TAU Exchange (TAU-X), a new entrant into the increasingly crowded cryptocurrency marketplace, says it is scheduled to launch on October 18th with around 32,000 accounts (or wallets) due to “an overwhelming amount of interest from the public.” TAU Exchange says that it will not use either “Proof of Work” or “Proof of Stake” but their own “Proof of Transaction” (PoT) approach to crypto.
An experimental currency Proof of Transaction
TAU Exchange
is said to be an automated system that will enable the exchange between TAU coins and BTC. Users will be able to wire BTC or TAU into the TAU-X pool and swap in ratio to the total coins in the pool.
The TAU PoT process is explained as follows:
“PoT is an experimental consensus algorithm to determine which mining club will generate the next block, the more transaction history weight in the club, the high probability to get new block. In the test-net, the weight is the total number of up to one year accumulated transactions made in the club. In the main-net, it is the accumulated transaction fee. An NXT like network random number is generated to select club at the probability relating to their weight. When transaction amount is high, time interval between blocks will shrink to achieve the more transactions, the higher speed and lower energy cost.”
Since transactions are incentivized, TAU Exchange believes it has an advantage over other consensus protocols as that “no advantage is given to accumulating wealth and hardware.” In brief, the theory is that it comes down to everyday utilization activity. Over 620,000 transactions have been claimed to date.
in that transactions are incentivized. 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 Exchange will only have one coin pair trading option – a TAU/BTC pairing.
TAU wants to be a transactional crypto using their PoT tech. To help drive interest, TAU has been using a “debate bounty” to drive interest and participation.
If you are curious, you can read more about it here.