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- Begins July 22, 2017 only for investors contributing $50,000 or more
- Email email@example.com for more information on joining the pre-sale
- July 27, 2017 at 1 p.m. UTC through August 10, 2017
- Crowdsale will close if $25,000,000 target hard cap is reached
Token Distribution Facts
- Total token supply of 1,000,000,000 TNT (Tierion Network Token)
- 350,000,000 (35%) of total TNT will be offered during the pre-sale and crowdsale
- 100,000,000 (10%) of total TNT are reserved for the crowdsale
- Any unsold TNT of the total 250,000,000 TNT from the presale will be added to the 100,000,000 available crowdsale tokens
- Bitcoin and Ether accepted for crowdsale contribution
- If you are paying in ether, you will receive ERC-20 tokens that will be sent to your ERC-20 compliant wallet at the end of the crowdsale.
- A gas limit of 250,000 is required to participate in order to perform the crowdsale deposit
- Data field must include your “personal reference number” which is provided to you during the crowdsale on the Tierion website
- If you are paying in bitcoin, you must specify your receiving address during the contribution process. Bitcoin can be sent from an exchange address, but the receiving address must be ERC-20 compatible
- The crowdsale will take place at http://tokensale.tierion.com via a widget/tool that will be accessible when the crowdsale starts
- You will be asked to select the USD value of tokens you are requesting to purchase from the drop-down menu via the widget/tool. The USD amount you select in the drop-down menu will be converted to, and payable in, bitcoin or ether
- The USD amount of BTC and ETH will be based on an exchange rate determined immediately prior to the sale.
- No bonuses, discounts or other incentives are available during the crowdsale
- DO NOT send ether from an exchange address. You will not receive your tokens.
- 35% sold during crowdsale
- 35% retained to incentivize the ecosystem/network infrastructure
- 29% retained by Tierion
- 1% used to cover the crowdsale costs
Use of Crowdsale Proceeds
- The proceeds will be primarily used to fund the development of the Tierion Network. The majority of the funding will be used to pay engineer salaries and bounties for open-source contributions to Tierion and Chainpoint
- Fixed supply of 1,000,000,000 TNT (Tierion Network Token)
Token Price & Lockout Period
- Token price is determined by: total amount raised divided by total amount of TNT available in presale/crowdsale
- Total amount raised is denominated in USD and calculated immediately before the beginning of the sale
- Tokens will be tradable for presale and crowdsale participants no later than September 1, 2017
Wayne Vaughan, Co-Founder & CEO
Wayne previously founded Fucient, a digital agency building out websites that later evolved into a company that developed and sold B2B marketing automation platforms
Jason Bukowski, Co-Founder & Lead Developer
Jason previously held the lead developer role at Fuscient before following Wayne to Tierion. He is the lead developer of Chainpoint for Tierion. ●
Glenn Rempe, VP of Engineering
Before Tierion, Glenn worked as the director of engineering at Thrillcall, a consumer-facing live music and entertainment startup. He has experience leading engineering teams at Accenture.
Eder Santana, Developer & AI Research
Eder has a PhD in machine learning and has worked with Apple and Comma.ai on their self-driving car projects. Eder is a core contributor to Chainpoint and is working on a stealth-mode AI project.
What is Tierion?
Tierion (“Tierion, Inc.”) is a global platform that verifies data through multiple trustless and accurate blockchain systems. Tierion has been around since 2015, and with more than 1000 companies using their SaaS currently, are the largest data verification company that anchors data on the blockchain. Currently Tierion exists only as a SaaS, but at launch introduced the “Chainpoint” protocol. Chainpoint is the first service from Tierion and the foundation of the Tierion network. They aim to launch this new network and grow their business.
The Chainpoint protocol/service works via ‘Anchoring’: the creation of a ‘proof’ that links data to a transaction on a blockchain. These proofs are sets of operations that cryptographically anchor (re: link) a hash to multiple blockchains. While this system is not entirely revolutionary, the key innovation from Tierion resides in the scalability of this protocol/service. Essentially an unlimited amount of data can be anchored (re: linked) to one blockchain transaction, allowing Tierion to scale up to organizations with large amounts of data in industries such as healthcare, insurance and financial services.(1)
Some of these terms are defined below:
• “Anchoring” — the creation of a proof that links data to a blockchain
• System “anchors” — the Ethereum, Bitcoin and “Chainpoint Calendar” blockchain in the Tierion Network
• “Hash” — a string of letters and numbers with a fixed length that allow computers to compare data. Important for use in data verification because the hash is able to prove the existence and integrity of data while still keeping the source of the data confidential
Context of Data Verification via Blockchains(1)
Bitcoin has been able to verify data via the same cryptographic hash function discussed above for many years. The real world values of this feature in a blockchain like Bitcoin are the ability to anonymously and privately show a proof of existence for some piece of data/document. This proof cannot be erased or modified and is proven by a trustless, decentralized system i.e. the Bitcoin blockchain. The ability to prove existence of this data at a specific time is also possible via this hash function. This allows for people or organizations to prove the existence of some data at some time without revealing what the data is or who they are.(2)(3)
However, there are drawbacks when implementing this blockchain data verification on a large scale:
• Bitcoin can only hold one document hash per transaction. With a max capacity of 3 transactions per second, the Bitcoin blockchain cannot keep up with the amount of data used in the largest use cases suggested
• The cost per transaction on the Bitcoin blockchain continues to increase, having reached as high as $3.40 in June 2017. This is not economically feasible for the largest use cases expected of Tierion
• The time it takes for a Bitcoin block (cluster of transactions) to prove accurate is often one to two hours. This makes it very difficult to quickly prove the time of existence for some document/data.(1)
Technical and Business Specifications
Currently businesses can access the benefits of Tierion for free by creating an account on their website. However this free account restricts users to 15,000 records per month across five datastores. Documents are uploaded via a few different API options, an HTML form or “Zapier” — an application that connects Tierion to over 500 different web apps such as Gmail, Slack and MailChimp. There is also a paid version that allows for 50,000 records per month at $75/month or $720/year.(4) The next step in the evolution of Tierion is their upgraded Tierion Network.
Under the new Tierion Network the team plans to solve a lot of issues in the current data verification industry via their new Chainpoint service. Chainpoint is the first service on the Tierion Network and acts as the backbone for future services.
The Chainpoint service is what verifies the proofs on the Tierion network. It is designed to run as a global network that can operate at massive scale with the help of a variety of participants. It is highly scalable, responsive, accurate, cost-effective and uses the decentralized nature of Bitcoin, Ethereum and it’s own ‘Chainpoint Calendar’ to be a trustless verification system.
The proof generation process works broadly like this:
• Once a hash is submitted to the Chainpoint service it will immediately return a UUID (Universally Unique Identifier), to identify the hash submitted. This hash is combined with the UUID and more to create a final hash
• Seconds later a ‘partial proof’ is created, meaning it has not yet been fully anchored to the blockchain. Chainpoint anchors these partial proofs to it’s own “Calendar” blockchain, which eliminates the need to wait for the bitcoin and ethereum transactions to complete
• The bitcoin, ethereum and Calendar blockchains all act as anchors in the proof generation process and Tierion uses data from the NTP (Network Time Protocol) servers and the NIST (National Institute of Standards and Technology) in order to ensure the proof is accurate and trustless (re: timestamped with no third party association).
• The “Chainpoint Calendar” is a blockchain created by multiple Chainpoint servers working in consensus. Just like the bitcoin or ethereum blockchain, this data is organized into blocks, and the blocks are stored in a distributed cluster of databases. The Chainpoint blockchain is maintained by different participants that make up the infrastructure of the Tierion Network
For more detailed information on the proof generation process please read the Tierion whitepaper.
Tierion Network Participants(1)
In order for the Chainpoint service to run at massive scale it requires multiple classes of participants to maintain the network:
• Core — these partners run the full Chainpoint Service stack, maintain the Chainpoint Calendar and anchor data to the Chainpoint Calendar blockchain. Microsoft is one of the Chainpoint Core partners.
• Nodes — these provide additional scaling abilities, mirror the global calendar and audit the Core. For every node that joins the network the scalability and reliability of the network as a whole is improved
• Chainpoint Clients — businesses are able to connect to a node or directly to Chainpoint core via an API
These three participants work to ensure the Chainpoint Network can continue to efficiently generate proofs for Tierion’s business clients.
Tierion Network Token (TNT) and Roadmap
Tierion Network Token(1)
The Tierion Network Token exists to incentivize individuals to operate and secure the Tierion Network. By participating in the network, Core and Node members have the ability to earn TNT via block rewards from the Chainpoint Calendar blockchain. It is important to note that end users of the Chainpoint Service are not required to hold TNT in order to access the service or network resources.
• Core — these members incur the highest costs because they’re required to operate server clusters for the Chainpoint Calendar blockchain. These members have the opportunity to receive the largest amount of token rewards
• Nodes — these members earn tokens by mirroring the Calendar blockchain and by publishing API endpoints for proof creation and verification. Periodically nodes spend TNT in order to send data to the Core for anchoring processes. However, Tierion and their partners have guaranteed that Nodes will be able to send data to Core for one year after the crowdsale at zero cost
Nodes must maintain a copy of the Calendar blockchain (roughly 4GB worth added to the blockchain per year); must maintain a minimum balance of TNT; must have passed three consecutive node audits performed during the last audit period. Every three hours nodes that meet these criteria are selected by random to win the current period reward. 95% of the reward goes to the node address in TNT and 5% of the reward goes to Core
Tierion has not published a traditional ICO roadmap in order to avoid passing on information to competitors.(5) What we do know is that Tierion plans to offer the Chainpoint Service as the first service of the larger Tierion Network. Their future plans may include document notary and blockchain identity verification, and the company aims to be the leading name in data verification.
View the Tierion website: https://tierion.com/
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Disclaimer: This report is intended to provide market intelligence. This is not investment advice and does not constitute any solicitation or endorsement of any investment. Any investment you make is done at your own risk and at your full and absolute discretion. The contents of this report are the property of ICO Alert. All rights reserved.
(1) Tierion Token Sale Whitepaper, Tierion, (2017)
(2) Proof of Existence, Manuel Araoz, (2012–2015)
(3) Cryptographic hash function, Wikipedia, (2017)
(4) Tierion Pricing, Tierion (2017)
(5) Wayne Vaughan, Tierion