The first implementations of distributed ledger technologies (DLT) have been incredibly exciting. The vision of their creators and the enthusiasm of the community for decentralized computing and governance has inspired a seemingly endless string of independent DLT projects, each with their own improvements on the previous generations of products, and each with their own niche usecases. However, there are still several significant hiderances to moving the DLT space forward, two of which are core motivations for the TxHash Network:
1. Incentives for non-wealthy DLT node operators
Most DLT networks rely – and are valuated – on robust decentralization of their ledgers, yet they only reward the part of the network that can economically compete to participate. Consensus algorithms generally favor those with high purchasing power: either those with the best hardware that can out-compete other network participants, or those who can purchase enough of an asset to prove a stake.
The unfortunate consequence of these practices is that they restricts the operation and maintenance of the network to the wealthiest members of the system, and limits the amount of nodes that can be run in an economically viable manner (computing resources and storage cost money, after all). This is in spite of the fact that the more nodes join a network, the more decentralized, powerful, and valuable it becomes.
The primary aim of the TxHash Network is to create a completely new economy that incentivizes and rewards blockchain and other DLT node operators, which currently are passive entities and act merely as ledger state witnesses.
2. Interoperability between DLT and web 2.0 services
Another significant problem for independent blockchain networks is that they are effectively walled gardens. Many industry experts agree that a key theme for cryptoassets in 2018 is interoperability which is defined, in essence, as getting different blockchain networks to communicate with each other. There are a number of ambitious projects tackling blockchain interoperability: the Polkadot Network, COSMOS, and AION, to name a few.
Interoperability goes beyond bridging blockchains. Whenever data exists in silos and there is a benefit to allowing these silos to talk to one another, there is a case for building an interoperability solution. For example, recently there has been significant interest in connecting data silos within sectors that are traditionally opaque and inefficient, like supply chains.
Blockchains and other DLTs exist in their own siloed space, partitioned off from web 2.0 services. Crypto projects are notoriously limited by slow adoption and development, which is a real shame. Just across the border in web 2.0 there are billions of users, to whom we should find ways to introduce innovative DLT concepts and services.
TxHash aims to build a bridge of this kind between DLT and web 2.0 services by facilitating the tracking of public ledger events using web 2.0 technologies.
At a high level, the TxHash Network will be a decentralized network that uses a tracking system to monitor transactions as they are added to any distributed ledger. The Network performs an action once certain conditions have been triggered – for example: If a transaction includes Condition A and Condition B, then perform Action 1. This simple logic opens up a powerful toolset for developers and businesses, allowing them to connect blockchain and cryptocurrency payment data and smart contracts with any web app. At the same time, previously ignored nodes in DLT infrastructures will be leveraged and rewarded for their contribution to the decentralized network, creating a new node economy.
- Ticker: TXN
- Token type: ERC20
- Fundraising Goal: 15,000,000 USD
- Total Tokens: 1,000,000,000
- Available for Token Sale: 40%