TAO Network, a smart contract DAO platform for creating and operating decentralized applications, opening its crowdsale to the cryptocurrency investors. By using IntelliTx technology, TAO Network offers a content agnostic way of creating smart contracts on the platform, irrespective of the protocol. The platform already has one of the many use cases built in the form of ‘the TAO of Music.’
The TAO of Music project is created to protect and secure artists’ content over an extended period of time. TAO of Music is operated as a distributed autonomous organization that can act as a bond between competing blockchain-based solutions by various music publishing administration companies. This is achieved by creating an interoperable design that can work irrespective of the format of blockchain implementation currently adopted by artists. It acts as a public ledger that offers a one-point legal access to artists’ catalogues irrespective of the publisher who owns the rights.
30 million TAO tokens have been made available for the ongoing month-long crowdsale, which ends on August 28, 2016. The remainder of the tokens are allocated for development, marketing and community building exercises. The platform has announced that the value a TAO token will not be more than $1.00 during the crowdsale. Participants in the crowdsale shall receive a 25% bonus on their deposit if the deposit is made prior to Friday, 5th August. TAO is also utilising the services of OpenLedger and CCEDK during the period of the crowdsale for enhanced security and escrow services.
Specifications of TAO Network:
Proof of Stake: 4%
Proof of Work Algorithm: X11
Proof of Work Reward: 1TAO per block, halving 26 times
Block time: 7.5m
Block size: 20MB with Adaptive Block Sizes
Alpha (Master) Node Minimum Qualification: 10,000 TAO
Tokens available via crowd sale: 30,000,000 TAO
Total tokens: 32,000,000 TAO
TAO Token Distribution:
•30 million TAO tokens available at the crowdsale
•Over 100,000 TAO Tokens to be used for building the master node on the network.
•The platform has over 250,000 TAO tokens designated for its bugs bounties and awards programs
•1.65m TAO tokens will be held in a time locked smart contract for four years to be used to establish music technology and blockchain education programs for children in public schools.