The Bitcoin Mining Group (BTC) has supported Standard Hashrate and the recently launched TAU Protocol, which is a synthetic asset platform that uses the hash derivatives of the pin mechanism.
The TAU project, announced on Friday, aims to create account versions of Bitcoins and other resources that show the work was done through an updated re-establishment mechanism. The basic concept is similar to minimizing simple currency, including Badger’s bitcoin synthetic. However, the TAU protocol increases the value of its synthetic assets at the expense of the bitcoins obtained from the mining hash rate.
The TAU mechanism is based on the Bitcoin Standard Hashrate Token (BTCST), the standard mining Hashrate token, which is designed to represent 0.1 Terahash of mining. Usually you can bet on BTCST for an amount of bitcoin that matches the mining hash speed it represents. The TAU protocol accepts BTCST coins, and rewards participants with the synthetic bitcoin coin, while the bitcoin reward associated with the hash rate symbol is awarded.
Bitcoin collected from BTCST is then used in a collateral pool that is activated when the artificial asset is traded under the wand. The mechanism reduces the number of synthetic tokens in each wallet, while the BTC pool is used to buy and burn tokens in the open market.
When the algorithmic TAU token is traded on the intended stick, the protocol adjusts the compositional difficulty setting to generate multiple codes from BTCST rates, a mechanism similar to the blank dollar and other coupon-based currencies that distributes the new offer only to the specified denomination of token holders.
The benchmark hash rate is supported by a group of major bitcoin miners including Atlas Mining, Btc.Top, Easy2Mine, Genesis Mining, and Hengjia Group. The group claims to control 12% of Bitcoin’s hash rate. The TAU and BTCST tokens only exist on Binance Smart Chain, making it one of the few native BSC projects.
The Standard Hashrate Project is an attempt to connect the world of bitcoin mining with decentralized financing by providing evidence of business rewards. According to the white paper, the project sees itself as a more transparent and encapsulated alternative to cloud extraction with the goal of creating a two-way market for cannabis derivatives. Tony Ma, CEO of Atlas Mining, commented on the news:
“We believe that BTCST has connected Bitcoin mining to the world of DeFi. With BTCST we can first earn real BTC at our DeFi rates. We can now invest in BTCST to obtain evidence of synthetic assets to operate. This is a logical step for BTCST to act as a bridge to Bitcoin’s entry into DeFi.”