TrustPlus

From Deletionpedia.org: a home for articles deleted from Wikipedia
Revision as of 17:35, 27 July 2014 by Robyt (talk | contribs) (inclusion power!)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search
This article was considered for deletion at Wikipedia on July 27 2014. This is a backup of Wikipedia:TrustPlus. All of its AfDs can be found at Wikipedia:Special:PrefixIndex/Wikipedia:Articles_for_deletion/TrustPlus, the first at Wikipedia:Wikipedia:Articles_for_deletion/TrustPlus. Purge

TRUSTplus (also represented by "trustcoin", "trust", "TRUST", "TRST") is a software-based payment system introduced July 4, 2014, that builds on the proof-of-work[1] and proof-of-stake[2] systems described by Satoshi Nakamoto and Sunny King, respectively. Payments are recorded in a public ledger using its own unit of account, which is called trust. Payments work peer-to-peer without a central repository or single administrator; a feature which has led the US Treasury to call this and other software-based payment systems as decentralized virtual currencies.[3]

TRUSTplus was inspired in part by Bitcoin and shares much of the source code and technical implementation of Bitcoin, Peercoin, Novacoin and Hackcoin. The TRUSTplus source code is distributed under the MIT/X11 software license.[4]

Overview

In mid 2014, TRUSTplus introduced an approach aimed at ensuring the privacy of transactions conducted with virtual currencies in the form of trust and included the virtual-currency community in the decision making process.[5]

Members of the academic community have identified the potential use of alternative digital currencies, or virtual currency as decentralized tools for studying population demographics at the macro and micro level; for investments and the exchange of goods by adjacent and extended communities.[6][7][8]

Minting

Proof-of-Work

Poof-of-Stake

Cryptographic Principles

Hashing Algorithms

X11 is the name of the chained proof-of-work (PoW) algorithm that was used to mine truscoins during the PoW phase. The concept of X11 hashing was introduced in Darkcoin (launched January 18, 2014). It was probably inspired by the chained-hashing approach of Quark, adding further “depth” and complexity by increasing the number of hashes, yet it differs from Quark in that the rounds of hashes are determined a priori instead of having some hashes being randomly picked.[9]

The X11 algorithm uses multiple rounds of 11 different hashes (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo), thus making it one of the safest and more sophisticated cryptographic hashes in use by modern cryptocurrencies.[9]

Trust Addresses

Payments in the TrustPlus network are made to social media usernames that are converted to a 33 digit address, which are based on digital signatures. Trust Addresses use decimal 65,[10] Hexadecimal 0x41[11] to create the leading T in the address.

Trust Circles

Privacy

Statistical Concepts

Distribution of Wealth

Wealth is tracked by a Rich List [12]

Methods for Quantifying Demographics

The study of block-chain statistics/demographics are subject to multiple factors. Some of these include the age of the block-chain, the time-stamp of the transactions, and the number of transactions that may/may not have been involved with a group of addresses, etc. Any additional information that can be collected from the block-chain requires knowing how to count/identify transactions, the conservation of coins, and represent the dynamic, time-dependent distribution of coins among existing and newly created addresses.[7]

Economics

Fiat money valuation

Price and Volatility

Reception

Legal Status and Regulation

Template:Empty section

Security

Template:Empty section

History

Initial Mining

Initial mining started on 4 July 2014 at 00:00AM GMT

Initial Minting

Proof of Work Phase

The Proof of Work (PoW) phase was initially planned for 6.6 days, consisting of the following specifications:

X11 algorithm 45 Second Block Time PoW 54,612,550 coins (planned) 12,800 PoW Blocks Estimated 6.6 Day PoW

The block rewards during the PoW phase followed a crescendo approach, increasing as the block count approached the final height of 12,800

Blocks Reward Range total Cumulative total
1-50 1 50 50
51-100 50 2,500 2,550
101-200 100 10,000 12,550
201-400 200 40,000 52,550
401-800 400 160,000 212,550
801-1600 800 640,000 852,550
1601-3200 1600 2,560,000 3,412,550
3201-6400 3200 10,240,000 13,652,550
6401-12800 6400 40,960,000 54,612,550

Proof of Stake Phase

July 9 a Trade Bot[13] was placed in two markets to suppress the market trading price.

See also

Template:Div col

Template:Div col end Template:Portal bar

References

  1. Bitcoin: A Peer-to-Peer Electronic Cash System", https://bitcoin.org/bitcoin.pdf
  2. "PPCoin: Peer-to-peer crypto-currency with proof-of-stake, http://peercoin.net/assets/paper/peercoin-paper.pdf
  3. "Statement of Jennifer Shasky Calvery, Director Financial Crimes Enforcement Network United States Department of the Treasury Before the United States Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on National Security and International Trade and Finance Subcommittee on Economic Policy". fincen.gov. Financial Crimes Enforcement Network. November 19, 2013. http://www.fincen.gov/news_room/testimony/html/20131119.html. Retrieved 1 June 2014. 
  4. Mint M. (2014). "TrustPlus". Retrieved from https://github.com/TrustPlus/TrustPlus/blob/master/src/main.cpp
  5. JP Buntinx, "TrustPlus Gives A New Meaning To Anonymity By Using Automatic Transactions" http://www.cryptoarticles.com/crypto-news/trustplus-gives-a-new-meaning-to-anonymity-by-using-automatic-transactions
  6. Rey P., Seabright P., Tirole J., "The Activities of a Monopoly Firm in the Adjacent Competitive Markets: Economic Consequences and Implications for Competitive Policy, Institut d’Economie Industrielle, Université de Toulouse, http://neeo.univ-tlse1.fr/194/1/activities2.pdf
  7. 7.0 7.1 Tafur S. , "On TrustPlus Automatic Transactions and Trusted Addresses: A study of Crypto-Currency transaction privacy." https://www.dropbox.com/s/l4sj4wotomorlq8/OnTrustPlusAutomaticTransactions-07-2014.pdf
  8. Ronald S. Burt and Debbie S. Carlton "Another Look at the Network Boundaries of American Markets",The American Journal of Sociology,http://www.jstor.org/stable/2780553
  9. 9.0 9.1 DarkCoin X11 hashing, http://wiki.darkcoin.eu/wiki/X11
  10. Decimal 65, https://github.com/TrustPlus/TrustPlus/blob/master/src/base58.h#L279
  11. Hexadecimal 0x41, http://www.palmantics.com/html/hexadecimal/
  12. "TrustPlus Richlist". http://trust.blockexplorer.cc/richlist/. Retrieved 26 July 2014. 
  13. "Reddit". http://www.reddit.com/r/CryptoMarkets/comments/21q9pa/bots_altcoin_and_bitcoin_trading_bots/. Retrieved 27 July 2014. 

External links

Template:Bitcoin

Yay. This is how Deletionpedia v2 got started. Guaka (talk) wanted to rescue some Wikipedia articles for Coinwiki.