What is Trinity Network Credit Token? A Starter Guide | Token Review
What is Trinity Network Credit Token (TNC)?
The Trinity Network Credit Token is the native currency of the Trinity Network, which describes its protocol as a means for “real-time payments, low transaction fees, scalability, and privacy protection for NEO assets”. The protocol is meant to complement NEO, not compete against it, allowing for NEO Enhancement Proposals tokens (NEP-5) to be utilized.
In general, the Trinity team aim to solve the main problem of blockchain scalability. Enormous fees coupled with long confirmation times make the idea of mass adoption of NEO unrealistic at the moment.
That’s where the Trinity Network comes in. Using off-chain transactions to solve the scalability problems facing NEO, Trinity will deliver real-time payments with low transaction fees regardless of the number of transactions being processed in the network.
Key features of Trinity Network Credit
The Trinity Network Credit is essentially NEO’s solution to scalability issues and is NEO’s version of Bitcoin Lightning or Ethereum Raiden Network. With that being said, understanding the purpose of Bitcoin Lightning will ease your understanding of TNC.
The key features that encompass the Trinity Network to expedite transactions with low fees are as follows:
- Private Payment Channel: network users can create a private channel which is unique to them only to receive and send payments. And this channel is not reviewable on the global ledger except for you and the one you share so your identity is secure.
- Lightening Fast: Expedited transfer confirmations.
- Settlement Onchain: Solve scalability issues so that NEO blockchain can create mass adoption, allowing NEO to become the peer-to-peer, global payments infrastructure with electronic cash that it was initially designed for.
- Open Protocol: It's an open protocol therefore people can adopt and re-use, build their projects on it.
And with those features, Trinity can be applied for lots of purposes, including
How Does Trinity Network Credit Work?
Trinity will work by switching from a model where all transactions hit the shared ledger on the blockchain to a model where users can transfer tokens by privately exchanging messages without involving a global consensus protocol while maintaining security and guarantees as expected from the blockchain system. They call it the state channel technology.
Trinity Network’s technology can be expressed as a layer on top of the blockchain, ultimately creating a cooperative union between it and NEO's basic framework. It removes the need for global consensus, which significantly reduces the networks capability to scale at improved levels. Removing the need for a global consensus is done by leveraging a network of payment channels which allow to securely transfer value off-chain, i.e without involving the blockchain for every transfer.
About TNC
The Trinity Network Credit project is being developed by David Yiling Li. Other key members of the team include Guangfeng Zhang (Co-Founder) and Fengping Yi (Co-Founder). David is the former Antshares (NEO) overseas manager who led the Antshares global token sale campaign in 2016; therefore, it is evident on how he sees the flaws in the current its present protocol with ways to improve it.
Since it's just like a short period of time since its ICO so the team hasn't had lots of activities on Github yet they do have some frequently updates on their website Trinity.tech
The latest one was about the Development Progress Update of Beta version which they are about to launch before March 2018. I’m really looking forward to it since their demo was so smooth.
Moreover, good news for those who love Proof of stake concept: David recently unofficially announce that TNC holders would receive rewards for holding the tokens in the future. That's another reason to hold this power token. (this guy is quite active on their Telegram so you might want to join it to be updated)
Here's their roadmap:
TNC Token Supply
The total supply of RDN rests at 1,000,000,000, and has a circulating supply of nearly 30% of that at 333,333,333. With a market cap of nearly $50,6 million, it is currently in the #212 position among all coins.
This is the best range of price ever I’ve seen since its ICO so seize your opportunity. Their connections are really amazing
Where Can You Buy TNC?
You can purchase TNC on exchange sites such as Kucoin, Bibox, and Gate.io.
And I believe they would be soon listed on Binance thanks to the Chinese Smart Economy.
Where Can You Store TNC?
Given that TNC is a NEP-5 token, you can store it on hardware wallets that support the NEO blockchain such as Trezor or Ledger Nano S. You can also store it on Neotracker.io or download the NEON wallet to use.
Conclusion
The Trinity Network Credit is defined as a highly anticipated blockchain core infrastructure project, with the goal to scale the NEO platform capacity to support significant adoption. It is interesting to note the lack of updates that could potentially lure investors, however, the project in itself seems like a long-term hold rather than just another pump-and-dump scheme.
The use-case for the project and background of the CEO are interesting facets of the project that gives merit to its credibility. If everything works out, we could see TNC as one of the main go-to digital currencies for retail and P2P payments.
Links:
http://trinity.tech
https://twitter.com/TrinityProtocol
https://t.me/TrinityStateChannels
Without further information on the project and due to the general nature of the cryptocurrency industry, the project is still highly speculative. Please remember, this is merely an informative article that is not to be considered financial advice.
