In Part One I laid out the arguments for the technological upgrade now taking place with the Tao protocol. In Part Two I’m going to talk a bit more about the specific pieces of the ecosystem that’s going online.
Increased Utility, Increased Complexity
As one who traditionally works with Bitcoin-based networks, setting up an EVM-based network is decidedly more complex. While a Bitcoin-based network can go online with an explorer and two nodes, an EVM-based network — especially one which uses Delegated Proof of Stake—requires a minimum of three nodes… and a whole lot more. Here’s what Tao requires at launch to achieve minimum viability, Phase One:
- A working EVM-based protocol operated by delegated proof of stake consensus
- A governance dApp for the selection of masternodes and DPOS management
- An explorer similar to EtherScan allowing visibility into the blockchain
- Android/iOS mobile wallet
- Verbose documentation
- Migration from the old network to the new network
Phase One will be live in April of 2020.
Migration involves sending Tao 1.0 tokens to a specific address with a receiving address on Tao 2.0. Community members who migrate from Tao 1.0 to Tao 2.0 will receive a 10%-15% (TBD) bonus to their holdings for their continued support!
Phase Two increases complexity even further with greater utility:
- Ledger and Trezor support
- A simple app to allow for the creation of fungible and non-fungible tokens
- A decentralized exchange protocol
Phase Two will be live in June of 2020.
Phase Three builds on the existing infrastructure with the goal of creating standards upon which music, arts, and entertainment related applications might be constructed. Chief among these standards is a means by which one might create an identity which may be certified by a third party. We’ll dig deeper into that as Phase Three approaches.
The Big Picture
It’s important to keep in mind that development of the Tao protocol and its information standards are to create the building blocks upon which truly secure, robust, and — most importantly — usable applications for artists and the arts might be created.
Ongoing development post upgrade will be paid for by a portion of each block created. No longer will development lag as a function of a lack of funding. Furthermore, the Tao Board of Governors will have the ability to present masternodes to projects which agree to build on the network, providing a consistent amount of monthly income for startups when fundraising is tough and runways are short.
Part Three of this series will cover Tao governance and how development grants will be awarded.