Disclaimer: These are my opinions and do not reflect the opinions of the TAU foundation. There will be things I say that might bother you. There will be opinions that may not be completely informed. For those of you who know how to issue constructive feedback and share knowledge, I implore you to help educate and lead all of us in thoughtful debate. For the rest, your opinion will be ignored.
At the TAU project, we have been asking one question over and over.
What is wrong with Bitcoin?
I sit in the camp of thinking it is by far and away the best solution humankind has ever come up with for a currency. Wences Casares, CEO of Xapos, does an excellent job of succinctly explaining why here
OK, so what’s wrong with it if you like it so much and what can TAU do better?
- Bitcoin is digital money that does not address the velocity of money. TAU is smart money that actively encourages it.
- Bitcoin will inevitably lead to a “tragedy of the transaction fee commons”, where low fees will be ignored. TAU’s harvesting methods ensure that fees will always stay low based on their return in block rewards.
- Bitcoin does not and will not have the capacity to handle all transactions on-chain. TAU is built with the solution to this in mind.
- POW is unnecessarily unfair. POS supports the wealthy. POT is egalitarian
TAU is an experimental cryptocurrency that focuses on speed of transactions, the velocity of money, and near zero transaction fees
In subsequent articles, we will discuss each of the items in more detail, and also attempt to address bigger assumptions :
- What is Proof-Of-Transaction (POT)
- Does velocity of money matter?
- If there were no money printing powers being abused, would there still be need for monetary policy?
- Does wealth inequality need to be solved at the currency level?
TAU will be announced in the next few days on bitcointalk with our technical whitepaper coming soon after.
We call this an experimental cryptocurrency. We will be imperfect.We were brave enough to make a new consensus mechanism and present it to the world. Even our ideas of initial distribution will be considered extreme (hint:it will be aimed at getting nocoiners involved in the crypto revolution). We ask that you be brave enough to give us your honest constructive feedback and participate in our quest to ask the hard questions and make the hard decisions.
Stay tuned for more and “Stay Active”!