Altcoin Spotlight: TTC (TTC) – A Blockchain Fit for Mass Adoption?
TTC is self-described as a blockchain for mass adoption. After launching in late 2018, the coin embarked on an incredible 2,247% moonshot which coincided precisely with the launch of the TTC mainnet, and its departure from Ethereum.
That was back in March, and the coin price of $0.226 at the time remains TTC’s all-time high to date. But from there the only way to go was down, and as recently as August 22nd it sunk back down to the $0.03 range. That marked an 83% drop since April 1st.
That proved to be some kind of bottom for the time being, because in the past 24 hours the coin rebounded to the tune of 106%.
With TTC looking like it may have completed its inevitable bleed-out from its all-time high, now might be a good time to look under its hood.
What is TTC?
According to the documentation, TTC is a blockchain fit for mass adoption, and specifically for the millions of social network/internet users it intends to bring on board.
“TTC Protocol is a blockchain protocol for active social networks, or any online community.”
Initially built on Ethereum, CEO and founder Brian Cheong described the need to find a consensus algorithm that would be able to scale instantly. What they came up with was something called Multi-tier BFT-DPoS (Byzantine Fault Tolerance/Delegated Proof-of-Stake).
Cheong stated in a February Medium post that TTC’s blockchain has to be able to handle at least 30 million users:
“…the combined number of users from all TTC Alliance DAPPs are the actual user base of the TTC Ecosystem. As of now, the TTC Ecosystem has 30m users awaiting TTC rewards once the main network Rigi is launched.”
The Rigi mainnet was launched successfully on March 31st – the same day TTC surged to its all-time high. More recently, the coin was picked up by the GOPAY app, which allows for crypto payments in 40,000 Korean stores, including the country’s largest department store, Lotte.
DeFi – Decentralized Finance
A recent article on Ethereum ran down the project’s wide range of DeFi (Decentralized Finance) services, which ranged from decentralized loans to insurance platforms.
TTC also delves into the realm of DeFi, and in July launched the Tigris Protocol. This enables users to loan out their coins and earn interest, and also introduces staking rewards. The Tigris launch also brought with it the release of a physical debit/credit card backed by the user’s own assets.
Brian Cheong revealed in a recent AMA that the debit/credit card was an attempt to draw users in with the traditional banking paraphernalia they’re already familiar with. Cheong admits that the conversion from centralized to decentralized finance won’t be an easy one.
“We do not expect the general public to seamlessly utilize Tigris Protocol from the very beginning as DeFi (Decentralized Finance) could be a tricky concept to grasp… Currently existing DeFi services carry a much complex logic and mostly require third party wallets to use their services.”
TTC doesn’t require any third-party wallets, and all of its aforementioned features can be accessed from its own TTC Connect wallet app.
By the Numbers
The Telegram channel has a beefy 49,000 members. That channel is currently very active owing to a lockdrop that commenced recently, on August 20th. This lockdrop sees users lock-up their TTC coins and get CLAY in return. CLAY is one of many tokens currently active or being developed on TTC, along with Acorn (ACN) – a token for tipping TTC’s social network members.
Worryingly, the team’s Twitter page is currently showing ‘Account Suspended’. No information can be found about why that is, but the Medium blog and Telegram channel continue to be updated in the meantime.
Just under half of the 797.8 million coin supply is out in circulation. According to the documentation, the entire TTC ecosystem features 60 full-time employees, with 40 working on TTC specifically.
Ups and Downs
Much like Egretia (EGT), ever since TTC rapidly surged to an all-time high, it’s been a case of watching the slow bleed-out ever since. Egretia fell from the $0.09 range to $0.01 after its all-time high, despite all the hype.
Likewise, TTC fell from $0.226829 all the way down to $0.037487 – an 83% drop. The reason it grabbed attention this week is thanks to the 106% growth it just recorded between August 22nd and 23rd.
A glance at the coin’s trading activity reveals a massive influx of trades from Korean exchange Upbit, with the TTC/KRW pair accounting for 92.94% of the $23 million daily volume. That volume is an 11,400% increase from the day before, when just $200,000 went through the coin. TTC is present on Bittrex, Bibox, IDEX as well as Upbit.
There are over 6,000 cryptocurrencies in existence, and just over 2,400 listed on CoinMarketCap. TTC grabbed attention solely because of its recent price movement – specifically the drop from all-time high, and subsequent rebound. Under the hood, its features are intriguing, but even the CEO admits the bold claims of limitless scalability remain untested in real-world conditions.
A recent partnership with BTC.com – the world’s largest mining pool, bodes well for the immediate future. Watch this space.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.