TAUCoin “Proof of Transaction” - features debate and bounty for 12 months

[imorpheus]

Summary: an experimental green, secure and pervasive crypto currency without inflation
Breakthrough ideas
- proof of transaction
- permission-less mobile mining network
- fight 51% attack

Detail The plan for next 12 months is bold and intensive in following areas.
- Accumulated transaction history in an address will determine the probability to generate next block.
- Mining has to be permission-less and low computing power for mobile device. It shall not encourage hardware arms race or asset hoarding.
- Fight 51% attack — 51% attack is unavoidable on decentralized ledger according to Satoshi. With 51% power, one can do both short range (double spend, censorship) and long range attack. Checkpoint is used to contain long range attack in all POS, TAU will inherit that. For short-range attack, when POT blockchain lives 10 years, in order to secure 51% POT power, one need to either secure enough miners’ private keys to get power or build own power for same time period years. The older the chain, the harder to achieve due to time can not be created.

To achieve pervasiveness, TAU faucet and bounty program will last multiple years to give non-coiners basic TAU to begin with crypto currency experience, until we used up 82% reserve.

We invite you to debate above points. The bounty reward is 10M tau and waiting for you to take.

-12 months - 10 million TAU Debate Bounty Mechanics;
- Winners will be determined WEEKLY thru voting.
- We encourage the criticism. (Pointing out the flaws, followed by making a suggestion or proposed solution)
- The team will choose the up to 5 qualified participants weekly.
- The chosen 5 will be subject to voting system.
- Winners will be evaluated into three (3) voting category
  33.33% for the Twitter
  33.33% for the Telegram
  33.333% for the Discord
- Voting will last for 24hours only. (No extension)
- There will be three (3) winners, 1st, 2nd and 3rd respectively.
- Reward will be as follows;
  1st Prize; 100,000 TAU
  2nd Prize; 60,000 TAU
  3rd Prize; 40,000 TAU
- Winners will be posted in bitcointalk, taucointalk, TAU Telegram and Discord channel https://discordapp.com/invite/ydhx3um

[RuBro]

Serious bid with a long-term perspective.
How will ERC-20 tokens be associated with TAUcoin owners?
How will they be distributed and participate in the community?

[iconoclast]

I have been participating in their bounty. Offering a bounty to just create awareness without actually having any plans to do an ICO is starting to become more popular. I am also doing the Bounty for DarkPayCoin which is a MN/PoS privacy coin that is growing itself organically and relying on Masternodes and staking for the bulk of its coin creation. The nice thing about both projects is since the reward is not tied to the success of the bounty you don't have to wait until the end of the bounty to get your payment.

[imorpheus]

How will ERC-20 tokens be associated with TAUcoin owners?
How will they be distributed and participate in the community?

Love raising questions. Regarding support third party exchanges without infliction, mentioned in “plan”.
There are more than 3000 exchanges. The best way to make them support TAU coin is to create a ERC20 compatible token that is linked to TAU native coin such as USDT linking USD notes. We call this TAUT.
TAU foundation will lockup a portion of TAU native such as 100 million, then issue 100 million TAUT on ERC20; at the same time, the TAU exchange will support an automatic swap program to allow TAUT holders to swap with TAU holders.
With this all the ERC 20 ready wallets and exchange can use and trade TAU.

[Thishastoend]

What is going to stop dev team from just minting and selling erc20 tokens on other exchanges?

[imorpheus]

What is going to stop dev team from just minting and selling erc20 tokens on other exchanges?

To issuing TAU Stable (TAUT), foundation need to lock up certain coins in an address to show the public, then trade TAUT on ERC20 exchange will not create double value. The reason for TAUT is to help third party exchanges to trade TAU without infliction, not selling. TAU has its own exchange TAU-X, we only sell 60,000 coins per swap.

[Disncrypto]

Regarding your roadmap, yesterday the mobile app has to be released right? how is it going?

[imorpheus]

Regarding your roadmap, yesterday the mobile app has to be released right? how is it going?

Please search “taucoin” on google play store, you will find beta version published on sept 28th. However, there are bugs to be fixed, we did not publish it on main web. Thanks for remind the community our roadmap.

[imorpheus]

... having an erc20 token quivalent of TAU, minting erc20 tokens would only raise confusion plus the reason for it was only due to trading with third party exchanges? I prefer a better usage aside from the given reason. .... to convince the community that TAUT is necessary for Taucoin expansion.

TAU has its unique features through Proof of Transaction. Foundation is lucky to find POT and taking an early dive into it. Since we found confidence through R&D, and I believe having more people support and access is valuable to everyone rather than holding. Pervassiveness is as important as permission-less network. ERC-20 is a platform like YouTube for TAU to distribute to many social channels, in this case it is both external exchanges and wallets. Removing infliction of the distribution is so important for such a future and profound technology.
ERC-20 ready also means many smart contract app developers can integrate us freely into their invention, which is so important. Thanks so much for your thinking.

[imorpheus]

In response to TAU discord question on scaling potential.
In my view, scaling shall be devided to “block hand over time” and “blocks verification time”.
Hand-over is after the block generated, it takes time to find next network agreed block generator and broadcast block data, such time could be spend on puzzle solving in POW case or fixed time waiting in dPOS. Verification time depends on how many more generators to confirm the block, in permission-less chain like BTC it will take 6 block generators, in BFT such EOS, it takes ignorable time due to permission based nature.
TAU plans to reduce hand-over frequency when transaction volumn is up. This will reduce the number of hand-over times for certain number of transactions. When average transaction fee in past generator range is higher, consensus will permit the current generator to produce more blocks without hand-over to save time; when fee is lower, the less blocks the same generator can make. Generator will broadcast each block generated without holding. This is different from larger block size, that you have to hold broadcasting untill full block done.
Therefore, this is really no fixed up-limit for TAU to scaling up, it ajust itself to transaction volumn and network quality. While in the range of same generator, the speed to packing transaction is at same league as in EOS.   

[ValeryO]

Why from the first steps of building a fast, fair and secure crypto currency without inflation, the team is putting TAUcoin in a subordinate position in relation to Bictoin, Ethereum etc. I mean an automatic swap of TAU and BTC or create an ERC20 TAUT. Is it a way to attract funding? Why team is not running up a typical ICO? Is team try to avoid SEC regulations such way? In my opinion, the main goal is building a strong cryptocurrency and bridges are coming itself later. For example, more and more projects are running up on the Ethereum platform. And then everything is crushing down is crushing down yours Ethereum based coin. All this we can observe in this year on the Ethereum 's cryptocurrency example. How team plans to avoid such cases?

[Dinomoves]

I like everything about TAU and its plan. I believe it will take only a few months to see many people into TAU community. It is growing because the plan is really good. I just want you to make clear also how you would match the price of bitcoin in the exchange or during the exchange?  If somehow i missed this, can you elaborate things to clear our mind on what will happen during the exchange and how big the price of TAU would be? I’m excited to see things that will break silence to many as TAU works in this cryptocurrency world.

[ImHash]

I have some ideas about your coin, How about I start mining it with many mobile devices just to get to generate the next block every time for myself? Then someone else would come and beat me with a higher numbers of mobile devices to generate the next block, Then the next person would do the same and there we have yet another arms race of mining. This does not seem to work as you would like to say it would. It is nice on the paper though, But it is not gonna work.

[feyrian]

I have some ideas about your coin, How about I start mining it with many mobile devices just to get to generate the next block every time for myself? Then someone else would come and beat me with a higher numbers of mobile devices to generate the next block, Then the next person would do the same and there we have yet another arms race of mining. This does not seem to work as you would like to say it would. It is nice on the paper though, But it is not gonna work.

You don't understand how PoT works... You should read the whitepaper, or the website.

At least read OP first post :

Accumulated transaction fees within certain time in a mining club will determine the probability of the club leader to generate next block, and prevent spam.

You won't increase your chance to generate a block with many wallets of your own, mining on many devices.
This is not PoW consensus, neither PoS, this is a new paradigm.
It's all about transactions :
- The harvest power of a wallet depends on the Tx fees it has accumulated within a certain time (not yet determined, probably a year).
- A wallet can decide to be a Club Leader with the signal Tx (send 0 TAU to itself) and so it can start to generate blocks.
- A wallet can delegate it's power to an other, joining it's Club, with the signal Tx (send 0 TAU to the Club Leader address) and get a share of the block rewards.
- Therefore the harvest power of a Club Leader is the sum of Tx fees accumulated by him and all his members

And there's more (club wiring, automatic block size) and all is to discuss, confront, defeat or confirm here with a chance to be rewarded for this effort.
Let's try

[S-triple-C]

I love the idea of using PoT as it has its advantage over bitcoin and other cryptocurrencies. One of the things that I like about PoT is that it enhances the network topology and facilitates the coin circulation. Firstly, users must stay online in order to get the reward; Secondly users should initiate more transactions to increase their share of total transactions; Finally, it will strengthen the network topology and facilitate the circulation of the coin as the number of users and transactions in the network increases.

[imorpheus]

Some clarification: neither mining club leader and users need to stay on line to get reward, requisite of stay online is viewed as permission based. Merely increase transaction numbers will not help,since it is the transaction fee to be counted as weight on your mining power.
For mobile mining, in fact original NXT algo can support mobile mining as well since it is low computing power no matter how many computers you own. TAU is similar in this kind. More devices will not change the arrangement structure on-chain, it is the crypto process to find right generator, so that there is no beat from a big phone over small.
Automatic swap between TAU to BTC is an effective way to distribute to more people and avoid TAU to fiat exchange. This is not a fund raising strategy, since foundation only sell 60,000 tau per swap, community members shall exchange a lot of more than foundation. TAU-X will not charge transaction fee on these swap either. This swap is an innovation for distribution and community service.
I do not believe any one include foundation and me can predict the price of TAU. The price of TAU is collectively decided by whole user base to value the consensus value of the community. To best increase value of TAU, the foundation and community shall just focus on make every feature of our plan work, and achieve true “fast, fair and secure”.

Here, i love to raise a question: how to incorporate BFT verification into TAU? I am not clear how to do that, or it is not possible.

[S-triple-C]

Thank you for the clarification at @imorpheus!

Is it the total transaction fees of all the transactions the user has made in the past that will determine the weight of the user's mining power?

[revben]

Why from the first steps of building a fast, fair and secure crypto currency without inflation, the team is putting TAUcoin in a subordinate position in relation to Bictoin, Ethereum etc. I mean an automatic swap of TAU and BTC or create an ERC20 TAUT. Is it a way to attract funding? Why team is not running up a typical ICO? Is team try to avoid SEC regulations such way? In my opinion, the main goal is building a strong cryptocurrency and bridges are coming itself later. For example, more and more projects are running up on the Ethereum platform. And then everything is crushing down is crushing down yours Ethereum based coin. All this we can observe in this year on the Ethereum 's cryptocurrency example. How team plans to avoid such cases?

That is not how it works. Mining a block is based on the number of transactions carried out by members in a pool over a given time, so the only arms race is making legitimate transactions.

[imorpheus]

How TAU foundation support TAU price through TAU-X.
Many people ask foundation’s plan to resist dumping TAUcoins on TAU-X. Be design, TAU-X is an efficient, free and open tool to trade massive amount of TAU and contain every thing in one swap, same as our spirit to using epoch to contain 51% power censorship attack. TAU-X will magicly support both efficient trading and also risk containment. Every swap is like a new birth,  even one want to dump 10 billion TAU, it is supported there and settled instantly.
Given all this, TAU foundation did not choose to avoid risk, but create a technology platform to faciliate all speculative actions, because we believe both punishment or award need to be supported in the same efficient way rather than put infliction on one side.
In my view, the most efficient and executable way to support TAU price is not by manipulate financial strategy or news, but by following ways:
1. Remove infliction on trading through TAU-X and TAU-ERC20 stable coin supportting all third party
2. Work out the 12 months plan and realize a fast, fair and secure crypto technology
3. Incentivate app and game developers to build apps using TAU as internal payment and allow them to access massive TAU holders.
Doing above things require time and effort, the result of executing above are always up and down. Therefore, price fluctuation on TAU is expected.
The macro crypto market is always there to affact us. But my view of crypto market is that more and more weight put on crypto currency asset than others, since many citizens from developing countries does not have a “real” non-inflation currency. The demand for a solid currency is essential and imminent. TAU website traffic flow reflects 70% of the viewers are from developing world. So the battle is not whether crypto currency is needed, but what crypto technology is the best. To becoming best crypto technology and network is how TAU foundation and I to support TAU price on TAU-X.

[imorpheus]

We do not have a setup plan for distributing ERC-20 TAUT at this moment. A few potential ways such as using TAUX to swap out, deposit into some third party exchange for sales, or put into airdrop faucet, all could be discussed, we are interested in knowing your suggestions.
On TAUX exchange, technically no one can garantee it is 1:1. All members drive it. This is interesting part. This will create hedging business in TAU ecosystem among different trading world. I hope market can correct price once there is arbitage possibility.