Is TLC like Bitcoin?
It is a cryptocurrency just like Bitcoin, in the sense that it uses a blockchain to record transactions. However, it is very different to Bitcoin a number of ways. There are two distinct ways that it is significantly different.
- It is designed to be a stable coin and Bitcoin is not.
- It does not use mining to create new blocks on its blockchain as Bitcoin does. Instead it uses staking.
What is a blockchain?
A blockchain is a shared database system that stores a copy of all transactions which take place on a cryptocurrency network. TLC has its own blockchain and all TLC transactions are recorded on that blockchain. Every few minutes, a new block storing the latest transaction data is added to the blockchain by one of a network of computers. The block is chained to previous blocks in a way that makes it impossible to alter the record. Because of the way this works, blockchains are resilient to attacks by hackers.
How will I be able to obtain TLC?
The intention is that you will be able to buy it direct from the TLC organization or, alternatively, buy it on cryptocurrency exchanges.
What is a stable coin?
A stable coin like TLC is designed to maintain close parity with a fiat currency. TLC, for example, seeks to maintain parity with the dollar, so that f the dollar goes up in value (relative to some other currency), so will TLC.
How does TLC ensure that one TLC coin will be worth one Dollar?
On cryptocurrency exchanges there will be a TLC/Dollar exchange rate, which is likely to remain very close to 1.000. The TLC organization itself will buy and sell dollars at an exchange rate very close to 1.000 (the buy and sell price will usually average out to 1.000). The dollars it holds will be used to be short-term US treasury Bills. As such the value of TLC will be backed directly by dollar assets.
Are my TLC transactions private?
All cryptocurrency transactions are semi-private in the sense that, although the blockchain and all its data is public, the only information that reveals who the parties to a transaction were, are the public keys stored with the transaction. If you know who owns the public key then you know which transactions they participated in. Some cryptocurrencies (such as Monero< Zcash and others) anonymize the transactions. TLC will not provide an anonymization capability unless its users request it.
Why is it called Turtle Island Land Coin?
Turtle Island is a term that North American Indians use to describe North America (from Panama to Canada). The Land indicates that any profit from the operation of the cryptocurrency will go towards the repurchase of land once owned and used by North American tribes.