#TAU
Tau Coin Features
Tau brings a complete new consensus mechanism — Proof-Of-Transaction (POT) to the game.
With POT, Tau users are rewarded for participating in transactions, the more transactions, the greater the reward!
Proof-of-transaction uses on-chain, historical accumulated transactions to determine who can propose a new block. Unlike other cryptocurrencies which use mining to generate new blocks, Tau will instead use a process known as harvesting, where all addresses have a chance to generate a new block. The probably of generating a new block is proportional to the number of transactions the address has made within a certain time window.
Tau addresses the inequality of existing cryptocurrencies whilst providing a viable alternative to Bitcoin users to individuals, businesses and organizations around the world.
1) Harvest Club and Club Wiring Transactions
Tau users can form groups known as “harvest clubs” which receive the transaction fees contained within each block. These rewards are transferred to participants of the chosen harvest club through a club wiring transaction, which allocates the fair share of the reward to all the addresses in the club. Within each harvest club, a certain percentage of the block fee reward is retained with the club leader, whilst the rest is distributed to the remaining club members in accordance with their harvest power.
2) Harvesting Power and Signal Transactions
The Tau protocol includes a special kind of transfer known as a signal transaction. Signal transactions are a zero value transaction that is used for delegating harvesting power between users, e.g. When address A sends a signal transaction to address B, address B inherits its harvesting power, this is only reset once address B returns a signal transaction to address A.
3) 1Mb block size (auto-scaling future)
Tau initially launches with a 1Mb block size, with a maximum of 5,760,000 transactions per day at this initial size. In the future an upgrade to automatically adjusted block size dependent on the bandwidth of the network will be considered.
Join our Community!
Tau is an experimental cryptocurrency and is still very much under development. There will be kinks, there will be roadblocks, but we will persevere. We welcome all early-birds, experts and crypto-enthuasiasts to join our community and help build a cryptocurrency not just for the privileged few, but everybody! We welcome contributions from the community!
Tau Coin Features
Tau brings a complete new consensus mechanism — Proof-Of-Transaction (POT) to the game.
With POT, Tau users are rewarded for participating in transactions, the more transactions, the greater the reward!
Proof-of-transaction uses on-chain, historical accumulated transactions to determine who can propose a new block. Unlike other cryptocurrencies which use mining to generate new blocks, Tau will instead use a process known as harvesting, where all addresses have a chance to generate a new block. The probably of generating a new block is proportional to the number of transactions the address has made within a certain time window.
Tau addresses the inequality of existing cryptocurrencies whilst providing a viable alternative to Bitcoin users to individuals, businesses and organizations around the world.
1) Harvest Club and Club Wiring Transactions
Tau users can form groups known as “harvest clubs” which receive the transaction fees contained within each block. These rewards are transferred to participants of the chosen harvest club through a club wiring transaction, which allocates the fair share of the reward to all the addresses in the club. Within each harvest club, a certain percentage of the block fee reward is retained with the club leader, whilst the rest is distributed to the remaining club members in accordance with their harvest power.
2) Harvesting Power and Signal Transactions
The Tau protocol includes a special kind of transfer known as a signal transaction. Signal transactions are a zero value transaction that is used for delegating harvesting power between users, e.g. When address A sends a signal transaction to address B, address B inherits its harvesting power, this is only reset once address B returns a signal transaction to address A.
3) 1Mb block size (auto-scaling future)
Tau initially launches with a 1Mb block size, with a maximum of 5,760,000 transactions per day at this initial size. In the future an upgrade to automatically adjusted block size dependent on the bandwidth of the network will be considered.
Join our Community!
Tau is an experimental cryptocurrency and is still very much under development. There will be kinks, there will be roadblocks, but we will persevere. We welcome all early-birds, experts and crypto-enthuasiasts to join our community and help build a cryptocurrency not just for the privileged few, but everybody! We welcome contributions from the community!
#TAU
What is Proof-Of-Transaction
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.
What is Proof-Of-Transaction
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.
#TAU
Why Tau is Needed in Today’s Market
As many cryptocurrency enthusiasts are aware, cryptocurrency mining is becoming an increasing cause for concern, not just owing to its enormous energy burden, but also due to the lack of equal opportunity in today’s market, where only those with specialist knowledge, surplus capital and access to cheap electricity can thrive.
Tau seeks to completely do away with crypto inequality, linking rewards not to investment, but to the velocity of money (how frequently one transacts with Tau).
One of the major problems with the current market is the HODL mentality. This mentality leads to stockpiling of cryptocurrency, rather than promoting their utility as an exchange of value. In our mind, cryptocurrencies were intended to eventually replace fiat currency as the next generation mode of value exchange, rather than instead replacing gold as a speculative investment option. Both proof-of-work and proof-of-stake based cryptocurrencies promote hoarding, rather than the free circulation of currency.
Besides this, the scalability of first generation cryptocurrencies is intensely debated, with the majority believing that onchain scaling solutions for Bitcoin are simply not feasible. Tau brings a solution that addresses the hard truths, without bias, looking to build a truly useful cryptocurrency by introducing a new automatic-block size concept called auto-scaling.
The energy concerns of proof-of-work based cryptocurrencies has repeatedly come under intense scrutiny. According to the Digiconomist Bitcoin Energy Consumption Index, the Bitcoin mining network consumes around 73.1TWh of electricity per year, which is approximately the same as the yearly energy consumption of Austria! The market needs a cryptocurrency that can meet the demands of its users, without crippling the worlds energy supply.
Approximately 906KWh of electricity are consumed per Bitcoin transaction, that’s approximately $109 per transaction.
Why Tau is Needed in Today’s Market
As many cryptocurrency enthusiasts are aware, cryptocurrency mining is becoming an increasing cause for concern, not just owing to its enormous energy burden, but also due to the lack of equal opportunity in today’s market, where only those with specialist knowledge, surplus capital and access to cheap electricity can thrive.
Tau seeks to completely do away with crypto inequality, linking rewards not to investment, but to the velocity of money (how frequently one transacts with Tau).
One of the major problems with the current market is the HODL mentality. This mentality leads to stockpiling of cryptocurrency, rather than promoting their utility as an exchange of value. In our mind, cryptocurrencies were intended to eventually replace fiat currency as the next generation mode of value exchange, rather than instead replacing gold as a speculative investment option. Both proof-of-work and proof-of-stake based cryptocurrencies promote hoarding, rather than the free circulation of currency.
Besides this, the scalability of first generation cryptocurrencies is intensely debated, with the majority believing that onchain scaling solutions for Bitcoin are simply not feasible. Tau brings a solution that addresses the hard truths, without bias, looking to build a truly useful cryptocurrency by introducing a new automatic-block size concept called auto-scaling.
The energy concerns of proof-of-work based cryptocurrencies has repeatedly come under intense scrutiny. According to the Digiconomist Bitcoin Energy Consumption Index, the Bitcoin mining network consumes around 73.1TWh of electricity per year, which is approximately the same as the yearly energy consumption of Austria! The market needs a cryptocurrency that can meet the demands of its users, without crippling the worlds energy supply.
Approximately 906KWh of electricity are consumed per Bitcoin transaction, that’s approximately $109 per transaction.
#TAU
Why Tau is Needed in Today’s Market
As many cryptocurrency enthusiasts are aware, cryptocurrency mining is becoming an increasing cause for concern, not just owing to its enormous energy burden, but also due to the lack of equal opportunity in today’s market, where only those with specialist knowledge, surplus capital and access to cheap electricity can thrive.
Tau seeks to completely do away with crypto inequality, linking rewards not to investment, but to the velocity of money (how frequently one transacts with Tau).
One of the major problems with the current market is the HODL mentality. This mentality leads to stockpiling of cryptocurrency, rather than promoting their utility as an exchange of value. In our mind, cryptocurrencies were intended to eventually replace fiat currency as the next generation mode of value exchange, rather than instead replacing gold as a speculative investment option. Both proof-of-work and proof-of-stake based cryptocurrencies promote hoarding, rather than the free circulation of currency.
Besides this, the scalability of first generation cryptocurrencies is intensely debated, with the majority believing that onchain scaling solutions for Bitcoin are simply not feasible. Tau brings a solution that addresses the hard truths, without bias, looking to build a truly useful cryptocurrency by introducing a new automatic-block size concept called auto-scaling.
The energy concerns of proof-of-work based cryptocurrencies has repeatedly come under intense scrutiny. According to the Digiconomist Bitcoin Energy Consumption Index, the Bitcoin mining network consumes around 73.1TWh of electricity per year, which is approximately the same as the yearly energy consumption of Austria! The market needs a cryptocurrency that can meet the demands of its users, without crippling the worlds energy supply.
Approximately 906KWh of electricity are consumed per Bitcoin transaction, that’s approximately $109 per transaction.
Why Tau is Needed in Today’s Market
As many cryptocurrency enthusiasts are aware, cryptocurrency mining is becoming an increasing cause for concern, not just owing to its enormous energy burden, but also due to the lack of equal opportunity in today’s market, where only those with specialist knowledge, surplus capital and access to cheap electricity can thrive.
Tau seeks to completely do away with crypto inequality, linking rewards not to investment, but to the velocity of money (how frequently one transacts with Tau).
One of the major problems with the current market is the HODL mentality. This mentality leads to stockpiling of cryptocurrency, rather than promoting their utility as an exchange of value. In our mind, cryptocurrencies were intended to eventually replace fiat currency as the next generation mode of value exchange, rather than instead replacing gold as a speculative investment option. Both proof-of-work and proof-of-stake based cryptocurrencies promote hoarding, rather than the free circulation of currency.
Besides this, the scalability of first generation cryptocurrencies is intensely debated, with the majority believing that onchain scaling solutions for Bitcoin are simply not feasible. Tau brings a solution that addresses the hard truths, without bias, looking to build a truly useful cryptocurrency by introducing a new automatic-block size concept called auto-scaling.
The energy concerns of proof-of-work based cryptocurrencies has repeatedly come under intense scrutiny. According to the Digiconomist Bitcoin Energy Consumption Index, the Bitcoin mining network consumes around 73.1TWh of electricity per year, which is approximately the same as the yearly energy consumption of Austria! The market needs a cryptocurrency that can meet the demands of its users, without crippling the worlds energy supply.
Approximately 906KWh of electricity are consumed per Bitcoin transaction, that’s approximately $109 per transaction.
#TAU
The Power of the Harvesting Club
PoT also introduces the concept of Harvest Clubs which is a way for groups to work together to gain block rewards. The TAU blockchain allows each wallet to delegate its total number of transactions to any another wallet increasing that wallet’s Harvest Power. In a Harvest Club, several member wallets will delegate their transaction numbers to a single leader, giving that wallet a greatly increased chance of rewards. When that leader wallet is successful in harvesting, the reward is then distributed to the member wallets.
PoT is important because each blockchain becomes its own economy. In many economies the total number of tokens held in small wallets outnumber those held in large wallets. However, those large wallets have greater influence over the smaller ones. By rewarding those that make transactions with more frequency rather than the ones who hold the most tokens the overall wealth the blockchain will naturally equalize. The movement will be from large holders with infrequent transactions to those that are using the blockchain for transfers on a frequent basis.
The Power of the Harvesting Club
PoT also introduces the concept of Harvest Clubs which is a way for groups to work together to gain block rewards. The TAU blockchain allows each wallet to delegate its total number of transactions to any another wallet increasing that wallet’s Harvest Power. In a Harvest Club, several member wallets will delegate their transaction numbers to a single leader, giving that wallet a greatly increased chance of rewards. When that leader wallet is successful in harvesting, the reward is then distributed to the member wallets.
PoT is important because each blockchain becomes its own economy. In many economies the total number of tokens held in small wallets outnumber those held in large wallets. However, those large wallets have greater influence over the smaller ones. By rewarding those that make transactions with more frequency rather than the ones who hold the most tokens the overall wealth the blockchain will naturally equalize. The movement will be from large holders with infrequent transactions to those that are using the blockchain for transfers on a frequent basis.
#TAU
Tau: plan to use automatic block interval replacing time interval
In the NXT, 1MB block and 60 seconds targeting base for block generation, there are two scenario:
1. 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.
2. 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: plan to use automatic block interval replacing time interval
In the NXT, 1MB block and 60 seconds targeting base for block generation, there are two scenario:
1. 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.
2. 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
Debate New Proof-of-Transaction To Win $1000 of Bitcoin
https://www.youtube.com/watch?v=oAhIyVSr1hI
Debate New Proof-of-Transaction To Win $1000 of Bitcoin
https://www.youtube.com/watch?v=oAhIyVSr1hI
YouTube
Debate New Proof-of-Transaction To Win $1000 of Bitcoin - Sponsored By Taucoin $BTC
Taucoin is an experimental currency with Proof of Transaction consensus where we propose a fast circulation currency without inflation. Users collectively ma...
#TAU
TAU AIRDROP
A total of 1,000,000 Tau Coin will be distributed for airdrop, follow the steps correctly and be rewarded!
The total allocation may increase if we exceed more than 5,000+ users participated!
2000 TAU will be rewarded to every successful participants after ICO!
Know more about TAU coin and why we're all excited about this project.
Website Link: https://www.taucoin.io/
Important Information you would like to know TAU coin is using a technical innovation "Proof of Transaction".
Users are incentivised to making essential transactions by sharing the future block rewards.
TAU AIRDROP
A total of 1,000,000 Tau Coin will be distributed for airdrop, follow the steps correctly and be rewarded!
The total allocation may increase if we exceed more than 5,000+ users participated!
2000 TAU will be rewarded to every successful participants after ICO!
Know more about TAU coin and why we're all excited about this project.
Website Link: https://www.taucoin.io/
Important Information you would like to know TAU coin is using a technical innovation "Proof of Transaction".
Users are incentivised to making essential transactions by sharing the future block rewards.
#TAU
TAU, a Better Cryptocurrency For The World?
The battle of the consensus protocols has polarized the blockchain community for quite some time now. Time and again, each side has argued the merits of the hardware intensive Proof of Work (PoW) protocol over the lighter Proof of Stake (PoS) and vice-versa. TAU Coin’s new Proof of Transaction protocol seems as though it may not only break the impasse but pave the way to the mass use of cryptocurrency.
Though PoW is the more proven consensus algorithm, it requires sophisticated hardware to solve the complex equations needed to create blocks and support the network, as with Bitcoin’s ASIC mining equipment. The drawback is that PoW presents a barrier of entry as it requires quite a bit of expertise to operate and the equipment costs a pretty penny to come by; this means the network can potentially fall under the control of certain miners. Not to mention the high cost of electricity attached to PoW mining.
PoS, on the other hand, is less power intensive and uses a model where one stakes their own coins to confirm transactions. This may sound ideal, however the risk of whales (users who hold a large number of coins) gaining control of the network by merely holding the tokens instead of transacting with them. Seeing as the more coins one has, the more voting power they hold, it would be in their best interest not to transact.The above-mentioned drawbacks, negatively affect the decentralized nature of cryptocurrency and keep them in the realm of price speculation as opposed to promoting day to day use in the trade of goods and services.
Enter Proof of Transaction
The PoW and PoS protocols tend to leave too much space for human selfishness and allow for users potentially gaining an unfair advantage by hoarding coins or accumulating hardware. The TAU Foundation’s new Proof of Transaction (PoT) consensus mechanism is intended to be drive mass user participation by enabling users to maintain the network by merely transacting.
TAU’s PoT protocol is aimed at positioning the currency as the go-to transactional coin, improving on the weaknesses of the rival; Bitcoin. TAU’s creator, David Wu, otherwise known as iMorpheus, expressed his vision for the PoT powered cryptocurrency by stating he would like to see it become “The cryptocurrency for the world.”
“A pervasive circulating currency without inflation is the ultimate tool for people to enjoy the abundance of the planet. A cryptocurrency that can resist pressure from G20 governments is potentially possible with the maturity of the internet, and mobile knowledge.” Stated Wu, “POW and POS are two experiments ending in over-concentration on off-chain hardware and coin hoarding. TAU is a new experiment using massive users’ daily economical behavior and transactions to protect network security and grow the blockchain.” He went on to say.
How It Works
The PoT consensus mechanism is designed similarly to NXT where a randomly generated number, determines which “Harvest Club” or group of miners, will produce the next block, relating to the group’s Harvest Power (Club’s accumulated number of transactions). To prevent users from filling blocks with meaningless transactions between themselves in order to collect the block reward, as PoW miners usually do, TAU’s PoT algorithm currently sets the reward window at a year in an attempt to make it harder to predict block reward.To remain as low-inflation as possible, TAU harvesters will earn transaction fees as opposed to earning tokens slowly trickled into the ecosystem over time.
TAU, a Better Cryptocurrency For The World?
The battle of the consensus protocols has polarized the blockchain community for quite some time now. Time and again, each side has argued the merits of the hardware intensive Proof of Work (PoW) protocol over the lighter Proof of Stake (PoS) and vice-versa. TAU Coin’s new Proof of Transaction protocol seems as though it may not only break the impasse but pave the way to the mass use of cryptocurrency.
Though PoW is the more proven consensus algorithm, it requires sophisticated hardware to solve the complex equations needed to create blocks and support the network, as with Bitcoin’s ASIC mining equipment. The drawback is that PoW presents a barrier of entry as it requires quite a bit of expertise to operate and the equipment costs a pretty penny to come by; this means the network can potentially fall under the control of certain miners. Not to mention the high cost of electricity attached to PoW mining.
PoS, on the other hand, is less power intensive and uses a model where one stakes their own coins to confirm transactions. This may sound ideal, however the risk of whales (users who hold a large number of coins) gaining control of the network by merely holding the tokens instead of transacting with them. Seeing as the more coins one has, the more voting power they hold, it would be in their best interest not to transact.The above-mentioned drawbacks, negatively affect the decentralized nature of cryptocurrency and keep them in the realm of price speculation as opposed to promoting day to day use in the trade of goods and services.
Enter Proof of Transaction
The PoW and PoS protocols tend to leave too much space for human selfishness and allow for users potentially gaining an unfair advantage by hoarding coins or accumulating hardware. The TAU Foundation’s new Proof of Transaction (PoT) consensus mechanism is intended to be drive mass user participation by enabling users to maintain the network by merely transacting.
TAU’s PoT protocol is aimed at positioning the currency as the go-to transactional coin, improving on the weaknesses of the rival; Bitcoin. TAU’s creator, David Wu, otherwise known as iMorpheus, expressed his vision for the PoT powered cryptocurrency by stating he would like to see it become “The cryptocurrency for the world.”
“A pervasive circulating currency without inflation is the ultimate tool for people to enjoy the abundance of the planet. A cryptocurrency that can resist pressure from G20 governments is potentially possible with the maturity of the internet, and mobile knowledge.” Stated Wu, “POW and POS are two experiments ending in over-concentration on off-chain hardware and coin hoarding. TAU is a new experiment using massive users’ daily economical behavior and transactions to protect network security and grow the blockchain.” He went on to say.
How It Works
The PoT consensus mechanism is designed similarly to NXT where a randomly generated number, determines which “Harvest Club” or group of miners, will produce the next block, relating to the group’s Harvest Power (Club’s accumulated number of transactions). To prevent users from filling blocks with meaningless transactions between themselves in order to collect the block reward, as PoW miners usually do, TAU’s PoT algorithm currently sets the reward window at a year in an attempt to make it harder to predict block reward.To remain as low-inflation as possible, TAU harvesters will earn transaction fees as opposed to earning tokens slowly trickled into the ecosystem over time.
#TAU
Anonymous TAU Coin Founder “iMorpheus” Reveals Identity
iMorpheus, the anonymous cryptographer and the founder of TAU Coin and their new Proof of Transaction (PoT) technology reveals his identity.
PoT, the technology invented by iMorpheus, is a brand-new consensus mechanism where users collectively maintain the network security through everyday economical behavior – transactions measure over one year. In PoT consensus, no advantage is given to accumulating wealth and hardware. In terms of security, fairness, and environmental friendliness, PoT is the best choice.
The TAU Coin ICO is currently set to start October 15, 2018, with an expected year-long ICO comparative to that of EOS.
Until just recently, the founder of TAU Coin had chosen to operate under the pseudonym “iMorpheus”. This is somewhat common in the cryptocurrency space. The original founder of Bitcoin still remains speculative in fact. In addition, many prominent names on Twitter in the crypto space currently keep their identity secret.
Who Is iMorpheus?iMorpheus recently made his identity known. His real name is David Wu. David is a “guru in computer and fin-tech”, and has had previous success, as the founder of DWFund.net, co-founder of Rong360, executive director at MOLBASE Chemical Database, and senior software engineer at IBM. He also has a Master’s degree in finance from Columbia University of New York, and a Bachelor’s degree in engineering from Shanghai Jiao Tong University.
I had a chance to ask Mr. Wu a few questions about his intriguing Proof of Transaction coin TAU.
What was your personal inspiration for creating TAU?I was born in a region with high currency inflation that prevents the working class to accumulate wealth for family and health. A pervasive circulating currency without inflation is the ultimate tool for people to enjoy the abundance of the planet. A cryptocurrency that is able to resist pressure from G20 governments is potentially possible with the maturity of the internet, and mobile knowledge. POW and POS are two experiments ending in over-concentration on off-chain hardware and coin hoarding. TAU is a new experiment using massive users’ daily economical behavior and transactions to protect network security and grow the blockchain.
Who would use TAU Coin, why, and what for?At least 5 billion people in this world do not have access to low inflation currency as we see in Turkish and Argentina this year. These 5 billion people collective wealth from mind, labor and time need a decentralized medium for storage and circulation. They form up the fundamental demand for a pure crypto currency in the next 100 years. Therefore top pervasive crypto currencies will be used in every situation and every where by people lacking of access to non-inflation currency and non-infliction banking system. Hope this clears who, why and where. Tau aims to be second to bitcoin to serve above demand. TAU and bitcoin are similar in their target audiences and use case, which is basically a substitute for fiat currency. It’s our expectation that Tau’s fairer mining process leads to higher adoption rates and our fee structure will be welcomed by more vendors.
What are a few upcoming announcements or pieces of news that we can announce for you?Main-net will be turned on Sept 15th.ICO will be on Oct. 15th. One million coins will be available daily to buyers. Such as EOS ICO, there will be no set price. Price is the total BTC received in daily pool divided by one million, and each buyer will receive coins after daily closing at proportion to the pool.
Anonymous TAU Coin Founder “iMorpheus” Reveals Identity
iMorpheus, the anonymous cryptographer and the founder of TAU Coin and their new Proof of Transaction (PoT) technology reveals his identity.
PoT, the technology invented by iMorpheus, is a brand-new consensus mechanism where users collectively maintain the network security through everyday economical behavior – transactions measure over one year. In PoT consensus, no advantage is given to accumulating wealth and hardware. In terms of security, fairness, and environmental friendliness, PoT is the best choice.
The TAU Coin ICO is currently set to start October 15, 2018, with an expected year-long ICO comparative to that of EOS.
Until just recently, the founder of TAU Coin had chosen to operate under the pseudonym “iMorpheus”. This is somewhat common in the cryptocurrency space. The original founder of Bitcoin still remains speculative in fact. In addition, many prominent names on Twitter in the crypto space currently keep their identity secret.
Who Is iMorpheus?iMorpheus recently made his identity known. His real name is David Wu. David is a “guru in computer and fin-tech”, and has had previous success, as the founder of DWFund.net, co-founder of Rong360, executive director at MOLBASE Chemical Database, and senior software engineer at IBM. He also has a Master’s degree in finance from Columbia University of New York, and a Bachelor’s degree in engineering from Shanghai Jiao Tong University.
I had a chance to ask Mr. Wu a few questions about his intriguing Proof of Transaction coin TAU.
What was your personal inspiration for creating TAU?I was born in a region with high currency inflation that prevents the working class to accumulate wealth for family and health. A pervasive circulating currency without inflation is the ultimate tool for people to enjoy the abundance of the planet. A cryptocurrency that is able to resist pressure from G20 governments is potentially possible with the maturity of the internet, and mobile knowledge. POW and POS are two experiments ending in over-concentration on off-chain hardware and coin hoarding. TAU is a new experiment using massive users’ daily economical behavior and transactions to protect network security and grow the blockchain.
Who would use TAU Coin, why, and what for?At least 5 billion people in this world do not have access to low inflation currency as we see in Turkish and Argentina this year. These 5 billion people collective wealth from mind, labor and time need a decentralized medium for storage and circulation. They form up the fundamental demand for a pure crypto currency in the next 100 years. Therefore top pervasive crypto currencies will be used in every situation and every where by people lacking of access to non-inflation currency and non-infliction banking system. Hope this clears who, why and where. Tau aims to be second to bitcoin to serve above demand. TAU and bitcoin are similar in their target audiences and use case, which is basically a substitute for fiat currency. It’s our expectation that Tau’s fairer mining process leads to higher adoption rates and our fee structure will be welcomed by more vendors.
What are a few upcoming announcements or pieces of news that we can announce for you?Main-net will be turned on Sept 15th.ICO will be on Oct. 15th. One million coins will be available daily to buyers. Such as EOS ICO, there will be no set price. Price is the total BTC received in daily pool divided by one million, and each buyer will receive coins after daily closing at proportion to the pool.
#TAU
We just hit 10K Wallets!
Thanks for all the contribution, TAU's community is amazing!!
#TAU #TAUcoin #ProofofTransaction
We just hit 10K Wallets!
Thanks for all the contribution, TAU's community is amazing!!
#TAU #TAUcoin #ProofofTransaction
#TAU
Discussion on TAU coin allocation
Community members are interested in knowing the innovative coin allocation pool. Here is detail.
10 billion coins created is aiming to give each person 1 Tau in the future when population hitting 10 billion.
Among 10 billion, 82% is set for bounty, faucet and Tau-X. This is a massive bounty programs. However, it will last for many years to ensure many people could have a chance to receive a minimum amount of tau coin to start with. It will also serve as seeds to grow the community by pervasive distribution. We are currently using on facebook and google account to prevent robots and distribute coins ranging from 1000 to 6000 Taus per person. We create many bounty programs to encourage community members to contribute work for TAU, the reward ranging from 500 to 1 million depending on the effort.
18% is reserved for foundation team members and keeping foundation operational. All team members are subject to standard venture capital vesting schedule control. That is 4 years vesting lockup, with first year cliff and quarterly afterwards.
TAU-X is another way to distribute coins instead of ICO. Every 360 blocks, 60,000 Taus will be put into swap pool along with all holders placements. When we run out of 82% of allocation in the future, the 60,000 part will stop, but TAU-X will continue to serve the community as on-chain exchange and bridge to other crypto coins or tokens.
Discussion on TAU coin allocation
Community members are interested in knowing the innovative coin allocation pool. Here is detail.
10 billion coins created is aiming to give each person 1 Tau in the future when population hitting 10 billion.
Among 10 billion, 82% is set for bounty, faucet and Tau-X. This is a massive bounty programs. However, it will last for many years to ensure many people could have a chance to receive a minimum amount of tau coin to start with. It will also serve as seeds to grow the community by pervasive distribution. We are currently using on facebook and google account to prevent robots and distribute coins ranging from 1000 to 6000 Taus per person. We create many bounty programs to encourage community members to contribute work for TAU, the reward ranging from 500 to 1 million depending on the effort.
18% is reserved for foundation team members and keeping foundation operational. All team members are subject to standard venture capital vesting schedule control. That is 4 years vesting lockup, with first year cliff and quarterly afterwards.
TAU-X is another way to distribute coins instead of ICO. Every 360 blocks, 60,000 Taus will be put into swap pool along with all holders placements. When we run out of 82% of allocation in the future, the 60,000 part will stop, but TAU-X will continue to serve the community as on-chain exchange and bridge to other crypto coins or tokens.