A group of Bitcoin (BTC) mining companies have put their weight behind Standard Hashrate and its recently launched TAU Protocol, a synthetic asset platform using hash rate derivatives for its peg mechanism.
Announced on Friday, the TAU project aims to create algorithmic versions of Bitcoin and other proof-of-work assets through a revisited rebase mechanism. The basic concept is similar to simple rebase coins, including the synthetic Bitcoin offered by Badger. The TAU protocol, however, adds a backstop to the value of its synthetic assets through Bitcoin derived from the mining hash rate.