It’s rare when I run into a new project, any project, let alone a blockchain project, that just comes out and says that there are problems with the industry and what they are. TaxaNetwork is the first network that I've seen come out and openly make the point that while smart contracts are impressive when compared to the non-blockchain equivalence and yes increasing transaction throughput on modern blockchain networks is required it's not all that's required. They are the first team to really sit down and admit that smart contracts are still just minor code chunks. Most smart contracts are little more than minor storage platforms for some data, with minor calculations.
The opportunity exists for smart contracts to be what TaxaNetworks sees as Hyper Smart Contracts. Adding the ability for not TaxaNetworks, but ANY public blockchain to take advantage of the TaxaNetwork platform to deliver high-performance complex business logic to dApp's with minimal overhead, a level of privacy not attempted before with data hidden from the public and the nodes that participate. The team's platform will allow existing blockchain developers to leverage the performance and privacy of the Taxa Network through Rich SDK tools while simultaneously breaking free from many of the concerns that plague dAPP developers today when their contracts become too complex.
In a way, TaxaNetwork is designing a blockchain for blockchains, a way for blockchains to leverage a unified high-performance hardware-based computing network designed from the ground up for Hyper Smart Contracts, designed to process complex business logic in a clean and private way. The TaxaNetwork teams layered design allows for the team to provide that public blockchain access while still keeping the TaxaNetwork platform secure and fast.
The team's internal consensus model allows for high performance compute nodes to handle complex business code and not be held back by slow consensus delays. The PBFT-derived PoS Consensus model breaks the nodes free from confirmation requirements drastically improving latency which is the #1 killer of Smart Contract performance. In addition, the consensus model's unique approach means that it allows for performance to scale proportionally to the number of nodes in the system. Instead of nodes coming online and being little more than additional confirmation points, each node adds additional computational power for handling smart contract business logic for clients and public chain users.
The dynamic nature of node selection at the compute level is the truly breakthrough design that takes the concept of sharding that many blockchains have previously discussed and moves it into a dynamic environment where smart contract execution is dynamically allocated and shifted based on network topology allowing for a subset of nodes to dedicated real CPU cycles to processing and crunching calculations. Instead of an entire network of nodes trying to calculate every "smart" contract in a short block time, TaxaNetworks compute layer splits up the network allowing for a minimal viable number of nodes to each handle a workload that way Hyper Smart Contracts get the chance to perform real data crunching.
With so much excitement in the past few years over the concept of a distributed network able to handle ANY form of data crunching via smart contract. It's nice to see a team looking toward the future, not content with minor smart contract tricks and looking toward what businesses will demand from a smart contract of the future, from a blockchain in the future.
Thanks to some very strong Venture Capital funding the team is hiring to grow their company. If you're a blockchain enthusiast or developer that might want to work with a team that is forward thinking and looking to develop something that competes with real mainstream processing networks, then you might want to check out TaxaNetworks, as the teams currently hiring in the San Francisco area, with some impressive salary opportunities. Check out the team's website and their angel.co listing for job opportunities