Company Spotlight: TIP Blockchain

We at BlockX Labs love working with and supporting innovative projects in the blockchain space. On May 25, 2018, BlockX Labs completed a Smart Contract Audit of TIP Blockchain.

In celebration of this, we wanted to offer showcase TIP Blockchain by interviewing their CEO and founder, John Warmann for more information about their upcoming project.

1. What does TIP Blockchain do?

Essentially anyone who knows how to use a smartphone can easily use the TIP cryptocurrency. We’ll compliment the Kasakasa light wallet with a cryptocurrency point of sale (POS) system — Sika, making it easy for businesses to accept TIP tokens. Sika will incorporate convenient features present in traditional fiat POS systems, such as order & customer management, sales analysis & reporting. It will allow for third-party integration — integrating with other popular cryptocurrency payment systems so merchants can stick to the system they currently use while enjoying the convenient features of Sika.

Both Kasakasa and Sika will be backed by the TIP Blockchain, the first blockchain to allow storing metadata attached to accounts and transactions, automatically indexing the stored data, making it fully searchable for future use.

2. Why create a this kind of platform? And Why jump on the ICO hype?

One purpose of the ICO is to generate financing to fund the research, development, and marketing of the TIP blockchain. The other purpose is to create a community of early users/adopters of the TIP ecosystem.

3. What makes the TIP Blockchain so unique?

4. When is the ICO?

The Pre-sale with 50% bonus is from July 13–20, 2018

The Crowd Sale with 30%/20%/10% bonuses for the first three weeks is from July 20 — August 17, 2018

5. What were your motivations for starting this project?

6. What are the steps involved in the project implementation?

A core component of the TIP solution is the TIP blockchain. TIP blockchain will have features which enable discovery on the blockchain. Building a blockchain with these advanced features would take a significant amount of time. We believe the solutions proposed will be truly revolutionary in the cryptocurrency space. The problems highlighted are ones that need to be solved immediately, and not in a few years.

Thus, the TIP team will launch the TIP solution on the Ethereum Network initially. This initial solution will use a hybrid model of decentralized network and apps, and a centralized database to solve the problem of discovery in the short term.

Second Stage — The TIP Blockchain

The long-term goal of the TIP Project is to move to the TIP blockchain, where indexing and

searching are supported natively on-chain. Transfer of TIP tokens will also be processed on the TIP blockchain, and not on Ethereum. This has the result of removing the centralized database and replacing that with the fully decentralized TIP Node network and Interplanetary File System (IPFS). The features of the end-user wallet and retailer point-of-sale systems in phase 2 will be identical to those in phase 1, albeit enhanced by switching to the newer, faster, purpose-built TIP Blockchain.

7. Who are your closest competitors? How are you better?

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’.

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’s current primary purpose 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 solutions 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 launched a token sale to fund the creation of a blockchain project with features including:

● Instant messaging

● Two dimensional distributed ledgers

● Infinite sharding

● Side chains

● Many more features.

This is a very ambitious project which raised up to $1.2 billion to fund the project. This project will undoubtedly take years before a solution is on the market. Mass market adoption of cryptocurrency needs to happen now. This is why the 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.

TIP Blockchain is the only ecosystem that offers a holistic approach, with end to end solutions for end users and businesses, making it easy for anyone to use and accept cryptocurrency. We’re NOT just a wallet, a chat app, or a crypto retail payment system.

9. What is your preferred Cryptocurrency?

10. Who some of your favorite people to read/follow/hear on blockchain and Cryptocurrency?

11. What do you like about blockchain?

Trusting the bank, the government, an authority, usually based on nothing more than their word. If you look throughout history, you will find that this trust has be broken time and again. Blockchain technology allows us to build new structures at are not based on trust, but on open protocols that can not be easily compromised or subjected to human interference. This is what makes blockchain a democratizer, because it takes power from these trusted parties and can be implemented by any individual or organization in a transparent, accountable manner. An example of using this power can be seen money creation, which was a power previously exclusively reserved for banks.

Bitcoin is accepted as money in many countries, yet the value it has is not based on the trust in a government or issuing bank. Another example of using blockchain as a democratic mechanism is in ICOs. ICOs provide an opportunity to anyone, not just investment funds or accredited investors, the ability to invest in early stage startups. These are just two of the ways in which blockchain technology has been used in areas that were previously controlled by trusted parties.

12. What are your long-term goals for TIP Blockchain?

Is there a company you are interested in learning more about? Would you like to partner up with BlockX Labs and be featured on our Blog? Let us know in the comments down below or contact resident Blockchain Consultant Laura Marissa Cullell at lcullell@blockxlabs.com.

BlockX Labs builds developer tools for blockchain ecosystems. We also focus on building solutions for private/public blockchains. More info @ www.blockxlabs.com