a secure and decentralized way to address resources both on and off the blockchain using simple, human-readable names. ENS eliminates the need to copy — and worse, type — long hexadecimal addresses. With ENS, you’ll be able to send money to your friend at ‘aardvark.eth’ instead of ‘0x4cbe58c50480…’, interact with your favorite contract at ‘mycontract.eth’, or visit a Swarm-hosted site at ‘swarmsite.eth’.
TIP is a better system than ENS because we provide an ecosystem where users can easily register names, search and find other users and businesses, and transact freely and easily using the apps in our cohesive ecosystem. Usernames are also stored on-chain, so any Dapps built to interact with the TIP blockchain will have access to the usernames, without having to rely on an external service like ENS.
Status is an open source messaging platform and mobile interface to interact with decentralized applications that run on the Ethereum Network. Status offers various features such as human-readable usernames and instant messaging. While these features are a step forward in cryptocurrency, without true discovery, the applications of this technology are limited. Also, by not providing any solutions to businesses, half of the problem of cryptocurrency adoption remains unsolved.
KIN: Kik Network Token
Kin token is the token released by the Kik platform as the primary currency used within the Kik chat app and the Kin ecosystem. Kin provides a decentralized ecosystem of digital services, where users can exchange value. The Kin cryptocurrency’s current primary purpose is to serve as a rewards engine for Kik’s existing messaging platform. Based on the Kin whitepaper, Kin token is used primarily within the Kik ecosystem, and not a general mass adoption cryptocurrency. While the Kin cryptocurrency is an exciting project, by not having solutions such as friendly usernames and on-chain discovery, the obstacles to mass adoption will persist.
Another cryptocurrency project that has generated a huge amount of publicity is the Telegram Open Network (TON). Telegram is a messaging platform which boasts over 100 million users. While a lot of information about this project is not presently available, Telegram launched a token sale to fund the creation of a blockchain project with features including:
● Instant messaging
● Two dimensional distributed ledgers
● Infinite sharding
● Side chains
● Many more features.
This is a very ambitious project which raised up to $1.2 billion to fund the project. This project will undoubtedly take years before a solution is on the market. Mass market adoption of cryptocurrency needs to happen now. This is why the TIP Network is focused on solving the most pressing issues pertaining to user adoption, and have a solution out to market ahead of the competition.
TIP Blockchain is the only ecosystem that offers a holistic approach, with end to end solutions for end users and businesses, making it easy for anyone to use and accept cryptocurrency. We’re NOT just a wallet, a chat app, or a crypto retail payment system.
9. What is your preferred Cryptocurrency?
Our native currency is TIP tokens. During the token sale, TIP tokens can be purchased with ETH.
10. Who some of your favorite people to read/follow/hear on blockchain and Cryptocurrency?
Andreas Antonopoulos. He is known for delivering electric talks that combine economics, psychology, technology, and game theory with current events, personal anecdote, and historical precedent effortlessly transliterating the complex issues of blockchain technology out of the abstract and into the real world.
11. What do you like about blockchain?
I think the best feature of blockchain technology that is often overlooked is its power as a great democratizer. Blockchain enabled new ways to transfer value without a trusted intermediary. That was revolutionary enough, but the piece that gets overlooked is the removal of that trusted intermediary, and what other applications this could have. A lot of the structures that have been built throughout history, whether in banking, finance, government and many other fields, are based on trust.
Trusting the bank, the government, an authority, usually based on nothing more than their word. If you look throughout history, you will find that this trust has be broken time and again. Blockchain technology allows us to build new structures at are not based on trust, but on open protocols that can not be easily compromised or subjected to human interference. This is what makes blockchain a democratizer, because it takes power from these trusted parties and can be implemented by any individual or organization in a transparent, accountable manner. An example of using this power can be seen money creation, which was a power previously exclusively reserved for banks.
Bitcoin is accepted as money in many countries, yet the value it has is not based on the trust in a government or issuing bank. Another example of using blockchain as a democratic mechanism is in ICOs. ICOs provide an opportunity to anyone, not just investment funds or accredited investors, the ability to invest in early stage startups. These are just two of the ways in which blockchain technology has been used in areas that were previously controlled by trusted parties.
12. What are your long-term goals for TIP Blockchain?
Our goal for TIP is to make it an global payment system and ecosystem in which users can freely (as in freedom) transact with each other across borders and also with merchants. Cryptocurrencies in general have so far not made the leap to mainstream usage in day-to-day transactions. Our goals for TIP are to make this happen, with TIP being a major catalyst for mainstream adoption of crypto.
Is there a company you are interested in learning more about? Would you like to partner up with BlockX Labs and be featured on our Blog? Let us know in the comments down below or contact resident Blockchain Consultant Laura Marissa Cullell at email@example.com.