We are at the beginning of the year 2022 and it’s already time to introduce you to one of the best French projects in the crypto ecosystem. The Ternoa project and its cryptocurrency the CAPS, want to offer a use as revolutionary as it is obvious of the blockchain.
Indeed, they want to use the blockchain technology to transmit time capsules. Find out how the project works and how it is progressing at the beginning of 2022.
What is Ternoa?
Ternoa is a blockchain allowing the transmission of information and/or data in time thanks to the concept of NFTs or SecretNFT, as Ternoa calls them.
Created by the French company Capsule Corp, Ternoa has several projects, but the most important and the one we are interested in is the one of time capsules. Indeed, Ternoa aims to allow users to create a time capsule that is sent according to defined conditions.
This may seem vague or abstract to you, so let’s take a look at how these time capsules work.
How do time capsules work?
Before we explain how they work, let’s define what a time capsule is.
In general, a time capsule is defined as a work of safeguarding property, data and information for future generations. They are simply testimonies of the present time enclosed in a capsule.
What’s interesting about Ternoa is that they have taken the concept one step further by offering the possibility to transmit what you want in a completely secure way.
But how does it work? Explanation in 5 key steps:
1. The first thing to do is to create your capsule via Time Capsule App (which is not yet available at the time of this article, but we’ll get to that later).
We touched on it quickly, but to generate a capsule, Ternoa uses blockchain technology and NFTs. When creating a capsule, Ternoa Chain mints a unique and encrypted SecretNFT. If you don’t know what an NFT is, go read our guide!
2. You then put in what you want, content: video, photo, file, access code, longitude and latitude of a treasure, in short what you want.
3. Once you have uploaded the content you want, you must choose the different conditions for sending and opening the time capsule (duration, date or event). For this, Ternoa has set up 4 protocols:
- The Death Protocol for post-mortem transmission;
- The Consent Protocol for transmission based on the principle of activation of the opening by third parties and non-opposition of the sender;
- The Safe Protocol for storing information that can be consulted in the form of a digital safe;
- D-Day protocol to store and send data on a specified date
4. It’s time to send your time capsule which, we remind you, is unique, because in the form of NFT, encrypted and stored in the blockchain.
5. Finally, according to the terms of the contracts you have registered, the capsule is sent and received by the person you have chosen. The person who receives the capsule instantly becomes its owner.
Here is a more detailed diagram to better understand how Ternoa’s time capsules work.
The security of TERNOA
You will agree that this is an extraordinary technology that may revolutionize inheritance. But, with the possibility of transmitting a lot of personal data, money, etc. You can imagine that security is the main point of the project.
This is why the Ternoa Blockchain uses the most powerful technologies in the world. It is based on the Substrate framework and the Polkadot Blockchain developed by Parity Technologies.
Substrate has a team of over 60 developers worldwide and is led by Jutta Steiner, former head of security at the Ethereum Foundation.
In addition, the Polkadot Blockchain is designed and developed to facilitate interoperability between different Blockchains while ensuring a high level of transaction scalability. Polkadot was created by Gavin Wood, co-founder of Ethereum.
Even without being an expert, you understand that the security of Ternoa is ensured by competent persons who, in addition, have worked for Ethereum.
Concerning the capsules, their content is automatically encrypted thanks to the GPG asymmetric encryption process which guarantees authenticity, integrity and confidentiality.
What is Ternoa’s status?
Ternoa is still in full development and the possibility to create time capsules is not yet available.
The project is doing very well and has seen great progress in 2021. The Testnet was launched in October 2021, it allows to see and correct the different bugs. The Mainnet is planned for early 2022.
The launch of the Mainnet will mean that the blockchain is operational and therefore that the creation of time capsules is possible.
This should happen in early 2022, but that’s not the only thing Ternoa is planning this year. In fact, they are also planning to launch:
- Time Capsule App: the application that will allow you to create and send time capsules;
- New DApps.
Ternoa also plans to launch several projects in the metaverse, such as Tipple, Alphée and Playaverse. But the one that should arrive in 2022 is the NFT Gallery which would allow one to see one’s NFTs in a virtual gallery, like the VeVe Collectibles project.
Ternoa’s cryptocurrency: the CAPS
CAPS is the token of the Ternoa blockchain. As Just Mining explains, its main purpose is to pay the transaction fee required to issue a time capsule.
It also plays a role in the creation of NFTs, encryption, storage and securing data over time. Finally, it is obviously a tool for speculation around the project.