TitcoinThis is the approved revision of this page, as well as being the most recent.
Titcoin (TIT) 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.
Titcoin is a derivative of the bitcoin source code with key modifications to the software which greatly improve transaction speeds and network difficulty readjustments. 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.
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. 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.
As of mid-2017, it has a very low total market capitalization of about $100,000 USD. There is no notable trade volume registered.
Titcoin was founded by three cryptocurrency advocates from New York City: Edward Mansfield, Richard Allen and a third anonymous individual. The founders developed Titcoin for the adult entertainment industry as a cash alternative payment system for performing anonymous transactions. Titcoin allows consumers of adult entertainment to perform transactions without using any personally identifiable information. Titcoin also benefits adult businesses with zero chargebacks and freedom from dealing with traditional financial institutions.
On January 17, 2014, Titcoin was formally revealed to the cryptocurrency community with initial coin specifications and an official launch timeframe.
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.
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.
In September, 2014, former Wall Street stockbroker and Jordan Belfort protégé at Stratton Oakmont, Patrick McDonnell, joined the Titcoin development team as a business development advisor.
On May 29, 2017, Titcoin and its properties were acquired by the adult game development studio Joy-Toilet.
A new version is expected to hit the market in March 2018.
Titcoin is a transactional cryptocurrency that was specifically designed to facilitate speedy payment confirmations. This is a crucial feature that merchants and businesses should take into account while considering cryptocurrency payments. On average, Titcoin transactions are processed in under 6 minutes. Bitcoin, on other hand, was designed as an investment instrument incapable of speedy transactions. In fact, true Bitcoin transactions on average take over an hour to complete.
Titcoin is currently the most recognizable adult-oriented cryptocurrency. In fact, we are the only adult currency covered by a variety of mainstream news outlets such as CNET, Cosmo, Playboy, Men’s Health, Vice Magazine and Gizmodo. Our fundamental philosophy is to introduce digital currencies to a broader audience instead of exclusively catering to the crypto community. Using our strong relationships with many members of the press, we’re confident we can continue to raise public awareness of digital currencies as a whole.
Our fundamental business activity is to market and promote Titcoin to customers across various adult products and services. This includes raising the awareness of businesses that accept Titcoin payments through non-aggressive and often grassroots campaigns.
The digital currency market is extremely fragmented with only several major coins receiving mainstream attention. Unfortunately, none of these major currencies are widely endorsed by any identifiable industry which we feel is a major hurdle for broader adoption. If there was ever an industry that could create some standardization in the cryptocurrency market, the ever-pioneering $10 billion global adult entertainment industry would be the obvious candidate. Titcoin aims to leverage its connections and partnerships to provide a safe, secure and mature method of payment processing.
Community, transparency and disclosureEdit
Since January 2014, the Titcoin team has been dedicated to being fully transparent and honest about our strategic vision. Going forward we only seek to further involve our investors in the planning and decision-making processes when seeking to make improvements and major changes to the direction of development.
- Exchange Symbol: TIT
- Algorithm: SHA-256
- Block Reward: 34.5 coins
- Block Time: 1 minute
- Total Coins: 69 million
- Retarget: Every block
- Halving: 500k blocks
- P2P/RPC Port: 8698/8697