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Railz (RLZ) ICO Review – ICO Token News

Overview

Rapid advances in artificial intelligence and machine learning are delivering transformational change facilitated by IoT devices and networks. By 2020 the number of IoT devices is expected to exceed 50 billion. IoT is forecast to generate $11 trillion of annual economic benefits by 2025. Current technologies and protocols can’t keep up due to scale issues.  Interoperability problems due to a current lack of suitable standards. Scale problems as the number of forecast devices explodes. Machine-to-machine exchanges still primitive. Historical centralised topology chokes growth and introduces unnecessary risk.

Introducing Railz

Decentralised using the Ethereum blockchain and designed to scale. Next-generation consensus  algorithm allows machines to ‘negotiate’ rather than simply agree or disagree. Enables IoT devices to self-organise and configure themselves into complex supply chains. Transmission protocol delivers throughput on Ethereum network under test conditions. Railz is a blockchain-based next-generation protocol for a trillion machines to talk, negotiate, and deliver the internet of things economy.  It allows devices to reach optimal negotiated consensus autonomously on a ‘peer-to-peer’ basis. Throughput on the Railz network is 20-30 times faster than the Ethereum network, whilst fully compatible with ERC20 Tokens. Replaces the need for centralized Trading platforms with permissionless peer-to-peer Trading networks.  It enables 50 billion+ devices to reach an optimized consensus between these Machines autonomously on a peer-to-peer basis without human intervention. Railz can achieve 20-30 times higher throughput than the current Ethereum network and is capable of improving performance further to reach 100-1000x faster throughput. We believe the Railz protocol is the 3rd major leap forward in Blockchain technology after Bitcoin, Ethereum and now Railz to enable the full, global M2M economy of 50+ billion IoT devices trading autonomously.

Railz: high throughput negotiated consensus

The theories outlined in this paper were designed to be implemented with a specific application in mind: the Railz Protocol.The Rail Protocol, or simply ‘Railz’, delivers high-throughput negotiated consensus between nodes on the Ethereum network, and is designed to be straightforwardly implemented under the ERC20 Ethereum Token Standard as opposed to requiring implementation at the base network level. The ERC20 Ethereum token standard (ERC standing for “Ethereum request for comments”) was developed in 2015 and is used for Ethereum smart contracts. The standard defines a common list of rules that an Ethereum token has to implement to function properly on the Ethereum ecosystem. The standard is highly specific to contracts and includes support for functions like:

  • The ability to confirm total token supply.
  • The ability to confirm account balance of another account with a specified address.
  • The ability to the confirm amount of Ether to be sent.
  • The ability to confirm the address the Ether is to be sent from.

The main programming language is Solidity which is a specialist contract-oriented language designed for writing smart contracts to various blockchains including (but not limited to) the Ethereum blockchain. Although Solidity has a number of specialist features which contemplate certain applications, the language is Turing-complete which means it can provably be used to sim-ulate any Turing machine, which in turn means it can provably be used to simulate any algorithm capable of being expressed in logic. It is therefore provably true that Solidity can be used to program the various algorithms outlined in this paper, and consequently it is provably true that these methods can be implemented under the ERC20 Ethereum token standard.

Railz incorporates two core technologies which enable negotiations at scale between machines.

High throughput – Railz uses a proprietary protocol to deliver higher throughput on the existing Ethereum network.

Machine-negotiated consensus –  Railz uses a new, proprietary, patent-pending consensus algorithm to move beyond the standard ‘smart contract’ and deliver sophisticated negotiations between machines. Support is offered for complex payoffs.

The RLZ token

RLZ is the token used to perform utility on the Railz network. Fractions of RLZ are known as Rivetz.  RLZ is implemented as a fully compliant ERC20 token and benefits from the Ethereum roadmap and compatibility with the blockchain ecosystem. Every time the outcome of a machine-to-machine conversation (or negotiation) is reached, then Railz network levies a utility charge denominated in fractions of RLZ ICO tokens, known as Rivetz. Check ICO list to know more about ICOs.

Token supply and allocation

Total supply is digitally limited to 2 billion tokens with 75% reserved.

Supply

75% of tokens reserved

25% offered for sale

Allocation

45% reserved for intrinsic utility

6% reserved for partners

4% reserved for bounties

20% reserved for team

25% offered for sale in three stages

Token sale

Three sales stages with progressively lower discounts.

Pre-ICO Series A:

30 million RLZ offered for sale at

ETH 0.00006

(70% discount to par).

Pre-ICO Series B:

120 million RLZ offered for sale at

ETH 0.00008

(60% discount to par).

Full ICO:

350 million RLZ launch price

ETH 0.000196

(2% discount to par).

Conclusion

We believe that Railz represents a materially novel improvement on the current standard ‘smart contract’ implementation found on the Ethereum network. Its ability not only to facilitate sophisticated machine-to-machine negotiations but also to do this at significantly higher throughputs than the data flows currently available make it highly suitable for large-scale distributed internet of things applications.

Team

  • John Corr
    John Corr
    John Corr
    (CEO and Founder) - John's mission is to accelerate the realisation of a Machine-to-Machine economy through exploiting Blockchain technology's ability to connect billions of IoT devices to trade together autonomously in a true 'peer-to-peer' basis.
  • Phil Millo
    Phil Millo
    Phil Millo
    (Co-Founder and Advisor) - Phil leads the Railz crypto team which includes structuring and principal investment. His work takes Phil to major financial centres globally to advise on how best to deploy Blockchain technologies to disrupt industries such as Capital Markets, Energy and the 'Internet of Things'.
  • Vignesh Iyer
    Vignesh Iyer
    Vignesh Iyer
    (Chief Blockchain Architect) - Vignesh is part of the senior management and strategic team of leading IoT firm, Winjit Inc. Vig's expertise covers advanced IoT/ Blockchain applications. He is a fanatic for combining Blockchain, AI & Machine Learning technologies for high impact commercial solutions.
  • Sanket Khandare
    Sanket Khandare
    Sanket Khandare
    IoT Product Design Lead - An accomplished techno-functional professional with an avid interest in latest technologies and leading teams with a focus on AI, ML, CV, and IoT. Lead expert for IoT and AI/ ML teams and a driving force behind new IoT software products 'IoTSense' and 'PredictSense'.
  • Vijayta Bhatt
    Vijayta Bhatt
    Vijayta Bhatt
    Smart Contracts & DApps - A Technology geek by heart, has expertise in architecting and developing blockchain based platforms and in particular 'audit grade' smart contracts and DApps for Token Generation Event, ERC20 compliant Tokens, and Mosaic Assets.
  • Luke Sherwood
    Luke Sherwood
    Luke Sherwood
    Railz Community Manager - A proficient cryptocurrency and token trader, with a deep understanding of blockchain applications. Luke is leading the charge to share a wealth of information and valuable ideas from the Railz project with a wider global audience.
  • Priyanka Pareek
    Priyanka Pareek
    Priyanka Pareek
    (Lead - Token Crowdsale) - Priyanka is an experienced technology strategist and hands-on implementer. Priyanka is leading the work to integrate Railz with leading IoT platforms to combine the power of Blockchain, IoT & AI technologies.
  • Owen Keane
    Owen Keane
    Owen Keane
    (Advisor - Legal & Regulatory) - An experienced corporate, commercial and technology savvy lawyer (Barrister).
    Over 15 years experience in providing legal advice to government & businesses, now providing commercially focused legal assistance on Crypto currency and ICO related issues.

Milestones

  • 1
    October 2017
    Inception.
  • 2
    January 2018
    Yellow Paper RFC-1 released.
  • 3
    February 2018
    MVP.
  • 4
    14 February 2018
    Technical Yellow Paper RFC-2 released.
  • 5
    26 March 2018
    Railz White and Yellow (Technical) Papers - Public Release.
  • 6
    1 May 2018
    Pre-ICO opens.
  • 7
    24 May 2018
    Main Token sale to the public opens 1 June.
  • 8
    1Q 2019
    Production Blockchain deployed.

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