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What is Time Coin Protocol?

BitForex Editor
Feb 22, 2021

Time coin protocol (TMCN) is a solid decentralized protocol that makes it possible for developers to operate decentralized applications with the help of the Ethereum blockchain.

Since the TMCN emergence, corporations or rather individuals have been able to not only build but also share an economic application of their choosing. With such access, people feel a bit more secured as they can now share their own data across this efficient platform with the knowledge that they will be rewarded with a better service.

Furthermore, it is important to make it known that the Time coin protocol (TMCN) intends to release at least two decentralized apps. The two intended apps are; eSportStars and TimeTicket.

Just as the name implies sports, it focuses more on professional esports players, plus players who aspire to become professionals around the globe. Additionally, it isn't limited to just these sets of people, but also it is open for the masses. With this service, opportunities are being granted to players in order for them to locate suitable opponents to battle with. Also, it makes it possible to compete in popular esports games that are well recognized across various geographical zones.  

The second decentralized app is the TimeTicket, which is somewhat different from the eSportStars. The Time Ticket is well known given the fact that its main purpose is to create a link between people who intend to not only exchange knowledge but also buy and have skills sold. Once the users have come to terms with what they intend to do, the blockchain can come into play being that it would make transactions more objective.  

In addition, the dApp version of the TimeTicket would mainly draw attention towards the Chinese and also India with other regions considered.  Furthermore, the dApp users will be granted the Time coin token (TMCN). Time coin intends to be used as a payment token, one that dApp would certainly be appreciative of.

Reasons to build on Time coin protocol

First of all, it is important to know that there are many reasons to build on the Time coin protocol (TMCN). Also, with the way people are scouting for a fairer sharing economy, TMCN grants its users an opportunity to achieve or work on that. Moving ahead, below are just a few reasons to build on Time coin protocol 

1.Allows you to be part of a fairer sharing economy: Some of the sharing economy platforms are Fiverr, Upwork, Uber, and Airbnb. With all these tussles, it posses a struggle for competitors to bring in buyers and sellers. Leading sharing economy open space becomes the center of control or monopolies. This is an advantage to them, one in which they make use of extract a huge portion of the value. The sharing economy has been slated to attain a value of around $335 billion come 2025, while the gig economy is also set to attain a lot higher figure of $2.7 trillion.  

2.The development is easier with Time coin protocol ADK

3.Decreased user acquisition cost as a result of the mobility of users between decentralized apps (dApps)

In addition, some of the things time coin protocol does are:

1.Transaction fees are greatly reduced

2.Service providers operational cost and development is brought to the barest minimum

3.Since value is being created, it redistributes it back, but in a greater proportion.

4.User metrics and other data across decentralized apps are efficiently utilized.

Time Coin Protocol Infrastructure

Some of the key components of the Time coin protocol are:

1.Decentralized applications (dApps): On the dApps, the sharing economy comes into effect through the peer-to-peer trading of not only goods but also services.  

2.Timecoinprotocol: An open-source community responsible for the managing of the decentralized sharing economy protocol.  

3.Interplanetary File System (IPFS): Ths IPFS is a distributed storage facility that is responsible for the handling of products and service information for decentralized applications.  

4.EOS Blockchain: Within the TMCN ecosystem, anyone can design a dApp with the help of the developer framework given, and have the Timecoin token integrated.  

Use Cases

The TMCN speeds up the open development of virtually any kind of sharing economy service. With such freedom, developers can create tons of sharing economy dApps of their choice. Some of the applications possible to be built or created on top of the TMCN are:

1.A student who is struggling or experiencing difficulties with a subject at college. The said student can reach out to a tutor at TMCN who can assist in closing the Knowledge gaps and create room for his or her busy schedule which is already occupied with various activities.  

2.A professional in a good field is having difficulty in his current job, With the help of TMCN he connects with a  consultant that polishes his resumé. Later on, he secures a job interview. Using TMCN, he reaches out to an advisor to help out with some interview tips to help secure the job.

3.A graphic designer is determined to expand his craft to reach out to more audience. Using TMCN, he successfully promotes himself and by so doing more audience becomes aware of this craft.  

Security

TMCN is highly secured being that it watches out for fraudulent posting of both products and services. Thereby taking strict action by excluding fraudulent sellers. Also, TMCN makes use of artificial intelligence (AI) fraud detection technologies to expose fraudulent use on its platform by analyzing patterns of the past. With such measures put in place, the doubt of security is being erased, making it a highly secured platform. Also, another enjoyable feature is that it lets its users report fraudulent members so that action can be taken on the perpetrator by the member of the team.  

In conclusion, the Time coin protocol creates the platform for future work, community and corporation would function on. With these, there is a more robust or free system for users to not only make transactions but also interact. Additionally, with TMCN barriers for entry to economy sharing is lowered, making it accessible to the audience from various areas of the world.

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