TAU proposes a fast, fair and secure currency without inflation. Users, forming mining club, grow and secure the network by doing common behavior - transactions. With the technology innovation of "Proof-of-Transaction", the mining clubs with transaction history are incentivated by generating blocks and reward to users. No advantage is for concentrating wealth and hardware as in POS and POW. Low barrier to coins and club voting are TAU implementation of fairness. When the more transaction volume, TAU aims to the higher speed and the lower total cost. TAU envisions to pure mobile mining network.
In the NXT, 1MB block and 60 seconds targeting base for block generation, there are two scenario:
Many transactions within 60 seconds arrive transaction pool, exceeding 1MB block size capacity. Tau allow miners to generate block when they collected 5000 transactions(a.k.a 1MB). Replacing the idea of counting timer C, we use transaction counters before 60 seconds. When:
(Base x transaction number counter x Weight > randomness),
that miner can generate block. Both transaction and time counter reset.
NO enough transaction within 60 seconds. Time counter becomes effective. When the chosen miner not able to accumulate 5000 transactions, it can generate block when 60 seconds passed.
The benefits for above design is the more transactions the faster the chain processing transactions. However, there might be malicious miners want to destroy the chain by generating unlimited transactions to keep blockchain bloating.
The way to resist this attack is to limit block number per minute, we can start with 10 blocks maximum per minute. When community feels it is too slow, club leaders can vote on chain using their weight to increase by signal transaction.
Under same spirit, we can ask club leaders to vote reduce the time interval from 60 seconds downwards on chain.
In summary, TAU will venture into remove specific time interval on block generation.
TAU uses a brand new algorithm called Proof-of-Transaction (PoT) which in many ways is the opposite of PoS. Instead of encouraging a small number of participants to build up a large balance of tokens, PoT will reward large numbers of participants for small transactions made with their funds in the normal course of using the blockchain.
PoT removes the concept of vesting and changes the timeframe for transactions. How many TAU are held in a wallet is irrelevant, only the number of transactions that occur within the last year. This number of transactions includes any tokens sent or received; this total is called Harvesting Power. The more transactions that are made the more Harvesting Power a wallet holds.
Launching Oct 18th, the TAU Exchange (TAU-X) automated system will enable the exchange between TAU and BTC. Users will be able to wire BTC or TAU into the TAU-X pool and swap in ratio to the total coins in the pool. The coin swap will happen every 360 blocks. Along with all users, the TAU foundation will allocate 60,000 TAU each swap into TAU-X for token distribution. When no BTC investments, the remaining TAU will carryover to the next swap. This system allows for TAU and BTC holders to seamlessly exchange value without any middlemen.
Want to learn more? The TAU whitepaper gets into a more technical discussion of how consensus is achieved, how randomness is determined, the special transaction process in reward sharing called “Club Wiring”, and a new concept at scaling called “Automatic Block Size”.
You can find the paper here: https://www.taucoin.io/whitePaper/TAU%20White%20Paper%20v0.1.pdf
Today, TAU is actively sharing its project with the community. On taucoin.io, there is a Facebook faucet to create your first wallet and interact with the community through transactions and Harvest Power. For our launch, we are adding coins in every wallet, and the system is awarding additional coins for referrals. To better show the value of Harvesting Power at the community level, every referral is added to your Harvest Power once the mainnet is live. There is no other project that is actively rewarding community building now and in the future like this.
Because TAU is a community drive project, we are also extending whitepaper co-authorship within the community in an effort to figure out some of our most concerning challenges and to agree as a community what the next steps should be. If you have ever wanted to support a project that looks to be as egalitarian as possible, this is the one.
More info:
Official Website: http://taucoin.io/
Bitcointalk ANN Thread: https://bitcointalk.org/index.php?topic=4757879.0
Whitepaper: https://www.taucoin.io/whitePaper/TAU%20White%20Paper%20v0.1.pdf
Facebook: https://www.facebook.com/taublockchain/
Twitter: https://twitter.com/tau_io
Telegram: https://t.me/taucoin
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1233872
