When dealing with a fiat currency, the currency builds up into larger and larger units. Each of these units has a different case use. Take for example the US Dollar. There are pennies, nickels, dime, quarters, one dollar bills, five dollar bills, ten dollar bills, twenty dollar bills, and one hundred dollar bills. Each of these units have different uses. For example no one is going to go spend a thousand dollars on a computer and pay for it with pennies. No one is going to go and try to by a pack of gum and pay for it with hundred dollar bills. In both instances, they would find the retailer would refuse their payment in most instances.
Not only would the retailer refuse it, it would create for an incredible delay in buying things if everyone was using the smallest unit to buy things. Imagine if every time you went to the grocery store everyone was trying to buy their groceries with pennies. The lines would be so long and there would be such a time constraint that it would cause a massive backup. It would take people weeks to be able to buy their groceries.
Although not exactly the same problem, this is exactly what is taking place in cryptocurrency. Everyone tries to use the same currency for their sales and this creates a massive backlog of transactions and causes the transactions to move at an incredibly slow rate. In this case, generally that currency is bitcoin. With everyone who uses cryptocurrency trying to use bitcoin to do all their purchases, it runs into the same problem as if everyone was trying to use pennies offline.
The solution to that is industry based currency. What industry based cryptocurrency is, is a cryptocurrency made for a specific industry that is used for no other purpose other than the industry it was created for. Imagine a currency for groceries, a currency for electronics, a currency for marketing and advertising, etc. Having industry base currencies cuts down on the number of transactions being made by any specific cryptocurrency and in turn this frees up the congestion and delays of doing transactions with cryptocurrency.
One such project called TAC, which stands for The Advertising Currency, is aiming to create such an industry based currency. The method they are using is very unique and has never been tried before. Founded by Bruce Bates, this project has aimed to create an industry based currency made up of 10 different tokens. Each token relates to a different part of the marketing and advertising industry.
The 10 currencies they are created are: outTAC for outdoor advertising, radTAC for radio advertising, tvTAC for television advertising, magTAC magazine advertising, vidTAC for online video advertising, socTAC for social advertising, artTAC for article advertising, banTAC for banner advertising, teTAC for online traffic exchange marketing, and vmTAC for email based advertising.
Each of these tokens will initially be created on the waves platform and will have a specific usage within a custom created platform called OSMP-TAC which stands for Open Source Marketing Platform – TAC. This is a platform that will allow anyone to download for free and setup any number of marketing based sites around the 10 different tokens being offered. In later stages of the project there are plans to move these tokens to their own blockchain platform which will have a main cryptcurrency called TAC. TAC will be valued by the combined total value of each of the 10 tokens.
To obtain the outdoor, radio, magazine and television advertising will require major contracts with corporate level advertising agencies and this is the major goal of ICO funding behind this project – to obtain the funds needed for such contracts. Unlike most projects, TAC has already developed their platform and their funding is not all about advertising themselves and development costs. It is about the expensive contracts that are needed to obtain this level of advertising.
This is definitely one of the most unique advertising projects we have run across. It’s goal is all about bringing advertising and marketing to the blockchain without centralizing advertising around themselves as most of the other advertising projects in this industry are trying to do. They are not trying to be another google only built on blockchain. They are not trying to be a new method of advertising. They are solely trying to bring advertising to the blockchain and getting as many people to use their currencies as possible.
This is a rare goal for any ICO funded project. You can find their white paper on their website https://tactoken.io and their goal is to begin launching the 10 tokens on Oct 1.