Tierion launched in 2015 and has become the most widely used platform for anchoring data to the blockchain. Tierion’s key innovation was making it simple to anchor a virtually unlimited amount of data to a single blockchain transaction. Tierion’s launch also marked the introduction of the Chainpoint protocol, the first standard proof format for anchoring data to a blockchain.
Several open source projects and multiple vendors have adopted the Chainpoint protocol. In July 2016, Chainpoint 2.0 was published. It featured several improvements, including the use of JSON-LD2 and anchoring into multiple blockchains. Tierion formed the Chainpoint W3C Community in September, 2016. Chainpoint is the first technology of its kind to receive public support from a major Internet standards organization.
Chainpoint has been upgraded to version 3.0 and now runs as a service on the Tierion Network. Together, they provide a universal platform for data verification that operates at massive scale.
Microsoft is joining Tierion in running a core part of the network infrastructure. Anyone can join the Tierion Network by running a node. Each node improves the network’s scalability and reliability. Along with this new distributed architecture, a token is being introduced. The Tierion Network Token (TNT) provides an economic incentive to secure the network infrastructure, and serves as a method of settlement between parties to access network resources.
The Tierion Network Token (TNT) incentivizes network participants to operate and secure the network infrastructure. Chainpoint is the first service available on the Tierion Network. We have plans for future services that will be built on top of Chainpoint and will announce these services in the future.
Core Members incur significant costs to operate server clusters. TNT provides a method to recoup these costs. Core Partners earn TNT for anchoring data into the Bitcoin and Ethereum blockchains. Periodically, Core’s consensus algorithm elects a leader that can create an anchor block, which requires them to spend BTC or ETH to publish a transaction. The Core Member that creates the anchor block receives a block reward, as well as the tokens paid to Core for that anchor block.
Nodes earn TNT by mirroring a copy of the calendar and publishing an API endpoint for proof creation and verification. Nodes are periodically audited to prove they have a current copy of the calendar that can be used to verify a Chainpoint proof. Nodes that pass the audit have a chance to win the reward for that period.
Periodically, nodes spend TNT to send data to Core for anchoring. Each node has a local mechanism for constructing Merkle trees and generating proofs. By sending a Merkle root upstream, each node can create thousands of Chainpoint proofs using a single anchoring transaction.
Nodes may charge for generating and verifying proofs. Node operators can also build services and charge at a price that’s independent of the value of TNT.
A fixed supply of TNT will be created during a token sale using the ERC2019 standard. The token sale and our partner commitments guarantee that for the first year, users will be able to send limited amount of data to Core at zero cost.