Launched: May 27, 2011 (Stable 1.0 Release)
Type: POW SHA256 + RSA1536
Supply: Increases Gradually with Time (Currently 10.5 Million)
Speed: Transactions Process Every 5 Minutes
Reward: Based on Time in Network
Timekoin is a digital currency where the transfer and creation of coinage is secured by the combination of 1,536 bit RSA Asymmetric Encryption layered in SHA-256 Hashing to prevent tampering or changing of transaction data. The transactions within Timekoin are replicated across the Internet via peers in a decentralized fashion so that any peer within the network will contain the complete transaction history for Timekoin. Currency within the network is created in a controlled and gradual time based function. The algorithms within Timekoin that control and maintain transactions is separate and independent of the algorithms that control currency production.
Currency can be transferred from user to user without an intermediate financial institution via any Internet capable device. All transactions must use whole numbers. Decimal based transactions are ignored. There is no transaction fees associated with any transfer of the digital currency from one user to another. Double spending is prohibited. Spending transactions from one address to the same address is also prohibited within the network. Each user may only queue up 100 transactions to process at one time to combat flooding the network. Transactions are queued up and processed by all network peers like clockwork every 5 minutes. Messages up to 64 characters long can be encoded into the encrypted transaction data to serve as a memo or comment field.
Timekoin addresses are randomly generated 1,536-bit cryptographic private/public key pairs. The private key remains with the user and the public key is used to decrypt the transaction data created when one user spends to another user. The private key is usually 1,276 characters long. The public key is usually 360 characters long. The public key is the address that one user gives to another user for currency transfer. Private and Public keys are normally converted to Base64 to allow users easier backup and transport of the keys. When converted to Base64, the private key is usually 1,745 characters long. The public key is usually 485 characters long.
Due to the high level of encryption used in Timekoin, user spending addresses are very long. Both the client and server software has a built-in "Easy Key". The Easy Key feature that allows users to create simple alpha-numeric shortcuts that represent much longer public key addresses. Instead of having to give another user a long string of characters for a payment address, a simple and easy to remember word can be used instead.
The algorithm for currency creation runs independently of transaction processing. In Timekoin, currency creation is referred to as Currency Generation. Currency is generated in pseudo-random but predictable intervals. During currency generation, Timekoin allows a participating peer to create a transaction that awards itself currency in small amounts of 1, 2 or 3 currency units for example. The maximum amount awarded is based on the amount of time the peer has participated in the Timekoin network. The more weeks the peer has been online and serving other peers, the more it can award itself during the currency generation events.
Because any peer in the Timekoin network can create currency during a generation event, special rules were setup to help avoid abuse of the privilege.
Election - Any peer that wishes to create currency must be elected by all network peers first. Elections take place at pseudo-random but predictable intervals during the day. If only one peer seeks to be elected, that peer automatically wins. The peer is then added to the Timekoin "Generation List" which contains the public key of all peers allowed to create currency. If more than one peer seeks election at the same time, an election takes place by using a past point in time to seed a random set of letters and numbers. The selected characters are then searched for and counted in the public keys that seek election. The public key with the most matches (points) wins the election.
Offline - Elected peers must continue to produce currency at least once every 2 hours. If the peer goes offline or fails to produce currency within the time window, it is automatically purged from the Generation List. To generate more currency, the peer will have to go through the election process once again and any time status gained from being online is lost.
Internet Accessible - Any peer that wishes to create currency must be Internet accessible by all peers in the Timekoin network.
IP Address Restricted - Any peer that wishes to create currency can only do so from one IP address at a time. This is to combat trying to elect fake or phantom peers.
Slow & Steady - The currency creation concept in Timekoin is to allow any peer to create currency, but in a very slow and gradual fashion. This makes it very difficult to game the system via Botnet or large entity resources (government, corporation, etc.)
Timekoin currency production rises and falls as time moves forward. This causes periods of high currency creation and periods of low currency creation. This can be better visualized through real-time charts. Timekoin Currency Creation & Transaction Charts
The amount of currency a peer can create is directly related to the length of time it has been online, processing transactions and communicating with other peers in the Timekoin network. Only Internet accessible peers can request to be elected for currency generation. Those behind a firewall that blocks inbound communication can not be elected.
Time Generating Currency per Generation Cycle
0 - 1 week 1
1 – 2 weeks 2
2 – 4 weeks 3
4 – 8 weeks 4
8 – 16 weeks 5
16 – 32 weeks 6
32 – 64 weeks 7
64 – 128 weeks 8
128 – 256 weeks 9
256 or more 10
Timekoin relies on both RSA Asymmetric Encryption and SHA-256 Hashing to secure transactions, thus freeing up resources to dedicate for securing the network, processing transactions, maintaining transaction history accuracy and creating currency. This unique structure allows for any device capable of database storage, Internet access, and crypt-processing to join and participate in the Timekoin network.
Raspberry Pi - The Rev B of the Raspberry Pi was available for sale February 2012 and immediately users were finding ways to load the Timekoin software onto the device and make it function as a very cheap "appliance" device. This allowed for Timekoin to both further currency spending and currency creation when setup properly. A dedicated image for the Raspberry Pi as an already setup Arch Linux OS and Timekoin software was released a few months later for download from the official timekoin.org website. An article in the magazine "The MagPi". The MagPi later had a one page expo of how the device was being used to run the Timekoin software to challenge the notion that only the fastest devices in the world could keep a digital currency secure and fast.
Dedicated PC - Many users have started to use old, recycled computers to run the Timekoin server software. Timekoin has no minimum specs for users running dedicated computers for the software.
Smart Phones - Android v2.3 and higher smart phones can run the software provided the device has enough space to fit the database and a fast enough Processor and Internet service to maintain the connection to the Timekoin network.
Operating System Packages
Other developers have built Timekoin packages in the release repository of Ubuntu Linux, i386 build of Timekoin 1.9-deb47 in Ubuntu precise RELEASE compatible with Debian Linux, as well as official executable release for Microsoft Windows from the official timekoin.org website.
Main site: http://timekoin.org/
News Link: http://timekoin.org/index.php?option=com_content&view=frontpage&Itemid=66
Technical Workings: http://timekoin.org/images/documents/timekoin_technical.pdf
Original Framework Whitepaper: http://timekoin.org/images/documents/timekoin.pdf
Client Software: http://timekoin.org/index.php?option=com_content&view=article&id=73&Itemid=54
Server Software: http://timekoin.org/index.php?option=com_content&view=article&id=71&Itemid=54
Still need a good exchange
Built Into Timekoin Server Software
Everyone in the Network is One Big Pool
Hope is enough.