Bitcoin has achieved a notable ecosystem milestone as Tap Protocol completed a funding round, securing $4.2 million, with Sora Ventures leading the investment. The German-based Trac Systems, the brains behind Tap Protocol, is poised for substantial growth as it leverages this multi-million dollar investment, which includes contributions from prominent venture capital firms and angel investors.
Venture capital heavyweights such as Cypher Capital, Rw3, Oak Grove Capital, Petrock Capital, Kosmos Ventures, New Tribe Capital, Cogitent Ventures, Compute Ventures, and MSA Novo joined the funding round alongside angel investments from executives at Animoca Brands and Quantstamp.
Jason Fang, Founder and Managing Partner at Sora Ventures, emphasized Tap Protocol’s crucial role in fostering adoption within the Bitcoin community. He expressed optimism about the transformative potential of BTC and its associated projects, highlighting Tap Protocol as a leading developer community building on the Bitcoin network.
Bitcoin Growth Plan: Trac Systems Prioritizes Skilled Developer Recruitment
After successful fundraising, Trac Systems plans to expand its Bitcoin Ordinals-based protocol, emphasizing the recruitment of skilled developers. Tap Protocol, crucial to the Bitcoin network, enables the fractionalization of ordinary art, supports decentralized finance applications, accommodates gaming applications, and includes token redemption and multisend capabilities.
The CEO of Trac Systems, known pseudonymously as Benny the Dev, conveyed excitement about the fundraising success, emphasizing the company’s commitment to innovation within the Bitcoin platform. Utilizing Trac Core and TAP Protocol, Trac Systems aims to explore new possibilities in tokenization, gamification, and decentralized finance.
Tap Protocol, designed to find and track Ordinals, facilitates OrdFi applications without the complexity of Layer 2 chains. Introducing the TAP token standard emphasizes simplicity and accessibility, with its key mechanism, “tapping,” streamlining transaction verification within the Protocol.
Built on the foundational principles of BRC-20, a Bitcoin token standard, TAP distinguishes itself through its decentralized nature, allowing for continuous improvements and community-led feature integrations. To facilitate future connectivity with BRC-20 tokens, TAP has reserved specific ticker lengths of 1, 2, and 4 characters.
Externally, TAP mirrors BRC-20, ensuring easy integration with existing marketplaces and wallets and enabling TAP tokens to be traded similarly to BRC-20 tokens. Internally, TAP offers unique functionalities such as token staking, swaps, and a mass-sending feature, all governed by the community using $TRAC tokens.
Key features of TAP include Token-Send for efficient mass transfers, Token-Trade for simplified text-inscription-based trading, and Token-Auth for third-party issuance of signed redeem inscriptions, deemed helpful in gamification and cross-chain marketplaces.
The TAP Protocol signifies ongoing advancement in Bitcoin Ordinals, catering to external marketplaces and internal users, promising a versatile and community-driven future in Bitcoin-based token operations and emerging dApps.