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Web3 Tokens: Threefold Token & TFT

Web3 Tokens: Threefold Token & TFT


20 Nov 2020

ThreeFold Token (TFT) is a web 3.0 utility token minted on top of the ThreeFold Ecosystem, the project that develops and promotes “Self Driving IT”. In general, the ecosystem consists of three core parts: ThreeFold Foundation (philosophy), ThreeFold Grid (implementation) and ThreeFold Token (reward system).

Does the project disrupt the centralized Internet, though? Let's see.

Why ThreeFold?

As the inventor of the world wide web Tim Berners-Lee once said, “I should be able to pick which applications I use for managing my life, I should be able to pick which content I look at, and I should be able to pick which device I use, which company I use for supplying my internet, and I'd like those to be independent choices”.

Seemingly, the history of the web took a different road.

With such companies as Facebook, Google and Amazon growing faster than regulators can keep up with, centralization (and polarization) is only becoming more and more pronounced.

On our planet, there are more than 700,000 miles of submarine cables in use today, and a part of them is owned by a group of huge telecom providers. Google has 63,605 miles and 8.5% of all cables to its name; Facebook - 57,079; Amazon - 18,987; Microsoft - 4,014.

ThreeFold sees such centralization as a problem: indeed, there are regions with no cables, there are regions where those cables make the Internet much more expensive than it should be.

This is the reason why the founder, Kristof de Spiegeleer, started working on a more distributed, cost-effective, net-neutral and sustainable version of the Internet available to everyone.

The new Internet is based on the grid of nodes and rewards in TFT tokens, this Internet can be cheaper, it belongs to everyone and no-one at the same time.

What is ThreeFold?

ThreeFold Foundation is a set of non-profit organizations and people who support the growth of the distributed, cost-effective, neutral and sustainable Internet.

ThreeFold Grid is a blockchain network created by ThreeFold farmers that mint ThreeFold tokens by adding capacity to the grid.

ThreeFold Token is used to buy autonomous and decentralized compute, storage, and application services on the ThreeFold Grid.

How ThreeFold works

As of now, the grid consists of 18,000+ CPU cores and 90,000,000 GB of online storage across 21 countries.

Of course, 18,000 CPU cores is not such a big number, so the grid needs more servers of all shapes and forms.

There are different ways to add capacity to the network and become a farmer. The company has produced a few node types you can configure on top of Zero-OS, ThreeFold’s open source operating system.

After the nodes are authorised in the network, the system will automatically airdrop freshly-baked TFT tokens into a wallet of a farmer as reward for their contribution.

Being a currency of the web 3.0 Internet, TFT token represents a unit of reservation, computing and storage and can’t be traded on cryptocurrency exchanges.

The founders of the project believe that the value of the token isn’t suited for speculation and should only be used to buy and sell capacity on the ThreeFold Grid.

So, how can you access this new Internet? Just install the node, start farming and join the projects on the frontline of innovation.

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