Taraxa Project
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Taraxa Project

Taraxa Monthly UPD — August 2021.

In the last month of summer, we kept working hard to deliver on our vision of adding trust and transparency to everyday business relations and online interactions. On to the updates!

Testnet:

We’ve been successfully testing our first incentivized testnet with our pre-launch node operations crew on Discord, and yet again we thank you guys for participation — it’s been a huge help!

Over the last couple of weeks, the network has been producing fewer core consensus-related issues, with more problems coming down to the supporting infrastructure around it. ​​We’ve now identified and patched all the issues related to performance and edge cases. You can get a better idea of the issues we’ve been running into from our latest tech update here.

The network launch will come in three distinct stages:

1. Pre-Staking:

Locking TARA into the Ethereum network to be able to earn yield.

The staking contract has been completed and now is being reviewed by auditors, and we’re building the new version of the community site with the added staking functionality.

2. Mirror staking on Ethereum to test out the staking capabilities:

a. Staking on the ETH network is mirrored onto the Taraxa testnet,

b. Staking delegation is introduced to consensus nodes on the testnet.

3. Mainnet: migrating the ERC-20 tokens onto the Taraxa network to enable actual staking of TARA.

Application.

In line with our updated vision of inferring quantifiable and verifiable reputation from informal transactions, such as user interactions online and everyday business relations, by tracking and measuring off-chain signals, such as frequency and impact of link sharing, amount of successful business interactions, and other quantitative metrics. What we have in the end is essentially a social graph of working relations between business entities.

To reflect that, we’ve been working on Marinate’s new interface and building an open API to allow for integrations with popular messaging platforms and build a robust link tracking mechanism. Telegram app is our first target here as the most popular crypto messaging platform, and we’ve been looking at ways to get consistent data from groups and channels.

Community.

Our current goal in terms of community development is working with regional Taraxa ambassadors to make sure we get as much local visibility as possible:

For our investors, the next token unlock is coming up on September 23 — please follow our announcements for more details. We keep hosting our weekly AMAs and thank everyone who shows up to participate — it’s been very helpful when shaping our product and marketing strategy.

This month, our CTO Justin went to Chainlink’s SmartCon Summit where he outlined how our tech captures business relations and human reputation on-chain by anchoring transactional data on Taraxa blockchain:

We’re expecting to roll out staking before the next token unlock, so follow our September updates! For those who’d like to contribute to our node testing, check out our dedicated Discord server to learn how to contribute now.

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A fast, scalable, and device-friendly public ledger designed to help IoT ecosystems become more trusted, autonomous, and valuable.

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Olya Green

Olya Green

I write about Tech and Design

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