2019 Approaching a perfect crypto currency — TAUCOIN experiment
Top mission is to create a perfect crypto currency. One can use it without censorship, inflation or high cost. The task seems too difficult to achieve, but it could be approached through innovative experiments.
To be efficient, the experiment design shall starts with only utility. That is a sound currency, not dapp operating system, anonymous transmitter or exchange. The features of a sound currency shall support decentralized payment, permission-less verification, low cost to achieve consensus and fast speed.
Among all, decentralization need to be satisfied first. Proof-of-work experiments such as bitcoin has shown clear centralization in mining. BTC existing miners are less than state banks.
We propose a novel consensus system, proof-of-transaction. Verifiers (miners) are competing on accumulating transactions to generate new blocks and get transaction fees. The longer the blockchain history, the more consensus weight is accumulated in the system. POS total consensus weight is fixed in day one when all the coins minted. POT consensus is growing along the time, because of transactions happening forever in decentralized fashion.
POT possess the gene to address “decentralization” in two ways: full mobile device support and permission-less transparent mining. POT requires minimum computing resource. TAU is experimenting daily 2 Mb data consumption for a full miner on a low cost android phone under 1G memory. Using “generation hash” as network random number in TAU to select next miner, we make the participation permission-less and transparent. This has a side benefits to increase detecting ability of 51% attack, due to the predictable consensus on the mining sequence, called transparent forging, invented by NXT.
POT addressed “decentralization” and “low cost consensus” at cost of low transaction speed on the main-net. Every minute in order to make millions of mobile miners to receive transaction data at global scale, network has to reduce the block size to fit global mobile bandwidth. TAU is experimenting 1.7Kb per minute block size at current stage. To off-set this clear trade-off, we developed TAU PAY funcation to help daily users to achieve VISA card speed by centralizing the micropayments. We also encourage our community members to build various fast payment solutions based on the robust main-net settlement layer.
Above summary is TAU technical vision to acheive a sound crypto currency. Currently the community has about 130,000 wallet users and 450 millions coins issued with total 3 million transactions. This is our base for the experiment of the up comming main-net on Feb 2019. We are targeting 1 Million miners by end of 2019.