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Titcoin

From EverybodyWiki Bios & Wiki


Titcoin Digital Currency
File:Titcoin Branded Logo (Horizontal).png
Titcoin Brand Logo
Denominations
PluralTitcoins, TITs
NicknameTIT
Demographics
Date of introductionJune 21, 2014; 11 years ago (2014-06-21)
User(s)Worldwide
Issuance
Central bankDecentralized Peer-to-Peer Netswork
File:Titcoin Coin Logo.png
Titcoin Coin Logo

Titcoin (Ticker Symbol: TIT[1]) is a type of digital currency called a cryptocurrency that uses pornography on a decentralized peer-to-peer network to manage the issuance of new currency units while simultaneously processing transactions.[2][3] Titcoin is a derivative of the bitcoin source code with key modifications to the software which greatly improve transaction speeds and network difficulty readjustments.[4] Titcoin is exclusively designed for and marketed towards the adult entertainment industry to allow owners of the currency to pay for adult products and services without the fear of incriminating payment histories appearing on their credit cards.[5][6]

Titcoin is notable for being the first altcoin fully recognized as a legitimate form of currency by a major industry trade organization. In 2015, Titcoin received two nominations at the 2015 XBIZ Awards ceremony which honors companies that play an essential part in the growth and success of adult entertainment.[7] In 2016, Titcoin was nominated for a second year in a row as Alternative Payment Services Company of the Year at the 2016 XBIZ Awards.[8]

As of Mid-2017, it has a very low total market capitalization of about $100,000 USD. There is no notable trade volume registered.[9]

History

Titcoin was founded by three cryptocurrency advocates from New York City: Edward Mansfield, Richard Allen and a third anonymous individual.[10] The founders developed Titcoin for the adult entertainment industry as a cash alternative payment system for performing anonymous transactions.[11][12] Titcoin allows consumers of adult entertainment to perform transactions without using any personally identifiable information.[13][14] Titcoin also benefits adult businesses with zero chargebacks and freedom from dealing with traditional financial institutions.[15][16]

On January 17, 2014, Titcoin was formally revealed to the cryptocurrency community with initial coin specifications and an official launch timeframe.[17]

On June 21, 2014, the Titcoin cryptocurrency wallet and source code was released with an initial soft launch for the cryptocurrency community followed by a hard launch for the public.[18]

On August 26, 2014, the Titcoin wallet was successfully forked to support transaction times 10x faster than bitcoin and to enable real-time adjustments to the network difficulty level.[19]

In September, 2014, former Wall Street stockbroker and Jordan Belfort protégé at Stratton Oakmont, Patrick McDonnell,[20] joined the Titcoin development team as a business development advisor.[21][22]

On May 29, 2017, Titcoin and its properties were acquired by the adult game development studio Joy-Toilet.[23]

A new version is expected to hit the market in March 2018.

Specifications

Titcoin is a bitcoin clone that leverages the same SHA-256 set of cryptographic hash functions.[24][25] The four key differences between Titcoin and bitcoin are the total number of coins to be issued, the total number of coins rewarded per block, the average block time, and the network difficulty retarget frequency.[26]

Coin Specifications[27]
Algorithm SHA-256d
Block Reward 34.5 coins
Block Time 1 minute (60 seconds)
Total Coin Supply 69 million (69,000,000)
Retarget Frequency Every block (via DigiShield)
Halving Interval 500,000 blocks
P2P/RPC Port 8698/8697
Primary Seed Node seed.titcoins.info

Awards and recognition

Titcoin has received several award nominations and ratings from notable organizations within the adult entertainment and cryptocurrency industries.

Adult Industry

  • Alternative Payment Services Company of the Year (Finalist) - 2016 XBIZ Awards[8]
  • Alternative Payment Services Company of the Year (Finalist) - 2015 XBIZ Awards[7]
  • Innovative Web Product of the Year (Finalist) - 2015 XBIZ Awards[7]

Cryptocurrency Industry

  • 5 Plus+ POD Rating - Proof of Developer[28]

Adult cryptocurrencies

In addition to Titcoin, there are other adult cryptocurrencies that have been similarly developed for the adult entertainment industry.[29]

List of Adult Cryptocurrencies (ordered by creation date)[30]
Name Symbol Algorithm Total Coins Blocktime Creation Date Launch Date Status
SexCoin SXC Scrypt 250 million 1 minute May 28, 2013[31] May 28, 2013 Active
WankCoin WKC SHA-256d 21 million 10 minutes Jan 10, 2014[32] May 26, 2014 Dead
TitCoin TIT SHA-256d 69 million 1 minute Jan 20, 2014[33] Jun 21, 2014 Active
TittieCoin TTC Scrypt 5.6 billion 3 minutes Jan 27, 2014[34] Jan 29, 2014 Active
GroinCoin GXG X11 512 million 2.5 minutes May 28, 2014[35] May 28, 2014 Dead
XXXCoin XXX Scrypt PoW + PoS 50 million 30 seconds Jun 26, 2014[36] Jul 27, 2014 Dead
AnalCoin ANAL SHA-256d 150 thousand POW / 125% POS 60 seconds Mar 13, 2015[37] Mar 13, 2015 Inactive
DickCoin SMD Scrypt 69.7 million 10 seconds n/a Apr 26, 2014 Dead
FellatioCoin BLO Scrypt 210 million 10 minutes n/a Jan 15, 2014 Dead

References

  1. ↑ "TitCoin: A SHA256 Based Coin With A TIT In Adult Entertainment". All Alt News. Retrieved 5 October 2014.
  2. ↑ Titcoin Analysis Paper The Licentious Blockchains: Outlining an Altcoin Subgenre. Banking & Insurance eJournal. Social Science Research Network (SSRN). Date accessed 23 January 2018.
  3. ↑ Maguder, Natasha. "Explainer: How do cryptocurrencies work?". CNN. Retrieved 9 July 2014.
  4. ↑ Moore, Lane. "Behind Titcoin, the New Anonymous Currency for Buying Porn". Cosmopolitan Magazine. Retrieved 30 October 2014.
  5. ↑ Lynch, Gerald."Titcoin is the Bitcoin for Porn". Gizmodo UK. Retrieved 23 June 2014.
  6. ↑ Johnson, Bob. "'Titcoin' Aiming to Be Adult's Own Cryptocurrency". XBIZ. Retrieved 23 June 2014.
  7. ↑ 7.0 7.1 7.2 "Titcoin Receives Two Web & Tech XBIZ Nominations". Payout Magazine. Retrieved 18 November 2014.
  8. ↑ 8.0 8.1 Pedersen, Niels. "Titcoin and Coinsnap Nominated for Adult Entertainment Awards". CryptoCoinsNews. Retrieved 24 November 2015.
  9. ↑ https://archive.is/13bxI
  10. ↑ Mercier Voyer, Stephanie. "Titcoin Is a Brand New Cryptocurrency for Porn Purchases". Vice Magazine. Retrieved 18 June 2014.
  11. ↑ Spitznagel, Eric. "Who Actually Pays for Porn Anymore? An Investigation". Men's Health Magazine. Retrieved 14 August 2014.
  12. ↑ Weisman, Carrie. "Porn Gets Its Own Currency". Design & Trend. Retrieved 23 June 2014.
  13. ↑ "Crypto-Currency for the Adult Industry Titcoin Founders Interviewed". SoundCrave Magazine. Retrieved 28 August 2014.
  14. ↑ "Your complete A-Z guide to cryptocurrencies". The Kernel. Retrieved 11 January 2014.
  15. ↑ Stryker, Kitty. "The adult industry's growing war over Titcoin". The Daily Dot. Retrieved 15 September 2014.
  16. ↑ Beech, Richard. "Introducing Titcoin: The new currency only for adults". The Daily Mirror. Retrieved 29 October 2014.
  17. ↑ "Titcoin (TIT) - Pre-Launch Announcement". CryptoCoinTalk. Retrieved 17 January 2014.
  18. ↑ Chang, Lulu. ""Titcoin" Is A Bitcoin-Esque Currency For Porn, And Only Porn, And We Can't Even". Bustle Magazine. Retrieved 23 June 2014.
  19. ↑ "Titcoin TIT Information [New Wallet Available | Fork to Occur Tue Aug 26 at 1200GMT]". Crypto RSS. Retrieved 26 August 2014.
  20. ↑ Giles, Jeff. "Wolf of Wallstreet – Patrick McDonnell interview" Major Mindjob. Retrieved 29 January 2014.
  21. ↑ Blue, Violet. "Why Is Wall Street Taking ‘Titcoin’ Seriously?". Playboy Magazine. Retrieved 24 October 2014.
  22. ↑ "Patrick 'The Coyote of Wall Street' McDonnell Joins Titcoin". AVN. Retrieved 9 September 2014.
  23. ↑ XBIZ. "Joy-Toilet Acquires Titcoin". XBIZ. Retrieved 2017-09-03.
  24. ↑ "TIT – Titcoin". Altcoin.com. Retrieved 22 June 2014.
  25. ↑ "Meet porn's new cryptocurrency, Titcoin". Times Live. Retrieved 24 June 2014.
  26. ↑ Buntinx, JP. "TitCoin - A Legit Cryptocurrency Contender In The Adult Entertainment Space?". CryptoArticles. Retrieved 15 September 2014.
  27. ↑ "Titcoin TIT Information". CryptoCoinTalk. Retrieved 19 January 2014
  28. ↑ "(TIT) Titcoin Proof of Developer Rating".
  29. ↑ The Licentious Blockchains: Outlining an Altcoin Subgenre. Social Science Research Network (SSRN). Date accessed 23 January 2018.
  30. ↑ Soh, Stephanie. "Nine of the weirdest cryptocurrencies". GQ Magazine. Retrieved 8 August 2014.
  31. ↑ "SexCoin Block Explorer".
  32. ↑ "WankCoin Block Explorer".
  33. ↑ "Titcoin Block Explorer".
  34. ↑ "TittieCoin Block Explorer".
  35. ↑ "GroinCoin Block Explorer".
  36. ↑ "XXXCoin Block Explorer".
  37. ↑ "AnalCoin Block Explorer".

External links

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