Proof-of-Work (PoW) is better… it’s the most proven. No, Proof-of-Stake (PoS) is better… it’s more energy efficient. This argument is all too common in the blockchain space. Now, there may be a solution: TAU Coin and its Proof of Transaction (PoT) technology.
TAU announced 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.
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 yearlong ICO model with the goal of distributing the coin to as many people as possible. 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.