By Jacek Walewski
We have already written about Polish TecraCoin project here when it was in the preparation phase. Today, the Team that is behind it, can already boast of specific technological solutions. Przemysław Karda, the Managing Partner of the project, told us about this and the near future of the project.
Jacek Walewski: At what stage is the implementation of TecraCoin technology?
Przemysław Karda: Currently, we’re working on changing the algorithm from lyra2z to MTP. This change is significant as using the Merkle tree will prevent mining on devices such as ASIC. Of course, we are aware that the alleged “resistance” may be short-term but nevertheless it’s worth taking steps to secure the network. It’s also an important ideological and marketing factor. The idea of Satoshi Nakamoto is close to us: one computer, one vote.
In addition, a clickable model of new wallet is created at the same time, which will be available for mobile devices. It will be the core to introduce further functionalities in TecraCoin.
I heard, you decided not to rely on existing blockchains but to create your own? Where did the idea come from?
We haven’t created a completely new blockchain but we rely on the Zcoin, Dash and Bitcoin code. We’re in constant touch with the Zcoin development team. We’ve agreed on cooperation in detecting errors. Undoubtedly, this cooperation is very important and allows us to more freely and safely explore the code.
However, this is not the main reason. There are many of them so I will shorten them not to bore you.
First of all, using the Masternode system allows investors to accumulate TCR and secure their interests in the event of large fluctuations in the crypto exchange. Purchasing a regular token is much more risky.
Secondly, the deposit system allows for the safe accumulation of TCR in the wallet. A combination of MN with the deposit system should provide the annual growth of around 18% in TCR.
Thirdly, the PoW model allows for acquisition of mining community, which will also increase the popularity and range of the project.
Fourth, blockchain based on MTP and Zerocoin protocol allows for greater privacy. It’s very important, especially in the future when cryptocurrencies will become the common way of payment. What’s more, by introducing SIGMA protocol, according to the description of Jens Groth and Markulf Kohlweiss from the University College London and Microsoft Research, users’ confidence in the TCR will increase. Additionally, the Dandelion++ protocol will be introduced.
Fifth, the introduction of Exodus protocol will allow to build a smart contract based on OMNI code, Tether is based on that. This will allow for:
Sixth, voting for further projects for commercial implementation through the wallet. One TCR, one vote. Companies interested in financial support from Tecra, will be able to increase their chances to win the vote, which will increase the TCR market liquidity.
And seventh, probably the most important. Building your own know-how, without the risk of using somebody’s else blockchain in the event of such blockchain will be spoiled, abandoned, cluttered (Crypto Kitties), future claims will appear, any license will be imposed, changes in the code won’t go along with the TecraCoin business line anymore, e.g. turning off the MN function.
I know that steps have been taken to exclude the project from the supervision of KNF ( Polish Financial Supervision Authority). At what stage are you now?
We still haven’t received the reply. We’re waiting.
For now, TecraCoin is available only on one exchange. When - or will it appear on other platforms?
We are on Kanga Exchange, we’ve also had a conversation with BitBay and we’ve been invited by really large exchanges as IEO. There are a few solutions that we will definitely use but it’s too early now to promise anything. The earliest we will go public is August 2019 but if the market was devoured by a red bear, we will move our plans. We are not business suicides.
Your project is to have the government support. However, the cryptocurrency environment is quite specific, blockchain fans are often people with almost anarchic views. How can the government support help you?
I’m honestly surprised by such opinion of the environment. Blockchain is more transparent than bank transfers. Of course, I’m not talking about cryptocurrencies that are actually private. When it comes to our views, of course, we don’t hide our political orientations, which are very libertarian and aimed at the least possible inference of the state in the economy and life of citizens. This is a form of anarchism but as we know, the idea of anarchism has a very wide political concept. Better if I say for myself, I am a libertarian.
However, we won’t change anything with our views and we act in the state of law, which is why the government support is crucial if we want to influence the establishment of friendly legislation for cryptocurrency in Poland. Of course, we can always be offended by the government but that would be unnecessary and ineffective. There is a military saying: “the worst thing is to fight for the fight itself”. We want to go with the government and introduce changes that will set Poland in the forefront not only of the blockchain market but also of high technologies.
Are you currently carrying out any talks with larger investors or capital groups?
Yes, we are. Prof. Piech helps us in this, for which I want to express my sincere thanks. Besides, the entire Tecra team is very grateful for his support and constructive criticism. I can’t say anything more at the moment, but everything is going well.
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