Terracoin is a cryptocurrency built on the blockchain ecosystem. It was initiated in 2012 The project lost momentum after some time but was revived with the formation of a Terracoin Foundation in 2016. It followed the same attributes as bitcoin but now, the Terracoin Foundation has adopted several new features to enhance the user experience.
The idea behind its initiation is to provide a viable alternative platform for the cryptocurrency users across the world implementing the latest technology. Terracoin improves on Bitcoin in its speed, security, and reliability. Terracoin uses the symbol TRC. A few features that enhance and differentiates it from the other cryptocurrencies include.
The primary aim of Terracoin is to get a decentralized governance. By this, the company intends to enable people with Masternodes to vote and contribute to the decision making. The Masternode owners can put in their ideas which are then put for voting and according to the majority consensus, decisions are taken if the proposal is accepted or not.
A sum of 21,600 TRC tokens per month is fixed for the decentralized governance of which 2000 TRCs are given to the proposal creator if the suggestion is accepted. If the proposal is not accepted, it is annulled and tokens put back into the allocated budget.
It is an algorithm to adjust the mining difficulty. The mining difficulty was at 1024 blocks till the first hard fork. This was creating possibilities of manipulations and benefiting groups to complete and get rewards faster. DGW changes the difficulty level at every block stage enhancing the security as well as steadying the network.
Members owning 5000 TRC can run a masternode. This allows them to put a proposal and vote on a proposal. They are compensated with rewards which are decided on per proposal to enable them to Instant Send and Private Send. The Terracoin rewards are fixed at 10 TRC tokens which will reduce to half after a few years. Miners are allocated 45%, Masternodes another 45% and 10% is reserved for the Decentralized Governance.
The company proposes to set up a Terracoin Masternode foundation to assist the miners that are unable to afford a masternode on their own. The foundation will also accept donations to give away for development purposes to the underdeveloped nations and for cancer research. Terracoin is future ready to improve with developing a technology. It is a blend of both bitcoin and DASH code ensuring enhanced reliability and security.
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