StrikeX to unify growing ecosystem of web3 products under our own POA blockchain.

It’s official, 2023 will see the creation of our own custom-made Private Proof-of-Authority EVM-compatible network. Uniting all current and future products, whilst providing an infrastructure for institutional-grade services, our network will provide new benchmarks in both security and utility. Our blockchain will feature advancements in encryption standards and additional safety controls, to ensure our network becomes a safe haven on which to build the next generation of financial technologies.

What is EVM?

Ethereum Virtual Machine (EVM) is a virtual computing engine for the Ethereum network responsible for executing smart contracts. EVM compatibility means our network will be able to transact with EVM-based code, improving development time and increasing user adoption.

Proof-of-Authority.

The consensus mechanism known as Proof-of-Authority (PoA) offers benefits such as shorter block times, reduced energy consumption and greater scope for improved security. Due to the nature of our business and the financial products it will serve, we believe it is imperative at this stage to retain control within our network. Proof-of-Authority networks answer many of the questions posed by earlier Proof-of-Work (PoW) mechanisms. However, unlike Proof-of-Work networks, PoA does not require validators’ expensive mining equipment to solve complex equations to complete transactions — this drastically improves the efficiency of the network whilst dwarfing the energy consumption found in PoW.

What is a private chain?

A private blockchain is an immutable closed database consisting of permissioned nodes. This type of network has fewer nodes than a public blockchain and is generally tailor-made for the organisations using it.

But what about centralisation?

Whilst PoA offers many advantages for what we intend to use it for; there may be some that argue that the PoA consensus mechanism strays from the decentralised permissionless network laid out in Satoshi Nakamoto’s Bitcoin white paper. PoA networks are typically used for private chains, and participation as a validator is restricted to those pre-selected positions during network configuration. Whilst the door is not closed to opening the network to public participation in the future, our phase 2 vision is better suited to a PoA chain.