M.I.T: Time Blockchain Designs for TNB
M.I.T Time Blcockchain is Infrastructure of TNB
TNB is a digital time platform for individual time, dedicated to realize the co-creation and co-sharing of individual time based on blockchain technology. M.I.T is the time blockchain custom-developed by M.I.T Foundation for TNB business applications and is the key technology platform that drives the revolution of individual time usage. The original token on M.I.T time blockchain is named as “TNB” so the M.I.T time blockchain is also called TNB time chain.
M.I.T is the infrastructure for TNB business applications and will provide significant value in three aspects.
1. The distributed ledger of M.I.T will fully record the complete set of document information for the time token fundraising and the overall process information of its offering, holding, trading, exercise, repurchase and destruction. The distributed ledger is transparent and can prevent centralization tampering or deletion. It will make up for the shortcomings of the traditional credit system and lay credibility foundation for time token investment and financing.
2. M.I.T original token and the time token generated by the M.I.T smart contract can intelligently confirm and distribute the value contribution of the TNB distributed network. Levels of token economy incentive mechanism will help the TNB business ecosystem to establish an open the community and achieve co-creation, co-construction, co-prosperity and co-sharing.
3. The M.I.T mainnet can provide a trusted value transmission network for the original token and time token, and provide asset transfer platform and liquidity premium for time token through free trade.
Why Custom-developed M.I.T Time Blockchain
Currently blockchain technology is still in its infancy. From the TNB business application perspective, there are three technical bottlenecks to use the existing public chain.
1. Anonymous. Anonymity is easy to breed illegal and breach of contract. Any business application that contains rights and obligations requires KYC to identify the subject. The identity information confirmation of the time issuers and the authentication subjects is the requirement for TNB business applications.
2. TPS. Bitcoin and Ethereum have a transaction speed of less than 30 per second, which is far from being able to meet transaction speed of TNB business applications. TNB Team is also not in favor of sacrificing decentralization and security to boost transaction speed. Increasing the transaction speed of decentralized bookkeeping and fully support TNB business applications with limited TPS capabilities is the key for TNB time token transactions.
3. Energy consumption. Mining consumption is an important operating cost for decentralized bookkeeping. TNB hopes to do it environment friendly, which is of great significance to the society. Reducing energy consumption for mining is an essential method to increase economic benefit and attract mine resources.
The Innovative Design of M.I.T Time Blockchain
TNB is a time token distribution platform and trading exchange. According to the technical needs of TNB business applications, M.I.T mainnet is based on Ethereum and improves Ethereum in identity anonymity, transaction speed, mining consumption, etc. Specifically:
1. Optimize the P2P network consensus mechanism. The PoW mechanism is prone to high energy consumption and mining concentration, and the PoS mechanism is likely to lead to insufficient computing power and centralized bookkeeping. With overall consideration, TNB finally adopted the PoW+PoS consensus engine to adjust the mining efficiency of computing power and TNB holdings, in order to balance decentralization and centralization and achieve the safety, efficiency, energy-saving and extensibility of the TNB network.
2. Optimize smart contract design. Based on the mature design of Ethereum ERC20 smart contract, M.I.T mainnet optimizes the complexity of smart contract logic. Under the premise of satisfying time token technology, minimizes the transaction GAS cost, and ensure M.I.T TPS resources to fully support TNB business applications.
3. Optimize nodes storage performance. M.I.T mainnet uses LevelDB compression technique of distributed ledger, which mainly solves the problem of increasing nodes storage, and helps to reduce storage costs and hard disk loss for mining nodes and forwarding nodes.
4. Added X509 digital identity authentication system. The M.I.T mainnet X509 digital identity authentication system is a solution to anonymity. It meets the real-name requirement of TNB time-selling and identity authentication, and applies two application scenarios of “onymous + anonymous” in TNB business ecosystem.
In addition, the M.I.T mainnet has also developed a series of innovative technical design for TNB time token.
M.I.T Mainnet Development
On June 30th 2018, the M.I.T mainnet was launched and started testing, released mainnet source code as open source on GitHub. Currently it is under the 3rd round of testing and mainly focusing on computing power nodes deployment and mainnet security improvement. In the meantime, the team is working closely with relevant exchanges and wallet teams to promote M.I.T mainnet activation and TNB coin swap, which are expected to be completed in more than one month.
The official launch of M.I.T mainnet means that the genetic coding of TNB has been completed. TNB Team will demonstrate “NASDAQ of individual time” cases based on the M.I.T infrastructure. At the same time, TNB Team will open up the technology platform and business model, inspires TNB community cooperation through token economy, and quickly promote the global development of TNB business application ecology.
TNB Team treats TNB as their child and will definitely cultivate it wholeheartedly. We hope that TNB communities care about TNB like your baby, be patience and tolerance, give some help and hope, work together to realize the value and dream of “Time New Bank”.
