Taraxa: Can New Layer-Ones Challenge Solana & Avalanche?
Currently, layer-one blockchains such as Ethereum are fighting a battle for speed and the capacity to scale transactions to meet a growing need as more people are using them.
Blockchain networks have the ultimate advantage for trust and accountability but it seems that major networks of today (Solana, Avalanche, NEAR, to name a few) are only focused on DeFi and NFTs.
One thing is clear: there is a growing demand for faster and cheaper blockchain networks, especially in those which meet a clear use-case. So we should expect more and more nuanced blockchains to take over the layer-one space.
Going beyond DeFi and NFTs: How Taraxa is disrupting the layer-one space
To scale properly and foster innovation, the global economy needs to have a solid operational basis to rely on. Operations transactional data is constantly generated to power those business decisions and interactions in collaboration software, Slack messages, and SMS-threads, yet 80% of this data remains uncaptured and unverified, i.e. not recorded in legal documents or any other structured systems.
A cost-effective, scalable blockchain can provide a powerful solution to make informal transactions trusted, but needs to be custom-tailored to be able to log high-volume data streams and frequency. Unfortunately, Ethereum and other major layer-ones cannot provide that.
Silicon Valley-based Taraxa is proving to the world that tracking informal interactions (everyday agreements and transactions, social media interactions, and many more) is useful as well as profitable.
By tracking informal transactions, the platform aims to democratize access to individuals’ and companies’ reputations. Specifically designed to track and audit operational records, it leverages informal transactional data to build a localized reputation network, therefore, even most minor participants will also have a reputation and be trusted in their dealings.
The platform of this kind allows measuring a person/entity’s reputation by pulling off-chain signals (who does business with this person, how often, etc.) from informal transactions into a quantified reputation system that logs transactional data (contracts, party commitments, and such) and deliver clear and measurable reputation profiles to financial institutions, fintech solutions, social communities, and any other contractual relationship.