It has been over a decade since the introduction of cryptocurrencies, and the crypto sector has since exploded into a worldwide phenomenon that continues to expand and advance rapidly. This is hardly surprising when we take a look at the advantages that digital currencies bring, especially when compared to traditional ones.
Cryptocurrencies use blockchain technology, which allows near-instant transactions that are also much cheaper. Where most financial services and banks tend to charge 5% or more per transaction, digital currency transactions only cost a few cents, often even less than that.
After 2015, however, the crypto market truly exploded, and countless new coins emerged. They were dedicated to solving any world issue, improve every industry out there, and even bring some new ones into existence. Crypto use cases never cease to emerge, whether new ones or improvements on the old ones.
And, as the crypto industry grows in terms of participants — traders, investors, miners, analysts, developers, and more — so does the general rate of adoption around the world. This brings new necessities, such as the increase of economic circulation, which is something that the project known as Taucoin is addressing.
Taucoin is a digital currency that has plans to promote essential financial behavior, as well as to improve the economic situation in the world. The project also comes with a few innovations of its own, with the biggest one being a new consensus mechanism, which they call PoT, or Proof-of-Transaction.
According to the project, PoT is a secure, fair, and eco-friendly. With it, users with transaction history receive the incentive by sharing future block rewards. Simply put, PoT uses transaction fees that accumulate on the blockchain, as transactions are being made. These fees are used as proof, which allows the creation of even more new blocks.
Basically, the reward is transaction fees, which are contained in each block that gets created. The project has also created groups of participants, and these groups are named mining clubs. Their job will be to distribute block rewards to club members, by using efficient club wiring transactions.
All that the project requires in order to start is to launch its own, native digital currency, which is what they are doing right now.
As mentioned, Taucoin's ICO is underway, after it started last year, on October 18th. After a year-long ICO, the token sale is scheduled to end in around eight days, on October 18th.
The token sale is offering a cryptocurrency known as TAU, which is a utility coin that the project has developed on Ethereum's platform. As such, this is an ERC-20 token, which will be used as a currency for fast circulation, but without the risk of inflation.
The project has announced a bounty, although it did not specify which cryptocurrencies are being accepted in exchange for TAU. But, considering that it is an ERC-20 token, paying for TAU with Ethereum coins is a likely possibility.
Finally, the project is registered in Cyprus, with China and the US being the only restricted areas. Everyone else is welcome to join. However, since the project does not require KYC or whitelist procedures, there is nothing that can really stop US or Chinese investors from buying it.
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While it seems quite convenient that the project doesn't have KYC or Whitelist procedures, this is also a major red flag for suspicious investors. Furthermore, the project has been holding a year-long ICO for, well, a year, and there is still a massive lack of information about the ICO. It is unknown how it advances, which coins are accepted, what are the soft and hard cap, or anything else about it, apart from the things that were mentioned above.
haPPy November 19, 2020 Reply
The idea concerning Proof-of-Transaction is very appealing, but the whitepaper presented by Taucoin lacks in-depth information about the protocol and other elements of the ecosystem. I am very attentive to details, which is a great trait when dealing with the up-and-coming ICO projects, so I like to study a project from the top to the bottom before making a final investment decision. I have visited their GitHub page, but couldn't find any code-related documentation. Will contact the Taucoin team regarding this matter.
Billy Khan October 15, 2019 Reply
The project also has a 4-man team, and not a single advisor, which is another red flag. There is nothing stopping the investors from buying TAU tokens if they really want to do it, although caution is recommended, as projects that do not announce all of the necessary details usually have something to hide.
again October 8, 2019 Reply