With digitization, we have got many technologies that make our assets and transactions safer but none of them take it to the level cryptocurrency does. Cryptocurrency introduces us to the concept of decentralization, it does not just safeguard our assets, but it brings many other advantages that can be used by individuals and firms alike. It uses cryptography, timestamps, and smart contracts to secure our assets and makes the environment for business reliable.
More than a decade ago, the first cryptocurrency ‘Bitcoin’ was launched by an individual or group called Satoshi Nakamoto. Today, the usage of this technology is increasing in every domain and it is gaining dominance in every sector. Moreover, new coins have been introduced and they all are providing various advantages to their respective niches. By using this mechanism, companies are able to bring down the cost of transactions and secure their operations from all the third-parties.
Therris is authenticated by public key cryptography and without verification between two parties, a transaction cannot take place. Transactions are based on predefined and, in future versions, user-defined smart contracts. In this paper we present Therris: a private cryptocurrency with a Hybrid (POS and POW) algorithm.
Therris (THRX) was introduced with the aim of bringing a better alternative to fiat that involves various third-parties. With this mechanism, we get familiar with the concept of peer-to-peer architecture that brings the two dealing parties face-to-face without any inclusion of a third one. This attribute does not just make the transactions safer, but it also makes them swifter and cost-effective. What started with Bitcoin is not being progressed with plenty of crypto tokens introduced by various business initiatives. The inclusion of digital signatures and consensus-based model, our assets are stored and transacted safely. The transactions are totally anonymous and they make the most of blockchain technology and P2P network as well.
In the midst of crisis — when the most vulnerable lack access to basic needs such as food, shelter, and health care, we turn to humanitarian aid that brings relief in times of need where help is provided based on need, with the goal of saving human lives, soothing human suffering and maintaining human dignity.
Humanitarian aid is material and logistic assistance to people who need the help. It is usually short-term help until the long-term help by government and other institutions replaces it. Among the people in need are the homeless, refugees, and victims of natural disasters, wars and famines.
The primary objective of humanitarian aid is to save lives, alleviate suffering, and maintain human dignity. It may therefore be distinguished from development aid, which seeks to address the underlying socioeconomic factors which may have led to a crisis or emergency.
However, when it comes to addressing crisis and vulnerability, the funding landscape is complicated. It is difficult to gain a clear understanding of what resources are available, where they are going, and whether commitments to improve the delivery of financing are being fulfilled. This type of aid depends on donations from people across the world. If a need arise in country cross border fees are excessive and the funds get lowered because of those fees. Funds also get misused and there is no way for people to view where money have gone to and what it was used for. Funds take days to be sent across borders and exchange rates even lower these funds more.
Currently, we all are going through a global crisis and it would surely take a little longer to get over its aftermath. In such situations, we need a more reliable solution that could protect our money and assured more benefits. With Therris, we get a panacea for all the problems related to business, it resolves all the issues and gives us a new platform that makes the usage of money better than ever.
For coping up with the ongoing situation, we need more resources and definitely a lot of money. With crypto technology, it is possible to eradicate all the issues that we have been facing in our business. We can also pass on all its benefits to many other people who actually need a lot of support. By using this technology, we can expedite the operations and provides the essentials to the needy people sooner than ever.
When it comes to fighting against a crisis together, we have to employ the most conducive technologies and techniques to attain fruitful results. The implementation of blockchain rids us of the various lasting issues not just in payments but also in other areas such as logistics, manufacturing, retail, healthcare, etc.
Because of these problems Therris was developed
Therris makes the most of distributed ledger and creates a network that is beneficial for every user. It is not controlled by one person, but it works on the consensus model and involves multiple ‘nodes’ of all members. This platform works with a global network so the users are free to trade with individuals anywhere in the world. It secures all the assets and transaction with the streamlined use of public keys and private keys. Therris helps you circumvent all the hurdles that we face while going about the business using fiat. It eliminates all the unnecessary gateways and third parties from the way and provides you better control over your business operations.
Therris comes up with an overarching platform that paves the way for the inclusion of multiple decentralized solutions without incurring a lot of costs. By using this framework, the users will be able to interact with each other without any difficulties and execute the trade in a seamless manner. It would establish an ideal environment that would give leeway for the generation of maximum profits.
Therris was built to overcome these problems with banks being closed, people not being able to get fiat currency from the bank and to lower transaction costs across borders. Therris is not controlled by any one person but by a decentralized electronic ledger. This ledger was built on tested technology.
Therris development aim to provide:
1. Decentralized electronic ledger
2. Public blockchain explorer
3. Secure wallets to store THRX coins and other digital assets
4. Debit cards linked to your THRX Wallet for easy fiat currency withdrawals
5. Secure Exchange to buy and sell various cryptocurrencies
6. Secure green self-sufficient Data Center for 24/7/365 data access
7. Employment to people from various sector
Therris will setup a Humanitarian aid fund to help with:
1. Disaster recovery
2. Medical research and advancement
3. Enhance the protection of people affected by medical
4. Provide timely and adequate life-saving assistance to people who are deprived of their rights in the following sectors: health, food security, shelter and non-food
items, water and sanitation, and hygiene, while effectively incorporating gender aspects and HIV/AIDS prevention
5. Ensure coherence and complementarity between humanitarian assistance, early recovery and development programmes by reinforcing national and communal capacities.
To understand this project better, you need to come to terms with the blockchain structure and know its subtleties well. This is a mechanism that shares and synchronizes the data with a consensus-based model which means every member needs to give their consent before taking a unanimous decision.
This makes the working of blockchain highly reliable for business entities that have multiple associates. It secure gives you all the advantages that banks offer and do actually better at every front.
It safeguards your assets unless you decide to spend it yourself to another party in exchange for any services or goods. Just like you trust your bank for stashing your money, you can use the digital wallet to do the same and ensure that your coins are intact unless you decide to spend them.
For centuries, we have been relying on centralized bodies that hold significant power over your money. Cryptocurrency brings disruption in this way of handling money, it eradicates all the intermediaries and let you control your assets.
Blockchain, or distributed ledger technology, is a database that is consensually shared, replicated, and synchronized. To better understand the technical aspects of a blockchain, it is helpful to explain the concept through an example.
When an individual deposit a sum of money into a banking institution, the individual trusts that:
- the sum will be there until they decide to exchange it for goods or services.
- The individual trusts the bank will have an accurate record of the transaction, such as the amount, depositor, date, and time of the deposit.
More broadly, society relies on central repositories, such as banks or governments, to collect, maintain, and protect the recorded actions of individuals or institutions.
Blockchain differs from centralized repositories in that it decentralizes the source of trust. An individual deposits funds into a digital wallet and the value is captured on the blockchain. If this individual purchase a digital song, the transaction is captured in the blockchain along with the change in fund level in the digital account. The bank is not required as a trusted third party. The trustworthy record is recorded in the blockchain shared by all the parties on the network. The replication and storage of transactional data by each party, or node, on a blockchain network is known as a distributed ledger. Conflicts, or inaccuracies within the database, are automatically resolved with predefined ledger rules. The fundamental characteristics of the distributed ledger include:
- Operation with peer-to-peer networks
- Decentralized transaction record keeping
- Consensus or trust-based transactions
- Tamper resistance