[Closed] Tao Network FAQ
Now that the forum is up and running, The FAQ is available below! Once a hosted link to the FAQ is available on the site, this topic will be updated to include the document link. But for now, the contents of the FAQ document are included below for the Tao Network. Feel free to pm any moderators/admins any questions/concerns you may have!
Disclaimer: This FAQ document was compiled by members of the Tao Network community with assistance from the AltMarket team. Information in this document is accurate as of the time of publishing, but is subject to change and updates.
ABOUT TAO - TAO NETWORK
What is the Tao Network?
The Tao Network (TAO) is a blockchain platform tailored to the music industry. Through its exclusive partnership with AltMarket and direct relationships with artists, TAO enables musicians and performers to increase fan engagement while expanding the monetization potential of their individual brand through blockchain token crowdsales known as Initial Artist Offerings (IAOs). The tokens that emerge from these IAOs, known as IAO tokens, are expected to be released and managed directly by the artists, with a portion of the proceeds expected to fund unique experiences and engagements, such as backstage access, non-public music content, and exclusive merchandise.
Can you tell me more about the Tao Network?
The Tao Network is a smart contract platform protocol that enables near-instant payments to anyone, anywhere in the world in a private, secure manner. TAO uses the peer-to-peer blockchain technology developed by Bitcoin to operate with no central authority: managing transactions, execution of contracts, and issuing money are carried out collectively by the network. Tao Core is the name of the open source software which enables the use of this protocol. The main purpose of the TAO blockchain is to facilitate and enable the use of commodity tokens via a side-chain model similar to DogeParty. TAO utilizes a fork of DogeParty (labeled Negotium) to allow for side-chain token economies by taking advantage of “OP_RETURN” functions embedded in transactions.
What is the underlying codebase for TAO?
TAO is a fork of Transfercoin, a Proof-of-Stake cryptocurrency, that is a derivative of the Bitcoin codebase. For tokens residing on the chain, TAO uses the aforementioned “Negotium”, a fork of the popular side-chain token protocol “Dogeparty”. This allows for tokens to be validated and transferred via main-chain transactions. Another technology available for use on the Tao Network is the Infiniti Protocol, which theoretically allows for the sharing of data between blockchain networks. Both technologies (Negotium and Infiniti Protocol) allow for potential innovation and extension of the Tao Network’s capabilities to facilitate transactions and data.
Who is behind the Tao Network (TAO)?
The Tao Network was launched in 2016 in an Initial Coin Offering (ICO) that raised $100,000 USD. The blockchain itself was launched by well-known cryptocurrency developer Bryce Weiner, who is responsible for the creation of numerous other cryptocurrencies. At the present, the Tao Network has a strong community that is in part responsible for curation, code update releases, and future application of the blockchain for additional uses.
Where can I download the wallet?
The Official TAO Wallet can be downloaded from the Tao Network’s main website ( https://tao.network/ ) for Windows, Mac, Linux, and Raspberry Pi (coming soon). A paper wallet is also available. An HTML5-based wallet is currently in development and will be released soon. Mobile wallets are in the development pipeline as well. Downloads are below:
Raspberry Pi Instructions: https://github.com/taoblockchain/tao-core/blob/master/doc/simple-build-unix.md
Android: (Coming Soon)
iOS: (Coming Soon)
Where can I go to learn more?
TECHNICAL TAO NETWORK INFO
What are the economics of the Tao Network (TAO)?
TAO is a cryptocurrency that takes advantage of Proof of Stake protocol. This means that instead of being mined, TAO coins are distributed to wallets that “stake” coins and secure the network via distributed block confirmations. TAO has a currently disabled Proof of Work mining protocol built into the codebase, if future network economics require a hybrid Proof of Stake, Proof of Work consensus protocol, the Proof of Work protocol can be enabled to contribute to the block consensus methodology. There are around thirty-three million (33,000,000) TAO coins in total, with about thirty-one million three hundred fifty thousand (31,350,000) in circulation. TAO's stake reward is 4% per year, which has been shown to be a sustainable and healthy network inflation rate.
Why is 1.65 million TAO of the total supply not in circulation?
On 31 August, 2016, the Tao Network implemented an OP_HODL time locked smart contract to securely store 1,650,000 TAO for a period of four (4) years (see address information below). These funds, once unlocked, will be solely used to create music and blockchain education programs for children.
TAO Address: 2USHRW8UcSAAnHxWnPe4yX2BV5K3dbWss9
Will the Tao Network support Masternodes?
Yes. A Tao Masternode is functionally similar to the popular Dash Masternode, in the aspect of maintaining the blockchain’s integrity and throughput. Masternodes will be used to validate the network, preserve the full block history, and provide instant transaction capability. This is to be an integral part in regards to the transfer of both Tao and IAO tokens.
How can I stake my Tao?
A comprehensive guide on how to stake TAO:
How can I acquire TAO?
The cryptocurrency exchange C-CEX features low liquidity Bitcoin/Tao (BTC/TAO) and U.S. Dollar/Tao (USD/TAO) trading pairs, while the Official TAO Discord has an active over-the-counter channel dedicated for safe, escrow facilitated, TAO buying and selling. Following the launch of AltMarket, individuals will be able to acquire TAO directly with fiat or trade against multiple cryptocurrency pairs.