Terracoin (Crypto: TRC) is a decentralized, community-centric crypto intent on becoming the world’s most scalable and user-friendly payment system. The long-term goal is to reach mainstream adoption while remaining committed to the community’s overall purpose of helping people. The sustainable self-funding communal governance model empowers the Terracoin community with the resources needed. Plus, Terracoin users are in full control of how the funds are spent since they can vote on how to disperse the funds.
One of the Original Cryptos That Still Exist Today
Terracoin was created in 2012. While that may not sound like too long ago, Terracoin is older than 99.7% of the thousands of cryptos created. However, what makes the coin particularly impressive is that it has clearly stood the test of time while also actively adding next-generation features along the way. Terracoin’s ability to stay relevant over all these years is very rare indeed, since hundreds of cryptocurrencies no longer exist. This proven staying power and adaptability gives crypto enthusiasts confidence in Terracoin.
While Terracoin has been around since 2012, the crypto went through a couple relatively inactive years before a nonprofit organization called The Terracoin Foundation spotted the potential in February of 2016 and adopted the future development and support of the coin. Since then, they’ve added and improved its features and network security to make it a coin worthy of wide-spread adoption.
Community Governance Model with Self-Funding
By pairing self-funding with a decentralized governance structure, the coin is sustainable and the community members are empowered. 90% of the block rewards are split between the masternodes and miners, while the remaining 10% is reserved for the communal budget. Any user with 5,000 TRC in a digital wallet and a VPS server can reap the TRC rewards of a masternode and vote on proposals, while simultaneously helping to support the Terracoin network.
Terracoin has no central authority. Instead, the community is in full control of the future direction and application of Terracoin. The benefit of a community governance model is that the community is naturally incentivized to make decisions that benefit the community, and thereby decisions are made that also benefit the future of the coin.
Retains the Core Components with Proven Success
While Terracoin has multiple improvements over Bitcoin (and continues to introduce new features), it also retains the key features that make Bitcoin great. Terracoin is built on irrefutable blockchain technology. Like Bitcoin, there is a total supply of TRC (42 million), which establishes value since infinite inflation isn’t possible with a finite supply.
Terracoin, like Bitcoin, is a nonpolitical, completely decentralized peer-to-peer network that functions without borders since it can be used in any country with access to the internet. But, unlike Bitcoin, Terracoin is making the proper adjustments to stay at the technological forefront.
Essentially Free Transactions
Despite being created around the same time as Bitcoin, Terracoin has the features of a next-generation crypto. The practically nonexistent fees are a great example of this; at 1$/TRC, the charge per transaction would only be $0.0002, regardless of the amount sent.
Not only are these fees significantly lower than those on the Bitcoin blockchain, but also much lower than the 2-5% charge from conventional payment methods, like MasterCard (NYSE: MA) or Visa (NYSE: V) credit cards. Terracoin’s payment method would save businesses of all sizes a significant amount of money (even small businesses that are paying as much as $100,000 worth of fees per year), which is one of the main reasons why Terracoin is an appealing candidate for mainstream adoption.
On top of microscopic fees, Terracoin also has a fast block time of about 2 minutes. Meanwhile, Bitcoin transactions usually take at least 10 minutes (and often much longer) before they are confirmed. Plus, Terracoin has instant confirmations coming soon for lightning fast transactions, which will make it a practical payment method for in-store transactions. Blockchain technology is the future of mainstream payment methods, which is why companies like Overstock (NYSE: OSTK) are turning their focus towards blockchain-related endeavors.
Increased Network Security
By integrating the Dark Gravity Wave algorithm, Terracoin made its chain more secure and block times much more consistent. Terracoin’s Spork feature also helps the coin avoid any hard forks by waiting for consensus before implementing new codes. These are just two examples of how Terracoin is actively protecting its network against various security issues.
A Philanthropic Crypto
The Terracoin community’s main goal is to utilize the network to benefit the world as much as possible. While many of the resources may go into things like development or working towards mainstream adoption by building awareness, these are all going to improve Terracoin, which inevitably aids the community’s overall goal of helping people.
Becoming Part of the Community Yourself
The Terracoin community is enthusiastic about welcoming newcomers. The more people that take an interest in Terracoin, the more effective the coin will be. Anyone with ideas, suggestions, or proposals are encouraged to reach out on Mattermost, Telegram or Discord.