Greetings, everyone! Today, we delve into the exciting realm of blockchain technology to introduce a relatively new player making waves – Taraxa. Positioned as a groundbreaking layer one blockchain.
EVM Compatibility , BlockDAG and Processing Power
Taraxa stands out as the first proof-of-stake EVM-compatible smart contract platform. To extend blockchain technology without sacrificing security or decentralisation, Taraxa employs a novel t-Graph consensus method that combines blockDAG, anchor chain, and an asynchronous PBFT.
BlockDAG is a data format that allows several blocks to be formed and linked concurrently, improving network throughput while decreasing network latency.
Capable of processing an impressive 5,000 transactions per second, Taraxa disrupts the blockchain landscape. This speed, coupled with its unique consensus mechanism, positions Taraxa as a formidable force in the blockchain technology arena.
Taraxa’s Approach and comparison with KASPA
Taraxa’s founders, Stanford Engineers from 2018, emphasize that Taraxa is not just a protocol but a purpose-built layer one blockchain solution. The primary goal is to solve real-world problems by tracking informal transactions and agreements in applications such as IoT devices, asset leasing, and P2P lending.
While Kaspa, introduced in 2021, aimed at providing a scalable decentralized payment system, Taraxa, launched in 2018, focuses on capturing informal transaction networks for various applications. Notably, Taraxa employs proof of stake, differentiating itself from Kaspa’s proof of work approach.
Applications, Future Prospects and Market Insights
Taraxa’s emphasis on real-world problem-solving extends to building a network of reputation through the adoption of its use cases. The founders stress the importance of not just the technology but also the network effect created by widespread adoption.
As of 2023, TARA has accomplished significant milestones in its development roadmap, including the introduction of its AI-enabled web3 ecosystem. The roadmap outlines plans for continued growth, application platforms, and use case adoption.
Taraxa’s market journey reveals a surge in value, reaching 20x its initial value in November. While experiencing a small retracement, the project remains promising, especially considering its real-world applications and technological advancements.
Investors eyeing TARA can explore staking options, with an annual yield of 17.6%. The staking ratio is already over 50%, showcasing a robust network securing mechanism. For those interested in becoming validators, Taraxa offers a 2% reward.
Getting Started with Taraxa and Final Thoughts
To participate in Taraxa, users need a compatible wallet. The guide recommends using a hardware wallet for enhanced security. Metamask is highlighted as a viable option, and users can follow step-by-step instructions for setting up a TARA wallet. Taraxa’s trajectory is optimistic, with promises of tangible growth and innovative solutions. As we witness the evolution of blockchain technology, Taraxa stands out as a beacon of progress, providing real-world applications and addressing challenges through its unique approach.