Trustless Service, aka, tService, is a service application running on the off-chain Taxa Network.
Similar to smart contracts on public blockchains, a tService is trustless. That means a tService has the following two properties:
A tService has the following features:
Privacy preserving
Taxa nodes leverage hardware-based isolation which guarantees data and code are sealed in a protected hardware environment against outside access, which even includes the hardware owner. Therefore, it guarantees the integrity and confidentiality of the application. Users establish a secure channel to their Trusted Execution Environment (TEE) to ensure data privacy during transmission.
High performance
Without the constraints of an a blockchain’s consensus mechanism, running tServices off-chain gain a significant boost in time and space resources. TEE-powered tServices benefit from large run-time memory and the native instruction set of the processor. In the devnet, each request to the smart contract can carry up to 8KB of data (this size will increase in future versions, eventually reaching 32MB) with a maximum 30 second timeout for execution.
High developability
Taxa Network comes with Pyxa (Python + Taxa) - a Python interpreter stack with an integrated service framework migrated into the hardware-based TEE. Compared to the limitations of layer-1 smart contracts, Pyxa provides Python’s rich 3rd-party libraries support to developers, enabling enhanced use cases such as mathematic modeling, cryptography and blockchain communications.
Since they serve a different purpose than smart contracts, tServices differ from on-chain (i.e., layer 1) smart contracts in the following ways:
Advantages.
1. TAXA seeks scalability, privacy, reliability and development potential as core functions. Middleware that can reduce existing bottlenecks in a block chain.
2. Taxa has developed a consensus algorithm derived from PBFT to mute fault nodes and ensure network availability.
3. Strong investor background including Amino, FBG, Ripple.
A complementary point
1. Specific schedules, token matrices, etc. are not yet available to the public.
2. It is not enough to judge because prototype or Github is not released.
Use Case: Performance, Privacy & Usability for Every Blockchain
Remarks: Awaiting total hardcap and highest bonus metrics.
MarketCompetitive environment:
Direct competitors of the project can be found among the off-chain projects:
Lightning Network - 2,689 nodes, 8,624 channels, 33.120 BTC capacity ($217,169.00);
Raiden Network - raised - $33,4M, capitalization – $ 39,8M, ROI USD - 1,19x;
Thunder Token – ICO not available, capitalization – not available;
These projects are having great teams, constantly updatable products and in them already was invested big amount of money.
Solutions Caper and Plasma for the Ethereum are focused on the block validation and rather complement this project than compete with it.
The project advantages:
Compatibility: Taxa can be used by a variety of underlying chains and decentralized applications (DApps);
High performance: Compared with "blocky encryption", "homomorphic encryption", "zero-knowledge proof" and other blockchain privacy schemes, the trusted hardware has very low computational overhead and can support the processing of complex business logic.
Privacy protection: The input and output of the sensitive data of users are transmitted through secure I/O channels. At the same time, the confidential data is isolated at the hardware level during execution, and the nodes and third parties cannot obtain private data.
Reliability: A fault-tolerant (PBFT) consensus model is bonded with trusted hardware to guarantee the integrity, confidentiality and availability.
Friendly programming environment.
SOCIAL ACTIVITY
The project popularity in the social networks and discussion forums
The project is detected on the radar of the influencer ICO Pantera.
Facebook: 141 followers, there are only 4 posts, the average number of likes per post is 2, without any discussion, user activity is low.
Twitter: 811 followers, the average number of likes per post is 80, the average number of retweets per post is 15, without any discussion, user activity is low.
Telegram: 20,8k members, admins on the Telegram-channel are not responding on most questions about the token sale, user activity is high and looks naturally generated.
Medium: 40 followers, there is only one post with 849 likes and 2 responses, user activity is medium.
Strength and Opportunities:
The protocol that Taxa develops is compatible with various blockchain projects and not just Ethereum. Hence the success of Taxa will not depend on the success of a single blockchain platform. The founders seem to have a good network with the Silicon Valley blockchain industry. This network helped them raise capital early. Among the investors of Taxa Network are FBG Capital, Amino Capital, Free Fund, Bertelsmann Asia Investments, GBIC, Nirvana Capital, LINKV, and L2 Ventures. The list of investors is impressive and is a validation of the approach of Taxa.
Weaknesses and Threats:
It may be difficult for Taxa to find a way to monetize their token. It seems as if Taxa has not yet fully disclosed its plans for making money with their protocol. It remains to be seen with which solutions Taxa can come up with. A comprehensive strategy on monetization will be a necessary requirement for the financial success of the protocol.
The communication approach of Taxa seems very minimalistic. It is difficult for investors and community member to study Taxa Network in detail and to make informed decisions about the project execution, the business model and the technical details of the platform. Once an ICO takes place Taxa will need to intensify its communication and resolve all doubts that investors might have in order to make the token sale successful.
Verdict:
It is interesting that Taxa is developing a Layer 2 software and not a base layer protocol as most ICO teams do. There is less competition in the field where Taxa is active compared to other ICO projects. However, the team needs to better communicate about the role of Taxa, how Taxa can achieve its objectives, why other platforms should use Taxa instead of developing their own solutions and how Taxa will eventually make money. Taxa is one of the projects to watch closely but at the same time to remain cautious since a lot of details are not yet clear.
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