⚠️ On March 31st 2019, TTC Foundation launched its own blockchain solution, TTC, and rebranded TTC Protocol as Acorn Protocol. This article was announced before the separation. [Read more]
Countdown as TTC is ready to launch its main network Rigi
What will happen and what does it mean to all TTC holders?
Dear supporters,
We are thrilled to inform the community that TTC’s main network Rigi will officially launch on March 31st, 2019 . We would like to take this opportunity to share how it all began, and where we will be heading to from here.
At the beginning
TTC was conceptualized in early 2018, with the vision to use blockchain technology to disrupt the current centralized dynamics of social networks. By May, we finished our fundraising successfully, despite the bear market.
The very first important choice we had to make at that time was which blockchain network we would begin building our product. Our tech team performed deep-dive researches on major blockchain networks, stripping the code to the line-by-line level, to look for the blockchain network suitable for mainstream services.
Over months of debating and evaluations, we realized that we would need to build our own main network. We needed faster transaction speed, superior scalability and security, which no existing network was capable of providing. Moreover, we could not rely our entire project’s future on other people’s hand. As the crucial realization sank in, we wrote an open letter to the developer community on May and began building our own main network.
Birth of TTC Blockchain
The first main component to design was the consensus algorithm. We considered most of the key algorithms such as PoW and PoS for the basis of our consensus. Yet, these would not be compatible with DAPPs with millions of users. We started to contemplate with DPoS, a consensus which has proven its speed and stability, and modified it to suit our needs specifically. Hence, the Multi-tier BFT-DPoS was born.
Once we decided on the consensus, the development really gained its momentum. We revealed our first version of TTC Wallet and TTC Scan to the public in August, and a month later, in September, we released our Test network “Merapi”. During the same period, we tested our first Proof of Concept (POC) on ‘tataUFO’, a mobile social networking service with 15m registered users in China, gathering over 500,000 users within 2 days.
On January 16, 2019, a hard fork successfully took place within Merapi to improve Rigi’s network stability and performance. After the 0.1.0 hard fork upgrade, our Test network Merapi has been running at a steady state regarding test environment optimization, overall network performance evaluation, and server configuration on recommended condition.
Today, we are at the verge of the official launching of TTC main network Rigi, a completely self-reliant blockchain solution and a sustainable token economy model designed specifically for mass adoption.
So, what will happen and what does it mean to all TTC holders?
Launching of TTC main network
After the official launch of Rigi, it will undergo several steps to complete its entire launching process.
Stabilization Period
After the launching, the Main network Rigi will undergo a quick stabilization period to become a blockchain where scalability, security, and speed meet the requirements for mass adoption. After stabilization, any individual, DAPP, and service can utilize the TTC Blockchain to integrate the decentralized ledger technology in a way billions can benefit from.
The stabilization period will also ensure that all of the designed mechanisms of the Main network Rigi become fully functional. The stabilization period will primarily make sure that the token swap and Representative election will proceed smoothly.
Token swap
Token swap is one of the most important steps that has to take place after the main network launches. The main network launch is essentially a migration from the Ethereum network to our own Main network Rigi; thus, TTC token holders will be required to undergo a certain process to swap their current ERC-20 TTC tokens to our native TTC coins.
The launch of any public blockchain is an incredibly exciting time. But as big as the hype is, many malicious attacks happen during the token swap process. So, first of all, if you have any questions or suspicions about anything, we urge you to ask our team first. Also, as a rule of thumb, please be careful of any channel or platform with an inbox. If anything feels suspicious, let us know and please be careful.
The token swap will begin within two weeks after the main network Rigi launches. The detailed instructions of the token swap will be disclosed soon. Our team will make certain that we guide our holders through the swap properly and prevent unintentional losses.
The Representative Election
To secure the benefits of the DPoS aspect of our consensus, we will elect 50 Representatives from our candidate pool. These 50 Representatives will be ranked based on their votes and be given different chances to participate in each round of block production. In each round, 21 Representatives will be selected. After 10 rounds, 21 Representatives will be re-selected for block production from the 50 Representatives according to the latest voting results.
In the past month, investors, blockchain communities, developer teams, exchanges, and individuals around the world have submitted their applications for the Representative position in the hopes of contributing to the TTC ecosystem. We would like to express our gratitude and further express that we are honored to receive countless inquiries and applications, and that we will soon disclose candidates’ portfolios to the public.
The Representative Election is planned to commence within a week after the initiation of the token swap.
If you have any questions, reach us through our telegram channel and official email. We will continuously share updates and progress to the community. Thank you for your support.
TTC Foundation
