Troy Network is a non-custodial and decentralized protocol for global trading and settlement, aiming to build the infrastructure of the decentralized finance (DeFi) ecosystem in blockchain industry, by combining Layer 1 and Layer 2 technologies.
Troy Network is an infrastructural protocol for the trading and settlement of crypto-assets (including but not limited to BTC, ETH, EOS), which inherited the advanced features of high security from public blockchain and high speed, high frequency, high privacy from the state channel technologies. It acts as the prime broker for the member exchanges to access the liquidity of the other participating mainstream exchanges (both centralized and decentralized) and merchant nodes in the network, providing customers (such as institutional investors and high-net-worth clients) with one-stop and full-stack brokerage services including but not limited to deal-making, margin trading, asset management, data analytics services and other value-added services, etc.
Troy Network will implement the function of exchange and payment of cross-chain crypto assets in the near future as the technology of cross-chain protocol (COSMOS or Polkadot, etc.) or cross-chain state channel technology evolves into a more mature level.
Problems & Solutions
Problems of centralized exchanges:
- Fake Trading Volume: Centralized exchanges often falsify and wash trading data to fill liquidity traps and lure users to trade, often resulting in losses of users' assets.
- Opacity and Centralization: Centralized exchanges have all the access and rights to the data of the trading happening on their platforms, so that they can maliciously abuse their privileges to create numerous profit opportunities thanks to their God perspective. So some exchanges will be a referee as well as a sportsman in the same game and harvest the retail traders by various illegal methods, such as illegally issuing extra tokens, carrying out insider trading or manipulating the price.
- Lgnorance of Security Management: There are too many risk exposure in the centralized exchange, such as the closed-source code, theasset custody process that too many people get involved in. These processes are often opaque and centralized, which is easy to cause a lot of security bugs. Taking the famous "Mt. Gox " as an example, 850,000 bitcoins were stolen from Mt. Gox and then the exchange broke down in 2014, casting a shadow over the whole crypto industry. But in the end, most of the stolen bitcoins were stolen by their own staffs rather than getting hacked by outsiders.
Problems of decentralized exchanges (DEX):
- Poor User Experience: Because DEX is the trading happening on the blockchain, its account addresses are the same as the typical public and private key used in the blockchain. The keys are lengthy，meaningless random string, which is not conducive to users' memory and preservation. In addition, the trading steps are very different from the regular financial trading habits, which causes bad user experience.
- High Latency, Low Efficiency and Poor Scalability: DEX needs to execute on the chain when it works, so that it takes more time to call smart contracts, reach consensus and execute trading orders than a centralized exchange does. If there is a network jam, the trading speed will be further reduced or even unusable. Given the extensibility bottleneck of the current public chain, DEX is also difficult to support the trading behavior of high density and large number of users. For example, IDEX, the famous decentralized exchange, has been unable to use due to surging trading volume for many times.
- Simple, Basic Trading Tools: So far, DEX can merely support simple pending orders, withdrawal orders and direct trading, but cannot support entrusted trading, stop-limit order, market price trading and other complex trading functions.
- Poor Liquidity: Users are not willing to trade on DEX due to poor user experience, primitive trading tools and shallow trading depth. Additionally, due to poor scalability of the public blockchain, DEX does not support large-number high-frequency trading, which is not conducive to market makers that can provide trading depth. Furthermore, many DEX did not fully consider the incentives for market makers at the beginning of design. Therefore, trading mainly relies on the natural coincidence of trading, which leads to poor natural depth and liquidity.
- Lack of Fiat Currency Entrance: DEX is limited to trading between crypto assets, and there is no exchange gateway between fiat currencies and crypto-currencies. So it is less attractive to users who used to trade by fiat currencies.
Troy Network is aiming to build a world-class financial platform based on the mature fundamental infrastructural blockchain, to serve all professional financial institutions as the most advanced crypto assets trading platform, and to provide any kind of commercial applications with full-functional trading tools, by aggregating the liquidity of all major global crypto exchanges and inheriting the advantages of DeFi financial service (decentralized, borderless, trustless).
- Build a decentralized trading and settlement network in the mode of "application + protocol";
- Strengthen application layer commercial barriers (operations, resources and traffic, etc.), reducing the hard fork risks;
- Connect and aggregate the liquidity of centralized and decentralized exchanges;
- Break through the scalability bottleneck of the current decentralized exchanges;
- Cross-chain interoperability, compatible with a variety of native tokens;
- Built-in dark pool trading features, which can support the dismantling and execution of block trade.
Features & Highlights
Features of Troy Network are as below:
Non-custodial Account System: Trading will happen in the state channel, and all the states of trading will be kept off-chain. In essence, users’ assets will be custodied on the chain, protected from centralized organizations. This solution can effectively avoid the security risk caused by centralized management.
Decoupling with Underlying Protocols: This feature mainly refers to the functions of the exchange that decoupled with the underlying public chain protocol and matching protocol, allowing the application layer to be compatible with the multiple versions of underlying protocol (multi-version protocol before and after forking), even if the underlying protocol is forked, it will not affect the functions of the upper protocols/applications.
Cross-chain Interoperability: This feature mainly refers to the ability to implement cross-chain trading（assets swapping, which is realized in two ways: first, cross-chain asset exchange can be implemented through underlying cross-chain platforms, such as COSMOS or Polkadot, or through other mature cross-chain technologies, such as Atomic Swap; Secondly, the cross-chain state channel can bridge multiple chains and achieve cross-chain trading.
Supernodes: In Troy Network, the supernode can be classified into different types according to the services they provided. For instance, Broker-dealer supernode provides open primary broker service to match off-chain trading with high efficiency and serves as a high functional relay hub; Liquidity backer supernode provides financing services for the users of the platform; Oracle supernode provides data analysis and information support for trading users and trading system.
Token Sale & Economics
- Project website: https://troytrade.com/
- Project whitepaper: https://troytrade.com/whitepaper/Troy%20Network%20Whitepaper_EN_V1.0.pdf
- Token sale start time: TBA
- Ticker: TROY
- Token type: ERC20 as TGE
- Total hard cap: $13,500,000
- Total supply: 10,000,000,000 TROY
- Initial circulating supply: 7.4% of total supply
Token Utility & Use Cases
In Troy Network, the native token TROY is designed as the medium of value circulating as the blood in this organic network. Furthermore, TROY also acts as the gas fee unit when users call up the trading and settlement functions. TROY merely functions as utility token, which has no characteristics of any forms of security nor promises any returns derived from the token itself . Its functions are embodied in the following aspects:
Functions as the medium of value circulating as the blood in this organic network;
Provides workload reward of Relayer network to encourage timely and accurate updating , broadcasting and synchronizing orders;
Serves as relay medium for the exchange of unconventional token trading pairs in ring matching;
Acts as the gas fee unit when users call up the trading and settlement functions;
Stakes as collaterals of nodes in Relayer Network.
Roadmap & Updates
- Step 1
- Based on centralized Troy Trade, establish mature prime broker business ecosystem. At this stage, the project will provide services to users in a centralized system, exploring and verifying the feasibility of the business model, in order to reserve resources and technical support for the next step.
- Step 2
- Implement the basic decentralized trading and settlement functions based on Ethereum. This phase will only open the ERC20 token trading market and is designed to verify the decentralized technical solutions.
- Step 3
- After the technical solutions based on BTC and ETH being proved correct and mature, Troy will launch trading and settlement services based on EOS/Tron/Cosmos/Polkadot and other public chain platforms. This empowers the community influence and expand application scenarios of Troy Network, at the same time provide basic cross-chain support.
- Step 4
- Develop Troy Network Instant components (APIs), in order to integrate the functions into various centralized or decentralized application easily;
- Improve the functions of off-chain trading layer, by adopting mature off-chain channel technologies (such as bitcoin lightning network and Celer Network, etc.);
- Improve Troy Network's cross-chain and dark pool trading functions.
- #TroyTrade is happy to partner with @ankr ，a new milestone for TROY’s Ecological Construction, to optimize TROY's t… https://t.co/cDKiJGgT7R
- #TroyTrade Co-founder Kira Sun will speak with @Force_Protocol answering questions on how can TROY empower crypto… https://t.co/fnYxdXAnbl
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- RT @Force_Protocol: We feel honored to have an AMA tomorrow with @troytrade Join our telegram group to follow live AMA tomorrow! https://t…
- RT @blockonomi: Troy Trade Review: Decentralized Crypto Trading & Asset Management https://t.co/oLfLLM0q6C
- #TroyTrade is ranked as Top 1 Prime Brokerage firm according to @CryptoAmb , filing the gap of brokerage services i… https://t.co/ry0Vv1aaQM
- #TroyTrade partners with @Fetch_ai , a project focusing on accelerating research and deployment of blockchain and A… https://t.co/Pv99eH9H67
- TROY's Bi-weekly Report: 2019.10.18 - 2019.11.05 The development of Troy Trade V1.0 is completed and newly initia… https://t.co/T2uneEDlWd
- Pleased to talk more about how TROY could apply the state channel technology to the trading process through the par… https://t.co/0XaRlgpEz7
- #TroyTrade partnered with @IOStoken, an ultra-fast, decentralized blockchain network based on the next-generation c… https://t.co/XIvrW0ReIm