The common argument in the Blockchain world is Proof-of-Work versus Proof of stake. Proof-of-Work is proven while Proof-of-Stake is more energy efficient and more scalable.
There is now another solution: TAU Coin and its Proof of Transaction (PoT) technology.
TAU is 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.
iMorpheus, the main founder and developer for TAU Coin, states that TAU is first “pure Proof of Transaction” coin. The goal of TAU coin is to be the go-to choice for transactional cryptocurrencies, with Bitcoin as its main competitor. The system doesn’t really look at quantity as a metric but at transactions and the quantity of transactions.
iMorpheus states that “If you look at a blockchain and open up a block, the majority of the information in the block is actually transaction data. So what if we could use the majority of the blockchain information and also people’s daily behavior, which is also transaction, to protect network security, while also driving the blockchain forward. That would be very ideal.”
Proof of Transaction 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. Basically, transactions are impactful, regardless of the size of the transaction.
The tau foundation is so confident in their technology, that they are challenging the community to debate against their Proof-of-transaction concept. 1 Million TAU + $1,000 worth of BTC to the winner of the “Debate Bounty”, ending September 30, 2018. TAU’s telegram community will vote on the best argument/idea/proof to decide the winner.
“TAU basically is a new novel consensus mechanism. It’s also a technology venture into this unchartered consensus planet, called Proof of Transaction”, explains iMorpheus.
The TAU ICO is scheduled to start on October 15, 2018, and last one year, being modeled in a similar fashion to the EOS ICO.
Founder iMorpheus chose the year long ICO model with the goal of distributing the coin to as many people as possible. By having a very extended ICO and very extended bounty program, TAU will be able to have a controlled distribution that lasts a significant amount of time and give more people access to the coin.
The total supply for TAU Coin will be 10 billion TAU. The idea behind this somewhat large supply is so that every person in the world will be able to own at least one TAU coin. This lines up with their goal for it to be a transaction currency.
The founder known as iMorpheus, chose the route of many people in the cryptocurrency space, choosing not to reveal his identity right away. This is somewhat common on BitcoinTalk and crypto Twitter, possibly due to risk, among other things.
iMorpheus recently made his identity known. His real name is David Wu. David is a “guru in computer and fintech”, 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.
One thing is for certain; TAU Coin, with their Proof of Transaction technology, are definitely breaking new ground. It will be interesting to see their technology play out.
About TAU Coin
TAU Coin is a project that looks to be the go-to transactional cryptocurrency option. TAU Coin is more of a project then a business, in which the TAU Coin Foundation simply needs money to continue funding development. The project is self-funded at present, with the ICO currently scheduled for October 15, 2018. The ICO will be 1 year long, modeled after the EOS ICO.