What is Taiko (TAIKO)? Platform for Resolving Issues on the Ethereum Network

Bittime - Taiko (TAIKO) is here for overcome problems on the Ethereum network. Remarkably, Taiko maintains Ethereum's core advantages. Are you curious about what Taiko (TAIKO) is? Keep reading this article to find out!

What is Taiko (TAIKO)?

Taiko is a blockchain-based second layer (layer 2) breakthrough that is completely open-source and permissionless. Taiko's main goal is to address the high transaction fees and scalability issues faced by the Ethereum network.

Remarkably, Taiko maintains Ethereum's core advantages. Among them are censorship-resistant, permissionless, and security.

How to? Taiko uses advanced technology called "ZK-Rollup" as well as a "Based Contestable Rollup" (BCR) architecture.

With ZK-Rollup, Taiko is able to process multiple transactions simultaneously outside the Ethereum main network, making transaction fees much cheaper. The BCR architecture ensures that no centralized party controls the network, keeping Taiko decentralized and secure.

In short, Taiko offers an efficient and scalable solution for the Ethereum network. Users can interact with Taiko as if they were using Ethereum directly. The transition is smooth and hassle-free.

What is TAIKO Token?

In the Taiko ecosystem, there is a native utility token called the TAIKO token. This token plays an important role in maintaining and improving network operations and governance.

The main function of the TAIKO token is found in the Taiko Decentralized Autonomous Organization (DAO) mechanism. TAIKO token holders have voting rights.

This means they can participate in important decision-making processes, such as protocol upgrades, parameter adjustments, and other governance-related matters. This democratic approach ensures that the Taiko protocol remains controlled by the community and aligned with the interests of its users.

Important Role of TAIKO Token

Apart from governance, the TAIKO token also plays an important role in the network's economic model. This token is used to pay transaction fees in Taiko rollup. This is a cost-effective alternative to the high fees often found on Ethereum transactions.

By using TAIKO tokens to cover these fees, users can enjoy lower transaction expenses. Thus, this encourages wider participation and adoption of the Taiko network.

This utility helps create a sustainable economic environment within the Taiko ecosystem, where tokens serve as a medium of exchange for network services.

TAIKO Token Holders Can Get Various Benefits

Not only that, TAIKO token holders also enjoy various benefits that increase participation and encourage their involvement. One of them is the opportunity to get rewards through staking.

Staking means holding TAIKO tokens to support network security and operations. Staking rewards are designed to encourage long-term commitment to the network, thereby ensuring a stable and robust infrastructure.

TAIKO tokens also play a role in the contestation and verification mechanisms in Taiko rollups. The prover, who generates proof of transaction validity, must place a guarantee of validity in the form of TAIKO tokens.

Likewise, contestants who challenge the validity of such evidence, must post contestation collateral in the form of TAIKO tokens. This system ensures that all parties have a financial interest in the accuracy and reliability of network operations.

Successful provers and contestants will be given rewards in the form of TAIKO tokens. This creates a competitive and economically incentivized environment, ultimately maintaining network security and trust.

With these diverse use cases, TAIKO tokens are critical in driving a dynamic, secure and participatory ecosystem.

Tokenomics Token TAIKO

TAIKO Token tokenomics can be seen below:

Latest TAIKO Price Movements

As of June 9, 2024, the price of Taiko (TAIKO) was recorded at $2.32 USD (around IDR 37,883) with a 24-hour trading volume of $84.6 million (around IDR 1.3 trillion). Compared to the last 24 hours, the price of TAIKO has decreased by 6.25%.

Currently, TAIKO is ranked #2663 CoinMarketCap. Despite experiencing a decline in the last 24 hours, TAIKO's long-term price movement shows promising potential.

Since its launch on June 5, 2024, TAIKO's price has reached a high of $3.80 USD (around Rp. 61,720) and a low of $2.08 USD (around Rp. 33,632).

Keep in mind that the crypto market is volatile and prices can change quickly. Therefore, it is important to conduct in-depth research before investing in cryptocurrencies, including TAIKO.

Conclusion

Taiko exists as an innovative solution that overcomes the challenges of scalability and high fees on the Ethereum network. With ZK-Rollup technology and BCR architecture, Taiko offers cheaper transactions and a network that remains decentralized.

The TAIKO token plays a crucial role in network governance, transactions, and security, making Taiko an important player in the future of blockchain.

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