Review of Taurus0x Blockchain Smart Derivatives Trading Protocol

[frauswif]

Bright Future for Taurus0x Blockchain Smart Derivatives Trading Protocol

Taurus0x is a California-based start-up company launching a blockchain-based protocol to power financial derivatives for any asset over any network. The project promises it will be “secure, decentralized, simple and transparent.” The platform is built on the Ethereum blockchain and works in a peer to peer network distributed via off-chain and on-chain protocols. The use of smart contracts eliminates the need to rely on a broker to trade assets. Reducing reliance on an intermediary reduces the risks and costs of derivatives trading. Moreover, the hybrid “off-chain orders, on-chain settlement” model enables any type of asset (not only cryptocurrencies) to work on the platform and makes the protocol capable of powering any centralized or decentralized exchange.

Blockchain Smart Derivatives Trading

The main benefits of this platform will become apparent to those who keep track of ICOs. Taurus is open source and 100% distributed. The project is not a cryptocurrency exchange but rather a base layer protocol that enables exchanges in the derivatives market, which means that the transactions are not limited to cryptocurrencies and the protocol can serve any independent app.

How it Works

The Taurus0x project was created by an open community on GitHub and is based on JavaScript and governed by a Decentralized Autonomous Organization (DAO). Taurus0x works based on signed smart contracts. The protocol allows any entity to issue contracts secured by asymmetric cryptography. The user creates a signed smart derivative using the protocol to specify conditions and set an expiration date for the contract. The contract can then be shared. Anyone can take the contract, negotiate conditions, and sign it using the Taurus0x platform. After both parties have signed the contract, it goes to the Ethereum Blockchai and is executed when the conditions are met. Each transaction is stored forever on the blockchain, which allows exchanges to match orders and verify and publish transactions. Taurus0x uses dualsig peer to peer contracts which are created, signed and shared off-chain.

Future Plans

According to the whitepaper, the Taurus v1 platform and the Taurus0x API Service will be released in the third quarter of 2018. During this time, the project will also start pursuing exchange partnerships.

Taurus0x’s plans for 2019 include the release of an iOS and Android app early in the year and the release of Taurus v2 in the second quarter, along with DAO development and cross-chain development.

ICO Details

The project will soon be launching the Taurus0x platform on Betanet. It be fully functional and ready at the time of the beta launch, which is set for July 3rd, a few days before the token generation event. The first round of the main token sale will run from July 7 to July 26 with a 20% discount. 10,000 TAUR tokens will sell for 1 ETH (not including discounts). The total supply will be 250,000,000 TAUR. The hard cap is 20,408 ETH.

Conclusion

This is an interesting project because of the versatility of its products. The exchange protocol Taurus0x is developing is not limited to cryptocurrencies. It can be used for trading any kind of asset. The protocol will also work with centralized and decentralized platforms. The diversity of use cases for the Taurus0x platform bodes well for the success of the project.

Website: https://www.taurus0x.com/

Medium: https://medium.com/@Taurus0x

Read this article on Linkedin: https://www.linkedin.com/pulse/bright-future-taurus0x-blockchain-smart-derivatives-trading-mina-down/