TAUcoin, has proposed a brand new consensus mechanism called Proof-of-Transactions. It proposes a fast circulation currency without inflation. Users collectively maintain the network security by doing normal economical behavior - transactions through time. With the technical innovation of "Proof Of Transaction", users are incentivized to making necessary transactions by sharing the future block reward. No advantage is given to accumulating wealth and hardware.
Learn about TAUCOIN
here We believe that
Proof-of-Transaction is the best consensus mechanism when it comes to being:
The most
secure decentralized network
The
fairest decentralized network
The most
environmentally friendly decentralized network
Lets jump to the year 2040, with the assumptions that:
1. Internet Speed has dramatically increased, from 4G to 10G.
2. Coins (TAU) with Proof-of-Transaction mechanism are widely distributed to billions of holders
3. TAU foundation team has successfully developed automatic block sizes that allows all miners to define their size and time of block generation.
The increase of internet speed allows decentralized nodes to communicate faster. With the implementation of automatic block sizes, POT network will be able to support 1000 times more transactions than today, which is about roughly 10 billion transactions every day.
By Shannons theory, it is impossible for one node to collect all transactions in a world-wide competitive decentralized network. Thus, there will be thousands of mining clubs around the world to pick up transactions from different parts of the network. They are all competing on reducing commissions and capturing as many transactions as fast as they can. Under these circumstances, it is very difficult to form a 51% attack to obtain any significant share of the 10 billion fee based transactions daily, especially when one is trying to manipulate a massive amount of transactions in a 1 year sliding window.
*Proof-Of-Transaction Whitepaper* Rules
1. The debate starts today. Anyone in Bitcointalk is able to participate anytime until the end of the debate. The debate ends on the 30th of September.
2. Users are required to challenge Proof of Transactions consensus mechanism, with no limitation to proofs, arguments and ideas. Mathematical models are welcomed.
3. The community votes among the top 3 best arguments/ideas/proofs, and
1Million TAU + $1,000 worth of BTC are being awarded to the highest vote.
4. The vote will happen in
TAUcoins telegram group on 1st October, and the result is finalized on the 24th hour.
5. The arguments/ideas/proofs are defined to be the first user to propose it under TAUs bitcointalk thread, with supported evaluations.
6. TAU foundation teams arguments will not participate on the result voting. The winner of the debate can be anyone else, but TAU.
7. TAU foundation team will reward users that propose an interesting point of view or idea. This is purely defined by the TAU foundation team; an act to encourage everyone to share their thinking.
Update:
Here is the finalist for our Debate bounty
- Akosipepot
- Lodyman
- RexxarofmoknathalClick to vote for your favourite debater, and help him win 1M TAU + $1000 worth of BTC!!! Updates:
Upon further analysis, it has become our decision to disqualify Lodyman based on Rule No,2 "Users are required to challenge Proof of Transactions consensus mechanism, with no limitation to proofs, arguments and ideas. Mathematical models are welcomed."
All votes for Lodyman will not be counted and the debate vote will end on the assigned date.
Final update: Congratulations to Akosipepot for winning our debate bounty! Please get in touch with us to claim your rewards!
