With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, Triffic, a smartphone based application that is free to use has arrived. Triffic aims to do for ground-based travel what Air Miles has done for frequent flyers - and that’s to seamlessly reward people for travelling about.
"About 90% of businesses and other fields reside on the internet today. A large volume of data and other information is stored, retrieved and used from the servers on the internet. But all this is centralized, which means there are a lot of chances of infringement.
Blockchain is a decentralized ledger system that ensures data security at a much higher level known till now. It makes use of second generation Ethereum to make a DAPP(decentralized application)
The AR applications using blockchain tends to use 2 types of systems – On chain and Off chain. The off chain data is the basic data of the application and the on chain data is used for all sort of transactions.
Various AR applications that include transactions, such as AR shopping applications have to stay more secure. With this in mind, the application development companies put today’s AR apps on Blockchain. The users are provided with a secure certificate to carry out transactions that keeps safe from any type of view or fraud in the blockchain system."
With that being said, Users can earn Triffic's cryptocurrency, called GPS Tokens, for walking the dog, jogging in the park, cycling to work or driving to the shops - and the unique Proof-of-Effort concept means that somebody who walks for one mile will earn more than somebody who drives the same distance as Triffic is a mobile app that uses a combination of Gamification, GPS, Augmented Reality and blockchain technology to make earning cryptocurrency as easy as travelling about.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is TRIFFIC?
As depicted earlier and as indicated on the official whitepaper of Triffic, Triffic is a mobile app that uses a combination of Gamification, GPS, Augmented Reality and blockchain technology to make earning cryptocurrency as easy as travelling about. It is also the most efficient way for location-based businesses to drive genuine physical footfall to their venues.
Triffic uses a unique concept called Proof-of-Effort to create a mutually beneficial relationship between end-users and physical businesses that is easy to understand and can require no monetary investment by either party.
Users can earn Triffic's cryptocurrency, called GPS Tokens, for walking the dog, jogging in the park, cycling to work or driving to the shops - and the unique Proof-of-Effort concept means that somebody who walks for one mile will earn more than somebody who drives the same distance.
Triffic aims to do for ground-based travel what Air Miles has done for frequent flyers - and that’s to seamlessly reward people for travelling about.
Below are few of some use cases to get you more acquainted with the project:
Example Use Cases
The vast majority of people who use the Triffic app won’t even realise that they are dealing with cryptocurrency and blockchain technology.
Kevin is an Uber driver and typically drives 150km during the day. At the beginning of his shift, he turns on the Triffic App, spends a couple of minutes watching videos to earn enough time as he expects to work and then keeps the app running in the background. Once his shift ends, he will have earned GPS Tokens.
Marie is a fitness buff who likes to go jogging in the morning. She knows that her run takes 45 minutes, so after accumulating the required time, she decides to go hunting for caches of GPS Tokens along her route. Not only will she earn GPS Tokens whilst exercising, but she’s incentivised to put in a few extra miles.
Ghengis is a farmer in Mongolia who earns less than $2 per day. Before he starts working, he spends a few minutes watching some videos to build up enough time to cover his working day. He keeps the app running in the background, which accumulates GPS Tokens as he walks around his fields. At the end of the day, the GPS Tokens he has earned will help to feed his family.
Triffic and Blockchain Technology
GPS Tokens are are considered a utility as opposed to a security because they are fundamental to the Triffic ecosystem.
GPS Tokens use a blockchain system which controls both in-app and external functionality in a way that is fully provable and verifiable at every stage.
The Triffic Blockchain
Triffic has built the blockchain as an Ardor asset on the Ignis Child Chain. Ardor is a scalable, secure and proven blockchain platform and cryptocurrency project offering unique out-of-the-box features and child chains. It was built by the same development team that created NXT, the first fully Proof-of-Stake blockchain, in 2013.
The GPS Token asset is responsible for everything that happens outside the Triffic App including:
Cashing out GPS Tokens into other cryptocurrencies.
Distribution of GPS Token bonuses.
Relationships with external exchanges.
GPS Token Acquisition
GPS Tokens can be earned in two ways. Both of which require the free Triffic App to be installed on an end-user’s mobile device:
Travelling Around This is the easiest way to earn GPS Tokens and requires the user to view a short (< 30 second) rewarded video advertisement. Each video watched will reward the end-user with a specific amount of time during which they may earn tokens. During this time, the Proof-of-Effort algorithm will award GPS Tokens to the users when they walk, run, cycle or drive about.
Treasure Hunting Easily the most fun way to earn GPS Tokens, this method is a cross between geocaching and Pokemon Go, and involves users looking for hidden caches of GPS Tokens on the map.
About GPS Tokens
GPS Tokens are not trying to usurp Bitcoin and Ethereum by becoming an alternative to fiat payments. GPS Tokens are a unit of reward for using the Triffic smartphone app.
They have been created for two specific purposes:
To allow users to accumulate them based on the amount of physical effort they put in.
To power our in-app loyalty ecosystem, allowing physical businesses to attract real footfall to their locations.
GPS Token Distribution
1,000,000,000 GPS Tokens have been minted as Ignis Assets. No additional GPS Tokens will ever be minted.
These tokens will be distributed in the following allocations:
Triffic In-App - 60% - Locked and can only be awarded to app users who fulfil Proof-of-Effort criteria.
ICO Token Sale - 25% - Sold to private investors who participated in the Triffic ICO and Founders Sale. All unsold tokens will be provably burnt.
Team Members & Advisors - 7.5% - Tokens earned in lieu of salary cannot be sold for six months. Tokens earned after the closing date of the ICO cannot be sold for 12 months.
Airdrops, Bounties & Affiliates - 7.0% - To include the Triffic Rewards bounty programs, in-app affiliate program and initial beta beacon airdrop.
Scavenger World - 0.5% - Participants of original Scavenger World fundraiser in Summer 2016 which provided limited initial funds to start the project which became Triffic.
About Token Sale
The Triffic ICO has been split into three sections, where a target of 250,000,000 GPS Tokens have been put up for sale.
The soft cap of $100,000 was reached in August 2018, and the funds were primarily used to advance the augmented reality of the Triffic App. Because of the progress the Triffic team has made over the past few months, it is looking increasingly likely that Triffic will be able to bring the first version of the app to market - and start monetising - sometime in March or April 2019. As a result of this, Triffic has lowered the fundraising goal to just $3,000,000.
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.