Frequently Asked Questions
Tachyon (TYX) is an ERC-20-based currency commemorating the hypothetical particle said to be faster than the speed of light. Intended to be Ethereum’s complement for micro-payments, TYX aims to be the most accessible payment rail for near-instant transfers on the Ethereum network. Existing as second layer atop the Ethereum network, the TYX will support micro-transactions, embedded tipping, and online payments through an ecosystem of customizable site plugins and easy-to-use embedded payment apps. TYX hopes to someday cement itself as the go-to token on the Ethereum network for tipping and micro-transactions, being the most accessible and fungible currency-token in the entire Ethereum economy and ecosystem.
Depending on who you ask, tachyons might be a theoretical impossibility or an exciting prospect. Based off the Greek word ‘tachys’ meaning ‘swift,’ tachyons are hypothesized particles faster than the speed-of-light. Regardless of their validity, tachyons have captured the imagination of science-fiction writers and popular culture ever since it was popularized in James Blish’s Star Trek novel Spock Must Die! in 1970. It’s since been seen in Babylon 5, The Watchmen, and many other pop culture references. Science-fiction has often referenced tachyons to send messages, payments, and digital media in an instant: TYX will be its crypto-embodiment!
In the past two years, we have seen the number of assets on Ethereum grow — and with it, the network’s financialization. Representing tokenized assets, transactions, funds, and other financial instruments, a sector of Ethereum’s network will inevitably be tied to the transfer of value. The problem arises over the fact that, since its inception, Ethereum was not intended as a currency. On the ethereum.org website, it reads:
Ether is to be treated as ‘crypto-fuel’, a token whose purpose is to pay for computation, and is not intended to be used as or considered a currency, asset, share or anything else.If there exists no currency-like token to fill this role on the ETH network, Ethereum will then take the impromptu role as currency for an entire network of smart contracts, payments, and decentralized applications to its detriment. Ethereum’s inability to function as a currency is evident by its explosive transaction fee increases during price spikes and panics along with its high inflation rate, which for 2017 was at 14.75%. Since Ethereum was not built to be used for micro-transactions and as currency, something must be created to fill this need which will become more pressing as the network grows bigger. We envision Tachyon (TYX), with its fitting name, as Ethereum’s complement for tipping and small transfers of value — built as a second layer on top of Ethereum, Tachyon is positioning itself to be one of most accessible token-based payment rails on the Ethereum network. Tachyon thus will be the solution to Ethereum’s currency problem.
Ethereum today accounts for the most popular network in the cryptocurrency space, the highest in network activity, and the 2nd largest cryptocurrency by market capitalization. Their positioning in the global market, via their Enterprise Ethereum Alliance, makes them well-poised to dominate many sectors of the global economy in the future, from supply-side logistics to decentralized applications to corporate record-keeping. Therefore, it was obvious that we had to start the Tachyon project on Ethereum. Tachyon aims to be one of the leading ETH-based payment forms — with a platform that will easily be plugged into existing web pages, Tachyon will be ‘Ethereum’s little brother’ and its currency complement.
The reason Tachyon requires a blockchain is the same reason why Satoshi Nakamoto created the same technology for Bitcoin — blockchain allows for a peer-to-peer network of value without the need for third-party verification. Since TYX exists as a currency, its function as a transfer of value fits squarely in the role of what blockchain is all about.
Currently, Tachyon’s MainNet is scheduled to be released sometime during Q4 2019. Tachyon’s TestNet is expected to be released Q2 2019. The period between Q2 and Q4 2019 will involve significant bug-testing, optimizing the network for its MainNet launch.
TYX’s function is best served as a token for tipping and micro-payments. However, what makes TYX special is its unique strategy for adoption along with what will be its rich ecosystem of payment apps and plug-ins. TYX payments will also exist on multiple platforms, including an open source freelancing platform for posting projects paid in TYX, which we will be unveiling over the next few months.
One of the major decisions during the Tachyon project’s initial draft was to have a host of campaign- based distributions instead of an initial coin offering (ICO). A large number of ICOs held on Ethereum in the past year have been found to be scams or money-grabs, as high as 80% were proven scams in 2017 alone. Thus, we are averting the pitfalls of the ICO model by instead distributing TYX via a different model. TYX will instead be distributed to your Ethereum wallet through our many campaigns, aimed at maximizing its reach. At the time of writing this, the first complimentary early-bird Tachyon airdrop was completed on September 28th, 2018. Our successive distribution campaigns will involve tasks, promotions, bounties, and whatever else we here at Tachyon team have cooking up to get TYX in the most wallets and maximize its visibility.
We plan to carry out the Tachyon (TYX) distribution as follows:
We plan to carry out the Tachyon (TYX) distribution as follows:
- A total of 60% of the entire circulating supply (299,792,459 TYX) will be distributed in a series of campaigns, tasks, promotions, bounties, and the like.
- 5% of the total circulating supply will be kept for liquidity on exchanges.
- 15% of the total circulating supply will be kept as a crowdfunding effort for devs, marketing, and MainNet launch. This will allow us to reward the dev community for any new creations towards TYX accessibility.
- The remaining 20% of TYX tokens will be locked by the Tachyon team.
Follow us on one or more of our many social media accounts.
- Telegram chat: https://t.me/TachyonTYX
- Telegram announcements: https://t.me/TachyonToken
- Twitter: https://twitter.com/TachyonToken
- Facebook: https://www.facebook.com/tachyontoken/
- Medium: https://email@example.com
- Reddit: https://www.reddit.com/r/TachyonToken
- Slack: https://tachyontoken.slack.com
- Discord: https://discord.gg/CZzuZz
Since TYX is an Ethereum-based ERC20 token, it can be stored in any Ethereum wallet that supports ERC20 tokens. The two most popular ones include MetaMask and MyEtherWallet. To add TYX token to your Ethereum wallet, you will need to ‘add custom token’ and input the contract address (0x93a9D018a1941A2D33EceF3bB91B999f57BbA912). For more information, please read our blogpost on this topic here.