First off, you need to know what a Blockchain is. TOA including all the other cryptocurrencies out there have a blockchain that they work on. You can easily refer to the blockchain as an electronic ledger of all the transactions. It is also a chain of blocks hence called a blockchain. Think of it as if you’re writing everything that is happening in your business, and a block is a page of your logbook. You flip the page to record new ones – it is the same as additional blocks are being added in the blockchain. You can go back and check what happened before but you can’t edit what you’ve written. Only that blockchain is more of a global scale and reside over the Internet and you’re all allowed to write on the blocks anytime using a software or your wallet. And all of you will have an identical record of events or blockchain. You might be thinking, we record things from anywhere and anytime almost simultaneously so the blocks could be messed up. That’s what ‘confirmation’ is for. If you initially send/receive funds, that transaction will have a transaction id and will be marked as ‘unconfirmed’ at first. It will be written to the blockchain then gets confirmed in the process basically making it possible for everyone to know that such transaction happened.
Confirmation basically validates things so the blockchain knows that such coins were already transferred and you can’t spend those anymore. This basically makes sure that all transactions are recorded and validated by a single blockchain regardless if they happened at the same time. Take a look at this image below to get a clearer picture of how blockchain works.
TOA has its own blockchain – meaning we can only transfer assets across our blockchain and you won’t be able to transfer funds from another blockchain or cryptocurrency to/from TOA. There are initially 8.8 billion TOAs with a yearly inflation or volume growth of 2% . This means that the volume increases everyday and this is programmed as such, that there is no need to do anything not even have to manually give them out to you. So if you have 100,000 TOAs you will roughly gain additional 5 TOAs per day or simply 2,000 per year and this type of transaction is called Staking or Mining in the case of Bitcoin.
These additional coins are called staking rewards as it is basically a reward that you gain for connecting to the network of users. A blockchain is a peer to peer network and has no central server that controls your coins unlike those digital currencies that do not have a blockchain. With the blockchain, as more people are connected to the network, the more stable the network becomes as everyone validates a transaction. Think of it if you only have 2 users connected, one could be in the correct blockchain while the other could be trying to build his own blockchain or basically falsifying the data. Who will validate the transaction then if both are trying to write different versions of the blockchain? You need validators or those who contain the right blockchain to compare the transactions and tell which one is correct and eventually reject the user who is trying to cheat the blockchain. So basically, the more users that are connected to the network the better it is for the blockchain. So how do users connect to the network? They easily connect to the network via their wallet.
Where do you store your TOA?
Just like paper money, we store them in our wallet (well most of us). For cryptocurrency, we also call them wallet only in an electronical manner as these are computer programs you install in your Mobile, Windows, MAC or Linux devices. Through these you are able to keep your TOAs or send/receive TOAs from other users. You also receive your staking reward (discussed previously) in your wallet – though not all wallets receive staking rewards. The point of staking rewarding is you have your own blockchain copy and you validate the transactions of others. But some wallets may not be capable of doing this. The mobile versions of the wallets are programmed to be lightweight and has smaller file size and it would not be able to keep up with the growing blockchain copy.
And of course, you will have your TOA addresses as well which is an alphanumeric one around 26 characters long or more that starts with letter T. This address is being used as your receiving address so the sender would require to know your wallet’s receiving address for him/her be able to send their TOAs to you. Even though all are writing in one blockchain, allowing everyone to be able to look into all the transactions, your identities remain anonymous as your addresses do not contain any of your personal info.