Toronto, Ontario–(Newsfile Corp. – April 21, 2022) – Earlier this week, homegrown Canadian crypto startup Steam Exchange released documentation surrounding their upcoming blockchain and mining pool.
The Rails Network nomenclature plays ode to Steam Exchange’s brand identity and continues to push the boundaries of innovation with their Hybrid ‘Proof of Work by Authority’ (PoWbA) consensus mechanism. Steam Exchange aims to make it as easy as possible for developers to use its network. The Rails Network has support for existing tools and DApps. This makes it accessible and convenient for developers to port their existing projects and add new projects to the Rails Network. One of the primary engineering goals of the Rails Network is to prevent malicious teams from hosting projects within our ecosystem – this is an issue that is currently impacting popular blockchains. The team aims to accomplish this through various instruments of the Rails Network and associated smart contracts.
Detailed documentation on the upcoming blockchain can be found here – https://steam-exchange.gitbook.io/rails-network/
The Rails Network encourages utility, speed, and cost efficiency. The Rails Network smartchain/ blockchain will form the backbone of the Steam Exchange ecosystem. The Rails Network is developed with adaptability in mind, allowing for evolution across multiple streams and offers other functionality such as: gamification opportunities, launchpad services, and beyond.
The Rails Network features a hybrid consensus mechanism known as Proof of Work by Authority (PoWbA) which comprises of a ‘Proof of Work’ (PoW) mining component as well as a ‘Proof of Stake’ (PoS) variant where instead of coins, permitted network participants add value to the overall ecosystem with their participation. With ‘Proof by Authority’ (PbA), individuals earn the right to become validators. This is considered more robust than ‘Proof-of-Stake’ (PoS). The private Rails Network™ blockchain, accompanied by it’s unique PoWbA mechanism will allow for a select amount of highly vetted projects to launch off of the Rail’s Network smartchain. The in-depth screening of business operations, team setup, and project longevity will mitigate risk to the Steam Exchange community and offer a safe space for credible projects to call home. The Rails Network is currently undergoing closed circuit ALPHA testing and load bearing exercises.
Gary Bard, Founder and CEO of Steam Exchange, mentions, “We’re pleased to have been able to share this development with our community and wider audience. After months of development, we’re at our APLHA testing stage where we put the network through multiple stress tests under heavy load and volume, push it to it’s testing limits and work out any issues that may arise. At Steam Exchange, innovation definitely stays front and center – we’ve oriented our Rails Network blockchain around a unique ‘Proof-of-Work-by-Authority’ (PoWbA) mechanism that features the best of both ‘Proof-of-Work’ and ‘Proof-of-Stake’ methodologies. Our team is steadfast and dedicated. We look forward to opening up testing to the community in our BETA phase. Our global community has been a source for constant inspiration and their support has been immensely valuable. We look forward to building and continuing to innovate, with all of you being a part of the journey.”
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121241
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