Trestor to bring Bitcoin-like digital currency in India

The Trestor Network is a decentralized peer-to-peer payment network that is powered by its users with no central authority.

Written by Debashis Sarkar | New Delhi | Updated: December 11, 2014 8:35 pm
Trestor to bring Bitcoin-like digital currency in India The Trestor Network or T-Net, is a decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

Trestor Foundation, a non-profit private organisation, is looking forward to enter the digital currency market in India. It enables digital money along with a complete new payment and market system. Trestor aims to help under-developed and developing countries uplift their economies.

The Trestor Network or T-Net, is a decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

Kunal Dixit, Founder, Trestor Foundation. From a consumer perspective, T- Net is a computer program or mobile app that provides a personal digital wallet that allows a user to send and receive Trests with them. “Using Trests is as simple as using email or WhatsApp. Beyond this, the users are benefited with facilities such as; faster and cost efficient to transfer, Trests can be transferred at minimum (close to zero) fees. They can be easily sent to anyone, anywhere in the world without paying up to 55 – 60 % transaction fees,” said Kunal Dixit, Founder, Trestor Foundation.

Like Bitcoin:

T-Net is an open source, peer-to-peer network

T-Net transactions are irreversible, sent over the Internet, and counterfeit proof

T-Net uses an advanced form of the same underlying cryptography as Bitcoin

T-Net nodes can be run by anyone

Unlike Bitcoin:

T-Net transactions are fully confirmed in seconds (Bitcoin takes ~ 10 mins)

T-Net allows usernames for accounts (Bitcoin has long 26-35 digit alphanumeric addresses, these are impossible to memorize)

T-Net solves the double spending problem with consensus instead of proof-of-work (which is used by Bitcoin)

Consensus is the process by which the entire network agrees on the same Ledger. It is what keeps everybody on the same page.

Valuation:

“Trests are short for Trestor Donation Receipts (TDRs). Instead of issuing paper receipts to our donors, we issue electronic receipts aka ‘Trests’.  On the date of launch, January 5, 2015, the price of 1 Trest would be equivalent to 1 US cent. That is, you can buy about 160 Trests with a 100 Rupee note. The price would then change depending upon relative demand and supply,” said Dixit.

Trest have properties resulting from the system’s design that allows them to be subjectively valued by individuals. This valuation is demonstrated when individuals freely exchange Trests over the exchanges. Trestor Foundation has a mandate to keep the market for Trests deep and liquid, this helps in price stability. Trestor Foundation is the buyer of last resort in case of a market selloff; it is a seller if the market gets too heated, added Dixit.

Is it a digital bank?

“Trestor is neither a ‘brick and mortar’ nor a ‘digital’ bank because we are not a deposit taking institution. If a donor donates money to Trestor, she will receive ‘Trests’ i.e. our donation receipts; In exchange, the ownership of the donated capital shifts from her to Trestor Foundation. Her ‘Trests’ carry a certain market value, she can choose to either keep them or exchange them for Rupees over any of the major cryptocurrency exchanges,” said Dixit.

Revenue model:

“As a non-profit our priorities are towards fulfilling our mission ie. to create the most efficient Money, Payment and Market system for the world. Therefore there are no transaction fees for making any transaction over T-Net. We would be launching many other exciting products in 1st quarter of 2015, all of those would be free to use, we would not be charging for any other additional services / product development. Just like Wikipedia and Mozilla Foundation, a part of our donation capital would help us take care of our operating expenses and rest would be utilized to further our mission,” said Dixit.

T-Net goes live on January 5, 2015. Users can download the app on their smartphone or computer.

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  1. I
    Isreal
    Dec 6, 2016 at 5:05 am
    RupeeDigicoin is digital currency to send, receive payments, no need to access with your net banking, debit or credit cards. You can generate free RupeeDigicoin by coin drops methods.
    Reply
    1. R
      rajsolanki
      May 30, 2015 at 12:15 am
      Trestor is a scam. It's a altcoin like 100's of other cryptocurrency, made for pump and dump by kunal dixit. It doesn't adds anything special in cryptocurrency world. Please do not donate a penny to these scammers who are running this scam behind a panama based "private non profit foundation" and want to scam your money by calling it a "donation" which can not be returned in any case. Fore more info please search Trestor scam on google.
      Reply
      1. A
        Ambalika Dowerah
        Dec 12, 2014 at 5:14 pm
        How do I get trest?
        Reply
        1. P
          ParsnipCommand
          Dec 11, 2014 at 8:19 pm
          This will get blown away by Bitcoin's network effect within a few years. One of the big things about Bitcoin is that it has more processing power securing its network than all the computers of the world combined. It is VERY secure. Not only that it has a mive market cap, and tons of users, VC money, and amazing projects coming out (MaidSafe, Storj, Factom, side chains, etc)
          Reply
          1. V
            vishavpreet
            Dec 13, 2014 at 10:07 pm
            A great initiative, Good Luck. I hope it'll be a great help to many people like me.Look forward to its launch....
            Reply
            1. D
              DD
              Dec 12, 2014 at 5:36 pm
              Sounds great, would love too see their white paper.
              Reply
              1. M
                Manmeet Singh
                Dec 12, 2014 at 4:39 pm
                Finally India is leading some technology innovation, instead of doing outsourced tech!
                Reply
                1. M
                  Manmeet Singh
                  Dec 13, 2014 at 3:56 am
                  Sounds great, would love too see their white paper.
                  Reply
                  1. N
                    Naseem
                    Dec 13, 2014 at 6:15 am
                    This concept is amazing
                    Reply
                    1. A
                      Abhay
                      Dec 12, 2014 at 11:45 am
                      Is Trestor an Indian startup?
                      Reply
                      1. A
                        Abhay
                        Dec 12, 2014 at 1:18 am
                        Nice article, Is Trestor an Indian startup?
                        Reply
                        1. P
                          Parneet Grewal
                          Dec 13, 2014 at 3:41 am
                          Finally India is leading some technology innovation, instead of doing outsourced tech.
                          Reply
                          1. R
                            Rubanjit
                            Dec 12, 2014 at 12:09 pm
                            This is ground breaking stuff
                            Reply
                            1. S
                              Stephen Gornick
                              Dec 12, 2014 at 4:35 pm
                              Bitcoin's protection against double spending exists thanks to proof-of-work (PoW) and a mining network that would requires several hundred million dollars of hardware to disrupt. This altcoin does not use proof-of-work and does not have Bitcoin's mive mining network as protection.The worst thing you could do is convince poor people to commit their very limited means to some altcoin that has insufficient protection.
                              Reply
                              1. J
                                Johnny
                                Dec 23, 2014 at 10:54 pm
                                Consecus ...more like copy from Ripple, what don't you just become a gateway at Ripple and let them make you successful
                                Reply
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