Plural Titcoins, TITs User(s) Worldwide | Nickname TIT | |
Date of introduction 21 June 2014; 2 years ago (2014-06-21) Central bank Decentralized Peer-to-Peer Network | ||
Titcoin (Ticker Symbol: TIT) is a type of digital currency called a cryptocurrency that uses cryptography 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.
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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.
History
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 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.
Specifications
Titcoin is a bitcoin clone that leverages the same SHA-256 set of cryptographic hash functions. The four key differences between Titcoin and bitcoin are the total number of coins to be issued, the total number of coins rewarded per block, the average block time, and the network difficulty retarget frequency.
Awards and Recognition
Titcoin has received several award nominations and ratings from notable organizations within the adult entertainment and cryptocurrency industries.
Adult Industry
Cryptocurrency Industry
Other adult cryptocurrencies
In addition to Titcoin, there are other lesser known cryptocurrencies that were similarly developed for the adult entertainment industry.