‘90% of All the Cryptocurrencies Today Should Cease to Exist Within the Next 24 months’

While practical Bitcoin applications continue to gather speed in the developing world, a Canada-based businessman has been quietly working on an alternative he says addresses many of the current challenges facing the market.
Kunal Dixit, owner of Toronto bioinformatics company QualCount, has designed his Trestor protocol and accompanying token, Trest, to provide a new form of liquidity to the world’s 2 billion underbanked.
The central concept of Trestor revolves around the smartphone; Trests are traded on the Trestor network, known as T-Net, in a manner broadly similar to Ripple. While an app is required for use, Trestor is billed as providing a range of benefits to users, including vote-based consensus-style transaction confirmations, zero-fee transactions for the life of the protocol and even username-based wallet addresses.
‘The need for an alternative currency was felt because Bitcoin, despite its revolutionary acceptance as a currency, still struggles to be a true peer-to-peer payment system,’ Dixit told CoinTelegraph, adding that he does not view Bitcoin as a competitor. ‘Trestor’s mission is to create World’s most efficient money, payment and market system.’
According to Dixit, Trestor, which is seeing a major pilot carried out in India, has seen its market cap already hit the US$1 billion mark with 300 retailers on board and a presence in over 50 countries. Each Trest is currently sold at one US cent, with an aim to increase the market cap to 1% of that of gold within five years. This would mean a roughly 76-fold increase on investment at current rates.
Long-term, Dixit also foresees considerably less volatility in T-Net than with Bitcoin, and the Indian drive is focusing on making the product familiar with brick-and-mortar merchants in larger cities.

This post was published at Coin Telegraph on 2015-02-11.

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