Taxa Network — Review of ICO

The network provides for the use of modern hardware technology for reliable computing, allowing the use of big data, complex calculations, smart contracts for all types of platforms and dApps in various industries. The focus in the development of the Taxa Network ICO project is on a high level of performance and confidentiality.

Along with the storage layers, such as IPFS, Oracle solutions, including Chainlink, and interchain mediators, such as Polkadot, the authors of the project intend to occupy a niche of less thoughtful middleware in the field of the blockchain.

Development team

The American project is actively developing and has already collected some funds from a group of early investors in the person of Amino Capital, DFINITY, FBG Capital, Bertelsmann Asia Investments (BAI), FreeS Fund, Wei Guo, and others. The authors of the project do not disclose detailed official information. The funds will be used to expand the team and develop the network.

The advisory council includes professionals in their field with great practical experience. At the time of writing the review, the team was still at the formation stage, and the project itself is in the active involvement phase.

So far only the names of the three main founders of the project are known:

Feng Li (partner IDG Accel Partners, led investment projects in Coinbase and Ripple Labs, then served as director of the board Ripple Labs, and then became a partner of the FreeS Fund.

TF Guo (received a master’s degree from George Washington University, became a “white” hacker at the age of 16, joined the community of blockchain supporters in 2014, is a specialist in cryptography and digital security, previously served as adviser to Amana Capital and BG Capital, and also created his own community of Shinect entrepreneurs in the Silicon Valley).

Esther Hu (received a Master of Financial Mathematics and Statistics from Stanford University, is an expert in applied mathematical modeling, accompanied many projects related to the automation of trading strategies, psychological statistics, and risk modeling).

Problems of integration of the blockchain in the business model

Modern developers are actively working to improve decentralized networks, which gradually makes the internal ecosystem more productive and functional. But the question is whether modern blockchain networks are suitable for integration into business models and various external systems. Most experts will give an unambiguous answer – “no.”

The thing is that decentralized networks are still unsuitable for widespread use. In contrast, the Taxa Network project offers a completely new solution that will make the blockchains and decentralized applications more adaptable and easily integrated into different areas.

Most modern smart contract platforms do not yet have the ability to process big data, carry out large-scale computational activities and be used in the field of business logic. This is especially important if you take into account the current high-performance, fast-growing environment that offers a high level of confidentiality.

Taxa Network Features

At the moment, the project being developed represents an intermediate execution environment that will allow using all the functions of the blockchain without any obstacles. Below are its key features:

  • Performance. High computational power combined with the low commission and fast transactions will allow decentralized applications to perform the most complex business tasks.
  • Confidentiality. Technical isolation with protected I / O channels will ensure the confidentiality of data that the user wants to hide from other persons and nodes.
  • Reliability. A fault-tolerant consensus algorithm will ensure the integrity of the network, its transparency, and confidentiality.
  • Adaptability. The platform will use the extensive SDK database (a set of tools for developers) and a universal environment for translators. This will simplify the work with the platform and will allow you to adapt it to any task without learning new languages and programming environment.
    Authors of the Taxa Network claim that their platform will become a guide to action and will promote a more active development of the field of blockchain technology, artificial intelligence (AI), fintech, analysis systems and much more.

The platform is based on modern hardware technologies of reliable computing, a decentralized computer network and a completely new type of intellectual contracts that can be successfully applied in those areas and areas where many existing platforms are still useless.

Anyone who wants to participate in the development of the network, who has the opportunity to invest their computing power. The only thing that is necessary for this is the placement of reliable equipment, supported by modern general-purpose processors. When it comes to ensuring the integrity and confidentiality of code and data, Taxa Network allows you to process user data and any code in an isolated, reliable execution environment.

The main characteristic of the TEE function, also known as an enclave, is that even a site operator cannot access data inside it. In addition, the authors of the project developed a consensus algorithm based on PBFT (“practical Byzantine paradigm of fault tolerance”). It mutes defective nodes and ensures the availability of the network, while the main Taxa ecosystem regulates the behavior of nodes through economic incentives and punishments.

Roadmap

The developers have not yet provided any information on their plans to implement the idea since the project is still at a very early stage of development.

Period and conditions of the Taxa Network ICO

Official website: https://taxa.network/

Official information about the timing of the sale of the tokens is also not, but according to rumors, crowd sale should be held in August 2018.

Conclusion

While it is very difficult to evaluate this project from a technical point of view since it is in its infancy. Despite the fact that its concept looks very promising, it will be possible to talk about its viability and potential after demonstrating the test product.

Nevertheless, the possibility of simple and wide use of blockchain technology is what modern business needs, so the developers have chosen the right direction for development, but how successful will be their product will only show time.

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