Taxa Network - The proposed standard of blockchain business logic.

owillz (10)in #taxa • 6 years ago (edited)

Blockchain and smart contract.

As you may have known already that blockchain is a digital ledger that handles transactions made in cryptocurrency and are recorded chronologically. It is normally managed by a peer-to-peer network that collectively adhering to a protocol for inter-node communication and blocks validating.

The birth of blockchain technology has given more exposure to the term smart contracts cause it places a major role for transactions on blockchain to be executed. One major Beauty of blockchain is its ability to completely handle and transaction securely, transparently and cheap since it helps cut out the middle man in the transaction process due to the decentralized nature of it.

Smart contracts empowers this exchange/transaction on the blockchain platform.
Orders than handling transactions, recent developments and advancement of Smart Contracts makes it able to handle multiple functions on blockchain especially on ethereum blockchain but despite the development, there are still some down sides of it that has been seen and pointed out by Taxa project.

For example, it has been pointed out that Smart contracts on Ethereum blockchain lack the time capacity to execute intensive computations or complex business logics. The existing blockchain smart contracts are said to also have a problem of privacy protection (which is Due to the consensus mechanism,) and space resource which happens as a result of packing into blocks transactions information.

Taxa Network aims at resolving these issues face by smart contracts in an innovative way by creating a Hyper Smart Contracts (in stead of working on increasing TPS) that will concentrate on making better blockchain vertical performance (i.e the ability for blockchain to handle intensive computation and heavy data processing without compromising of privacy.

What is Taxa Network?

Taxa Network is a smart contract platform powered by state-of-the-art trusted computing technology. The Network enables data-rich, computation-intense, and privacy preserving. The major feature of this network that stands out is its highly developable smart contracts named Hyper Smart Contracts for blockchain and DApp of any kind.

Taxa Network is a Layer 2 network which enables input/output with most decentralized infrastructures already in existence such as Ethereum, IPFS or from a direct client input. Their plan is to become the blockchain standard business logic as well as enabling real-world deployment for development and to thrive. Taxa Network is 3 layered and it consists of clients layer, public blockchain layer and trusted execution layer.

Taxa Road map.

Looking at their road map, there is going to be just one major activity that will be taking place in the project for by the remaining part of this year and that's the testnet alpha and beta.