TTC Protocol Releases Mining Voting and Community Governance Developments
The Latest Developments on the TTC Protocol
Six months ago, the TTC Protocol development team published the project’s first whitepaper. Since the launch of this protocol, the developers have been focused on the creation of a stable and secure technological framework based on blockchain technology with an aim of establishing a dependable token economy. Recently, the project announced the progress that they have made by releasing an updated version of the whitepaper, called Whitepaper 1.0.
For any project to succeed, many factors must come into play, including the team, investors and the project’s development plan. Often, the first step of many projects involves the promotion of its whitepaper because it outlines the motivation, working mechanisms and objectives. Besides, it also elaborates on the business model, technical aspects and development prospects of a project, making it a fundamental tool for attracting potential investors. In this regard, some people say that a great whitepaper can immensely contribute to the success of a project. In this case, the clarity of objectives on the TTC protocol’s whitepaper provided the basis for the prosperity of the project.
Voting for Mining and Improved Community Governance
TTC holders will have the opportunity to contribute to consensus management by voting for block producers, who will act as their representatives. Furthermore, holders who vote will get rewards in real-time. Notably, the platform members will use their digital wallets to vote. This new concept will also enable the TTC protocol to compensate TTC holders for staking.
Members who are elected by TTC holders can adjust the platform’s consensus through public voting. As mentioned above, the election of these representatives is open to all TTC holders. By doing this, TTC intends to foster democracy and transparency within the blockchain ecosystem.
To increase the chances for all of the contestants in the representatives’ election, TTC has created multiple levels for 12 Consensus and Voting TTC Protocol, to which the representative candidates can be elected with varying probabilities depending on the number of votes they receive. Precisely, 61.8% of the block reward will be allocated to the elected representative, while the remaining 38.2% will be shared among users who voted for the candidate. Voters who vote severally can share their rewards more frequently than those vote a few times. The validity of the votes is a maximum of seven days.
Since the TTC wallet is the only prerequisite for the voting and rewarding process, it is expected that the process will have a high number of participants. By deploying simple and accessible voting and voting reward mechanism, TTC protocol intends to realize an improved governance model.
Multilevel BFT-DPoS: A Comprehensive On-Chain Solution
The initial whitepaper stated that the TTC Protocol would deploy a hybrid solution that incorporates both on-chain and off-chain solutions for the Reward Engine as an ERC20 standard token. However, this approach meant that the system would remain centralized, compelling the developers to ditch it for a comprehensive on-chain solution that promotes transparency within the ecosystem. Hence, the TTC Protocol has begun working on the development of the TTC mainnet, their proprietary blockchain network.
The TTC blockchain network will be built using a multilevel BFT-DPoS consensus algorithm, an advanced and more secure iteration of the BFT-DPoS consensus. Besides improved security, this blockchain will have affordable transaction costs as well as fast processing speeds. Aloes, the Ethereum gas concept will be implemented to make traffic attacks such as dedicated denial of services (DDoS) attacks economically infeasible.
In addition to handling DApp operations and core transactions separately, the MultiChain mechanism will guarantee security, scalability, stability, and fast speeds through the cross-chain solution. The cross-chain solution will facilitate transactions across multiple blockchain networks.
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The primary objective of tataUFO is to establish intimate relationships between its users. Since its inception five years ago, the platform has registered over 13 million users, a majority of whom are college students situated in big and medium cities across China. Furthermore, the platform is assured of a great future because of the number of young people who hold it in high regard.
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The new TTC wallet will simplify the management of TTC assets by a considerable margin. For instance, the app will support the binding of various DApps into a single service that is easily accessible using the single sign-on functionality. Moreover, the wallet will also enable users to vote for representatives, transfer TTC assets to other users or platforms and synchronize TTC rewards across several DApps. Essentially, the TTC wallet is the link between the user and the TTC ecosystem.
Enhanced Token Economy
The TTC Reward Engine (TReE) is an improved version of the original Reward Engine. The introduction of TReE has enabled an array of social networking platforms to join the TTC ecosystem, including the dynamic variants such as live streaming services.
Besides improving the reward mechanism, the TTC Protocol will also introduce commission as an incentive to users who develop DApps or contribute to the maintenance of the blockchain network. This move is aimed at making the TTC ecosystem self-sufficient while benefiting developers in the process.
Also, the TTC Protocol will perceive voting as a type of mining, meaning that voters are eligible for block rewards. Consequently, long-term staking will increase, stopping the outflow of TTC tokens to exchanges and encouraging holders to use it within the TTC ecosystem.
Commitment By The Project Team
As opposed to blockchain startups that often become careless after the completion of ICOs, the TTC project team has remained focused on the objectives outlined in their whitepaper. This is backed by the regular updates issued to the users regarding the progress of the TTC Protocol.
Currently, the project has completed the pilot tests on several of the features of the blockchain protocol. By the end of the year, the project intends to have inaugurated the TTC Wallet and TReE.