Ttittium fork …
What happens next?
As you all know, information at Masternodes.online can take some time to update but we have passed through TRTT block 200,790 which means that the Fork has now executed.
It was not necessary for any exchanges to suspend their $TRTT wallets, so let’s explain what we have done:
WHAT IS A FORK?
According to Wikipedia: “a project fork happens when developers take a copy of source code from one software package and start independent development on it, creating a distinct and separate piece of software. The term often implies not merely a development branch, but also a split in the developer community…”
In blockchain networks, bifurcations are used both to create new projects from a previous one and to update an existing project.
In this case Trittium took its initial code, which we have been working with until now, and made modifications. In fact, we have made just one adjustment, namely, the block reward.
That has been the sole reason for the Fork — to reduce the pace of coin creation and pay less out each block to masternode holders and stakers. This will limit the total amount of coins in circulation to an estimated figure of around 140 million $TRTT.
Why? Very simple. To avoid hyperinflation.
The Trittium project is real, it has a real use case and we firmly believe it will be implemented and accepted in the real world.
People will go to the Trittium platform to access instant credit and others will come to provide that credit by lending them the money requested, in exchange for an interest rate.
With all this in mind, we believe that we are building a company with real benefits and we want to reward investors with a share of the profits as well as with a rise in the price of $TRTT. To facilitate this second benefit, the demand for $TRTT must be greater than the supply so limiting the number of coins in circulation is a basic premise to achieving this and that is our intention.
BLOCK REWARDS AND PROOF OF CONSUMPTION
So how much will be paid now for each block? What rewards will there be for holding a masternode or for staking? The simple answer, in short, is much less:
The concrete answer is as follows:
The split of the block reward will be 20% for staking and 80% for masternodes.
This payment calendar by block reward will be further adjusted in the future as we advance to the Proof of Consumption (PoCon) model.
We commented above that the Trittium team believes in the project’s real-world use case and viability, which is why we have been advocating, including within the community Discord channel, that Trittium will allocate a part of the benefits from the project to its Masternode owners.
The idea of a PoC model has been with the team from the early days of the project, as you can see in the announcement below from Discord channel:
AND AFTER THE FORK, WHAT HAPPENS?
Now that we are going through this milestone in the project’s history, we must set our sights on our short-term target, which is none other than receiving our license.
As soon as we receive the license, we can launch the beta phase of our platform.
With the beta phase underway we will then be able to start operating, even if they are small quantities, and check the status of the software, improve it, look for errors and troubleshoot and practice with real money on each aspect of the platform. As always, your comments and help will be essential in this next stage of development.
Simultaneously, we are continuing our work on Operations for the Project and elsewhere, including:
- Website actualization.
- Trittium Authorization System.
- Account creation and management across all web and mobile versions of the Trittium platform.
- Insta shared nodes through the web wallet.
- Web and mobile hosting for Trittium nodes and their associated projects.
- New communication channels with investors and customers.
- Development and commercialization of our software use services.
If you liked this article, you can follow us on Twitter.
Originally published at medium.com on September 25, 2018.