Timicoin is a cryptocurrency developed by the Timi Group Inc. company. The company’s aim is to establish a trusted and compatible source of medical data. In the Timicoin whitepaper this kind of database in called a health information exchange (HIE). The Timicoin team states that modern medical institutions are gathering clinical information in the inoperable way. It means that two different medical institutions have no way to exchange information and gather data. This is often due to the fact that some institutions are deliberately hiding and encrypting the info not to lose a competitive advantage. However, it is an important and global problem that there is no well-established way to share medical information in secure and private environment. It prevents governments and private institutions from being able to analyse various medical situations and develop solutions for established problems.
A blockchain-based HIE of the project is called TimiHealth and is able to sustain the interoperability that is lacking in today’s healthcare infrastructure. This would provide modern medical facilities and companies to provide coordinated healthcare for each patient and eliminate unnecessary services and duplicate tests. Health information exchange is able to provide patient records in a consistent and real-time manner without the risk of mistake in transfer or getting false information. Mistakes prevention is gained through the implementation of smart contracts after patient authorization.
Timicoin is a utility token of the TimiHealth platform. It means that it was developed as a way to get to the network’s services. TMC is used to process data requests within the network. The Timicoin utilization is performed via the TimiHealth application and the Timi cryptocurrency wallet. The application is able to use for gathering data and statistics, manage data access restrictions, online health monitoring and synchronizing health history from multiple clinical facilities. Timi wallet is connected with the application and is accessed via smart-contracts of the TimiHealth. The wallet is available both for Mac OS and Windows.
Timicoin (TMC) price and market performance online via CoinMarketCap:
The coin is currently listed on two cryptocurrency exchanges:
The Timicoin network is based on the Hyperledger protocol. However, it also implements payments system that is based on the Dash and the PIVX codebase. The result of such hybrid is a two-tier network of the masternodes and the staking nodes. Consensus is also reached with a hybrid approach, simultaneously implementing both proof-of-work (POW) and proof-of-stake (POS) algorithms. Timicoin is POW-based until the block 259200 is issued and becomes switches to POS after it.
Decentralized data storage and efficient consensus are aimed to provide a robust network for the maintenance of a large amount of information that will be gathered by TimiHealth via smart devices (smart watches, various specialized healthcare devices) and clinical institutions. They are also needed to provide requested info with maximum efficiency which is crucial in the medical industry.