TTC Protocol — Whitepaper 1.0 updated
Voting, for Mining and Better Community Governance and Improved Token Economy
It has been about six months since we released the first Whitepaper of TTC Protocol. Since the birth of TTC Protocol, our team has been trying to build a secure and stable technological foundation based on blockchain and establish a sustainable token economy.
TTC Protocol would like to share the results of these efforts put in for improvement by updating our Whitepaper 1.0. The detailed advancements of TTC Protocol will be thoroughly explained in the Whitepaper, however, this article will share some major changes that were made.
Multilevel BFT-DPoS: A Complete On-Chain Solution
In the previous Whitepaper, it was indicated that TTC Protocol will adopt an on/off-chain hybrid solution for the Reward Engine as an ERC-20 token. As this solution still leaves us with the problem of centralization, our team arrived at a conclusion that a complete on-chain solution will be necessary for a transparent and just ecosystem. Thus, TTC Protocol has set its course for the development of the TTC mainnet, our own blockchain tool.
TTC Protocol is developing a more secure and advanced blockchain using a multilevel BFT-DPoS consensus, which is an improved version of the original BFT-DPoS. Low transaction costs and fast speed will be adopted by utilizing the original BFT-DPoS consensus, while the implementation of Ethereum’s gas concept will increase the cost for traffic attacks (DDoS attacks). The multichain mechanism, which distinguishes the core transactions and DAPP operations will provide scalability, security, stability, and advanced speed via the cross chain solution. The cross chain solution allows transaction interactions among multiple chains.
Voting, for Mining and Better Community Governance
TTC Protocol will promote TTC holders to actively get involved in the consensus management by rewarding those who vote for block producers (representatives). TTC holders can use their wallets to vote and get rewarded for it in real-time, all based on the consensus mining process. This new concept will allow TTC Protocol to offer its holders compensation for staking.
Those who were elected can change the details of the consensus through public voting. Normal TTC holders can participate in this voting process by replacing or re-electing his or her representative. Through such a process, TTC Protocol will establish an efficient and transparent representative democracy in its ecosystem. As the aforementioned voting and rewarding process will be carried out via the TTC wallet, participation will be easy and its rate should be high. Through easy voting and voting reward mechanism, TTC Protocol is hopeful that we will achieve a better, if not the best, community governance dynamic.
Improved Token Economy
TReE（TTC Reward Engine），the improved algorithm of the Reward Engine, has made it possible for various types of social networking platforms to join the TTC ecosystem. Now, even dynamic social networking platforms such as live streaming services can come aboard the TTC Protocol.
Other than improving the Rewarding mechanism, TTC Protocol will also bestow upon commissions to incentivize those who develop DAPPs and maintain the entire blockchain. This will allow developers to profit, but more importantly, it will make the TTC ecosystem much sustainable.
As mentioned above, TTC Protocol will consider voting as a type of mining process that rewards those who participate. This will increase the value of long-term staking; preventing the outflow of TTCs to exchanges and encouraging holders to keep it within the ecosystem.
The Whitepaper update explains how TTC Protocol will achieve a better-governed blockchain. And, in the long run, it is the first step to establishing a large global TTC community and growing alongside such a community. For details, please check the new official Whitepaper.
The internal testings of the many solutions mentioned are already completed. We will soon announce the details about public testings.
About TTC Protocol
TTC Protocol is one of the largest social networking ecosystems on the blockchain, with over 23m users. TTC Protocol provides a simple-to-integrate and fully-customizable blockchain-based SDK for existing communities, which acknowledges users’ contribution to the community and rewards them.