What is ItaloCoin?

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What is Italocoin?

ItaloCoin cryptocurrency works according to the principles that are radically different from ones the fiat currencies and their digital analogues use. We have created the currency with CryptoNote Technology And Monero that is convenient and reliable to use in the Internet.

Italocoin allows safe and secure transactions around the globe and offers the convenience of instant 0.00002 per KB small fee transactions.

In order to distinguish Italocoin network from Italocoin currency, the latter is referred to as ITA. For instance, current Italocoin emission rate is 8.7  ITA each 430seconds.


Join Italocoin

Italocoin is an open cyptocurrency. Therefore anyone willing can become a user of the currency and voluntarily take part in operation of the network. The only thing you need to do is to download special software that will create a wallet for you. With help of this software you will be able to send money to other users and receive payments from them.

Italocoin algorithms don’t allow other users to know your wallet balance, to whom you send money and where you receive your funds from.

You can take part in operation of the network by allocating computing power of your computer. Due to this mechanism, transaction processing is decentralized, which allows a person to be not only a user, but also a participant.

There are two ways to obtain Italocoins. You can take part in network maintenance and get a reward for it, or buy ITA directly on exchanges.


Italocoin Transactions

Fiat money transactions between people are carried out through an intermediary, a bank or financial institution. Transaction reliability is guaranteed by an agent who conducts the transaction.

Transactions between Italocoin users are carried out through the Internet. Transaction privacy is protected by secure cryptographic algorithms whereby no one can identify who sent the money, who the receiver was, and what amount of money was transferred.

Italocoin transactions processing is done by the whole network of users. Yet no participant has access to the transaction details. All transfers are fully anonymous.

The transactions processing requires a considerable amount of computational resources. Those users who joined the network may allocate time of their computers for transaction processing. As a reward they receive ITA. Such process is called mining.


Italocoin Emission

Emission of fiat currencies is a closed process where an issuer is engaging its own capabilities. One can’t take part in the emission process.

Italocoin emission is an open process which employs computing powers of all network members. Any user can join the Italocoin network and take part in the emission process (thus, becoming a miner).

Mining in the network results in creation of new money, which serves as the reward for users who employ their computing power in order to process transactions.

All transactions are carried out each 430seconds. Miners ensure that the transactions are processed correctly and provide cryptographic protection of transactions and personal data. However, miners cannot access users' financial data since Italocoin protects the identity of the sender and the receiver, and conceals the sum transferred.

As a reward, miners receive roughly 8.7 ITA each 430seconds. Such approach allows both new money emission and 0.00002 per KB fee transactions.


Deflation

Italocoins are gradually getting more expensive over time, since the emission is limited to 18 Millions ITA. The number of Italocoin emitted each 430seconds is slightly decreasing. As a result ITA gains value and exchange rate increase.

While currencies with sharp decrease of reward per block are exposed to intense declines in network power, Italocoin emission is decreasing slowly, which protects the currency from economic shocks.


Geographic region

Fiat currencies are assigned to specific territories while Italocoin is bound to the Internet and therefore is international by its nature.

Italocoin has formed its own network that consists from users who use Italocoin for mutual settlements. Italocoin network is open and anyone willing to join is welcome to become a user of Italocoin currency.


Safety and reliability

The reliability of Italocoin is defined by total computational power of all the computers that take part in transactions processing. The greater the processing power, the more reliable the network.

In so doing all money stored in your wallet is already protected during the transaction processing and the safety doesn’t depend on network reliability. Your money is safe anyway.


How Italocoin works

John has 30 ITA in his wallet. He wants to order pizza delivery to his place which costs 1 Italocoin, taxes and delivery included.

John places an order on the website. Right after that he receives 1 ITA bill that contains the pizzeria Italocoin wallet address. John broadcasts the following instruction to the Italocoin network: send 1 ITA from John_address to pizzeria_address.

Once each computer in the network receives this insutruction it checks whether this ITA John wants to transfer actually belongs to him. However a computer can’t find out neither who transferred this ITA to John, nor his balance. A computer simply checks conformity of sender’s signature. It has no access to personal data.

Each computer in the network collects the transactions that need to be processed and packs them up in a block. Each block should comply with specific rules, which is a difficult task to solve. Hence, each computer in the network works on calculating suitable transaction block form. This is required to protect the network from transaction forgery.

At some point one of computers in the network may be lucky to find the correct block structure. Then this computer puts the block into its blockchain file, which represents the database for all performed transactions. Then this computer broadcasts the new block to all other computers in the network so that they could also update their blockchain files. The transaction is completed and the owner of the computer that was the first to find the correct block structure gets a reward.

After the transaction is done, 1 ITA belongs to pizzeria and no longer to John. The Italocoin blockchain contains all data required for pizzeria owner to use this 1 ITA for his own goals.

This whole process takes about than 2 minutes, and the pizzeria owner will get paid before he even starts to cook John's pizza. Moreover, in order to get paid with Italocoins he only needs a computer with the Internet access. 0.00002 per KB  fee, no intermediaries.

You can easily convert Italocoins into U.S. dollars and vice versa through the exchanges.


Italocoin specification

Block time: 430seconds. It takes 430seconds to check the authenticity of a transaction and process it. This time is used to apply cryptographic algorithms, and make the payments secure.

Total coins: 18 Millions ITA. Italocoin emission is limited. Each 430seconds a new batch of roughly 8.7 ITA is emitted and distributed between miners as reward which makes 0.00002 per KB fee transactions possible.

 



Added on 6 October, 2017 Website News
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