TIP DISCOVERY ON BLOCKCHAIN
Powering mass adoption of cryptocurrency through discovery of information on the blockchain.
WHO WE ARE
Tip is a third-generation blockchain platform powering mass adoption of cryptocurrency by creating an ecosystem that connects end users and businesses on a network where they can transact easily across international borders. Our solution for end-users provides user-friendly usernames that are easy to remember, and discovery, so it is easy to find other users on the network.
Our vision is to create the most user-friendly and easy to use platform in the cryptocurrency economy, that connects businesses to end users, and removes the technical barriers that users face today when using cryptocurrency. Tip will be a strong catalyst for mass adoption of cryptocurrency.
Problem Statement
To illustrate the main problems users face when using cryptocurrencies today, let us present a few scenarios. These scenarios will illustrate how present-day solutions are inadequate for day-to-day use of cryptocurrencies by the average user
1. Peer to Peer Cryptocurrency Exchange
For our first scenario, let us assume we have two users, Bob and Alice. Bob needs to send Alice a cryptocurrency transaction to repay her for lunch she bought him today. With existing solutions, Bob would somehow have to get Alice's wallet address from her. If they are in person, Bob could scan a QR code containing Alice's wallet address. If they are not in the same location, Alice could send Bob her address hash by copying, pasting and sending it to Bob over text messaging, another messaging app, or by email. These additional steps to initiate a transaction create unnecessary friction.
Most users who are not used to cryptocurrencies would think these steps to be too much of a hassle and not even bother using cryptocurrency. With so many options to send fiat currency between users, for cryptocurrency to compete, it needs to be easier than sending fiat transactions
2. Small Business Accepting Cryptocurrency
In the second scenario, we will consider the case of small businesses accepting cryptocurrency for the payment of goods or services. These could be your neighborhood coffee shop, restaurant or shoe repair store.
Assuming a business, let's call it Gino's Pizza, wants to accept cryptocurrencies for payment, a common practice used today is the business displays QR code that can be scanned by customers to get the business' wallet address. Customers can then send transactions to this address using their own wallet application. This again creates barriers to entry for users who are not used to dealing in cryptocurrencies.
Secondly, what if the business in question is a restaurant that delivers, and requires payments to be made when orders are placed? With fiat transactions, users can give their credit card numbers to the order taker over the phone. This is not possible with cryptocurrencies. The closest thing to giving a credit card number over the phone would be the order taker reading out the store's cryptocurrency address over the phone. This would be very highly error-prone and impractical to use, as if the customer misses a single character, the transaction could be lost forever.
3. Contextual Information Around Transactions
The third scenario pertains to contextual data for transactions. Let us go back to our neighborhood restaurant. Let us also assume that Gino's Pizza is a popular joint, thus, and several transactions are processed in an hour. If several orders are placed over the phone or by users scanning the business address QR code, the restaurant operators have no way of knowing which transaction corresponds to which order.
One ineffective solution would be to match the value of transactions with orders. This would not work if there is more than one transaction with equal or similar value. Another option would be the customers reading out the source address out over the phone, and the order taker recording this address, and then match addresses when transactions come in to attribute them to the correct customer. With only addresses hashes to go by, this is technically infeasible. Now imagine that the pizza shop is expecting deposits from multiple customers. It would be a total nightmare for the store employees to match transactions to customer addresses.
Another ineffective solution used presently is the businesses generating multiple addresses, one for each customer or order. This is a tedious and cumbersome process for small businesses to manage, as it leaves them with an ever-increasing number of addresses to manage over time. This is another non-solution to this problem.
Key Features
Using CRyptoCurrency Has Never Been Easier
Once users discover other and contents on the network, they will be able to freely chat with them over peer-to-peer connections.Transaction can be sent over the wallet interface or directly from chat
Payment solutions for merchants.
Friendly usernames and transaction metadata give us the power to deliver customized solutions businesses need to make accepting payments in cryptocurrency easy. Our solution for merchants is a Point of Sale (PoS) systems which make managing sales, orders, and customers a breeze
Powered by search and discovery on blockchain
cryptocurrency users today have to deal hashed addresses, QR codes, and other contraptions. this creates friction and makes cryptocurrencies seem foreign to average user.
Wit Tip Blockchain, users and businesses can register usernames which can then be searched and discovered by other users. they will the be able to transact in a fast, easy, and user-friendly ways.
Tip Blockchain enables ease of use by discovery on the blockchain!
The Solution: Tip Blockchain
Before we get into the details on how the Tip solves the specific problems presented above, let us first understand the solutions the platform provides.
High Level Overview
Human-friendly
Addresses The first solution presented by the Tip is unique, user-friendly addresses or address aliases. Each address on the Tip Blockchain is created from a cryptographic hash, just like with Bitcoin or Ethereum. However, this is an implementation detail users should not have to care about. With Tip, users will be able to create human-readable names or aliases on their accounts and transact using these aliases. The network maps the alias to the corresponding address, so transactions are routed correctly to the intended recipient.
An analogy to this issue is if users had to find websites using IP address instead of host names. This would have been an untenable situation that would have hampered mass user adoption of the internet. The Domain Name Service was created, which maps human-readable names such as google.com to the IP address 172.217.1.174. Just as hostnames were a critical feature for mass adoption of the internet, user-friendly address aliases are a critical requirement for mass adoption of cryptocurrency.
Transaction Metadata
In addition to address aliases, Tip also provides the ability to attach arbitrary metadata to both accounts and transactions. Actually, attaching an alias to a wallet address can be thought of as a special case of attaching metadata to an address. This metadata can be protocol dependent, such as an alias, or arbitrarily specified by the user. It will be stored in the form of key-value pairs. This metadata would allow for the storage of arbitrary data the user chooses to specify.
Metadata storage on the Tip Blockchain will support both private and public data. Public metadata will be stored in plain text on the network, thus, would be accessible to anyone on the network.
Private data will be encrypted by the account holder and stored on the network. This data can then only be decrypted and viewed by the holder of the private key, the owner of the account.
Discovery
So now we know that data can be stored alongside addresses and transactions. What can this data be used for?
The Tip Blockchain is a fully indexed, searchable platform. Users will then be able to discover other users and new content on the network by searching through the data using client applications. Network nodes will expose a RESTful API that store and access this information on the network. Decentralized apps (DApps) can then be built to use this RESTful API to discover information. DApps will be able to create their own custom fields and protocols to extend the usability of the platform.
Peer to Peer Instant Messaging
The first DApp built on the Tip Network, by the Tip team will be a wallet app, incorporating several features of the platform. Account aliases, search and instant messaging will be bundled into this wallet application. Instant messaging will be a central feature of the application, as the primary goal of Tip is to drive mass adoption of the Tip Blockchain, and instant messaging provides a way to do that. Users will be able to send transactions directly from within messaging conversations, or by using the traditional wallet interface.
Users can also find other users or businesses by username (alias) by searching the network, and by adding contacts from their phone's address book. Various messaging formats will be supported, including:
Point-of-Sale System
At the other end of the spectrum the cryptocurrency adoption problem, is businesses. The solution Tip provides to businesses will be another DApp, built specifically for retailers.
This is a point-of-sale system, which will include features such as:
Transaction management
With the example problem defined earlier, having gone over the high level solutions provided by Tip, we are now ready to consider how Tip solves those issues presented.
Peer to Peer Cryptocurrency
Transactions In the first scenario, Bob needs to send Alice a cryptocurrency transaction to pay her back for lunch she bought him. With the Tip solution Bob has a few options:
Small Businesses Accepting Cryptocurrencies
With the Tip solution, Gino's Pizza can put their account alias, @GinosPizzaBaySt on their website. Regulars visitors will get to know the account name off hand. This will also make it possible to take orders over the phone, paid for by TIP Token.
Gino's Pizza will also be able to tie transactions to specific orders or customers using the Tip point-of-sale system.
Contextual Information Around Transactions
Tip Network's transaction metadata fields, allow for additional information to be attached to transactions, which can be used for arbitrary reasons. One obvious use-case of this would be to send identifying information along with transaction.
In the case of Bob ordering pizza over the phone, using the customer management feature of the point of sale system, Gino's Pizza can send a payment request to Bob. The payment request will contain all the information needed to settle the order. Using the Tip wallet app, Bob will be able to attach this order number to the transaction. The wallet app will append the following transaction metadata:
Once the transaction is received at Gino's Pizza, the point-of-sale System at the pizza shop is immediately able to identify the source address as customer Bob's, and the order this transaction is associated with. The order is then settled with no further work needed on the part of store employees.
The flexibility of the Tip platform means that various customized DApps can be built. These are just some examples of what is possible with the platform. Developers will be able to create a limitless number of applications to utilize the power of discovery on the Tip Blockchain.
The Tip Token
The TIP token, is the unit of account on the Tip network. It is the native currency on the network, thus is used to pay for transactions, storage and other services on the network. TIP is a utility token that the users will be able to use it to:
The Tip platform provides an ecosystem that will allow users to purchase both digital goods and services on the platform, and also tangible goods in the real world from merchants that accept Tip token.
Token Distribution
Total Token Supply - 1,000,000,000 TIP
60 % Token Sale
8% Bounties
10% Team (Lockup)
5% Advisors (Lockup)
17 %Company Reserve (Lockup)
Token Sale
In order to generate financing to fund the research, development, and marketing of the Tip Blockchain, Tip Inc will be launching a sale of TIP tokens which will be open to the general public. Users will be able to purchase TIP tokens using Ethereum tokens (Ether). The sale price for Tip will be 1 ETH = 10,000 TIP, or 1 TIP = 0.0001 ETH.
The token sale will run for four weeks. During this time, 60% of the total TIP supply will be available for purchase by the general public. Any unsold tokens will be burned.
Bounty Program
Besides purchasing TIP tokens during the token sale, users will be able to acquire TIP tokens by participating in bounty programs that Tip will be launching. More information about bounty programs will be announced on our social media profiles.
Token Emission
Token emission is the rate at which new tokens are generated. In blockchain projects, token emission plays a very important role in securing the network. Public blockchain networks are secured and kept running by operators who run nodes to confirm transactions. As stated earlier, TIP uses the Delegated Proof of Stake (DPOS) consensus protocol, where delegates are responsible to processing transactions and securing the network. These delegates are rewarded by collecting the transaction fees in blocks they process, as well as the block reward for blocks they mint. The block reward is the reward delegates receive for creating new blocks.
Allocation of Funds
Token Price Structure
Competitive Advantages
Next, we will cover other blockchain solutions that provide a subset of the features provided by Tip. We will then indicate how the Tip solution compares with those other projects.
ENS: Ethereum Name Service
ENS offers a secure and decentralized way to address resources both on and off the blockchain using simple, human-readable names.
ENS eliminates the need to copy - and worse, type - long hexadecimal addresses. With ENS, you'll be able to send money to your friend at 'aardvark.eth' instead of '0x4cbe58c50480...', interact with your favorite contract at 'mycontract.eth', or visit a Swarm-hosted site at 'swarmsite.eth'
While ENS is a step in the right direction, by moving away from cryptographic addresses, it is not really a platform targeted at the average non-technical user. ENS is akin to the internet's Domain Name Service (DNS), in that webmasters and site operators are the only ones who are concerned with the service. Everyday internet users do not know how to use DNS, and largely, do not even know of its' existence. To use ENS, users have to buy names on third-party sites as webmasters would buy domains on GoDaddy. ENS does not provide an ecosystem that makes name registration easy and straightforward. Also, after names are registered, there is not much that users can do with these names.
Tip is a better system than ENS because we provide an ecosystem where users can easily register names, search and find other users and businesses, and transact freely and easily using the apps in our cohesive ecosystem. Usernames are also stored on-chain, so any Dapps built to interact with the Tip blockchain will have access to the usernames, without having to rely on an external service like ENS.
Status Network
Status is an open source messaging platform and mobile interface to interact with decentralized applications that run on the Ethereum Network
Status offers various features such as human readable usernames and instant messaging. While these features are a step forward in cryptocurrency, without true discovery, the applications of this technology are limited. Also, by not providing any solutions to businesses, half of the problem of cryptocurrency adoption remains unsolved.
KIN: Kik Network Token
Kin token is the token released by the Kik platform as the primary currency used within the Kik chat app and the Kin ecosystem.
Kin provides a decentralized ecosystem of digital services, where users can exchange value. The Kin cryptocurrency is currently integrated into the primary purpose of the Kin platform is to serve as a rewards engine for Kik's existing messaging platform. Based on the Kin whitepaper, Kin token is used primarily within the Kik ecosystem, and not a general mass adoption cryptocurrency.
While the Kin cryptocurrency is an exciting project, by not having solved the issues of discovery mentioned in this whitepaper, such as friendly usernames and on-chain discovery, the obstacles to mass adoption will persist.
Telegram
Another cryptocurrency project that has generated a huge amount of publicity is the Telegram Open Network (TON).
Telegram is a messaging platform which boasts over 100 million users. While a lot of information about this project is not presently available, Telegram is expected to launch a token sale to fund the creation of a blockchain project with features including:
Mass market adoption of cryptocurrency needs to happen now. Which is why Tip Network is focused on solving the most pressing issues pertaining to user adoption, and have a solution out to market ahead of the competition.
From the above comparisons, it is clear that Tip Network provides the most value to the user in terms of the holistic approach we are taking towards solving the problem of cryptocurrency mass adoption. While the ability to send cryptocurrency over chat is a neat one, we believe that coupled with the other features we propose, such as on-chain transactional metadata supercharged with discovery provide a multitude of everyday use-cases other chains can just not support. Thus, Tip Network is obviously superior to anything in the cryptocurrency space in terms of solving the mass adoption problems
ROADMAP
Conclusion
Tip proposes innovative solutions to the problems users face in using cryptocurrency for day to day transactions. We do this through the power of discovery on-chain, and building applications that harness the power of discovery on-chain to create customized solutions for end users and businesses. Discovery is made possible by a blockchain that supports storing arbitrary metadata off-chain in IPFS, and indexing this data on-chain so it is searchable and discoverable by end users and decentralized applications. This provides an extensible platform on which various other apps can be built to utilize this data stored on-chain.
The first decentralized app built on the Tip Network is the Kasakasa wallet, which supports address aliases or usernames, and makes sending transactions as easy as sending an instant message. The second application, targeting businesses is the Tip point of sale system, Sika, which makes receiving cryptocurrency payments as easy as using other point-of-sale systems retailers are used to. With these solutions in place and the solid foundation of on-chain discovery, Tip is poised to be at the helm of the cryptocurrency revolution.
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