History Of Tkeycoin
By Support Agent Tkeycoin
updated 2 months ago
Birth Of Tkeycoin — Q3-Q4 2017
In the process of forming the concept of a decentralized platform Tkeycoin, we analyzed the universal problems and their impact on the economy, studied the systemic and cyclical global economic processes.
Yes, on this day — October 19, 2017, the idea of launching the Tkeycoin platform was approved.
At the very beginning, we had a proper understanding of business processes, but the blockchain technology itself was a discovery for us, a kind of flight to the moon in 1969.
To solve the global problems present in the familiar market we have chosen the approach of digitalization to make transactions as safe and fair as possible. The lack of real application of cryptocurrency in life has led us to the concept of creating a marketplace that unites sellers and buyers around the world to make cryptocurrency as familiar means of payment as any Fiat currency is now.
Back in 2017, it was difficult to buy any goods or services for cryptocurrency, and the most important thing is that there is no such platform that would unite organizations in one place where anyone could exchange cryptocurrency for real goods or services.
We were captivated by the idea and lit, we found a dream that motivated the whole team to actively begin to implement it. While many, we have approved the issuance of Ethereum-based tokens with a total issue of 20,000,000 Tkeycoin.
The first few months were spent exploring and future possibilities of the Tkeycoin project when launched based on Ethereum. A detailed analysis showed us that we will get a direct link to the functionality and characteristics of the Protocol that the Ehtereum platform uses, and then we will simply run into a dead-end that we will create ourselves.
At the peak of the popularity of ICO and the growth of Bitcoin in December 2017, few people were interested in the release of a product that solves a significant problem. It was more like the Godfather style — nothing personal, just business. At that time, talents worked everywhere that in “bench” projects that in real. There were many talents.
“We will not act as everyone acts. We will create a new future that will change the market forever”. Yes, with this slogan we have completely changed the concept. This meant that the effort we spent on development and launch-evaporated overnight.
On December 03, 2017, the initiative to create a decentralized Autonomous organization Tkeycoin DAO was proposed. It went something like this: “We will create our blockchain Protocol, with a new kind of encryption that will process thousands of transactions per second, built on artificial intelligence” ©.
This is a concept borrowed from the field of artificial intelligence. A decentralized network of Autonomous agents will be able to perform tasks without human intervention under the control of business laws. In Tkeycoin DAO, smart contracts will exist as agents working in the blockchain and performing pre-defined or approved tasks depending on events and changing conditions.
Many of us remember the movies: the Matrix, Metropolis, Brazil. The idea is on the verge of fiction, but the whole history of mankind is a continuous series of surprises about absolutely incredible things.
For example: “Iron ships cannot float on water, much less fly.” Once people are convinced that it is possible to sail on the water in iron ships and fly through the air in heavy aircraft, no one else speculates about the possibility and reality of what is happening.
The market changes about every three months, so it was vital for us to have flexibility in decisions and implement fresh strategies quickly without harming the project. The first takeoff was secured after a private meeting with investors and company representatives in December 2017.
It was at this event, in addition to a positive assessment of our ideas, that we received the most important recommendations, on the basis of which a new project development plan was approved.
A significant date for the project was December 20, 2017, when the concept of creating a multi-blockchain on the basis of its own Protocol was approved, and the initiative to create a DAO was supported.
People both then and now need an affordable means of payment that opens up limitless scope for financial transactions. At the same time, it is an extremely safe and convenient tool. We began to study various concepts, began to study artificial intelligence, machine learning technologies, universal problems and their impact on the economy, systemic problems of society and much more.
Early investors remember the Tkeycoin Token (TCD) and the Tkeycoin Cryptocurrency (TCY). Yes, on December 20, these assets were approved.
TCY — the coin will be used as cryptocurrency in the financial sector. In the future, the development of Tkeycoin DAO will allow the use of the coin in various applications and multi-platforms, expanding the scope of its application.
Token TCD — implemented on the basis of its own smart contract. It provides membership in the Tkeycoin DAO and allows you to exchange a TCD token for any goods and services in the Marketplace with a cashback of up to 30%. TCD Token holders receive favorable conditions for the purchase of goods and services in the marketplace.
The 17th year passed for us as a time of discovery of new concepts that we wanted to apply in the real economy. There was so much zeal and strength that we planned to change the whole world.
At the end of the year, we realized that all the terms are changing dramatically, as well as the ICO market is changing. Since the birth of the project and until the end of 2017, the ideas of marketplaces began to flood the market, alas, many are no longer on the market.
Change of strategy — Q1-Q2 2018
2018 has come, the time of new ideas, new technologies, strategies. The time when there was a struggle with the stereotypes of ICO templates and real business, the time when we lost and gained.
At the beginning of the year, we already wrote the first white paper on the project, prepared documentation for development. January 16 launched the first network: Vkontakte, twitter, telegam. We tested the first launch of tkeycoin.market, January 17, we launched the second site for Pre-ICO and ICO — tkeycoin.io. At that time, it was especially fashionable to launch the .io domain, the market directly demanded it.
Sites — sites, but we needed new people, new minds in the team. Already on January 29, the first stage of the puzzle/competition for recruitment to the development team was launched and on February 01 we opened access to the second stage of the puzzle.
February 3 at tkeycoin.com there was a hacker attack. A negative experience, then, has played a positive role. In the period from 03 to 16 February 2018 — we changed the security measures of all sites, completely improved the architecture of the data center. Connected a team of specialists who ensure the security of sites, databases and all resources associated with TKEY to this day.
We moved quickly, difficulties were solved with ease, and negative experience introduced us to talented people. On February 16, we launched a new Cabinet, connected automatic replenishment of the account through payment systems using bank cards and electronic currencies. We have implemented new security measures: two-factor authorization, confirmation via e-mail.
At that time, almost no one cooperated with banks and payment systems. Now we are not surprised that we can replenish the account with a Bank card on the stock exchange or in any other ICO, then it was our chip that “haters” tried to use for the accusations of the project. How can You accept “Fiat currencies” if it’s an ICO? We openly smiled, and inadequate classically fell into the ban list.
Indeed, we tried our best. The theme was new for everyone, users came up with their templates for selecting a particular project, someone demanded admission only to ETH, someone yelled that Russian projects were deceiving everyone. One way or another, users did not think about what was going on behind the curtains of the “infernal ICO cuisine”, how the same Russians created projects under the guise of foreigners and raised money intending to sink into oblivion. Given the number of projects, few worked from any company, more often there were just project names and accepting tokens in ETH — the most standard picture. ICO website templates were sold on stocks. The topic of ICO can be very long, we can return to it in separate publications.
The first white paper talked about the construction of the Tkeycoin DAO platform. Then the concept of “Phoenix” symbolizing eternal renewal and immortality was formed.
During the history of the project, 3 documents were published, however, the basic principles of the technology were laid down in the first White Paper. Modular implementation, native scripting languages, encryption systems, applications, ideology, and philosophy.
The first consensus concept was built on the tPoS (Time-Proof-of-Stake) algorithm, and the reward was based on RFW (recall for work).
The model allows you to motivate users to make purchases in the marketplace, evaluating stores and receiving a reward in TCD. Business owners, in turn, are motivated to fulfill their obligations well to receive additional rewards, increasing their status as a proven business.
Users owning from 3000 TCD can get a coin using TPOS. To presumably calculate the possible number of coins mined, use the formula. Users who have made a transaction in the marketplace or left a review about the store can get coins through RFW. The reward is calculated automatically, depending on the number of transactions and the number of goods purchased. The RFW model makes it possible to correctly distribute coins among all participants in the future, without monopolizing the markets.
By March, new team members joined us, we conducted a lot of research in various related areas — cash protocols, cryptography, P2P networks, rating cryptocurrencies, payment systems, blockchain projects and so on. We began to pay attention to every detail because each mechanism was inextricably linked to the previous one. To get a stable system, you need to constantly test concepts and analyze them.
By mid-April 2018 we had a complete picture of how we move on. New doors opened for us, we began to focus on creating a full-fledged financial ecosystem. We understood that from the common market, remittances are highly fragmented depending on geographical location and specific corridors, which is a combination of two countries: where the money is sent and received.
A simple and convenient payment method using NFC-chip allowed to improve the idea of the marketplace, opening the global payment market to all users.
If you look towards the marketplace, we are completely dependent on the number of partners and stores — it’s time resources, labor, marketing. Coordination, implementation and more. Providing an easy and intuitive tool to the user, You no longer need to have multiple accounts on third-party resources to exchange into a particular currency.
The construction of the platform was similar to the construction of a skyscraper, with the infrastructure built in it. We connected specialists to various branches of the platform to already have the documents and design and technical documentation to move forward in all directions.
In April, new sections of sites in 9 languages were launched, we updated the white paper and increasingly focused on artificial intelligence, introducing the concept of DPOSTOAI. Sophisticated interactive 3D Canvas designs to display the technology were available to all investors. But, alas, it only complicated the understanding of all investors, however, due to 3D presentations, we received an offer from the Korean venture Fund, whose specialists appreciated the ambitions and ideas of the company.
The talks were held with the official representative of the Alliance of venture funds of Korea — Youngkeun Choi, who is a Professor at Sangmyun University in Korea and CEO of Token Lab.
May 2018 was fundamental for the company, negotiations with investors from the United Arab Emirates ended positively, we held more than ten business meetings.
Development in this region allowed us to enter the world market, feeling confident. We understood that the UAE is one of the safest countries for investors. Already on September 4, a new company was opened in the DMCC international zone — a global specialized center for more than 15,000 organizations from all over the world. The most various spheres, the most various brands. The contrasts and the scale!
Together with foreign experts, we have fully tested the system based on AI. We were both disappointed and positive at the same time. The introduction of highly complex systems with an extremely high degree of complexity, at this stage, was unacceptable. A blockchain built on the basis of a neural network has a number of dangers that are unacceptable in payment systems.
We understood that blockchain is basically deterministic state machines, not a process of determining the deterministic order of transactions and filtering out invalid transactions.
From that moment on, we needed to collect the accumulated foundation together, eliminate the excess from it and introduce deterministic processes that would meet the requirements of financial markets.
What are the pros can be? The technology changed, the concept was rewritten. Yes, a lot has changed, something remained. But, we were well aware that the use of AI or machine learning is not applicable, for example, to exclude “fraud” — algorithms compare millions of transactions to detect suspicious transactions.
In General, the whole concept and technology remained the same, but under these circumstances, we realized that now we will need additional time to launch.
The management was engaged in the development of TKEY DMCC, we received certificates, entered the d&B property register, negotiated with foreign investors.
The work was in full swing, it was important for us to launch the blockchain and start work on updating the system, thereby preparing it for use in various fields.
2018 was coming to an end, work on the launch of the network was carried out at a rapid pace, however, the situation made it clear that the launch would be in the 1st quarter of 2019.
The year 2018 began, the work continued. On January 25, we made a successful test launch of the Tkeycoin network in conditions of high workload. As in the tests at a lower load, the network has shown itself to be stable, no critical deviations were observed. The Tkeycoin network was already 152 times faster than the global Bitcoin network.
- 760 transactions per second
- 45600 transactions per minute
- 2736,000 transactions per hour
- Block confirmation took only 2.3 seconds
A comparison of the performance: https://www.facebook.com/tkeycoin/photos/a.280172305932587/331505457465938/?type=3&theater
We prepared for the launch on the stock exchanges, simulated various situations and tested the Protocol in conditions of high workload.
March 18 this year — TKey technologies have now been legally confirmed and registered under our authorship in a special register.
April 08, 2019-we launched the TKEY network, the first block in the network called Genesis Block was formed. While full nodes were being prepared for release, the company’s management was invited to act as experts and share international experience of cooperation with the UAE at the Asian Parliamentary Assembly. We got polit. contacts, as well as positive assessments from 42 parliamentarians of different countries.
By the end of April, we launched beta versions of cross-platform local wallets, which were constantly tested and refined. On April 8, a blockchain explorer for 4 currencies was presented: BTC, ETH, LTC, TKEY.
On April 10, TKey cryptocurrency successfully passed the accreditation for the BIP-0044 standard. The list of cryptocurrencies supporting the BIP-0044 standard is available in a special repository on GitHub. Our number is 292.
From July 2 to 5, TKEY management attended the XXVIII International Finance Congress in St. Petersburg. The main theme at IFC-2019 was “Financial Markets: Increasing Complexity, Maintaining Sustainability”, so it is no coincidence that in her opening speech, Bank of Russia Chairman Elvira Nabiullina emphasized the need for structural changes and the importance of comprehensive improvements in investment instruments of the Russian economy. The Congress was attended by representatives of foreign regulators, international financial organizations, as well as officials of the largest world banks — more than 1200 participants in total, not including the media. The event itself, in addition to informational value, bore even greater benefits for the company in terms of networking and networking. In addition to the conversation with the head of the Central Bank of the Russian Federation, the company management spoke with the owners of European banks and large foreign companies, representatives spoke about the project to delegates of large financial companies, discussed cryptocurrencies and blockchain with Goldman Sachs Group officials.
On July 30, containerization was introduced, full nodes began to work much faster, use fewer computer resources. Containerization has improved application security by isolating the processes of one container from another, preventing them from influencing each other in the event of unwanted actions, failed updates, or various kinds of network problems.
The period from the beginning of March to the end of August can be called a time of contrasts. During this time there were “setups” from not reliable partners, we lost money, observed conflicts in the team, exterminated idlers, excluded competitors who were in the teams. There was everything, including the unpublished rejection of EXMO, the loss of funds on the listing, the rejection of Bitforex.
It was a kind of funnel when in a short period of time repeated several similar situations with EXMO and Bitforex, they were similar in the beginning of cooperation and the process of interaction. You can be framed at any time, business is the area that tells you every time-be vigilant. We took on a huge task, distracting and maneuvering in different directions of the platform, closing issues in a positive way in one direction, we lost in another. The cancer was growing, but the wisdom says-it is necessary to cut at the start so that it does not spread throughout the living organism.
Tkeycoin is a living organism, the time of traitors, “freeloaders” who were ready to quickly “cut down” money on this or that help is over.
All those who stayed understand that each in their own way did not overlook, somewhere was compromised by other persons.
Starting from the first days of September, all management systems were revised, the entire team was restructured. And, as it may sound, removing the interfering elements, the system worked much more efficiently and faster.
In one publication it is impossible to convey all the events, all the emotions. It is not required. Who are with US from the beginning and follow the project LIVE, they have already seen the whole mass of updates, a large amount of revised concepts that we analyzed, as well as the amount of work that we have done.
We acted as part of an extreme development, while constantly solving the most complex problems.
And now, we are almost ready to launch a new perfect core TKEY 2.0, decentralized mobile applications and more😉
P.S. And yet, before you forget, just to understand our goals and the amount of work done, read Chapter # 1 and Chapter # 3 of the design and technical documentation: https://tkeycoin.com/en/docs/whitepaper/whitepaper.pdf