The decentralised autonomous organisation for bitcoin-based smart contracts Tao Network has started a crowdsale. A project for music copyright protection has already been created on the platform.
30 mln tokens will be put up for sale. The public offer period will last until 28 August. The price of a Tao token will not exceed $1 in this public investment raising, Tao Network reports. Crowdsale participants who invest before 5 August will also get 25% to the invested funds as a bonus.
The overall number of tokens in the network is 32 mln. Other Tao Network features include Proof-of-Stake — 4%, PoW algorithm — X11. The platform currently offers mining reward of 1 Tao token per block. The average block creation time is 7.5 minutes; its size is 20 Mb.
One of the early TAO Network use cases is the Tao of Music project aimed at protecting copyright for musical works. The project works as a distributed autonomous organisation that builds a link between blockchain solutions used by various managing companies that work with musical content.
The platform is a public distributed ledger and offers legal access to artist catalogues no matter which publisher owns the rights to the musical work.
To ensure the security of deposits, Tao Network uses OpenLedger cryptocurrency platform and CCEDK Danish exchange.
The platform’s creators say that Tao Network is built on a solid basis and is updated with a number of enhancements that make its blockchain more multi-purpose and safe.
Elena Platonova
