Trestor Foundation, a non-profit private organisation, is looking forward to enter the digital currency market in India. It enables digital money along with a complete new payment and market system. Trestor aims to help under-developed and developing countries uplift their economies.
The Trestor Network or T-Net, is a decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
From a consumer perspective, T- Net is a computer program or mobile app that provides a personal digital wallet that allows a user to send and receive Trests with them. “Using Trests is as simple as using email or WhatsApp. Beyond this, the users are benefited with facilities such as; faster and cost efficient to transfer, Trests can be transferred at minimum (close to zero) fees. They can be easily sent to anyone, anywhere in the world without paying up to 55 – 60 % transaction fees,” said Kunal Dixit, Founder, Trestor Foundation.
T-Net is an open source, peer-to-peer network
T-Net transactions are irreversible, sent over the Internet, and counterfeit proof
T-Net uses an advanced form of the same underlying cryptography as Bitcoin
T-Net nodes can be run by anyone
T-Net transactions are fully confirmed in seconds (Bitcoin takes ~ 10 mins)
T-Net allows usernames for accounts (Bitcoin has long 26-35 digit alphanumeric addresses, these are impossible to memorize)
T-Net solves the double spending problem with consensus instead of proof-of-work (which is used by Bitcoin)
Consensus is the process by which the entire network agrees on the same Ledger. It is what keeps everybody on the same page.
“Trests are short for Trestor Donation Receipts (TDRs). Instead of issuing paper receipts to our donors, we issue electronic receipts aka ‘Trests’. On the date of launch, January 5, 2015, the price of 1 Trest would be equivalent to 1 US cent. That is, you can buy about 160 Trests with a 100 Rupee note. The price would then change depending upon relative demand and supply,” said Dixit.
Trest have properties resulting from the system’s design that allows them to be subjectively valued by individuals. This valuation is demonstrated when individuals freely exchange Trests over the exchanges. Trestor Foundation has a mandate to keep the market for Trests deep and liquid, this helps in price stability. Trestor Foundation is the buyer of last resort in case of a market selloff; it is a seller if the market gets too heated, added Dixit.
Is it a digital bank?
“Trestor is neither a ‘brick and mortar’ nor a ‘digital’ bank because we are not a deposit taking institution. If a donor donates money to Trestor, she will receive ‘Trests’ i.e. our donation receipts; In exchange, the ownership of the donated capital shifts from her to Trestor Foundation. Her ‘Trests’ carry a certain market value, she can choose to either keep them or exchange them for Rupees over any of the major cryptocurrency exchanges,” said Dixit.
“As a non-profit our priorities are towards fulfilling our mission ie. to create the most efficient Money, Payment and Market system for the world. Therefore there are no transaction fees for making any transaction over T-Net. We would be launching many other exciting products in 1st quarter of 2015, all of those would be free to use, we would not be charging for any other additional services / product development. Just like Wikipedia and Mozilla Foundation, a part of our donation capital would help us take care of our operating expenses and rest would be utilized to further our mission,” said Dixit.
T-Net goes live on January 5, 2015. Users can download the app on their smartphone or computer.