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TAUcoin is an experimental cryptocurrency powered by Proof of Transaction
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. POT is encouraging users to actively carry out essential transactions. TAU reward system will distribute benefits through “club wiring” to each members.
Big Rocket Bounty and Monopoly game
Big rocket bounty is used to encourage all those who contribute to the community. You can show your strengths here, game development, consensus building and so on. You can enter the relevant bounty registration link through the following channels
TAUCoin “Proof of Transaction” - features debate
- proof of transaction
- permission-less mobile mining network
- adjustable block numbers to speed up
- minority rebellion from 51% power censorship attack
- “on-chain” mining club and rewarding, delegation, epochs
- Detail The plan for next 12 months is bold and intensive in following areas.
- Accumulated transaction fees within certain time in a mining club will determine the probability of the club leader to generate next block, and prevent spam.
- Mining has to be permission-less and low computing power for mobile device. It shall not encourage hardware arms race or asset hoarding.
- Past research shows that the block time delay is required by “handing over” generation right to others include decision and communication. Under consensus, TAU shall achieve scaling by permitting the same generator to produce “multiple blocks” when high transaction volume happening.
- 51% attack to perform censorship and double-spending is considered unavoidable on block chain. However, through rotating a number of epochs, each epoch consists certain number of blocks. Limitting one generator in its epoch and prohibit the same generator to produce blocks in upcoming epochs, from rotating perspective, the 51% power is not able to censorship the network. Double spending problem is contained as well.
Along with above key ideas, Tau enacts onchain mining club and efficient “club wiring” to reward massive club members after every check-point on public ledger to avoid leader corruption. If not mining by themselves, members shall delegate mining effort to club leader. The multiple epoch idea allows low power mining club to have higher chances to generate blocks, because high power clubs contained in previous winning epochs. The more epochs for rotating, the low entry barrier to win blocks and higher security for the network.
To achieve pervasiveness, TAU faucet and bounty program will last multiple years to give non-coiners basic TAU to begin with crypto currency experience, until we used up 82% reserve.
We invite you to debate above points. The bounty reward is 10M tau and waiting for you to take.
Do as follows:
1. Taucoin download
Download taucoin’s repository from github. If you a git user, you can type command in your terminal:
git clone https://github.com/Tau-Coin/taucoin.git
2. Taucoin setup
In our first version, only Ubuntu operating system(16.04&&14.04) are fully tested. We have provided the setup tutorial, more details can be seen in taucoin/build-unix.md
3. Launch taucoin’s PC wallet
After a successful setup, you will see the executable files(taucoind, taucoin-cli, taucoin-tx) in taucoin/src and executable file(taucoin-qt) in taucoin/src/qt. Taucoin-qt is recommended, which has an interface for easy operation.
4. Block data sync in PC wallet
The first step is data synchronization of TAU when you start the taucoin-qt. Just wait a few minutes in this step.
5. Be familiar with command console in PC wallet
When you finish block data synchronization, you need to learn how to operate in PC wallet. Console can be found in taucoin-qt/help/Debug Window. You can see basic information of taucoin chain in first child window-information, and see console in second child window. You can type “help” in the console window to see all operation commands of taucoin. If you want to know what’s the meaning of specified command and how to use it, just type it in console window and press enter.
6. Be a miner leader
6.1 Confirm your address
You will get a TAU address automatically when you launch the pc wallet. You can use “importprivkey” command to import your specified address.
6.2 Start with a signal transaction
Details of signal transaction can be seen in TAU’s whitepaper. The signal transaction means that you resets the mining power to yourself. The signal transaction can be executed in taucoin-qt/Send or by commands(sendtoaddress, sendtransactiontoaddress) in console window.
To ensure a successful signal transaction, you should make a setting in pc wallet-> taucoin-qt-> Settings-> Options-> Wallet-> enable coin control features, which will enable the inputs option in Send interface. You can send a signal transaction to your mining address by your own mining address.
6.3 Mining TAU
You can start your mining when TAU admits your signal transaction in chain. Type “generate” or “generatetoaddress” in console window to see how to use mining commands. You will be a true miner after you mine a block and confirmed by the whole chain, congratulations.
Questions in mining TAU
1. Supported operating systems for now
Only ubuntu(14.04&&16.04) are fully tested.
2. Taucoin-qt disappered in src/qt/
Taucoin-qt's build needs the third-part GUI software: Qt. If you want to build Taucoin-qt, make sure that the required packages for Qt development are installed.
3. Data sync
You can change the storage data directory when you launch the taucoin-qt at first time. The default data directory is /home/***/.taucoin. You can find different kinds of information about taucoin chain in storage directory.
3.2 Sync details
You can check this synchronous process in details: pc wallet->taucoin-qt->Help->Debug window:information.
Make sure that you have numbers of connections in your wallet, which can be seen in debug window->Information-> Network. If you have no connections, please go to Debug Window->Peers to have a check. You should have banned some trusted taucoin servers. We have provide serveral stable servers for whole network:
18.104.22.168:8686 22.214.171.124:8686 126.96.36.199:8686 188.8.131.52:8686