Trustlines Network has announced the release of the Sputnik Proof-of-Concept (PoC) on the Ropsten testnet. As per Trustlines, Sputnik is a polished version of the previously deployed mobile payment PoC that the company debuted around the time of Devcon2. Sputnik is comprised of three components: an executable distributed code contract (EDCC), a relay server, and a mobile application.
The EDCC manages the network of Trustlines, which essentially makes up “the core of the system,” each one functioning as “an agreement between two friends that they give each other (bilateral) creditlines.” According to the website:
“The Trustlines Network is built as a decentralized platform hosting customized and interconnected IOU based currency networks. Contrary to present centralized collaborative finance platforms, this enables secure, transparent and permissionless P2P transactions.”
Trustlines enable the transfer of money between known associates by utilizing hardcoded agreements, and can be used to monitor consolidated debts like team lunches, retreats, or beer rounds.
The developers at Trustlines have created an EDCC with different adaptions for the three currencies that are currently supported on the Ropsten testnet. All three can be verified via Etherscan at the following addresses:
- ropsten.etherscan.io/address/0xe275e9c7cebf2c093c365439b836adf9a28537e2 (EUR)
- ropsten.etherscan.io/address/0xd509e8ad840ba86bcafd97fa2b413c83fe269745 (USD)
- ropsten.etherscan.io/address/0xe1f76b64a2a77ef679e3ee847d81d0a71af1a8a8 (RMB)
Trustlines states that the relay server will act as a helper to conduct transactions from the mobile application to the blockchain. The startup elaborates that it chose to go this route due to the issue that “pathfinding [finding the shortest route between two points in a network] can’t be done efficiently on the blockchain nor on the mobile phone.”
The web application will serve as the front-end interface, which will combine all three technologies into one. Using the application, users will be able to create Tustlines between peers, process payments, and keep tabs on their current account status.
According to the Trustlines team, a beta release of the application can be expected close to Devcon3.