Taraxa

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Discover Taraxa's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Taraxa?

Taraxa (TARA) is an EVM-compatible smart contract platform utilizing a blockDAG structure with t-Graph consensus. It offers high transaction throughput, near-instant transaction inclusion, and sub-second block times. The platform is designed to be highly decentralized, allowing anyone to be a validator, and supports staking to earn rewards and secure the network. Taraxa aims to bridge the gap between AI and blockchain technology, enabling fast, fair, and faultless execution of anchoring transactions and smart contract operations.

How is Taraxa used?

Taraxa (TARA) is the native token of the Taraxa network, a Layer-1 blockchain that focuses on solving practical issues. The TARA token serves several purposes within the network:

  1. Pay Gas Fees: TARA tokens are used to pay for transaction processing on the Taraxa network, including executing smart contracts and recording transactions on the blockchain. Users pay TARA tokens as gas fees to incentivize network validators and ensure the smooth operation of the blockchain.

  2. Stake TARA to Secure Taraxa Network: Network participants can stake TARA tokens to secure Taraxa and earn staking rewards. Stakers help validate transactions and secure the network, and they are rewarded with additional TARA tokens as an incentive.

  3. Medium of Exchange: TARA tokens function as a medium of exchange within the Taraxa ecosystem. Users can transfer TARA tokens to each other for various purposes, such as conducting business transactions or engaging in peer-to-peer transfers.

  1. Governance Voting: TARA tokens are used for governance voting, allowing holders to participate in decision-making processes within the network.

  2. Trading and Holding: TARA tokens can be traded against other cryptocurrencies on various exchanges, and users can hold them long-term if they believe in the future potential of the Taraxa project.

How do I store Taraxa?

To store Taraxa (TARA) tokens, you can use various wallets that support Ethereum-compatible networks. Here are some options:

  1. Metamask: You can import TARA tokens to Metamask, which is compatible with the Taraxa network.
  2. Ledger Wallet: Create an Ethereum wallet on your Ledger device and connect it to Metamask to manage TARA tokens. This is possible because Taraxa is ETH-compatible.
  3. Atomic Wallet: This multi-asset wallet supports over 1,000 coins and tokens, including Taraxa. It offers features like instant swaps, staking, and cashback.
  4. Hardware Wallets: Taraxa recommends using hardware wallets for added security, as they keep private keys encrypted and never exposed.

These wallets allow you to manage and store your TARA tokens securely and conveniently.

How to buy Taraxa?

To buy Taraxa (TARA) tokens, follow these steps:

  1. Create an account on a cryptocurrency exchange:

    • Choose a reputable exchange such as KuCoin, CoinEx, gate.io, or MEXC.
    • Register by providing necessary information, including your email address and a secure password.
    • Complete any required identity verification steps.
  2. Fund your exchange account:

    • Deposit fiat currency using methods like credit/debit cards, bank deposits, or third-party payment channels.
    • Alternatively, purchase a cryptocurrency like USDT, ETH, or BNB that can be easily exchanged for TARA.
  3. Buy Taraxa (TARA):

  • Navigate to the exchange's Buy & Sell section.
  • Select Taraxa (TARA) as the cryptocurrency you want to buy.
  • Choose your preferred order type, such as Market Order, Stop Order, Limit Order, or TWAP Order.
  1. Transfer TARA to your wallet:
    • Once purchased, you can hold TARA in your exchange account or transfer it to a personal cryptocurrency wallet like MetaMask, Ledger, or Trezor for added security and flexibility.

Remember to research and compare fees, security features, and supported currencies before selecting an exchange. Additionally, ensure you understand the different order types and their implications on your purchase.

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History of Taraxa

Taraxa (TARA) is a Layer-1 blockchain that focuses on solving practical issues rather than just financial applications and speculation. It aims to offer a purpose-built, fast, scalable, and device-friendly public ledger. The TARA token serves several purposes within the network, including voting, covering transaction gas fees, and staking.

Taraxa launched via an ICO in March 2021, following seed and private rounds in 2018. In 2022, the developers delivered a stable and secure Layer-1 in preparation for the native token conversion. The team achieved excellent adoption on the Taraxa network with over 700M TARA staked, over 450M TARA delegated, 34 mainnet consensus nodes, and 138 testnet consensus nodes throughout the year.

In 2023, the focus is on driving usage and adoption for apps, social listening platform Echo, and Layer-1. The project also has plans to launch the Hype app alpha version and run Hype campaigns in the Taraxa community. There are also plans to develop and publish APIs and SDKs for the Echo social listening platform. The Taraxa network will undertake several initiatives to support the ecosystem, developers, and node operators throughout the year.

Taraxa is an EVM-compatible smart contract platform that employs t-Graph consensus and utilizes a blockDAG structure to solve real-world problems. It is compatible with the Ethereum Virtual Machine, allowing developers to leverage their existing knowledge of Ethereum smart contracts and tools. Taraxa uses t-Graph consensus to validate and agree on transactions within the network. Unlike traditional blockchains, Taraxa utilizes a blockDAG structure, enabling multiple transactions to be confirmed in parallel and enhancing scalability and transaction throughput. Transaction Jurisdiction and a Concurrency Engine further optimize the platform's efficiency.

Taraxa is EVM-compatible, deploy your Ethereum dApps with just a few clicks. It offers fast transactions with a cost of next to nothing, 5k TPS, near-instant transaction inclusion, sub-second blocktime, and 3.7 second True Finality. The network is truly permissionless, where anyone can be a validator, even running on a Raspberry Pi. AI + Blockchain is the future with Taraxa’s ecosystem paving the way. Users can earn rewards and help secure the network by staking their TARA.

For more detailed information on Taraxa's historical data, including price history, trading volume, and market capitalization, you can access historical price data pages that provide a full overview of the Taraxa price history. These tools allow you to display the price data in the currency of your choice and adjust the level of detail by choosing between different frequencies (daily, weekly, and monthly).

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How Taraxa works

Taraxa (TARA) is a Layer-1 blockchain that operates as an EVM-compatible smart contract platform. It employs a unique consensus mechanism called t-Graph consensus and utilizes a blockDAG structure to solve real-world problems. Here's a detailed overview of how it works:

Consensus Mechanism

Taraxa's t-Graph consensus ensures a secure and transparent ordering mechanism for blockchain transactions. This consensus method allows for multiple transactions to be confirmed in parallel, enhancing scalability and transaction throughput. The platform also uses a Concurrency Engine to optimize efficiency further.

BlockDAG Structure

Unlike traditional blockchains, Taraxa uses a blockDAG (Directed Acyclic Graph) structure. This structure enables multiple transactions to be confirmed simultaneously, increasing the overall speed and capacity of the network. This architecture allows for near-instant transaction inclusion, sub-second block times, and a True Finality of just 3.7 seconds.

EVM Compatibility

Taraxa is compatible with the Ethereum Virtual Machine (EVM), making it easy for developers to leverage their existing knowledge of Ethereum smart contracts and tools. This compatibility allows for seamless deployment of Ethereum dApps on the Taraxa network with minimal modifications.

Token Usage

The TARA token serves several purposes within the network:

  • Gas Fees: TARA tokens are used to pay for transaction processing on the Taraxa network, including executing smart contracts and recording transactions.
  • Staking: Network participants can stake TARA tokens to secure Taraxa and earn staking rewards. Stakers help validate transactions and secure the network, and they are rewarded with additional TARA tokens as an incentive.
  • Medium of Exchange: TARA tokens function as a medium of exchange within the Taraxa ecosystem, enabling users to transfer tokens for various purposes.
Staking and Security

To participate in the consensus mechanism and earn rewards, users can stake their TARA tokens on the Taraxa community site. This process involves funding a wallet, connecting to the community site, creating an account, and delegating a minimum of 1,000 TARA tokens to a chosen delegator.

Ecosystem and Applications

Taraxa aims to support a wide range of applications, including social listening platforms like Echo and decentralized finance (DeFi) instruments. The platform envisions a future where AI and blockchain technologies converge, enabling innovative solutions and use cases.

Overall, Taraxa's unique combination of t-Graph consensus, blockDAG structure, and EVM compatibility positions it as a scalable and efficient smart contract platform with a wide range of potential applications.

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Taraxa's strengths

The token Taraxa (TARA) has several strengths that make it an attractive investment opportunity:

  1. Unique Architecture: Taraxa uses a BlockDAG architecture, which is similar to Kaspa, and is EVM compatible. This allows for efficient and secure transactions within the network.

  2. Smart Contract Platform: Taraxa is a Layer 1 smart contract platform, enabling the development and deployment of various decentralized applications (dApps) on its network.

  3. Informal Transactions and Reputation Scores: Taraxa's vision includes enabling non-collateralized financial instruments in the DeFi world by leveraging on-chain reputation signals. This can revolutionize the way loans are issued and managed, making it more accessible to users without collateral.

  1. Staking and Governance: TARA tokens are used for staking, which helps secure the network against Sybil attacks, and for governance, allowing holders to vote on changes to the network. This decentralized governance model ensures community involvement in decision-making.

  2. Multiple Utilities: The TARA token serves multiple purposes, including gas fees, staking, and governance, making it a versatile and integral part of the Taraxa ecosystem.

  3. Strong Tokenomics: Taraxa has a well-defined tokenomics structure, with a total supply of 10 billion tokens and a maximum annualized yield of 20% for staking rewards. This incentivizes users to participate in the network and maintain its security.

  1. Active Community Engagement: The Taraxa Foundation actively engages with the community through bounties and other initiatives, fostering a collaborative environment for development and growth.

These strengths position Taraxa as a promising project in the cryptocurrency space, offering a robust and decentralized platform for various applications and use cases.

Taraxa's risks

Taraxa (TARA) is considered a high-risk investment due to its significant volatility. It is recommended for investors who have a high tolerance for risk, are in a strong financial position, and can afford potential losses. The cryptocurrency market is known for its unpredictability, and Taraxa is no exception. Market analysts predict that Taraxa will reach new highs in 2024, but this is not a guarantee and should be considered in the context of the broader market trends and regulatory changes.

Taraxa's price is expected to outperform in 2026, reaching between $0.3476 to $0.4470 by the end of the year. However, this prediction is based on current market conditions and may change over time. The long-term outlook for Taraxa is also promising, with predictions that it will reach $1.86 per TARA by 2040 and potentially exceed $2.98 by 2050.

Investors should be aware that Taraxa's success depends on market demand, user adoption, and competition from similar platforms. It is crucial to conduct thorough research and stay informed about cryptocurrency developments to make informed investment decisions.

Additionally, Taraxa's vision is to democratize reputation by tracking informal transactions, which can lead to confusion, delays, and disputes. The platform aims to offer operational value by minimizing these issues and financial value by deriving quantifiable and verifiable reputation from these transactions, enabling non-collateralized financial instruments over DeFi.

In terms of risk analysis, Taraxa achieves a high risk score based on proprietary systems that gauge how much a coin can be manipulated by analyzing recent changes in volume and market cap. This suggests that Taraxa is highly susceptible to market manipulation, which can impact its price.

Overall, investing in Taraxa carries significant risks, and investors should carefully consider these factors before making a decision.

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Did Taraxa raise funds?

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Taraxa’s team

  • Justin Snapp: Co-founder of Taraxa, lead technologist, and a Stanford "lifer" with a post-doc, PhD, MS, and BS in Electrical Engineering.
  • Steven Pu: Co-founder of Taraxa, who got into crypto in 2013 and was inspired by Ethereum; he is also a Stanford alumnus.
  • An Wang: Professor of Computer Science at Brown University and a member of the Taraxa ecosystem.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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