Tk is an abbreviation for timekoin. Timekoin is a decentralized cryptocurrency where the production and transfer of coins are secured using a mix of RSA Public-key Asymmetric Encryption and SHA-256 hash algorithms to prevent data alteration or tampering. Decentralized peer networks allow Timekoin transactions with the usage of bitcoin millionaire to be replicated over the Internet so that every peer in the network can access that every peer in the network has access to Timekoin's entire transaction history.
The network's currency is formed via a controlled, gradual time-based function. The Timekoin transaction control and maintenance algorithms are separate from and unrelated to the currency creation algorithms. Statements of up to 64 bytes can be included in the encrypted transaction records as a memo or remark field. Timekoin uses SHA-256 hashing and RSA asymmetric encryption to safeguard transactions, freeing up resources that can be used for network security, transaction processing, transaction history accuracy maintenance, and currency creation.
Any device with the ability to store databases, access the Internet, and execute encryption can join and take part in the tk trading thanks to its distinctive structure. In order to prevent misuse of the advantage of being able to create currencies during a generating event, certain regulations were established for the Tk trading.
1. Election Cycle
Elections happen throughout the day at supposedly random yet regular periods. If just one peer runs for office, that peer is chosen at random. The peer is then included in the Timekoin "Generation List," which is a list of all peers authorized to issue currency and contains their public keys. If so many than one peer applies for an election at once, the election is conducted by using a historical moment to generate a random sequence of letters and digits. After that, the public keys used to seek election are looked for and counted to find the chosen characters. The election is won by the public key that has the most matches (points). To ask for an election by the other peers, there is a network cost. The amount that must be paid to each distinct public key before it can be considered for peer election equals the total number of generating servers.
2. Offline Mode
The money must continue to be produced by elected peers at least once every eight hours. The peer is immediately removed from the Generating List if it goes offline or doesn't earn cash within the allotted time. Any time status obtained through being online is gone, and the peer must undergo the election process again to generate additional cash.
3. Internet Accessibility And Restricted By IP
All peers in the tk trading must be able to access the Internet for any peer who wants to create cash. Only one Internet address at a moment may be used by a peer to create money. This is to prevent attempts to elect fictitious or imaginary peers.
4. Smooth & Slow
The idea of Timekoin's currency production system is to let any peer create currency, albeit very slowly and gradually. This makes it extremely difficult to manipulate the system using a botnet or resources from a huge organization (government, corporation, etc.)
The algorithm for creating money runs separately from the algorithm for handling transactions. Currency generation is the term used in Timekoin to describe the creation of currency. Currency is created at predictable but fictitious random intervals. Timekoin allows a trader's peer to execute a transaction that grants itself currency during currency generation in modest increments, such as 1, 2, or 3 currency units. The maximum sum given depends on how long the peer has been a member of the tk trading. The peer might reward itself more during the cash-generating events the longer it's been online and helping other peers.
Timekoin or tk trading Transactions using decimals are not considered. Any transfer of cryptocurrency from one participant to another is free of transaction costs through bitcoin millionaire. Spending twice is not permitted. Within the network, purchasing transactions from one address to another address are also not permitted. To prevent the network from becoming overloaded, users are only permitted to process up to one hundred transactions at once. Every five minutes, all network peers process the queue of pending transactions.