A few years back Jeff Zhou started working on blockchain and at that time he developed BTC+LTC dual mining chips and hardware, the technology was sold to a world-wide market.Jeff then tried to develop an IoT software platform based on blockchain technology, and after several months of trial and development, he encountered serious issues with scalability and the transaction fees were very high. Issues like these prevent mass adoption of the blockchain technology and ultimately drove the foundation of the TrustNote open source project and its development of a fast, scalable, and light platform to provide high-performance for everyone on every device at a lower cost. This distributed ledger system will potentially make it a lot easier to implement, and scale new blockchain applications for a much broader audience, allowing more innovative ideas to flourish quickly.
A New Beginning
As a new Directed Acyclic Graph (DAG) based distributed ledger ("DAG-ledger"), TrustNote is designed to “enabling fast and scalable decentralized applications for everyone on every device at a low cost”.
In a DAG-ledger, each new transaction confirms at least one previous transaction, transactions are represented as “units” in the graph and are not grouped into blocks.
This is in contrast to many classical Bitcoin-like blockchain technology where the structure of the traditional blockchain is the bottleneck that hinders the technology from improving its concurrency. In a DAG-ledger, because there is no block, there is no block size issue. By decoupling branch selection and double-spending detection from transaction verification, and allowing nodes to verify transactions in parallel, in theory, a DAG-ledger can achieve unlimited scalability.
TrustNote is similar in design to, and influenced by DAG-ledgers like Byteball and IOTA. TrustNote takes the commonly used DAG consensus model a bit further and on the top of it, a proof-of-work based consensus scheme (TrustME consensus) is proposed to encourage fair and trustable witness node selection through mining. Most of today's DAG-ledgers have no incentives like mining. Without proof-of-work based incentives, it's much harder to achieve decentralized consensus and often weakening the consensus on which it is based. Inspired by DASH's two-tier network architecture, TrustNote is trying to combine proof-of-work consensus and DAG ledger structure all together, building a more scalable and more secured distributed ledger system.
Taking lessons learned from the team's experiences on IoT development, we believe the transaction fees equal to the size of the data being stored is the right approach, and multiple types of node protocols are developed to support Internet-of-Things and as many device types as possible:
• Super node: super nodes run on PC, server, Cloud host or mining systems, have better resources, hold a certain number of tokens, and have a well-behaved history on the record. Super nodes can host micro nodes. Miners are elected from the super nodes periodically in each consensus round.
• Full node: full nodes store a full copy of the ledger, fully enforce all the rules except don't participate the mining operations.
• Light node: light nodes store a light ledger instead of a full copy, light nodes are easy to maintain and with support to smart phones or tablets in mind.
• Micro node: no ledger stored on micro nodes, transactions are delegated to super nodes, micro node is designed to support embedded devices or IoT devices.
Inspired by Byteball's declarative smart contract, TrustNote uses advanced declarative non-Turing complete smart contract not only supports complex application scenarios but also drastically reduces the difficulty of secure contract development in which we believe is one of the largest barriers to blockchain's mainstream adoption. In addition, aiming to reduce the number of vulnerabilities residing with today's smart contract systems, we want to take a new approach of making some restrictions on the runtime system, instead of limiting what languages can be used.
The current implementation of TrustNote is based on Node.js, we are working on re-implement it with Rust, and the next major release will include the long-awaited token platform. If you have any ideas or contributions you would like to be included please let us know.
How does the Token Distribution Work?
TrustNote's crypto-currency is called “TTT”, TTT will be used in transactions and as mining rewards. TTT's unit is called “Note”, often specified in Mega Notes ("MN"). A fixed supply of one billion (1,000,000,000) MNs will be distributed and no ICO is planned:
• 255 million (255,000,000) MNs (25.5% of the total amount of TTT) were distributed to private investors during a 7 days period beginning on January 2, 2018 and ending on January 8, 2018. 50 million (50,000,000) MNs (5% of the total amount of TTT) are reserved for TrustNote development teams.
• 195 million (195,000,000) MNs (19.5% of the total amount of TTT) are reserved for the TrustNote foundation to support the ongoing development of the technology and its ecosystem. 500 million MNs (50% of the total amount of TTT) are mining rewards available for miners.
Want to Become a Miner?
TrustNote's mainnet is expected to support mining by Q3 2019, while users can download the mining client and apply to become a super node, super nodes can become miners by participating the TrustME consensus and then get rewarded by issuing valid attestor units.
TrustNote has a mining policy which allocates 6.79% of total mining rewards for the first year, after which the yearly allocated mining rewards decays year by year. Of these, 90% of mining rewards are allocated to the miners, 10% of mining rewards are allocated to TrustNote Foundation to support community operations, project incubation, and rewards to contributors.
We are planing to disclose a notice of the Super Node policy for community discussion by Oct 2018 along with the release of the testnet with mining support. A super node might need half million MNs of TTT. However, this is not determined yet. We are trying to balance the network safety and transaction performance.
Stay tuned for more information coming soon!
Being an open source project with MIT license, you can freely modify, distribute and use TrustNote as we really want it to be yours, to see it grow and thrive in the open source community.
Contributions are always welcome and thankful, no matter how large or small. If you want to report an issue, help with documentation, contribute to the code base such as re-implementing of the TrustNote protocol with Rust, participate the live debate of our proof-of-work based consensus, or indeed anything, you can explorer our community resources to find out how you can help.
• Check out the code: https://github.com/trustnote
• Latest whitepaper can be found here Follow this guide to build TrustNote testnet
• Please email firstname.lastname@example.org for technical discussions
• TrustNote Explorer: http://explorer.trustnote.org
• TrustNote Wallet: https://trustnote.org/application.html
• More information about TrustNote and our advisers can be found here
- • Team setup – Completed
- • Proof of concept – Completed
- • Main chain go live – Completed
- • Multi-platform wallet – Completed
- • Open source the code base – Completed
- • TTT Private Token Distribution – Completed
- • Multi-functional wallet release – Completed
- • Digital token platform release – Completed
- • Two-tier consensus (PoW) release – In progress
- • Declarative smart contract release – In progress
- • Micro wallet release – In progress