What is Taiko? Information about TAIKO Token

Taiko - a Layer 2 solution for Ethereum praised and supported by Vitalik Buterin. So, what is Taiko? What makes this project special? Is the TAIKO Token worth investing in? Let's find out with AZC.News!

What Is Taiko Azc

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.

What Is Taiko
What Is Taiko

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?

Taiko 3

  • 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

Team
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

Investor
Investor

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

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

Taiko 1

  • 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

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!

4.3/5

(3 votes)
  1. Avatar of Wai Hlaing Oo
    Wai Hlaing Oo

    How and where to farm Taiko airdrop? Can you give me the link?

  2. Avatar of
    Anonymous

    How can I get the airdrop now

    • Avatar of
      Anonymous

      How can I start farming/mining Taiko. Please link

  3. Avatar of Wai Hlaing Oo
    Wai Hlaing Oo

    How to get mining link?

  4. Avatar of Vikuo Chaya
    Vikuo Chaya

    Notify me, when about upcoming airdrops.

  5. Avatar of
    Anonymous

    Is Taiko still undervalue?

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