Today we take a look at the TravelFlex blockchain which is trying to solve the problems if bitcoin and Ethereum to create a highly scale-able blockchain network with thousands of transactions per second.
Their Project: https://travelflex.org
Whitepaper: https://travelflex.org/whitepaper.html
So overall the TravelFlex project is a decentralized social travel network and payment system. Travelflex is a new currency aimed to solve the scalability issues of Bitcoin and Ethereum by creating a new blockchain with a DAG based algorithm ready for scaling.
Travelflex is a new cryptocurrency aimed to solve the huge scalability issue cryptocurrency is currently facing. It is not a clone of any token, it’s actually an original new DAG based proof of work algorithm running its own travelflex blockchain. While the coin is used for travelling, it can actually be used for almost anything that is payment related so it’s considered a multipurpose platform.
Primarily Travelflex is aiming to connect the travel industry to the blockchain to make travel financially cheaper and more secure, because as we all know travelling could always be cheaper. As a payment system, a physical travelflex card can be loaded and is usable as a debit or credit card. The platform even supports modern printable cheques for adoption purposes.
Alongside the development of their platform and the adoption of miners and transaction verifiiers, The travelflex card is aimed to be distributed in Q3 of 2018 and will be usable at ATMs, as well loyalty programs will be developed similar to frequent flier miles and travel points and easily usable on the travelflex system.
In terms of speed and scalability of travelflex, Unlike a block time of 10 minutes in Bitcoin, the block time for Travelflex is only 1 second, 100 times faster. and the Travelflex blockchain does run its own proof-of-work coin and miners will be able to mine coins from the start of the travelflex genesis block. The mining algorithm is ASIC resistant decentralized mining type and uses true GPU mining for a proof of work coin that wont be as prone to centralization.
With TravelFlex you can even mine TRF coins from a smartphone using the mobile app and that same app has a built in wallet s there’s no need for external wallets. The app also has integrated friends lists and live chat, social media, NFC to chat with other travelflex users and 24/7 support.
Travelflex payments also have an escrow service to keep your funds safe until you accept any payments, and locks the price at the current market price when you start a payment.
Travelflex is trying to increase the amount of transaction that can be verified by the network so thousands of people around the world can pay in cryptocurrency at the same time and it all works. Currently in Bitcoin and Ethereum, no more than 20 to 30 transactions can be verified in a second, creating a large backlog of transactions that then need to wait a while before they become valid. Not good when you buy something at a store and it takes an hour to verify the payment. Even IOTA, another blockchain in the top 10 coins can only do up to 800 transactions per second. Travelflex can do 12 to 1400 transactions per second and the number increases as more users adopt the system.
The team behind Travelflex includes CEO Peter Hoogslag who started Bitcoin mining in 2011 and knows about all aspects of the cryptocurrency world from mining to trading before starting Travelflex. Bing Hayashi is the head of engineering and back-end software developers working on blockchain and smart contracts. Marcel Hoogslag is the VIP of finance and has been responsible for managing every aspect of pharmaceutical companies globally Alongside a team of developers and marketers.
Travelflex is having an ICO as a part of further project development funding, so let’s break down the details. There are 100 million TRF coins for sale. 95% of the coins are sold in the public sale and 5% goes to bounty participants. Unsold coins will be burned with proof of burning. The team will keep no coins for themselves, and they don’t hold any other tpremined coins. They are basing their reward system on Zcash, where when TRF coins are mined 90% will go to the miners, 2% to charity, and 8% to the founders. After 4 years , the span of the Bitcoin halving reward rate, the founders will no longer receive any minted coins and the mined coins go directly to miners and charities.
The coins will come with a compatible wallet. There’s also a chance where 5 winners will receive island vacation packages or an all inclusive trip if you get a TRF coin with a unique number matcing the prize.
This token metrics model was likely designed to try and avoid pump and dump style markets that can come with heavily weighted founder distribution and to ensure the team are backing it for years to come. If you want to learn more on the travelflex blockchain, their mining algorithm and their ICO, check out www.travelflex.org.