In the following lines, you’ll get introduced to Tosblock (T.OS), a new digital currency system that aims to address volatility issues and propose a practical coin that can be used for everyday payments. To avoid confusion, it’s important to mention that T.OS is not the same as TOS (Things Operating System) – another blockchain-based project that uses a cryptocurrency with the same name, though sometimes it’s also referred as TOS.
Now let’s start with a bit of history.
Cryptocurrencies conquered their place in the financial industry thanks to their revolutionary concept that revolves around decentralization, security, speed, and low commissions. People have dreamed of a network that is not run by any single entity, whether it’s the government or a corporation, but no technology could enable such decentralization. The Internet was the first network that seemed to work for the benefit of everyone, but soon the governments and corporations developed a strong monopoly, and today, companies like Google dominate the space. Bitcoin has shown the world that true decentralization can be put into practice. Thus, blockchain, the technology underpinning it, has been tested in various other areas besides cryptocurrencies.
Initially, it was thought that Bitcoin would be used as an ideal instrument for payments and transactions without intermediaries. However, the largest and oldest cryptocurrency out there fell in the hands of speculators as most users trade it for the sole purpose of making a profit on the price fluctuations. Bitcoin and other cryptocurrencies have demonstrated high volatility, making them unpractical for payments. Tosblock (T.OS), a Singapore-based startup, wants to address these issues and proposes a digital currency that can actually be used for everyday purchases.
What is Tosblock?
Today, one cannot buy a coffee or a sandwich with Bitcoin or Ethereum. Merchants don’t want to integrate them because of their high volatility. Tosblock came up with a concept that would allow people to use cryptocurrency for buying all kinds of goods and services.
The startup was established in 2017, and since then it has been working to implement the goals stipulated in the roadmap. T.OS is operating with two main digital currencies – TOSC and TOSP. TOSC acts like a regular cryptocurrency, let’s say Bitcoin or Ethereum and can be converted on a crypto exchange. The important thing to mention is that TOSC has a fluctuating price that is driven by the supply/demand principle. On the other side, TOSP is meant for use in commerce only, as it acts as a stable coin, having its price fixed to the value of a fiat currency and it pegged to the currency the user resides in. TOSC and TOSP can be exchanged between each other on the crypto exchange platform offered by Tosblock. One of these platforms is already operating in Singapore.
TOSP is an ideal instrument for micro-payments and buying goods as merchants can rest sure its value wouldn’t decline the very next moment. Another key benefit of TOSP, which makes it different from other regular digital coins, is that it doesn’t charge high commissions on payment transactions.
TOSP is pegged to the local fiat currency and is used within a specific country. If a user wants to carry out international transactions, he can convert TOSP to TOSC and send it to other users overseas. TOSC can be used for international transactions and even for generating profits given that its price is free to float.
T.OS Features and Where to Get It
Unlike most crypto projects, T.OS is not conducting any initial coin offering (ICO) event to distribute its coins. The TOSC and TOSP coins can be purchased in designated T.OS exchanges like the one in Singapore. TOSC can also be purchased in other crypto exchange around the world. Besides, the T.OS coin can be generated via mining, and it has a maximum supply limit capped at 6 billion.
The T.OS ecosystem comprises the T.OS wallet, a store, and the designated T.OS exchange. The payment system will operate with applications for smartphones and tablet PCs.
One can convert TOSC (T.OS) to TOSP (TOSP) internally in the wallet. In Singapore, for example, 1 TOSP worth 1 SGD, whereas in Canada for instance, 1 TOSP unit worth 1 CAD. Then, the TOSP can be used for payments by sending it to the merchant’s wallet. The merchant can eventually convert TOSP back to TOSC or Fiat.
It’s important to mention that TOSP can be obtained exclusively inside the T.OS ecosystem, while TOSC can also be purchased on crypto exchanges worldwide.
The separation between the two coins is achieved through the implementation of a public blockchain for TOSC (T.OS) and a private blockchain network for TOSP (TOSP).
Here are only a few benefits of TOSP:
- Fast transaction speed;
- Low commission;
- Fixed price as TOSP is pegged to the fiat currency of a given country;
- High-security level;
- Convenience;
Below, you can check the main differences between T.OS, Bitcoin, and Ethereum, based on the T.OS whitepaper:
Initially, the T.OS project will be expanding in Southeast Asia. However, Tosblockaims to become a global payment system that would challenge Bitcoin itself. Thus, starting with 2020, T.OS will reach Europe, the US, Africa, Central Asia, and the Middle East.
T.OS leverages blockchain for the benefit of everyone, as the team wants to develop a truly functional tool that can transform the payments industry.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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