What is Taiko? Information about TAIKO Token

What is Taiko?

Taiko is a Layer 2 project utilizing zkEVM technology. zkEVM combines Zero-Knowledge Proof (ZK) and Ethereum Virtual Machine (EVM), allowing developers to easily migrate decentralized applications (dApps) between the Taiko network and Ethereum.

The project aims to become a Type 1 zkEVM – fully compatible with Ethereum at the consensus level. These Type 1 zkEVM solutions retain Ethereum’s security characteristics but have slower transaction speeds compared to Type 2 and Type 3 zkEVM solutions.

Notably, Taiko has been praised by Vitalik Buterin (Ethereum founder) as an “excellent project” with EVM compatibility faster than ZKP – a cryptographic technology that verifies the authenticity of information without revealing the information itself.

How does Taiko work?

The Taiko network has three main roles:

• Proposer: Creates blocks for transactions from L2 and proposes them to L1. Anyone can perform this function.
• Prover: Generates ZK-SNARK proofs to validate transactions from L2 and the blocks proposed by the Proposer. Anyone can perform this function.
• Node Runner: Executes on-chain transactions to synchronize with the network’s state. Anyone can run a node.

The block approval process is divided into two parts:

• Block Proposal: The Proposer proposes a block, the block data is published on Ethereum and added to the proposed list in Taiko’s smart contract.
• Block Prove: The Prover generates a valid proof and confirms the correctness of the blocks.
• Block Verification: The Prover verifies the blocks, ensuring they are linked correctly and marked as completed on-chain.

What are the highlights of Taiko?

• Fully Compatible with EVM (Type 1 zkEVM): Fully compatible with Ethereum, making it easy for developers to migrate dApps between Ethereum and Taiko.
• Open-source: Taiko is open-source and community-centric. All code is available on GitHub for anyone to view, build, or modify.
• Fully Decentralized: Strong focus on decentralization with decentralized proposers and plans to develop a DAO.
• High Speed and Scalability: Uses Zk-Rollups technology to improve transaction throughput and reduce fees, while scaling efficiently across other Layer 1 and Layer 2 networks.

Related: What is a DAO? Everything You Need to Know About DAOs!

Project Team

Key members of Taiko:

• Daniel Wang (Co-founder & CEO): Formerly a Tech Lead at Google and CEO of Loopring (LRC).
• Brecht Devos (Co-founder & CTO): Technical director at Taiko, former Lead Engineer at Loopring Foundation.
• Aleksei Vambo (Cryptography Researcher): Researcher in zk-SNARKs technology at Taiko.

Investors

Taiko has raised $37 million in three funding rounds:

• Round 1 (08/2022): $10 million from Sequoia, GRS, OKX Ventures, etc.
• Round 2 (06/2023): $12 million from IOSG Ventures, GRS, OKX Ventures, etc.
• Round 3 (03/2024): $15 million from Wintermute, Hashed, Amber, etc.

What is the TAIKO Token?

Basic Information about TAIKO Token

• Token Name: Taiko
• Ticker: TAIKO
• Blockchain: Ethereum
• Token Standard: ERC-20
• Contract: 0xA9d23408b9bA935c230493c40C73824Df71A0975
• Total Supply: 1,000,000,000 TAIKO
• Circulating Supply: Updating

TAIKO Token Uses

Updating

TAIKO Token Allocation

• Investors: 11.62%
• Taiko Labs / Core Team: 20%
• Taiko Foundation Reserve: 16.88%
• Taiko Official Prover Bonds: 1.5%
• Liquidity & Market Making: 5%
• Genesis Airdrop: 5%
• Protocol Guild Airdrop: 1%
• Trailblazer Airdrop: 10%
• Grants & RetroPGFT: 5%
• Guardian Prover Bonds: 2%
• DAO Treasury: 20%

TAIKO Token Release Schedule

Updating

TAIKO Token Trading

Users can buy and sell TAIKO Tokens on popular exchanges such as ByBit and Gate.io.

Related: How to Create an Account on Gate.io

Roadmap

• December 2022: Alpha testnet 1.
• March 2023: Alpha testnet 2.
• Q2 and Q3 2023: Additional Alpha testnets.
• Q3 and Q4 2023: Additional Beta testnets.
• Q2 2024: Mainnet.

On June 5, 2024, Taiko officially launched its mainnet and distributed the Taiko airdrop to users.

Similar Projects

Taiko is a Layer 2 solution similar to Arbitrum, Optimism, and Manta.

Taiko Information Channels

• Website: https://taiko.xyz/
• Discord: https://discord.com/invite/taikoxyz
• Twitter: @taikoxyz

Conclusion

Taiko is one of the leading zkEVM Layer 2 projects today, promising to solve the major scalability issues of Ethereum. With an experienced team and strong backing from investors, Taiko is a noteworthy Layer 2 project in the blockchain space.

Do you now understand what Taiko is and the information about the TAIKO Token? If not, please leave a comment below for immediate clarification!