Tolar is an open source, community governed crypto-currency featuring scalable, fast, secure, and fair transactions.
Idea
“Tolar” is the title of Slovenian currency by the way. But this is Croatian project.
Tolar HashNET is a scalable, fast, secure, and fair decentralized- beyond blockchain project, leveraging Distributed Ledger Technology (DLT) and consensus algorithm (PoS) which keeps all positive characteristics of a blockchain technology while increasing throughput to more than 200,000 transactions per second. Network is using Proof-of-Stake with masternodes, which eliminates the need for a massive energy consumption.
It is noted that blockchain have several shortcomings regarding performance, ease of use and service quality. HashNET is developed to eliminate them. It is scalable – proven 200,000 TPS. It is fast because HashNET uses Proof-of-Stake algorithm combined with masternode to reach distributed consensus. The process of receiving and recording occurs as soon as transaction takes place, which allows the final confirmation to be ready instantly. And HashNET is fair, because no individual can manipulate the order of transactions. And it is secure due – again – to distributed algorithm.
Some more features:
- HashNET can run as node even on smartphone;
- Voting process and fund allocation is transparent;
- Every participant can contribute by voting.
And finally, HashNET designed to run on a non-permissioned (public) network thereby reaching a larger community.
Tolar has a governance system called Magnus Consilium in which stakeholders and investors will have the power of voting on proposals in order to participate in improvements of HashNET network. Magnus Consilium will be a part of community in two ways: Tenders and Proof of Stake (PoS).
Tenders are budgeting plans which will be submitted to the Magnus Consilium where every proposal will need to have a majority of votes in order to pass. Tenders and budget plans are available to all Tolar holders. Magnus Consilium will select projects for voting, based on the following criteria: Social impact: (potential impact achieved by the implementation of the solution); Decentralization and governance (allows voters to vote on a future network developments); Outreach (adding value by spreading a word out to the community). Contribution (awarding improvements of Tolar network); Extensiveness (allowing voters to make decisions on further development paths).
Proof of Stake (PoS): If a user decides to lock-in his coins, he/she will receive interest based on the number of coins staked, and the duration of time the coins were stored.
Competitors
Tokenomics
TOKEN SALE: AUGUST (NO EXACT DATES)
Ticker: TOL
Token type: ERC20
ICO Token Price: 1 TOL = 0.11 USD
Fundraising Goal: 35,000,000 USD
Total Tokens: 1,000,000,000
Available for Token Sale: 35%
Accepts: ETH, BTC, FIAT
Token Prices:
- Private-Sale: 0,094017 USD
- Pre-ICO: 0,102564 USD
- Public ICO: 0,112821 USD
Token distribution
- 35% Investors (21,0% private sale 5,25% pre-ICO and 8,75% Public ICO)
- 20% Founders
- 32% TOLAR Development Fond
- 8% Proof of Stake Network Start Nodes
- 2,5% Developers
- 2,5% Advisors
Funds Allocation:
- 55% for carrying out operations
- 30% goes to the research and development team
- 10 % is allocated for the marketing campaigns
- 5% for conducting legal compliance
Roadmap
Team
The project team consists of 3 main groups: Foundation Board, Tech and Bizz. this is Board:
Josip Maricevic, Co-Founder and CTO – researching blockchain and related consensus algorithms, atomic cross-chain swaps and off-chain settlement protocols for the past 2 years. Also worked on development of a few significant blockchain products.
Drazen Kapusta, Founder and Principal at Foundation Board (United Arab Emirates). He’s a successful entrepreneur with 30 years of business experience as well as a major blockchain startup investor. Also serves as Principal of COTRUGLI Business School, the leading business school in SE Europe where he has successfully helped develop the world’s first Blockchain MBA program and Certified Blockchain Developer Program. President of Blockchain Adria, the most prominent blockchain conference and association in SE Europe.
Mario Vojvoda, CIO at Tolar HashNET. IT Leader with more than 15 years of experience in telecom industry, innovation, R&D and international business development in challenging environment. Proven excellence in delivering increased revenues and profitability combined with successful accomplishment of various projects using new and emerging technologies. Specialties: General management, strong technical knowledge in IT and telco areas, corporate finance, project management in various high stressed environments for large telco operators.
Martin Žagar, science and tech. Assistant Professor at RIT Croatia (Rochester Institute of Technology). Has been awarded with EMBA title from Cotrugli Business School 2016, PhD title in Computer Science from the UNIZG (University of Zagreb). He has participated in several domestic and international scientific projects and also participated in supervising of the Information system in primary healthcare in the Republic of Croatia and is co-author of the Concept of Integrated Central System Authentication and Authorization.
Bojan Hadzisejdic, BDM (Business Development Manager) – person with great mix of business and technical skills gained through 15 years of experience in IT industry, both corporate and SME level, Executive MBA program and master degree in Electrical Engineering.Rrecent areas – Blockchain and Cryptocurrencies.
Advisors
Manuel Alonso Coto, PhD, Madrid Area, Spain – Co-Director IE Business School. Associate Academic Director UNED (Universidad Nacional de Educación a Distancia)/ Marketing Manager – Executive Education, IE Business School, IT Administrator, American Embassy Madrid – and some other positions.
Valerio Opacic – experience in building globally scoped enterprise systems, with prime focus to computing platforms and underlying systems such as compliance, directories, security, platforms and applications.
Peter Merc, Ph.D.- legal advisor in the following ICO projects: CargoX, X8 Currency, Trusted Health, Robotina, Blocksquare, Eligma, DataFy, Ace.Trade, BeyondSeenScreen, Gledos, HoneyComb, Emmares, Money Rebel, etc. Founder and first lead coordinator of Blockchain Think Tank Slovenia. Member of supervisory board in Slovenian systemic bank. Expert for blockchain, fintech, sharing economy and digital (smart) regulation.
Conclusions
Serious solemn project with interesting idea, great math apparatus and cool features if to compare to competitors.
Well balanced team, including developers, marketing. And impressive Foundation Board – to watch over the project development.
Compact Advisors team but with impressive experience. And it seems that Foundation Board will perform some functions of Advisors.
Strong position as for MVP. It is announced that launch of initial mainnet chain with masternodes and staking system take place in Q, 2018. And in Q3 it will be held developers demonstration of HashNET. Public release – in Q2, 2019. It looks like realistic plan. Some future plans include Smart contracts and even Quantum resistant cryptography (secure against an attack by a quantum computer).
And finally – the project won the ICO pitch competition at Ian Balina’s Crypto World Tour in Budapest, Hungary. It was one of 5 contenders, along with Enecuum, Datafund, Motogram and Income Locker.
And some interesting facts at the end:
- There will be fiat money accepted for token sale – here is South East Europe!;
- Once desired throughput is achieved, Ethereum Virtual Machine (EVM) will be deployed on top of network. The EVM is meant be used in conjunction with a system that broadcasts transactions accross network participants and ensures that everyone executes the same transactions in the same Ethereum uses a Blockchain and a Proof of Work consensus algorithm. Here wiil be used HashNET. The combination of EVM and HashNET makes for a fast and secure decentralized applications platform. In addition to the Proof-of-Stake based discipline, a reputation based system is introduced as an additional control and verification mechanism.
Coinstelegram Rating: Medium
