According to digital monetary system vendor Tagion, open source user-driven networks are the future of liquidity in crypto assets and fiat digitalisation. The newly completed Tagion devnet node executes transactions between wallets.
“We’re really excited to share our work with the community,” said Theis Simonsen from the creator team. “With the release of these new tools, our vision to create a cryptocurrency that restores financial power to the individual has taken a massive step towards becoming reality. The underlying database and protocols are the foundation of Tagion. But this new proof of concept release goes much further. We now have an API interface for performing user transactions and a tested payment protocol that is tested for double-spend, so developers can use our API to perform transactions. We also have a wallet application so that users can store and spend Tagion – or at least test the process themselves.”
Tagion is a monetary and open banking protocol. Having launched its devnet, individuals and enterprises will be able to test:
- a new developer kit
- wallet applications, with everything needed to begin the process of transferring tags.
Tagion has been under development for more than two years as the team worked to solve several technical challenges. Its new proof-of-concept release demonstrates its technology stack:
- fulfils the wider goals of the Tagion project.
The principles underlying Tagion include:
- a decentralised exchange where anyone can pay with anything anywhere; DEX is an open protocol which enables a trustless exchange of any digital currency that supports HTLC (Hash Time Locked Contract)
- an elastic money supply: to scale properly, a money supply must match demand; while Tagion does not have a hard cap, it does makes use of an elastic supply (to create a stable price level)
- inclusive governance: Tagion and its resources are governed as a Common (all have equal right to participate, but it is the contribution which gives reward and power)
- scalable core technologies: Tagion builds on a modular and scalable core where it is possible to change and/or optimise each module.
The Tagion main modules include:
- the distributed database
- the scripting engine
- the gossip mechanism (see below).
The DART (Distributed Archive of Random Transactions) database sits at the heart of the Tagion currency. Inside it stores details of each electronic ‘bill’ and its associated public key.
The proof of concept model has successfully completed several synchronisation tests. It is now possible to store, and delete, these as they are spent. All transaction details replicate accurately across all distributed nodes.
Similarly, the scripting engine which executes each transaction is now working:
- each transaction transfers using a gossip protocol to send updates between nodes
- the hashgraph consensus mechanism ensures that transactions are properly ordered.
Enterprise Times: what does this mean
Arguably, and in Tagion’s view, the world has too many financial (and physical) borders. It wishes to:
- break down those borders
- enable seamless peer-to-peer money transfers
- offer inexpensive quick, fair, fast transfers for anyone anywhere.
Nevertheless, according to Tagion, there is still a lot of work to do. The time taken to clear a transaction is still (too) slow, for instance. Tagion, however, now has a working technology stack. Its development team can focus on optimisation.
For those interested, the Tagion Developer Kit is available.