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Specifications
Consensus Mechanism: Proof-of-Transaction (PoT)
Genesis Date: August 1st, 2018
Block Time: 1 minute
Block Size: 1MB, future upgrade to auto-size depends on the bandwidth
Possible transactions in 24h: minimum 5,760,000 depends on auto-size
Data directory size: 1440mb/d
Available/Total Supply: 10,000,000,000 TAU
Block Reward: transaction fees only
TAU whitepaper: Find it HERE
TAU website: https://www.taucoin.io
TAU discussion thread: https://bitcointalk.org/index.php?topic=4685802
TAU github page: https://github.com/Tau-Coin
Features
-Proof-Of-Transaction; the more transactions, the more reward
-Automatic Harvest Club Participation; no work or knowledge
required in joining a harvest club
-Instant harvesting reward share through “club wiring”
-Near Zero Cost Transaction Fees; most of transaction fees are returned throughout the year.
-One year to accumulate weight; to prevent spam and speculation
-Environmentally friendly consensus mechanism that is secure
- Built 100% from our team (not a fork of an existing coin)
- Test driven development process focused purely on technology first
- First cryptocurrency to focus on the velocity of coin circulation
- First cryptocurrency to give no advantage to hoarding
- First cryptocurrency to have near zero cost transactions in perpetuity
TAU - founding team
Visionary Leader-iMorpheus: A guru in computer and fin-tech, series entrepreneur in many successful internet projects. He believes digital abundance will make world hundred times more wealthy and enjoyable. iMorpheus will lead the vision and core technology development. https://bitcointalk.org/index.php?action=profile;u=2294265
Head Scientist-genie854: genie854 holds a PhD degree in mathematics. He has strong background in mathematical modelling and algorithm design. He has been interested in and working intensively on cryptocurrency and blockchain technologies. genie will be responsible for TAU's technical direction. https://bitcointalk.org/index.php?action=profile;u=2213015
Head of Marketing – Zi Ren Teoh “aka” ikealyou: Youth representative, fashions brand related background, experienced NLP practitioner, online competitive gaming expert. He will be in charge of marketing and keeping the project hip with the youngsters. https://bitcointalk.org/index.php?action=profile;u=2285902
Strategic Advisor - Dean Pappas “aka” bobthegrownup: Series entrepreneur; Ex-Zeta Global. Over 10 years of experience building and developing teams in high growth startups. He will be advising on TAU team building and community. https://bitcointalk.org/index.php?action=profile;u=2172903
Team expansion:
We at TAU are passionate about this project and will continue to devote 100% of our time to the foundation. TAU’s mission is worthy of more team members and we are actively looking for help in our quest to ending wealth inequality. In preparation for our ICO, it will be very important to have a strong team to present to potential investors. We welcome all applicants that believe in our vision and want to be part of this for the long run.
FAQ
FAQ 1. If transaction number is the weight to generate blocks, how do you prevent speculative transactions from being used to win?
Weight is one year time accumulated on-chain transactions in a harvest club. The reward method is the transaction fee distributed to all historical transaction addresses in the club. The history will go back to 365 days; it shall make speculation and abuse costly and unprofitable. The long time makes speculators wait one year to complete their return cycle. A positive externality of speculative transactions: they will stabilize the transaction fee and guide logical fees quickly, just like derivatives make futures prices logical.
FAQ 2. Why is TAU egalitarian?
The core assumption is: rich people make less essential transactions compared to poor people. Rich people spend more per transaction, but as a group, poor people make more transactions. The reward set will tend to go to a group with more transactions, slowly moving money from the rich set to the poor set.
FAQ 3. How do you prevent exchange attacks? Exchanges have higher holding and transaction volume.
Most POS mechanisms are vulnerable to this. However, our novel on-chain transaction counting methods give no advantage to the high holders group. An exchanges internal transactions are not on-chain, so they will not be counted in our proof of transactions. Only money wiring among exchange addresses will be counted, so ultimately an exchange will be treated as a rich person. In POS, large stake holders receive a linear reward. In POT, collectively poor club members are much more pervasive than the rich. It is not in an exchange’s best interest to burn lots of transaction fees back on chain for a long time.
FAQ 4. Will POT transaction fees be higher than POW and POS ones?
Through research, we discovered that POT transaction fees are not only the cost to pay for validation, but also an “investment” to secure future network income. Your TAU harvest club will pay back fees for a year according to your shares of historical transactions. POT transaction fees have "investment" naturally built-in. In contrast, POW fees goes to the cost of electricity. POS fees could be viewed as interest to stake holders. Both cost and interests are sunk without future cash flow.
update: 8/2 - YOU ARE LUCKY YOU SAW THIS we're opening a 24HR FACEBOOK FAUCET FOR THE LAUNCH OF TAUCOIN
GO TO TAUCOIN.IO AND CLAIM YOUR INSTANT WALLET AND COINS
Visionary Leader-iMorpheus: A guru in computer and fin-tech, series entrepreneur in many successful internet projects. He believes digital abundance will make world hundred times more wealthy and enjoyable. iMorpheus will lead the vision and core technology development. https://bitcointalk.org/index.php?action=profile;u=2294265
Head Scientist-genie854: genie854 holds a PhD degree in mathematics. He has strong background in mathematical modelling and algorithm design. He has been interested in and working intensively on cryptocurrency and blockchain technologies. genie will be responsible for TAU's technical direction. https://bitcointalk.org/index.php?action=profile;u=2213015
Head of Marketing – Zi Ren Teoh “aka” ikealyou: Youth representative, fashions brand related background, experienced NLP practitioner, online competitive gaming expert. He will be in charge of marketing and keeping the project hip with the youngsters. https://bitcointalk.org/index.php?action=profile;u=2285902
Strategic Advisor - Dean Pappas “aka” bobthegrownup: Series entrepreneur; Ex-Zeta Global. Over 10 years of experience building and developing teams in high growth startups. He will be advising on TAU team building and community. https://bitcointalk.org/index.php?action=profile;u=2172903
Team expansion:
We at TAU are passionate about this project and will continue to devote 100% of our time to the foundation. TAU’s mission is worthy of more team members and we are actively looking for help in our quest to ending wealth inequality. In preparation for our ICO, it will be very important to have a strong team to present to potential investors. We welcome all applicants that believe in our vision and want to be part of this for the long run.
FAQ
FAQ 1. If transaction number is the weight to generate blocks, how do you prevent speculative transactions from being used to win?
Weight is one year time accumulated on-chain transactions in a harvest club. The reward method is the transaction fee distributed to all historical transaction addresses in the club. The history will go back to 365 days; it shall make speculation and abuse costly and unprofitable. The long time makes speculators wait one year to complete their return cycle. A positive externality of speculative transactions: they will stabilize the transaction fee and guide logical fees quickly, just like derivatives make futures prices logical.
FAQ 2. Why is TAU egalitarian?
The core assumption is: rich people make less essential transactions compared to poor people. Rich people spend more per transaction, but as a group, poor people make more transactions. The reward set will tend to go to a group with more transactions, slowly moving money from the rich set to the poor set.
FAQ 3. How do you prevent exchange attacks? Exchanges have higher holding and transaction volume.
Most POS mechanisms are vulnerable to this. However, our novel on-chain transaction counting methods give no advantage to the high holders group. An exchanges internal transactions are not on-chain, so they will not be counted in our proof of transactions. Only money wiring among exchange addresses will be counted, so ultimately an exchange will be treated as a rich person. In POS, large stake holders receive a linear reward. In POT, collectively poor club members are much more pervasive than the rich. It is not in an exchange’s best interest to burn lots of transaction fees back on chain for a long time.
FAQ 4. Will POT transaction fees be higher than POW and POS ones?
Through research, we discovered that POT transaction fees are not only the cost to pay for validation, but also an “investment” to secure future network income. Your TAU harvest club will pay back fees for a year according to your shares of historical transactions. POT transaction fees have "investment" naturally built-in. In contrast, POW fees goes to the cost of electricity. POS fees could be viewed as interest to stake holders. Both cost and interests are sunk without future cash flow.
update: 8/2 - YOU ARE LUCKY YOU SAW THIS we're opening a 24HR FACEBOOK FAUCET FOR THE LAUNCH OF TAUCOIN
GO TO TAUCOIN.IO AND CLAIM YOUR INSTANT WALLET AND COINS
