If you're reading this, then you must be a crypto enthusiast person who are looking for a new project that can be the next Bitcoin or Ethereum right? Yeah you're in the right page and I will discuss and introduce a new project that will make you excited with its concept, features, and advantages compared to other coins/tokens out there.
First of all, I would reiterate to readers out there that this isn't a financial advice, Its my independent opinion on my own perspective regarding the project I will discuss about here. Now are you ready? So let's begin. The name of the project is called Taucoin, if you want to know more about this project you can check them out here on this website: http://taucoin.io
But will give you a detailed summary of what I learned so far from the project. Taucoin is a new project introduced by a group of experience people in the blockchain technology. That's right, the people behind this project know exactly how the blockchain works and that's clearly an advantage over other project. WHY? first other projects CEO is sometime just businessman with money and sometime doesn't have an idea how the system on the blockchain works. If you will compared it with other ICO projects. But wait, I forgot to mentioned that this project isn't an ICO and does not raised funds through public sales of investment. The money used here are came from the pockets of the people started it. If you were that guy? See how risky it is to make a new project? The people behind it are serious to create something new in the blockchain and world and that's a project born to be succesful. Don't get excited we are just beginning the discussion.
So let's dig now their so called Taucoin. The concept of their project is to create a platform that caters a fast, equal, secure system that will not indulge inflation. Sound's impossible right? But will tell you it's POSSIBLE. Typically the idea is like bitcoin and ethereum but quite different on some other part. If you know bitcoin or ethereum, it is used for peer to peer transaction, and mining aspect. They used the consensus algorithm of PoW (Proof Of Work). If youre not familiar with that let me give you glimpse. In utilizing POW, the transaction activities are process by miners which compete against to mine block or the transaction process in their network. But, there is a competition with this since, in order to mine block you will be needing a source of power (electricity) and hardware to achieve it. The case here is the higher the hardware the chances you mine bigger. But that is an expensive approach to acquired their coin called btc and eth(Two major coins on blockchain). As I can see it until now, only large mining pools can benefit from it due to global economic scale.
There also other famous consensus algorithm called POS (Proof Of Stake), on the other side this one work differently from POW and the concept behind this is quite simple actually. By POS, you can gain reward through mechanism of hoarding or holding. The reward will be base on the volume of token/coin you acquired on a certain amount of time. Actually it has benefit but only to those rich guy since they can buy many coins out there to receive incentives from POS rewards. But the downside here, on my opinion is the relative block generation stop there and circulation of coins aren't appreciated by many since there are major holders of the coin that hoarding it. Now, going back to Taucoin concept, they created a new consensus protocol that can rival the two mechanism discussed aboved. It is called POT (Proof Of Transaction) which uses chain of historical accumulated transactions fee that determine who can propose a new block on the blockchain. This system can mine their coin without having an expensive hardware and big consumption energy instead comes in the form of transaction fee. Are you confused? It's simple The tokens are generated in the genesis block as every new addresses created on their system equally created new blocks that comes from the historical transaction fee paid. Those accumulated fees are in the form of Mining power which equivalent of hash power on bitcoin. Details on how to mine and benefits of mining Taucoin will be the course of my next article. For now, I'll just give some idea on how the Taucoin works. It's best if you read their whitepaper to know the process of their system. (https://www.taucoin.io/whitePaper/TAU%20White%20Paper%20v0.1.pdf)
Right now, the Taucoin team are giving away some of their coins in the form of bounty, promotion and some contest on their discord group (https://discord.gg/Wkwgyca). I like the project since the developer are also active on their discord group just in case you have technical concern and inquiry on the project. Normally other projects don't discuss this stuff which isn't the case for Taucoin team. They are more into the development rather than fund raised and exchangers. I can foresee the future of this project few years from now as like what happened on bitcoin.
For now if you want to learn on their ongoing update please visit the following links below for more information regarding Taucoin.
Website
http://taucoin.io/
Bitcointalk Forum announcement 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
Discord
https://discord.gg/Wkwgyca
Creator of this article:
Bitcointalk Forum URL:
https://bitcointalk.org/index.php?action=profile;u=1269701
Bitcointalk Forum username:
cryptoaddictchie
https://steemit.com/@etherium24
Taucoin address:
TA7UZxwLTeSz8vmNu3GRsyphmER3wNAQXD