Taraxa 2022 Retrospective, Outlook 2023
Taraxa 2022 Retrospective
{ Build }
“Build” was the keyword for 2022. In 2022, the Taraxa dev team focused on building our core Layer-1 ledger and application.
Here’s how we did.
⭐ Successes in 2022
In 2022, the Taraxa core team delivered a stable and secure Layer-1 in preparation for the native token conversion. We launched an updated mainnet candidate, completion of the security audit, and application for conversion to the core exchanges.
The community achieved excellent adoption on the Taraxa network in 2022, ending the year with >700M TARA staked, >450M TARA delegated, 34 mainnet consensus nodes and 138 testnnet consensus nodes.
We also delivered the Echo data collection and analytics pipeline. Echo has a stable network of data collection nodes that can retrieve data from tens of thousands of public Telegram groups automatically. The analytics pipeline can successfully derive actionable insights that automatically directs social campaign rewards in the Hype app.
Go Taraxa! 🎉🎉
☹️ Disappointments & key takeaways in 2022
The biggest disappointment in 2022 is not launching the Hype app. We were very close but didn’t quite make it across the finish line. Key takeaway: we underestimated the complexity of stable social data collection and have a new architecture already built to minimize platform risk.
We also hit a few snags delivering a more stable explorer and community site, primarily driven by the absence of quality of life (QoL) features on the Taraxa Layer-1 such as smart contract tracing or events for the native-compiled economics contract. Key takeaway: in 2023 we will be adoption-first, prioritizing QoL features to make ecosystem development as painless as possible.
Let’s see how we can take it to the next level in 2023. 💪
Taraxa Outlook 2023
{ Adoption }
“Adoption” is the keyword for 2023. In 2023 the Taraxa dev team will focus on driving usage & adoption for our apps, social listening platform Echo, and Layer-1, in that order of priority.
Taraxa takes a product-driven, app-first approach in driving ecosystem adoption. To build a sustainable ecosystem, our Layer-1 must bring highly differentiated use cases instead of copying/pasting what others are doing. Our differentiated use cases focus on leveraging trustworthy social data to help drive automated social campaigns, spot emerging trends, and help everyone build on-chain reputations based on their off-chain social activities. When the use cases receive sufficient traction & attention, the Layer-1 ecosystem can thrive.
Here’s how we’ll get there. Note: stretch goals are aspirational milestones that may be a stretch for us to achieve.
📣 App Adoption
- Launch the Hype app alpha version
- Run Hype campaigns in the Taraxa community to collect impact data and build our pitch
- Gain a portfolio of early project adopters for Hype to help rapidly refine the product and build business development credentials
- Market Hype to a wider audience via publications, influencers, etc.
- Tie in TARA consumption into Hype as traction builds to drive towards more sustainable economics in the Taraxa ecosystem
- (Stretch Goal) Build additional apps as resources allow, e.g., Trend Spotter, and drive adoption in the same manner as Hype
🚉 App Platform Adoption
- Develop & publish APIs & SDKs for the Echo social listening platform, with sample code to help developers build on Echo
- Release a functional decentralized Echo client so we can begin the process to turn the social listening platform into a decentralized network
- (Stretch Goal) Decentralize the Echo social listening platform with sufficiently attractive economics to help drive node operator uptake
- (Stretch Goal) Integrate a cross-chain bridge, primarily focused on ETH integration so that Echo on-chain signals could be provided across chains. This is a stretch goal because it depends on other projects’ timelines that are out of our control
⛓ Layer-1 Adoption
- Support the ecosystem by refreshing the website to clearly communicate the goals of the project
- Support the community by delivering more stable versions of the explorer and community site to minimize miscommunications of node and network status
- Support the community by running mock token conversions on the testnet to help the community understand how conversion works
- Support the community by working with exchanges to complete native token conversion and drive staking & delegation adoption
- Support developers with detailed Layer-1 developer documentation, including how to use common ETH toolchains with Taraxa as it is fully backwards-compatible with ETH
- Support developers with development quality of life features such as smart contract tracing, newer EVM opcodes, events for on-chain economic contracts, etc.
- Support node operators with node quality of life features such as light node, fast syncing, improved logging & reporting, etc.
- Support the community by continuing to improve stability, security, and performance
