Announcing the TxHash Network
When introducing TxHash, we’ve shown how crucial it is to connect our current web 2.0 applications and services to events on the blockchain. Built on a micro-service architecture, TxHash is bridging the gap between those two worlds — it’s the easiest way to connect any web or mobile application to blockchain events.
Today, we’d like to take it one step further and are excited to announce the TxHash Network — a new decentralized node economy powered by distributed ledger technologies (DLT) event tracking.
Currently, there aren’t any incentives in place for non-wealthy DLT node operators. Most DLT networks rely — and are evaluated — on robust decentralization of their ledgers, yet they only reward those in the network that are able to economically compete to participate. Thus, operation and maintenance of the network is restricted to the wealthiest members of the system, and limits the amount of nodes that can be run in an economically viable way. However, nodes are extremely important not only to ensure integrity of the blockchain history, but also to keep the network secure from malicious manipulation.
Apart from that, blockchains and other DLTs still exist in their own siloed space — entirely partitioned off from web 2.0 services. Most blockchain projects are notoriously limited by slow adoption and development, which we find extremely unfortunate.
Building a new decentralized node economy
With the TxHash Network, we are building a completely new economy that incentivizes and rewards blockchain and other DLT node operators, which currently are passive entities acting merely as ledger state witnesses. The nodes that have previously been ignored in the DLT infrastructure will be leveraged and rewarded for their contribution to the decentralized network, creating an entirely new node economy. This economy is sustained by a technological bridge between DLT and web 2.0 services, facilitating the tracking of public ledger events using current web technologies.
Announcing the TxHash Network Token Sale
We are pleased to announce that we’ll be conducting a token sale for the TXN token, the cornerstone of the staking mechanisms in the TxHash Network. By providing the first incentive network to node operators which will just need to install a plugin to participate, TxHash Network will unleash the whole potential that DLT nodes have to offer: Nodes will get rewarded for notifying any API service about events like payment notifications or method executions on the blockchain or other DLT protocols.
TxHash Network uses the core of our SaaS tracking system to monitor transactions as they are added to any distributed ledger and performs an action once certain conditions have been triggered. The network uses a platform-agnostic plugin that is hosted by full nodes of the network and rewards them for maintaining it.
By open-sourcing and abstracting our current infrastructure — the TxHash.com Tracker Service — into a fully decentralized, cross-DLT, we are creating a trustless network which can perform all core functionalities of our software as a service.
Whitepaper v1.0 Release
After months of fine-tuning the token economics for our decentralized network, we are extremely excited and proud to publish the first version of our whitepaper. The document covers the use cases for TxHash, outlines its architecture, introduces the TXN token, sheds light on the long-term vision for the product, and provides a roadmap as well as information on the token generation event.
You can also find our one pager here.
Our team is currently also working on updating our SaaS platform. In the next days, we will publish our guidelines to comply with the new EU regulations for General Data Protection Regulation (GDPR) to go into effect on May 25th, 2018.
Meetups and Events
We are thrilled to have been invited by Gnosis to their Blockchain Development Meetup in Gibraltar on May 30th. At this meetup, we will go over the technological challenges of creating an agnostic DLT tracking platform and how we are planning to decentralize our application using token incentives for nodes, which are the current infrastructure that supports the decentralization of most DLT protocols.
From now on, we will provide weekly updates on our project progress. We’re open to receiving investment offers from funds and accredited investors.
Stay tuned for more information around participation in our upcoming token sale!
Check out our website and join our community Telegram. Updates will be posted on our official channels on Medium, Reddit, and Twitter. We welcome feedback from the community and are open to collaborations, so please get in touch.