Taraxa (TARA) has emerged as one of the hottest cryptocurrencies of 2023, with its token surging over 1,100% year-to-date. TARA is now trading around $0.01, a level not seen since August 2023.
So what exactly is Taraxa and why are crypto investors piling into this coin?
TARA aims to solve the scalability challenges facing blockchain technology without compromising on security or decentralization. The project utilizes an innovative blockDAG (directed acyclic graph) structure and t-Graph consensus protocol to achieve high transaction speeds and throughput.
Much like Ethereum is to Bitcoin, Taraxa is positioned as a scalability-focused counterpart to Kaspa (KAS) – a proof-of-work BlockDAG cryptocurrency with a $1.9 billion market cap. With TARA’s proof-of-stake BlockDAG system and current market cap of only $38 million, it has significant potential for growth in the ongoing crypto bull market.
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Despite the huge gap in market cap today, TARA’s innovative BlockDAG system and EVM compatibility make it well-positioned to potentially mirror and even exceed KAS’s parabolic performance.
Some of Taraxa’s key technical innovations, based on their whitepaper, include:
- An inclusive block DAG design that maximizes throughput
- Fair and efficient block proposals via POS
- Asynchronous immediate finality that eliminates DAG reorganizations
- Speculative execution to accelerate stateless transactions
- Optimized VM execution speeds
As blockchain platforms strive for real-world adoption, Taraxa’s solutions to scaling could give it a competitive edge. With impressive YTD returns over 1000%, TARA is one to watch closely as innovative BlockDAG cryptocurrencies aim to address the scalability limitations of mainstream chains like Ethereum.
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