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With the development of the Bitcoin ecosystem, the limitations of its asset storage and transaction functions have gradually emerged. Especially compared with other blockchains, Bitcoin has been relatively slow to develop in the fields of expanded applications and smart contracts. Therefore, in order to improve Bitcoin Due to the practicality and functionality of the currency ecosystem, many projects have begun to explore how to implement more diverse application scenarios on the Bitcoin blockchain.
Introduction to Tap Protocol
To solve this problem, Tap Protocol was born as a layer of innovative solutions built directly on top of the Bitcoin network, with the goal of expanding Bitcoin’s functionality beyond its traditional transactional uses.
Tap Protocol uses technologies such as Promises (similar to smart contracts), multiple sending capabilities, decentralized finance (DeFi/OrdFi), and even implements native token exchange without the use of cross-chain bridges. These all give developers the ability to The ability to build advanced applications directly on Bitcoin, through the TAP protocol, maximizes the security and scalability of Bitcoin, making it an ideal platform for tokenization, decentralized governance and more applications.
As an important participant in the evolution of the Bitcoin ecosystem, the TAP protocol not only revolutionizes the development of blockchain applications, but also injects flexibility, programmability and innovation into Bitcoin's core infrastructure, and $TRAC One of the early tokens of the TAP protocol, it makes full use of this protocol to implement the indexing function on the Bitcoin network, providing developers with a powerful tool to help further develop the Bitcoin ecosystem.
Indexing process and data management
The indexing process of TRAC is the responsibility of the verifier. The verifier continuously collects and organizes data on the Bitcoin blockchain, such as transaction information, block height, token transfer, etc. The sorted data will be classified and generated. Developers can participate Indexes. Through these indexes, developers can easily search for key information related to the Bitcoin blockchain, such as transaction history or token balances. In order to ensure the accuracy of the data, the validator network will cross-check and only confirm that it is correct. Only then will the data be finalized and made available to developers for real-time use.
Validator mechanism: ensuring honesty and decentralization
In order to protect the integrity of verifiers, TRAC introduces a variety of mechanisms. First, the decentralized verifier network can avoid any single entity's monopoly on the indexing process. Validators also use a Proof of Stake (PoS) mechanism to ensure the integrity of their actions by staking TRAC tokens. If a validator submits inaccurate data, they may lose their pledged tokens. In addition, the data is cryptographically verified to ensure it cannot be tampered with, and accurate index data rewards verifiers while dishonest behavior is punished.
Transparent review and punishment mechanism
The entire indexing and verification process is highly transparent and can be reviewed by the public. Multiple verifiers process the same data to provide cross-validation guarantees. Verifiers are also regularly audited to ensure the integrity and accuracy of the data. For discovered There will be clear penalties for dishonest behavior to further ensure the fairness and reliability of the system.
TRAC not only plays a practical role on the Bitcoin blockchain, but also enhances the reliability and transparency of data through decentralization and strict verification mechanisms, providing efficient tools and support for developers of blockchain applications.
Tokens $TAP will be distributed tomorrow
At the end of last year, Tap announced the completion of a US$4.2 million round of financing. This financing was led by the well-known blockchain venture capital firm Sora Ventures and included Rw3, Cypher Capital, Kosmos Ventures, Oak Grove Capital, Perock Capital, New Participating investors include Tribe Capital, Cogitent Ventures, Compute Ventures, MSA Novo and Skry Labs. In addition, executives from Animoca Brands and Quantstamp also participated as angel investors.
On the 21st of this month, Tap Protocol announced that the token $TAP originally scheduled to be launched this week will be postponed to 12:00 UTC on October 23. The team stated that this delay is to ensure the bridging function of the product. and other key technologies can run smoothly under high user volume and provide the best user experience. Officials emphasized that this will lay a more solid foundation for the long-term development of Tap Protocol, and stated that tomorrow's $TAP An important milestone.
Nobody likes delays, but unfortunately, we have to postpone our TGE to the 23rd of October at 12:00 UTC.
While we understand the wait may be difficult, we want to ensure that our bridge and other products are in perfect condition to support the expected high volume of users pic.twitter.com/I30ieRZjR0
— Tap Protocol (@tap_protocol) October 21, 2024
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