With 6,000 wallets already downloaded, a rise from 1,653 only seven days prior, and 20 million TAU coins distributed, it’s safe to say that TAU and its proof-of-transaction technology seems to have made quite an impression on the crypto space thus far.
The total supply of TAU coins sits at 10 billion, with a year-long ICO very similar to that of EOS currently running.
What’s brought on this sudden interest?
TAU has become known for its new proof-of-transaction consensus mechanism for mining, and for TAU Coin and PoT the main factor at play is the number of transactions by users.
Using the PoT method, miners are people or groups that have been incentivized to carry out a significant number of transactions in their “club” or group.
More transactions in a person’s club mean a much higher opportunity of receiving the block reward.
Under this system, the need for expensive mining equipment or a significant stake in coins is replaced with a requirement that you simply run transactions on the network.
There are still sender fees attached to transactions, but group referrals do not have fees.
Greater mining power in the future
In a recent Medium post, TAU explains that “the mining club delegation system is like a ‘tree.’”
“The more leaves (referrals for example), the more MP (mining power) the club will have. When you wire or refer new users to receive TAU, they become your ‘leaf.’”
“This is the key that the BitcoinTalk Community figured out before everyone else.”
The Medium post continued –
“The early adopters on BitcoinTalk figured that out this weekend and started referring new friends like crazy. The result? Total transactions increased 3940%! The current daily transaction count is now close to 1000 a day, making TAU one of the highest transaction count coins in the world.
“That’s pretty impressive considering how new the project is, and it’s already surpassed its predecessor, NEM.”
Additionally, every single TAU transaction is recorded in a “historical accumulation count,” which essentially means that anyone who jumps aboard the bandwagon now and becomes involved will have greater mining power in the future.
Mining club leaders are also permitted to vote on certain aspects such as block time and size.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.