TIM – The World’s First GPS Powered Blockchain,100 Million Transactions Per Second
TIM is like any other blockchain, but at the same time, more powerful, efficient, faster and decentralized. The public dapps allow for various kinds of services to be hosted for transaction of goods and services. Exchange mechanism like ATMs, physical plastic cards for retail spending and smart contracts can be enabled on TIM. We are open and collaborate with entreprenuers to onboard new creative features on TIM.
The low enablement cost, by free geo-mining of utility apps, and micro-distribution of TIM coins allow for lowest transaction cost on TIM. We are not limited by short term view of this market and expect that true enablement is going to usher exponential growth in on-chain transactions. The micro-payment and hyperlocal payments could aid growth of commerce for many types of services which are not done at all or not done by banks or not done in a currency. TIM network is focused on that type of growth.
TIM is geo-location aware blockchain. Therefore, it can host geo-fenced Dapps. While creating a smart contract, one can specify the latitude/longitude edges with a centre of an area within which the smat contract will be valid. As such, TIM allows 2 layer blockchain, where every Dapp can run it’s own blockchain, which has no mining. The main network of TIM acts as guardian to allow mediation for conflicts, and also penalise offenders. Therefore the geo-fenced Dapps could have zero cost of transaction, until all participants are honest. The offending nodes can be eliminated by various other mechanism.
An entity like New York State Crypto Bank could operate on TIM network as hyperlocal Dapp. It’s smart contract will have centre GPS coordinate of 42.648613, -73.761391. And the area around can be similarly mentioned in latitude and longitude pairs. The total are comprises of one or more triangles in succesive clock-wise BNF format to cover whole of the desired map.
The bank and it’s customers would incur zero fees and efficient level of services from this virtually operated entity. Whenever an intrustion is detected, the main TIM network protocol will automatically intervene to assess the longest blockchain in NYCB and penalty will be applied to offender. Since the attacks have to coordinated locally, even if the perpetrators are remote, it is far easier for local representatives of the NYCB to apply local laws for protection of public and it’s trust in the system
Geo-mining is based on software defined network. This algorith creates or merges zones to optimize cost and speed of network. TIM network is using location as source of truth. Any node willing to add the next block and claim the share in generated TIM coins, needs to prove its location with proofs. The node pings nearby(nearest for higer accuracy) geo-mining trusted nodes(UAVs, Taxi, etc) to get itself authenticated for claim. The geo-miners would do sub-network and main network ping test for latency test. A consistent result makes your claim stronger. The first node to submit highest accurate result in block duration is declared winner. The accuracy is computed by a topology formula to assess latency and claims for nodes and geo-miners. A slow network is a disdvantage for nodes. The rewards are computed in subsequent block. The algorithm is vector safe from DOS, spoofing, and location-howling. It would be prime task of TIM developers to continue improving the test, assessment and fool-proofing mechanism.
Proof of Belongingness (POB) PoB is a consensus mechanism based on geo-mining to prove regional integrity of network. It works on principle of reciprocation. Nodes share information over a network, and develop a consistent view regarding objectives and relevant information on the environment. Eventually everyone would know such an open truth, but proving it wrong for malice intent is very hard. Therefore it is not very easy but relatively more efficient for majority of network to maintain good order. Even a large number of attackers, unless highly coordinated to present the same lie(presenting wrong geolocation for geo-mining in an isolated zone to double spend), would not win. Also for adding a new block, it is a hard challenge to fool the geo-miners(even in a compromised state) in latency test.
Other forms of protection for PoB consensus mechanism is provided by staking, multizones, and geo-mining. Every node willing to add blocks, has to stake TIMs to do so. For main network and public Dapps, staking of 5 TIMs is needed. For anonymous Dapps, 500 TIMs sould be staked. Multi-zoning is another form of protection, whereby rewards are split over everyzone. It is a discouragement for attackers. Secondly, it also spplits the attackers in multiple zones when attacks continue, creating a harder resolution state to be compromised. Finally, geo-mining by a secure set of TIM foundation prescribed utility apps like UAV and Taxi, ensures that TIM network has ample number of socially secure geo-miners.
TIM is micro distributed crypto currency. At the launch date of 24/3/2018, TIM will be mined by 40,000(forty thousand) taxi drivers in Singapore and other such users. It will grow exponentially with new cities. The numbers are indicative to show the large userbase distribution. As we expand further in new cities and new services who use GPS and willing to migrate on blockchain, this number will grow exponentially. During mining, every block reward is distributed over multiple regions simultaneously. Therefore, winning a share in 100 TIMs in new reward block is highly rare, scarce, and randomised.
ICO is the only opportunity to get TIMs in bulk. The tokens can be exchanged, transacted or stored for desirable financial outcome.
There are many favourable factors for high demand of TIMs. Firstly, it is the only crypto currency with a real world use beyond storage and speculation. So, the market adoption for using TIM for smart contracts, exchange and storage will naturally gain traction. Secondly, the market based TIMs would be only supply for taxi services to operate on blockchain. As the TIM foundation would not release TIMs for first three years, ICO buyers stand a great chance to profit from projected demand. Thirdly, and most important, our trade and logistics applications on TIM blockchain would open-up the market for trade finance, remittance and other banking services. Though the services would run on hyperlocal dapps, which are free. But “rational choice theory” allows us to belive that cyber attacks and network hacking attempts would make it necessary for TIM network to resolve the hyperlocal conflicts from time to time. And this would require TIMs to be expensed. Therefore, overall demand for TIM would be high. You should invest in ICO to be early mover and make arbitrage for your advantage.
The purpose is to optimize ICO terms and increase investor’s confidence
Escrow for ETH received in ICO
Escrow is a way of blocking funds allocated in ICO by third-party people until the occurrence of certain specific conditions. Independent escrow person block ETH (money raised in ICO) until compliance with the conditions (obligations) can be verified. The team will not be able to spend the ETH raised during the ICO until the obligations for the development of the alpha version and release a full release of the platform are fulfilled.
Some ETH received in ICO will be frozen by four signatories of famous and well known people from the blockchain industry
Escrow 1 – ICO Ratings(Escrow organiser)
*●50% – (up to a maximum of 10 mln USD) will not be frozen and will be used for the development and promotion of the project
*●30% – frozen until the release of the Alpha version (requires Escrow board confirmation and approval for release)
*●20% – frozen until the first full release (requires Escrow board confirmation and approval for release)
TIM ERC20 tokens will be sold and stored on the ETH platform. After the release of the platform (scheduled for 2H2018), the ERC20 standard tokens issued via the ICO will be exchanged for the TIM crypto currency, which is the only payment currency of the main layer of the platform. ICO will release upto 100 Million TIM coins. The ERC20 smart contract is designed to sell the tokens beyond 24th March 2018(the end of ICO).
●Phase1: ICO March 12th 2018 – March 24th 2018
●Phase2: ICO May 24th 2018 – June 24th 2018
Soft cap 2000 ETH
Hard cap 10,000 ETH
During pre-ICO and ICO, the company plans to sell tokens to raise at least between 15 and 20 million USD. During the first half of 2018, the company will only have access to 50% of the funds collected, and no more than 7-10 million USD. These funds will be used to finish development and promote the platform. Remaining, unspent funds will be unlocked after the Alpha launch and the full release of the platform.
We believe that the large funds collected in the ICO have a negative pressure on the potential growth of the prices of the token in the future.
The total number of issued tokens 1 000 000 000. The tokens exchange rate is as per table below:
1st 100 Million TIMs: 10,000 TIM = 1 ETH
2nd 600 Million TIMs: 10,000 TIM = 10 ETH
Business 300 Million TIMs: 10,000 TIM = 100 ETH
The unsold tokens will be moved to next tier.
After 24th Mar’18: Expected minimum price is 10,000 TIM = 1024 ETH
● Price after complete sale
● Depends on market dynamics. The taxi and other services will create a base demand.
● ICO – 100 Million TIMs to 2000 to 5000 people
● For launching Taxi services in at-least 20 cities in first 3 years
● Develop IOT & UAV compliance with goverment bodies with partners and startups
● Develop trade finance and other banking products apart from vanila transactions and remittances
● Launch TIM business services – “AWS of Blockchain” with open API
Bounty – 10 Million TIMs to 500,000 people
Africa Impact Fund – 500 Million TIMs – For 2 Bilion population (Active after 2021)
Rest of World Impact Fund – 600 Million TIMs – For 2 Bilion population (Active after 2021)
Crypto Market stability fund – 500 Million TIMs for bailing or helping major cryptos/projects
TIM foundation – 290 Million TIMs – For project development after 2021
Yearly Mining(1st 10.4 Y) – 630,720,000 TIMs to be distributed among 20 million drivers/users/nodes(at least ) in every block across globe
All tokens not sold by the end of the ICO will continue on indicated price in the same contract. The taxi associations and various other businesses would buy the tokens to facilitate drivers onboarding or other similar dapp activities.
TIM’S EXECUTIVE TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
● TIM website: http://www.talking.im
● WHITEPAPER LINK : http://www.talking.im/assets/collat/TIM_Whitepaper.pdf
● TELEGRAM CHAT LINK: https://t.me/joinchat/GQ9YGFCHzx_vZvglnMdYyA
● FACEBOOK LINK: https://www.facebook.com/timblockchain/
● TWITTER LINK: https://twitter.com/tim_coin
My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1326035
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.