TrustNote uses a new Directed Acyclic Graph (DAG) based distributed ledger (DAG-ledger), it is designed to “enabling fast and scalable decentralized applications for everyone on every device at a low cost”. In a DAG-ledger, each new transaction confirms at least one previous transaction, transactions are represented as “units” in the graph and are not grouped into blocks. This is in contrast to many classical Bitcoin-like blockchain technologies where the structure of the traditional blockchain is the bottleneck that hinders the technology from improving its concurrency. In a DAG-ledger, because there is no block, there is no block size issue. By decoupling branch selection and double-spending detection from transaction verification, and allowing nodes to verify transactions in parallel, in theory, a DAG-ledger can achieve unlimited scalability.
TrustNote is similar in design to and influenced by DAG-ledgers like Byteball and IOTA. TrustNote takes the commonly used DAG consensus model a bit further and on the top of it, a proof-of-work based consensus scheme (TrustME consensus) is proposed to encourage fair and trustable witness node selection through mining. Most of today’s DAG-ledgers have no incentives like mining. Without proof-of-work based incentives, it’s much harder to achieve decentralized consensus and often weakening the consensus on which it is based. Inspired by DASH’s two-tier network architecture, TrustNote is trying to combine proof-of-work consensus and DAG ledger structure all together, building a more scalable and more secured distributed ledger system.
TrustNote’s crypto-currency is called “TTT”, TTT will be used in transactions and as mining rewards. TTT’s unit is called “Note”, often specified in Mega Notes (MN). A fixed supply of one billion (1,000,000,000) MNs will be distributed and no ICO is planned
TrustNote’s main chain is expected to support mining by Q3 2019, while users can download the mining client and apply to become a super node, super nodes can become miners by participating the TrustME consensus and then get rewarded by issuing valid attestor units. Initiate transactions or issue tokens on TrustNote’s main chain will cost you some TTT Notes. You can buy TTT Notes from some of the cryptocurrency exchanges. TTT is now tradable with BTC and ETH on Bit-Z exchange since April 26, 2018. There are some other exchanges such as a.mom also listed TTT as well. More to come and we will keep you informed here. For those who like to do some test, you can get TTT Test Notes for free. TTT Test Notes can be used to issue tokens and pay for the transaction fees on TrustNote's testnet, however, it doesn’t work on the main chain.
TrustNote is largely based on Byteball’s source code but also inspired by many other open source projects such as Bitcoin, DASH, IOTA, and Hyperledger Fabric.