CRYPTOCURRENCIES

TAAL outlines vision to serve a new kind of economy

Transaction processing, data storage, computing services and Internet of Things—they’re all part of TAAL’s corporate vision as the blockchain industry evolves. The company has released a five-year corporate vision presentation detailing the services it expects to deliver, ones that could see it become a major player in the technology industry overall.

TAAL Information Distributed Technologies Inc. is a publicly-traded company on the Canadian Stock Exchange (CSE). Its vision statement included two charts to show how its role is expanding from the simpler hosted hashing and transaction processing (formerly “mining”) services of the past to something far broader.

TAAL will continue to provide services like hashing/mining and its processing pool to allow more participants to enter the digital asset space. Transaction processing remains its core business. However transaction processing on Bitcoin SV (BSV) will involve more sophisticated service level agreements as clients looking to process large data volumes require a more exact idea of how much they’ll pay and how many transactions they can send in a set period of time.

The idea is for clients to never have to worry about BSV price movements or volatility, which has been a stumbling block for onboarding new businesses to Bitcoin in the past. There will also be no need for businesses to actually hold digital assets to perform their functions.

There’s also on-chain data storage, which TAAL says will require indexing, attest-able (ie: verifiable and auditable) storage, and guaranteed persistent data. Then there’s the Metanet, which serves more publicly-viewable data in the manner of today’s web. All this must be done on-chain to fulfil Bitcoin’s promise that data should be more trustworthy and properly indexed.

Human and non-human participants in a new economy

TAAL will provide other enterprise-grade services involving calculation/computing services and cloud services as the “Internet of Things” (IoT) becomes more common.

Software agents capable of making and receiving payments (also known as “smart contracts“) opens the door to “a new internet of economic actors” based on micropayments that includes both human and non-human participants. TAAL is developing a smart contract platform to enable an “IoT marketplace economy” to serve this purpose.

High-volume micropayments will be possible only on BSV. Bitcoin Core, or BTC, remains stuck with severely limited ability to handle basic financial transactions, and blockchain computing platforms like Ethereum and EOS will struggle with capacity when/if their user bases grow.

Computing services for finance and scientific research

In doing all this, TAAL strives to provide its computing services at far lower costs than currently-available options. The vision document notes that Wall Street hedge funds spent 7-9% of their yearly revenues (or US$2.5-3 billion) on technology, much of which is devoted to running Monte Carlo simulations as part of their risk management strategies.

It’s not only the financial industry looking for ever-more advanced simulation capabilities. Machine learning, TAAL says, is expected to reach US$390 billion by 2025, and weather forecasting alone will reach US$3.3 billion. TAAL’s unique method of generating random numbers, for which it’s applied for a patent, could see it become a major player in all areas of scientific research.

TAAL also detailed how its recent 10-year intellectual property deal with blockchain software developer nChain will assist both firms in achieving their vision. The deal gives TAAL access to nChain’s entire IP library of vital blockchain functions like R-puzzles, atomic swaps, secure obfuscated transfers, payment channels, data signing with rabin signatures, data storage and hardware-verifiable computation.

The firm also has a head start on this new industry thanks to its early acceptance of the fact that on-chain data is the way of the future. Those left clinging to old models will become outdated and out-of-demand once the benefits and cost efficiencies of data processing—on Bitcoin—become clear.

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