Re: [ANN][TAO] Tao, AltMarket & FanMix - Real Solutions for the Music Industry!
Tao update for Feb 19, 2020:
As previously mentioned, Tao is doing a relaunch with all new codebase forked from Ethereum, implementing masternodes and delegated proof of stake to replace the current PoS.
Anyone with 100,000 TAO can run their own masternode, but there will be a limit of 150 masternodes at any given time. We're assuming at first that there will be somewhere around 25 masternodes, so anyone with the required 100K TAO will be able to run one at will. Once there are more than 150 people attempting to run masternodes, the 150 active nodes will be selected by a voting process by TAO holders.
If you're not familiar with DPOS, essentially you send funds as "delegates" pledged to the masternode of your choice. The delegates pledged to a given masternode vote for it to be one of the active masternodes and they earn 50% of revenue earned by that masternode, divided proportionately among the delegates. The masternode operator earns 40% and the remaining 10% will go to a Tao board of governors for the ongoing development and maintenance of the network.
The board of governors will be 20 masternode operators elected by Tao holders.
Music crypto projects are being welcomed into the Tao family with the following offer: since Tao 2.0 will be an Ethereum fork, it will be able to run any ETH smart contract including tokens and other dApps. If a music project choses to migrate their coins to a TAO token, they can be given 100,000 TAO to operate their own masternode. This gives them the ability to earn revenue from the operation of the network and also the ability to become part of the board of governors if they get sufficient votes.
So for example if Musiccoin migrated to the TAO network instead of Ethereum as they are currently planning, they can get their own masternode on the TAO network. If current $MUSIC hodlers buy some Tao, they can then vote for the Musiccoin masternode and earn a share of revenue, and if enough of them vote for the Musiccoin masternode, it can be elected to the board of governors and have a say in how the network is run.
There will be an increase in supply with the relaunch and reportedly a new ICO to distribute the new coins to a broader base of people. Some of the newly created coins will be distributed for the aforementioned masternodes and possibly in a few other ways, TBA. The increased coin supply will give a much-needed increase in liquidity since the majority of people who currently own Tao are dedicated hodlers with a long-term vision of what the project is doing and so very unwilling to sell in the near term.
Here is a link to the first article which will begins explaining the reasoning behind the switch to the new codebase and consensus mechanism.
https://medium.com/@BryceWeiner/its-not-you-it-s-us-a-case-for-forking-the-ethereum-codebase-for-the-music-economy-b4e604fef617
There are followup articles on the way including one covering "what this means for Tao," and a release roadmap. I believe the new codebase is already done, but there's a ton of documentation being worked on at this point before the update is released.
In addition to the above, last night it was announced in the slack that there will be a proof of concept for the upcoming Infinity Festival--an event in LA the weekend of March 21st. Details TBA.
As always, I'm happy to answer any good-faith questions, although I'm sure the same boring trolls will crawl out of the woodwork to attempt to clog the thread up with noise. To that end, I'll be starting a new thread soon for the relaunch which will be moderated to keep a good signal to noise ratio.
Hit me up with any genuine questions and comments here, or on Twitter @ACG_Crypto
Edit: to clarify, yes, if you currently own Tao you will have the opportunity to swap your coins to the same number of coins on the new network.
As previously mentioned, Tao is doing a relaunch with all new codebase forked from Ethereum, implementing masternodes and delegated proof of stake to replace the current PoS.
Anyone with 100,000 TAO can run their own masternode, but there will be a limit of 150 masternodes at any given time. We're assuming at first that there will be somewhere around 25 masternodes, so anyone with the required 100K TAO will be able to run one at will. Once there are more than 150 people attempting to run masternodes, the 150 active nodes will be selected by a voting process by TAO holders.
If you're not familiar with DPOS, essentially you send funds as "delegates" pledged to the masternode of your choice. The delegates pledged to a given masternode vote for it to be one of the active masternodes and they earn 50% of revenue earned by that masternode, divided proportionately among the delegates. The masternode operator earns 40% and the remaining 10% will go to a Tao board of governors for the ongoing development and maintenance of the network.
The board of governors will be 20 masternode operators elected by Tao holders.
Music crypto projects are being welcomed into the Tao family with the following offer: since Tao 2.0 will be an Ethereum fork, it will be able to run any ETH smart contract including tokens and other dApps. If a music project choses to migrate their coins to a TAO token, they can be given 100,000 TAO to operate their own masternode. This gives them the ability to earn revenue from the operation of the network and also the ability to become part of the board of governors if they get sufficient votes.
So for example if Musiccoin migrated to the TAO network instead of Ethereum as they are currently planning, they can get their own masternode on the TAO network. If current $MUSIC hodlers buy some Tao, they can then vote for the Musiccoin masternode and earn a share of revenue, and if enough of them vote for the Musiccoin masternode, it can be elected to the board of governors and have a say in how the network is run.
There will be an increase in supply with the relaunch and reportedly a new ICO to distribute the new coins to a broader base of people. Some of the newly created coins will be distributed for the aforementioned masternodes and possibly in a few other ways, TBA. The increased coin supply will give a much-needed increase in liquidity since the majority of people who currently own Tao are dedicated hodlers with a long-term vision of what the project is doing and so very unwilling to sell in the near term.
Here is a link to the first article which will begins explaining the reasoning behind the switch to the new codebase and consensus mechanism.
https://medium.com/@BryceWeiner/its-not-you-it-s-us-a-case-for-forking-the-ethereum-codebase-for-the-music-economy-b4e604fef617
There are followup articles on the way including one covering "what this means for Tao," and a release roadmap. I believe the new codebase is already done, but there's a ton of documentation being worked on at this point before the update is released.
In addition to the above, last night it was announced in the slack that there will be a proof of concept for the upcoming Infinity Festival--an event in LA the weekend of March 21st. Details TBA.
As always, I'm happy to answer any good-faith questions, although I'm sure the same boring trolls will crawl out of the woodwork to attempt to clog the thread up with noise. To that end, I'll be starting a new thread soon for the relaunch which will be moderated to keep a good signal to noise ratio.
Hit me up with any genuine questions and comments here, or on Twitter @ACG_Crypto
Edit: to clarify, yes, if you currently own Tao you will have the opportunity to swap your coins to the same number of coins on the new network.