With proof-of-stake, the more one owns, the more power one has. The inevitable consequence of this is hoarding.
TAU is announcing that they are creating the first fair participation economy, where all users are involved in securing the network with their transaction history. TAU is the first proof-of-transaction (POT) currency, which incentivizes users to make more transactions, thus increasing circulation by receiving the block reward. Since there is no advantage to having accumulated wealth with POT, everyone shares in the growth of the TAU economy.
We spoke with the team at the TAU Foundation to learn more about their project.
Q&A With Visionary Leader iMorpheus, Strategic Advisor Dean Pappas, and Head Scientist Genie854 from TAU.
- Could you tell us about the teams background?
iMorpheus: Tau foundation includes a small group of mathematics and engineering geeks who believe cryptocurrency will make people and family much more wealthy and equal. Team members include successful entrepreneurs, academic doctors, journalists, big data and AI programmers. Due to a few of the members residing in the region unfriendly to cryptocurrency, they only use bitcointalk accounts to communicate to the world to protect privacy like Satoshi.
- How did the idea for TAU come to fruition?
Dean: One of the development team members is obsessed with egalitarian systems. iMorpheus had a light bulb moment at home when thinking about transactions being fair (when you count the number of them instead of the amount per transaction). The motivation to carry that idea further came naturally from its egalitarian roots.
iMorpheus: TAU is also a beautiful ancient Greek symbol that represents the fastest particle. We propose non-inflationary fast circulation of crypto is where it is superior to old ones. This technology orchestrates with TAU nicely.
- What do you see that makes Proof-Of-Transaction stand out?
iMorpheus: Proof-of-Transaction is an experimental consensus model on a cluster technology building block. The key scheme is that the more people make transactions, the more secure the network at the optimal speed. It is very different from POW on resource consuming, and from POS on advantage in wealth hoarding. Proof of Transaction allows you to run a harvest club, which is kind of similar to a mining pool that allows participants to group together to receive transaction block rewards. Other essential tech such as a signal graph, “wiring to club” and automatic block size all contribute to the integrity of the system.
Genie: The central idea is to promote transactions (economic activity)
- What challenges do you anticipate?
iMorpheus: We are estimating a certain block size will be taken by speculators to make extra rewards to increase transaction fees. Although we set one year for accumulation, we are still concerned and researching how to curb down speculators. We are also seeking the best way to distribute coins to everyone in the world and fight malicious robots. How to achieve true network random number is also being researched.
Genie: I’m not sure if “distribute coins to everyone” is a good idea. I’m also concerned that “for-control” abusive transactions will end up being a bigger threat to our network than currently assumed.
Dean: Vendor adoption will be the biggest challenge; a challenge that every crypto project is facing. We expect our value proposition to be more enticing.
- Is there anything else you’d like to share with our audiences?
Dean: We’ve got an exclusive faucet open for the launch of Tau. To claim, simply head over to https://taucoin.io and login with Facebook to get your wallet and participate in the faucet event. There will be a bounty program announced in a few days to reward our early adopters so stay tuned on our telegram channel as well.
