Taraxa is a public ledger platform developed to audit the logging of informal transactions. Informal transactional data is the data that is not recorded in legal documents or structured systems and is not verifiable. Taraxa is designed to help businesses make better and more responsive decisions. Taraxa gives every entity a verifiable reputation by making informal transactions trustworthy, and eradicating operational friction. Thus, Taraxa helps to make the world more innovative and productive.
Taraxa aims to make 80 percent of wasted transactional data valuable, well structured in legal documents and help everyone to streamline their operations. The vision of Taraxa is to democratize reputation by tracking informal transactions. By making informal data, trustworthy Taraxa empowers minor participants to have a trusted reputation with rich context and removes friction from business collaborations.
Popular entities have a trustworthy reputation, whereas most people struggle to establish or prove their reputations to others. As organizations or projects scale, they cannot trust the informal data because most stakeholders do not witness it directly, leading to downfall. Taraxa offers purpose-built technology to resolve the problem mentioned above.
As per its whitepaper, the TARA token is the native token of Taraxa. The TARA token is a cryptographically secured utility coin and has three significant uses- voting, gas fees, and staking. Gas refers to fees required to conduct a transaction or execute a contract on the Ethereum blockchain. Users can vote for proposals for changes in the network. Token owners can also use coins to fund the cost of transaction tax. Users can also use their TARA coins for staking and helping the Taraxa network to grow. Users can earn TARA tokens as rewards for staking.
The Taraxa platform aims to distribute the total token supply as follows:
