The main aim of Tierion (TNT) is to build a universal platform for data verification. This is directed at solving system problems susceptible to hacking, since most information in the 21st century is stored digitally. This platform works by creating a proof that links data to a transaction on a Blockchain, anchoring. This proof enables anyone with permission to verify the data’s integrity and timestamp without reliance on trusted authorities. A data recipient can often verify when the data was created and view whether modifications have been made.
Tierion, which was launched in 2015, has become a widely used platform to anchor data to the Blockchain. The key innovation that has attracted the wide acceptance is the concept of making it simple to anchor a virtually unlimited amount of data to a single Blockchain transaction. The first standard proof format for anchoring data to Blockchain was pioneered by Tierion via the introduction of chain protocol.
The History of Tierion
Bitcoin’s security model had some shortcomings;
A. Scalability: One document hash was published per Bitcoin transaction B. Cost and inaccuracy: Bitcoin’s block time accuracy is ± 2-8 hours
These are some of the limitations that made it impractical and costly to anchor large data volumes in the Bitcoin Blockchain. As a result, Tierion was introduced to overcome these obstacles. Through the introduction of chainpoint, Tierion made it simple to link a large amount of data to a single transaction on the Blockchain. The standard proof format provided by chainpoint enables open source tools for the creation and verification of Chainpoint proofs.
Price Volatility of Tierion
Tierion is different from other Blockchain systems since it has chainpoint which is designed for virtually an unlimited scale. Chainpoint targets an inexpensive market and is free for most network participants. This is lucrative hence many users are adopting this Blockchain system.
Tierion was first released in June 2015 when the Blockchain system was still a very new concept in the financial system. At that time, the cost of anchoring data into the Blockchain was approximately $0.03 USD which has increased over 100 times between 2015 and 2017. Tierion has provided a cheaper alternative for users increasing its demand and price since its ICO.
Tierion introduces economic viability to the Blockchain system especially in anchoring large transactions to the Blockchain. This gives it a bright future in wealth creation and reduces the volatility associated with cryptocurrencies.
Tierion Tokens & How to Use the Network
Network participants are incentivized by the Tierion Network Token (TNT) to operate and ensure the network infrastructure is secure. Core partners are rewarded with TNT for anchoring the data into Ethereum & Bitcoin Blockchains. The core’s consensus algorithm is important in allocation of tokens as it elects a leader that can create an anchor block, which requires participants to spend Bitcoin or Ethereum to publish a transaction. In addition to the block reward, the core member receives tokens paid to the core for that anchor block.
The Network Time Protocol (NTP) used by chainpont keeps time synchronized with a worldwide network of atomic clocks. A unique identifier is generated by chainpoint for every node it has received. Chainpoint proof has the general outlook of a tree, the hash serves as the root and each branch has a list of operations to terminate in an anchor. The operations are normally performed in sequence to verify proof during transactions. Chainpoint generates a partial proof once anchored to the global calendar hence no need to wait for Bitcoin and Ethereum transactions to confirm.