PS: Discord channel https://discord.gg/NEBfesv
TRITTIUM platform review
First and foremost, of course, I want to greet all readers and express my gratitude already for taken an interest to my article. In the second, I will warn you that this article is not a guide for buying any crypto assets. Well, in the third?—?English is not my native language and I’m not very strong in it, so I’m apologizing for errors.
And now, it’s time to get down to business. So, let’s begin.
1: Debriefing. What is this project and what it is intended for.
TRITTIUM?—?is a blockchain intended for servicing a platform on which, according to the developers, it will be possible to receive a loan in fiat money by leaving a cryptocurrency as a collateral.
What? Huh … This was my first reaction. What’s the point of leaving money as collateral to get money?
When I found out about this, I immediately had a question: if I have a crypto, I can just sell it, why should I take a loan and pay interest? As it turned out, this does make sense.
Let’s take, for example, the current situation with the prices for Bitcoin. In these latter days, the price for bitcoin gradually moved only downwards. Some are satisfied with this situation?—?they are ready to wait for a long time, but there are people who have a need to urgently receive a certain amount of money. You can, of course, take a loan from the bank, but we all know what difficulties are involved in obtaining a bank loan for a large amount, what interest will have to pay, and there is no certainty that you will be able to get it. At the same time, you have, well, let’s say 10 bitcoins. Naturally, you do not really want to sell it at a rate of $ 6000, do you? And in this situation such a platform will be useful. You can leave your BTC on the bail, and get the necessary amount of money.
Today at the time of writing this review?—?28/07/2018, Bitcoin price is $ 8185, and 2 weeks ago on 14/07/2018, the price was $ 6200. You can check on the charts. If we proceed from our amount of 10 BTC, the difference is 19850 $. How do you like that? I would have ripped all my hair out of my a…, sorry, out of my head, having lost that much money, if I sold it at a price of 6200 and saw that in two weeks it had grown so high. And then, do not even talk about the interest on the loan. But still we will return to this issue.
2: How does it work?
Basically, everything is quite simple?—?you register on the site and place an application for a loan. But here lies the main difference between TRITTIUM and existing platforms (yes, such a platform already exists and the amount of loans issued in the first six months exceeded $ 40,000,000). When you create a loan application, you specify not only the amount you would like to receive and for how long, but also you can decide for what percentage you are ready to take it. Immediately the question arises: how is it? Is there no fixed loan conditions? Imagine that they really do not exist! The thing is that platform participants can not only take a loan, but also give their money to loans. Thus, if you have free money that is idle and you do not know where to invest it?—?you can go to the platform, look at applications for a loan, choose the best offer with the highest interest for which you are ready to give your money, and give a loan to the applicant. In this way, a market will develop and not the only one side will determine the terms of the deal, but both will converge on conditions that suit everyone. At the same time, the collateral amount in Bitcoins is the pledge for the loan. Each month the borrower is obliged to pay the agreed monthly repayment amount, in case he does not do so, the required amount in the BTC is deducted from his deposit and transferred to the creditor. In case everything is in order and the borrower makes payment according to the contract, its Bitcoins remain intact and safe until the loan is fully repaid, and then they will return to him. In this way, we get a self-paying loan, if I may say so. Here’s one small revolution, that crypto brings into the real world.
3. But what is the danger?
I thought for a long time about this system and came to the conclusion that the worst thing that can happen here is what we all saw at the end of 2017. People who bought Bitcoin at the maximum price, now have to sit and wait. Either, they had to go out with losses. Imagine a situation where the creditor issued a loan at the time when Bitcoin was worth $ 20,000 and began to move down. It is possible that the borrower will look at the price and decide what it is not profitable to return the loan. In fact, it turns out that the creditor bought Bitcoin at a bad exchange rate. But as far as I understood, the risks should be taken into account in percentage terms under which the creditor is ready to give his money and also in the BTC collateral amount, which the borrower must deposit into his account. While the system does not work?—?there is no way to test this in practice. In the rest, I think the system has a right to exist and can be popular.
P. S. After I published the review, the guys from the TRITTIUM’s Discord, explained to me that the system provides for such a thing as “Margin Call”. This is a kind of protection for the lender from a sharp drop in the price of the lien. Margin Call?—?automatically sells the asset as soon as its total value falls below the set percentage?—?a similar option exists on stock exchanges where margin trading is available.
Thanks @Daniel_Altblau for this useful information and for helping to find and correct typos in the text!
4. Why would I do this if I do not plan to take the loan?
I think that everyone who reads this review, somehow connected to the crypto-world, and constantly monitor the relevant sites in search of a new profit coin on which you can earn your “X”. I do not presume to say that you will be able to earn money here, I just can not and do not want to take responsibility for your investments, so, as you understand, you are the only one who makes a decision. I can only state the facts and technical details that are freely available. Also, I must say that I am not a developer or a member of a development team, therefore, for more detailed information, you’d better contact the appropriate Discord group: https://discord.gg/WmHJKYu
And so: the coin is created on the basis of the POS algorithm, i.e. network efficiency is supported by the masternodes. Accordingly, the node holder receives a fee in coins for transaction maintenance. The reward system is as follows:
Accordingly to the MNO site: https://masternodes.online/currencies/TRTT/, the daily reward of the node, at the moment, is 465 coins, which is approximately 1% (0.935% to be precise) of the cost of the node itself. Those, at this stage, we still have a reasonably attractive payback period of 100 days. The main thing is to ensure the demand for a coin. There is still demand, but the market is densely saturated and the exchange on which the coin is currently trading, not so actively absorbs the excess supply already, so the price of the coin has now begun to fall. Everyone can have their own opinion about whether it is worth buying a coin that has fallen sufficiently in price, but it seems to me that the biggest “X” are made on such coins, the only question is “what is the reason for the fall?” In this case, the fall is caused by the fact that the developers could not correctly calculate the saturation speed of the market and the total number of coins that will be released by the system into circulation. But they acknowledge their mistake and promised to change the reward system and cut the maximum number of coins in circulation as soon as they release the platform. Terms of release?—?the end of August, the beginning of September. This means that in a month the cost of the coin can start to grow, not only by reducing the award, but also through the production of a working platform. The fact is that the platform itself will generate additional demand for a coin, since all commissions will have to be paid in their own coins.
5. What if it’s a scam?
With all my desire, I can not give an answer to this question, because I can not get into the developers head, although I would very much like to, because I myself am a coin holder. But I can mention some facts that are indirect, can talk about something.
So. The project has existed for less than three months, what did the developers do during this time?
1. The concept of a platform is shown, you can touch it on the link: https://platform.trittium.cc/
2. A multi-currency web wallet has been created, it’s already works and you can also find it by the link: https://wallet.trittium.cc/
3. A payment gateway for the fiat money has been created (but this is only from the developers words, it is unfortunately, still impossible to test).
4. A partnership agreement has been concluded with the developers of the GenesisX platform, they will use the payment gateway and the TRITTIUM web wallet for payments on their platform. In addition, other projects developers are interested in their payment gateway.
5. The GenesisX coin is already integrated into the TRITTIUM web wallet.
6. Work is under way on a mobile wallet, it has already been tested by community members, but at the moment it is not freely available, for test. You can only see a short video demonstration:
https://drive.google.com/drive/folders/1QwsJSGbNlYfznfTwFVjFH-fkLrcJCOnI
7. The other day, the developer flew to St. Petersburg to meet with the investors, and invited members of the community to come to the meeting, for live communication. As far as I know, in the scam projects such an option is not provided.
8. At the moment, 70% of all system coins are locked in the masternodes. This indicates the confidence of the coin-holders in the project.
9. Almost from the very beginning of the project, members of the community, who had 5 or more masternodes, formed the Board of Directors. All decisions concerning changes in the operation of the system are taken only by discussion with the BoD. For example, it was decided by the BoD to include Developer Fee in to the reward system?—?coins that will be spent on the development of the project, listing on exchanges, websites, advertising, etc.
10. More recently, the project has been added to the well-known CMC service: https://coinmarketcap.com/currencies/trittium/ However, the site does not yet displays the Circulating Supply and the total Market Cap, but this, of course, will soon be corrected.
Here’s what was done in less than 3 months. I think that there are not so many projects that even exist much longer than this, can boast some of the developments that have already been implemented here.
What is expected in the near future:
1. The official registration of the company, which will allow the project to start working
2. Mobile wallet release .
3. They promise to add stacking to the web-wallet.
4. Running the working platform in late summer.
5. Changing the reward system.
I think, this can be the end. It seems to me, that the information provided is well enough to have an idea about this project. All the rest, if you are interested, you will find yourself following the links:
The official Bitcointalk announcement: https://bitcointalk.org/index.php?topic=3594021
Official website: https://trittium.cc/
Once again I want to remind you that I do not agitate anyone to buy something or invest your money. I’m just doing a review of the project, which I hope, will also be useful to someone. I will be glad to read your comments and thoughts on this project.
Thank you for your attention!
Updated on 10/08/2018
Friends, since the writing of the article, it’s been two weeks, but in this short period of time, there have been many interesting and important events in the TRITTIUM project. So I decided to update it a little.
What is so important happened? So:
On August 2, the developer of the project conducted a live voice conference with the Discord group members, during which he answered the questions of the coin holders. I should note that this is not the first such conference held by TRITTIUM Core, which is very encouraging! I have not seen anything like this in other projects, and this has already become a good tradition. And that’s how many interesting things were told:
1. The most important thing is that the developers submitted the documents for company registration, published them, and talked about themselves.
2. Almost ready to update the road map and white paper.
3. They told us that they are preparing the launch of side projects that will consume TRITTIUM coins, and thereby strengthen the position of the project.
4. Trittium Passport is being developed.
5. Preparing for the release of Android and iOS wallets and applying them to Google Play and the IOS App Store.
6. They told about the forthcoming fork: it will be held, approximately, in a month; the block reward will be reduced by 50–60%, and then, in 3–4 months, by another 30%. A detailed table of calculations you can see on the link: https://docs.google.com/spreadsheet...d05QBItGYWgeR5vgV-skaYD8mQ/edit#gid=478905884
7. One of the most important things that developers plan to implement is the Proof of Consumption algorithm. This is a new, perhaps revolutionary, idea. The essence of it is to increase the incentive for Masternode holders and at the same time create a deficit of coins. The mechanism is as follows: for example, if the platform has earned 1,700,000 TRITTIUM coins, 700,000 coins will be burned, in order to create a deficit and strengthen the coin’s value. Of the remaining amount of 1,000,000 coins, 40% will go to developers, as operation income, and 60% will be transferred to holders of Masternodeas as an additional income. Thus, we will simultaneously create a deficit of coins, which will lead to the price increase, and at the same time, an additional increase in the profitability of Masternode. As it seems to me, this is the best way, the developers can show the concern about their investors! A detailed Proof of Consumption table can be seen below:
8. There also were shown advertisements, that are being prepared for the marketing company. You can see them by following the links:
https://cdn.discordapp.com/attachme.../WhatsApp_Video_2018-07-19_at_10.46.17_AM.mp4
https://cdn.discordapp.com/attachme.../WhatsApp_Video_2018-07-19_at_10.46.56_AM.mp4
9. 06/08/2018 The TRITTIUM developer has go through public verification on Know Your Developer platform: https://review.kydcoin.io/trittum/
10. 08/08/2018 Announcement of cooperation with the Xorn project. As in the case of GenesisX, the Xorn coin will be integrated into the TRITTIUM wallets and payment gateways. In the future, it will be possible to launch Xorn Masternode (as well as other coins), in one click, directly from the wallet; as well as a quick exchange for other coins, also without leaving your wallet.
Here are the ten news, that changed the world, and in the same time, increased the coin’s value by 2 times. As we can see?—?the developers have very serious intentions, are open to communication and working hard. Conclusions? You can make it yourself
Thank you! And good luck!
TRITTIUM platform review
First and foremost, of course, I want to greet all readers and express my gratitude already for taken an interest to my article. In the second, I will warn you that this article is not a guide for buying any crypto assets. Well, in the third?—?English is not my native language and I’m not very strong in it, so I’m apologizing for errors.
And now, it’s time to get down to business. So, let’s begin.
1: Debriefing. What is this project and what it is intended for.
TRITTIUM?—?is a blockchain intended for servicing a platform on which, according to the developers, it will be possible to receive a loan in fiat money by leaving a cryptocurrency as a collateral.
What? Huh … This was my first reaction. What’s the point of leaving money as collateral to get money?
When I found out about this, I immediately had a question: if I have a crypto, I can just sell it, why should I take a loan and pay interest? As it turned out, this does make sense.
Let’s take, for example, the current situation with the prices for Bitcoin. In these latter days, the price for bitcoin gradually moved only downwards. Some are satisfied with this situation?—?they are ready to wait for a long time, but there are people who have a need to urgently receive a certain amount of money. You can, of course, take a loan from the bank, but we all know what difficulties are involved in obtaining a bank loan for a large amount, what interest will have to pay, and there is no certainty that you will be able to get it. At the same time, you have, well, let’s say 10 bitcoins. Naturally, you do not really want to sell it at a rate of $ 6000, do you? And in this situation such a platform will be useful. You can leave your BTC on the bail, and get the necessary amount of money.
Today at the time of writing this review?—?28/07/2018, Bitcoin price is $ 8185, and 2 weeks ago on 14/07/2018, the price was $ 6200. You can check on the charts. If we proceed from our amount of 10 BTC, the difference is 19850 $. How do you like that? I would have ripped all my hair out of my a…, sorry, out of my head, having lost that much money, if I sold it at a price of 6200 and saw that in two weeks it had grown so high. And then, do not even talk about the interest on the loan. But still we will return to this issue.
2: How does it work?
Basically, everything is quite simple?—?you register on the site and place an application for a loan. But here lies the main difference between TRITTIUM and existing platforms (yes, such a platform already exists and the amount of loans issued in the first six months exceeded $ 40,000,000). When you create a loan application, you specify not only the amount you would like to receive and for how long, but also you can decide for what percentage you are ready to take it. Immediately the question arises: how is it? Is there no fixed loan conditions? Imagine that they really do not exist! The thing is that platform participants can not only take a loan, but also give their money to loans. Thus, if you have free money that is idle and you do not know where to invest it?—?you can go to the platform, look at applications for a loan, choose the best offer with the highest interest for which you are ready to give your money, and give a loan to the applicant. In this way, a market will develop and not the only one side will determine the terms of the deal, but both will converge on conditions that suit everyone. At the same time, the collateral amount in Bitcoins is the pledge for the loan. Each month the borrower is obliged to pay the agreed monthly repayment amount, in case he does not do so, the required amount in the BTC is deducted from his deposit and transferred to the creditor. In case everything is in order and the borrower makes payment according to the contract, its Bitcoins remain intact and safe until the loan is fully repaid, and then they will return to him. In this way, we get a self-paying loan, if I may say so. Here’s one small revolution, that crypto brings into the real world.
3. But what is the danger?
I thought for a long time about this system and came to the conclusion that the worst thing that can happen here is what we all saw at the end of 2017. People who bought Bitcoin at the maximum price, now have to sit and wait. Either, they had to go out with losses. Imagine a situation where the creditor issued a loan at the time when Bitcoin was worth $ 20,000 and began to move down. It is possible that the borrower will look at the price and decide what it is not profitable to return the loan. In fact, it turns out that the creditor bought Bitcoin at a bad exchange rate. But as far as I understood, the risks should be taken into account in percentage terms under which the creditor is ready to give his money and also in the BTC collateral amount, which the borrower must deposit into his account. While the system does not work?—?there is no way to test this in practice. In the rest, I think the system has a right to exist and can be popular.
P. S. After I published the review, the guys from the TRITTIUM’s Discord, explained to me that the system provides for such a thing as “Margin Call”. This is a kind of protection for the lender from a sharp drop in the price of the lien. Margin Call?—?automatically sells the asset as soon as its total value falls below the set percentage?—?a similar option exists on stock exchanges where margin trading is available.
Thanks @Daniel_Altblau for this useful information and for helping to find and correct typos in the text!
4. Why would I do this if I do not plan to take the loan?
I think that everyone who reads this review, somehow connected to the crypto-world, and constantly monitor the relevant sites in search of a new profit coin on which you can earn your “X”. I do not presume to say that you will be able to earn money here, I just can not and do not want to take responsibility for your investments, so, as you understand, you are the only one who makes a decision. I can only state the facts and technical details that are freely available. Also, I must say that I am not a developer or a member of a development team, therefore, for more detailed information, you’d better contact the appropriate Discord group: https://discord.gg/WmHJKYu
And so: the coin is created on the basis of the POS algorithm, i.e. network efficiency is supported by the masternodes. Accordingly, the node holder receives a fee in coins for transaction maintenance. The reward system is as follows:
Accordingly to the MNO site: https://masternodes.online/currencies/TRTT/, the daily reward of the node, at the moment, is 465 coins, which is approximately 1% (0.935% to be precise) of the cost of the node itself. Those, at this stage, we still have a reasonably attractive payback period of 100 days. The main thing is to ensure the demand for a coin. There is still demand, but the market is densely saturated and the exchange on which the coin is currently trading, not so actively absorbs the excess supply already, so the price of the coin has now begun to fall. Everyone can have their own opinion about whether it is worth buying a coin that has fallen sufficiently in price, but it seems to me that the biggest “X” are made on such coins, the only question is “what is the reason for the fall?” In this case, the fall is caused by the fact that the developers could not correctly calculate the saturation speed of the market and the total number of coins that will be released by the system into circulation. But they acknowledge their mistake and promised to change the reward system and cut the maximum number of coins in circulation as soon as they release the platform. Terms of release?—?the end of August, the beginning of September. This means that in a month the cost of the coin can start to grow, not only by reducing the award, but also through the production of a working platform. The fact is that the platform itself will generate additional demand for a coin, since all commissions will have to be paid in their own coins.
5. What if it’s a scam?
With all my desire, I can not give an answer to this question, because I can not get into the developers head, although I would very much like to, because I myself am a coin holder. But I can mention some facts that are indirect, can talk about something.
So. The project has existed for less than three months, what did the developers do during this time?
1. The concept of a platform is shown, you can touch it on the link: https://platform.trittium.cc/
2. A multi-currency web wallet has been created, it’s already works and you can also find it by the link: https://wallet.trittium.cc/
3. A payment gateway for the fiat money has been created (but this is only from the developers words, it is unfortunately, still impossible to test).
4. A partnership agreement has been concluded with the developers of the GenesisX platform, they will use the payment gateway and the TRITTIUM web wallet for payments on their platform. In addition, other projects developers are interested in their payment gateway.
5. The GenesisX coin is already integrated into the TRITTIUM web wallet.
6. Work is under way on a mobile wallet, it has already been tested by community members, but at the moment it is not freely available, for test. You can only see a short video demonstration:
https://drive.google.com/drive/folders/1QwsJSGbNlYfznfTwFVjFH-fkLrcJCOnI
7. The other day, the developer flew to St. Petersburg to meet with the investors, and invited members of the community to come to the meeting, for live communication. As far as I know, in the scam projects such an option is not provided.
8. At the moment, 70% of all system coins are locked in the masternodes. This indicates the confidence of the coin-holders in the project.
9. Almost from the very beginning of the project, members of the community, who had 5 or more masternodes, formed the Board of Directors. All decisions concerning changes in the operation of the system are taken only by discussion with the BoD. For example, it was decided by the BoD to include Developer Fee in to the reward system?—?coins that will be spent on the development of the project, listing on exchanges, websites, advertising, etc.
10. More recently, the project has been added to the well-known CMC service: https://coinmarketcap.com/currencies/trittium/ However, the site does not yet displays the Circulating Supply and the total Market Cap, but this, of course, will soon be corrected.
Here’s what was done in less than 3 months. I think that there are not so many projects that even exist much longer than this, can boast some of the developments that have already been implemented here.
What is expected in the near future:
1. The official registration of the company, which will allow the project to start working
2. Mobile wallet release .
3. They promise to add stacking to the web-wallet.
4. Running the working platform in late summer.
5. Changing the reward system.
I think, this can be the end. It seems to me, that the information provided is well enough to have an idea about this project. All the rest, if you are interested, you will find yourself following the links:
The official Bitcointalk announcement: https://bitcointalk.org/index.php?topic=3594021
Official website: https://trittium.cc/
Once again I want to remind you that I do not agitate anyone to buy something or invest your money. I’m just doing a review of the project, which I hope, will also be useful to someone. I will be glad to read your comments and thoughts on this project.
Thank you for your attention!
Updated on 10/08/2018
Friends, since the writing of the article, it’s been two weeks, but in this short period of time, there have been many interesting and important events in the TRITTIUM project. So I decided to update it a little.
What is so important happened? So:
On August 2, the developer of the project conducted a live voice conference with the Discord group members, during which he answered the questions of the coin holders. I should note that this is not the first such conference held by TRITTIUM Core, which is very encouraging! I have not seen anything like this in other projects, and this has already become a good tradition. And that’s how many interesting things were told:
1. The most important thing is that the developers submitted the documents for company registration, published them, and talked about themselves.
2. Almost ready to update the road map and white paper.
3. They told us that they are preparing the launch of side projects that will consume TRITTIUM coins, and thereby strengthen the position of the project.
4. Trittium Passport is being developed.
5. Preparing for the release of Android and iOS wallets and applying them to Google Play and the IOS App Store.
6. They told about the forthcoming fork: it will be held, approximately, in a month; the block reward will be reduced by 50–60%, and then, in 3–4 months, by another 30%. A detailed table of calculations you can see on the link: https://docs.google.com/spreadsheet...d05QBItGYWgeR5vgV-skaYD8mQ/edit#gid=478905884
7. One of the most important things that developers plan to implement is the Proof of Consumption algorithm. This is a new, perhaps revolutionary, idea. The essence of it is to increase the incentive for Masternode holders and at the same time create a deficit of coins. The mechanism is as follows: for example, if the platform has earned 1,700,000 TRITTIUM coins, 700,000 coins will be burned, in order to create a deficit and strengthen the coin’s value. Of the remaining amount of 1,000,000 coins, 40% will go to developers, as operation income, and 60% will be transferred to holders of Masternodeas as an additional income. Thus, we will simultaneously create a deficit of coins, which will lead to the price increase, and at the same time, an additional increase in the profitability of Masternode. As it seems to me, this is the best way, the developers can show the concern about their investors! A detailed Proof of Consumption table can be seen below:
8. There also were shown advertisements, that are being prepared for the marketing company. You can see them by following the links:
https://cdn.discordapp.com/attachme.../WhatsApp_Video_2018-07-19_at_10.46.17_AM.mp4
https://cdn.discordapp.com/attachme.../WhatsApp_Video_2018-07-19_at_10.46.56_AM.mp4
9. 06/08/2018 The TRITTIUM developer has go through public verification on Know Your Developer platform: https://review.kydcoin.io/trittum/
10. 08/08/2018 Announcement of cooperation with the Xorn project. As in the case of GenesisX, the Xorn coin will be integrated into the TRITTIUM wallets and payment gateways. In the future, it will be possible to launch Xorn Masternode (as well as other coins), in one click, directly from the wallet; as well as a quick exchange for other coins, also without leaving your wallet.
Here are the ten news, that changed the world, and in the same time, increased the coin’s value by 2 times. As we can see?—?the developers have very serious intentions, are open to communication and working hard. Conclusions? You can make it yourself
Thank you! And good luck!
