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by Nate Urbas

Crypto Trader, Bitcoin Miner, Holder. 🚀🌑

review-photo

TaoPad

taopad.io

(3 reviews)
(3 reviews)
Site Rank: 336

If your website is on the scam list and you think that you are not a scammer, contact us. After you provide us with all the proof that you are in Crypto World with good intentions, we will delist you. Usually, you get in this category because you are hiding your team, you have a bad reputation(you are tricking, deceiving, scamming people), and you haven't got a written project whitepaper or is a shitty one....

Their Official site text:


TaoPad: Expanding The Tao Ecosystem

TaoPad is a cryptocurrency protocol designed to synergize with the BitTensor network's native token, $TAO. It introduces a novel rewards mechanism, leveraging multiple revenue streams to reward its holders with $wTAO (Wrapped TAO) tokens. This approach aims to create a mutually beneficial relationship between Taopad and $TAO, enhancing value for holders and supporting the growth of decentralized AI.

TaoPad allows users to enjoy the benefits supporting $TAO without having to invest effort in the cumbersome task of procuring and managing BitTensor network mining and validator equipment.

About The Bittensor Network

An overview of the Bittensor Network 

The Bittensor ecosystem consists of the following three components (refer to the above diagram):

An incentive-based competition mechanism: You can either create your custom incentive mechanism for your own competition or join a competition that already exists in the Bittensor ecosystem. Each such incentive-based competition market is called a subnet. Subnets constitute the core of the Bittensor ecosystem.

A blockchain that runs the above subnets and supports their proper functioning so that the incentive-based competition market is decentralized, is permissionless and is collusion-resistant, i.e., is resistant to market manipulation.

The Bittensor API that connects all the essential elements within the above two components, and also connects the subnets and the blockchain.

We are unequivocally not responsible for results of any users' decision making. 


Connection between TaoPad and $TAO

TAOPAD is intricately linked with $TAO and the BitTensor network. 

As the gateway into the Bittensor network from Ethereum, TaoPad enables holders of $TPAD, its token, to gain exposure to the burgeoning value accrual on the Bittensor network by acting as development agents facilitating activities on the the Bittensor network and distributing rewards gained to holders of $TPAD.

This creates a unique dynamic where the growth and success of Bittensor and $TAO reciprocally benefits $TPAD holders, establishing a harmonious and symbiotic relationship between the tokens and their respective communities.


Mission and Vision

Mission - TaoPad's mission is to expand the Tao ecosystem to other networks to drive value for the Tao token. We aim to achieve that via initiatives that benefit the Bittensor network and smart contracts we have designed to distribute rewards to TaoPad holders as Wrapped Tao ($wTao).


More on that in the Launchpad and Tokenomics sections 


Vision - TaoPad's vision is to become the one-stop-shop for all players in the Tao ecosystem.


Participation In The Bittensor ecosystem

How a subnet works in the Bittensor network

Here is an explanation of the primary components of a subnet. Note that this explanation is highly simplified, and is intended only to convey the essential conceptual core of the subnet.

The item numbers below correspond to the numbers in the above diagram.

A subnet is defined by the incentive mechanism it supports. The incentive mechanism is unique to the subnet.

Entities in the subnet, called subnet miners, each perform useful task, i.e., solve some problem, as defined in the incentive mechanism of the subnet.

Separate entities in the same subnet, called subnet validators, each independently evaluate the task performed by the subnet miners.

The subnet validators then each express their opinion on the quality of the miners. These opinions of the subnet validators are then provided as a collective input to the Yuma Consensus mechanism on the blockchain by using the Bittensor API.

The output of the Yuma Consensus mechanism from the blockchain will then determine how the rewards for the subnet miners and subnet validators are to be distributed. The rewards are in the form of TAO tokens.

When you participate in the Bittensor ecosystem, most of your activity occurs within the subnet you participate in. This is true whether you created your own incentive mechanism, i.e., your own subnet, or joined an existing subnet either as a subnet validator or as a subnet miner. Nevertheless, you can interact with other subnet entities.


Bittensor Personas

You can participate in the Bittensor ecosystem as the following personas:

Subnet owner: When you only want to create a subnet but transfer the tasks of operating the subnet to others.

Subnet validator: When you are responsible for running the subnet validator.

Subnet miner: When you are responsible for running the subnet miner.

Blockchain operator: When you run the blockchain. This mostly applies during the offline testing of your subnet and your incentive mechanism, when you need a local emulation of the Bittensor blockchain because you are disconnected from the Bittensor network.

TaoPad will participate in the ecosystem validator nodes and establishing needed infrastructure. 

Powered by taxes collected from buys and sells, Taopad will use the collected wTAO to delegate stake via validator nodes. This approach optimizes the rewards "farming' objective and ensures significant participation in the network.


Tokenomics

Total Supply

$TPAD has a total supply of one million tokens, i.e. 1.000.000 $TPAD

Circulating Supply

The circulating supply is 650.808 TPAD tokens 

Transaction Tax

Each buy and sell transaction of $TPAD incurs a 5% tax. There is no transfer tax.


Tax Utilization

1%

With every purchase and sell of $TPAD a one percent tax is collected and immediately sent to the reward vault.

4%

Four percent is collected in TaoPad's operator wallet and used to support the Tao ecosystem through delegate staking, validators, and its own Launchpad.

The yield is then split in a ratio of 80/20 between TPAD holders as direct incentive, and the operator wallet to re-invest in TaoPad's operations.

Reward Vault

TaoPad's reward vault is a contract that accumulates $ETH from taxes and yield from Tao ecosystem operations. 


TaoPad dApp

TaoPad's dApp can be found at ​

Your $TPAD balance

Shows how much $TPAD you hold, you must be connected to dApp

Pending $wTAO rewards

Shows how much $wTAO you can claim 

Distribute

Calls the distribute function of the reward vault and distributes $wTAO to $TPAD holders, relatively to the amount of their $TPAD tokens

Anyone can call this function anytime, but needs to pay a swap fee. TaoPad team distributes at least once per day

Claim

Claims your individual $wTAO rewards after a distribution has happened.

These rewards will always be claimable, there is no claim dead line.


Wrapped Tao (wTao)

Wrapped TAO, denoted as $wTAO, is a wrapped version of the native TAO token. It is designed to be compatible with the Ethereum blockchain and other EVMs, enabling $TAO to be used in Ethereum's vast ecosystem of decentralized applications (dApps) and smart contracts. 

This wrapping process allows $TAO holders to engage in activities and transactions on the Ethereum network while maintaining their investment in $wTAO. $wTAO thus bridges the BitTensor network with Ethereum, expanding the utility and accessibility of $TAO beyond its native blockchain.