Announcing the Steak Network
Decentralized networks are a rare medium well-done.
We’re announcing the Steak Network, a decentralized social network of Steak enthusiasts built on top of Ethereum. The Steak Network is “Instagram for steaks” using a new protocol, Proof of Steak, to ensure that every image is a steak, and not anything that, say, isn’t a steak.
Using the Steak Network, users can trustlessly share Proof of Steak, knowing for certain that the Steakchain is exclusively made up of verifiably rare (or medium-rare) pictures of steak.
The $TEAK Token
We’re bootstrapping the Steak Network through the Initial Cutting of $TEAK (ICS), and every single Ether given to the crowdsale is donated to second-layer, community-focused projects like MyEtherWallet, the Ethereum Foundation, CryptoKitties, and the Doge-Eth Art Project.
There are 975,220,000,000 total $TEAK tokens available, delivered through a standard capped crowdsale at a rate of 29,552,121,212 $TEAK per ETH, capped at 33 ETH.
Visit the Steak Network to participate in the ICS.
We’re proud to be advised by some of the most visionary names in the crypto-humor industry, including Jackson Palmer, Preethi Kasireddy, Benny Giang, Arthur Camara, Rob Bent, Jason Teutsch, and Ricky Medina.
*advice limited to additional steak puns
We’re extremely proud to be backed by the collective might of some of the most influential investors in the space, including Ryan Zurrer, Linda Xie, Michael Karnjanaprakorn, Lucas Ryan, Alex Lines, Nicholas Chirls, and Josh Nussbaum.
*no investments are actually being made
📡 How does it work?
Any token holder is considered a member of the Steak Network. At any point in time, a network member may become Cook by submitting a Proof of Steak (which is a picture of a steak). This transaction then goes through a verification phase modeled after TrueBit’s Verification Game.
During the verification phase, any token holder may become Grill Master by challenging the validity of a Cook’s Proof of Steak. If a challenge by a Grill Master is made, the Grilling of the Cook begins. If no challenge is made by the end of the verification phase, the Proof of Steak is considered genuine and is then finalized, recorded forever in the Steakchain.
🎲 The Grilling of the Cook
If a challenge by a Grill Master is made, the Grilling of the Cook determines whether or not a Proof of Steak is valid. In TrueBit’s Verification Game, arbitrary computation must be iteratively validated, but because the Steak Network is only concerned with verifying the validity of Proofs of Steak, we can simplify the model considerably.
The Steak Network elects Backseat Grillers (witnesses), following Proof of Stake semantics, who then have the right to vouch for the validity or invalidity of a Proof of Steak. After a witness timeout period, the votes are tallied, and the winner is determined.
The Steak Network also implement’s TrueBit’s Forced Errors logic to incentivize proof challenges. In the case of a forced error, the game mechanics are inverted: a Cook submits an invalid Proof of Steak and Grill Masters are rewarded by a jackpot for successfully challenging the Cook. Because of the jackpot payouts, network participants are financially incentivized to be on the watch for invalid Proofs of Steak.
The Proof of Steak Whitepaper
Read the whitepaper (pdf warning) for more details. We’ve planned major protocol revisions in the coming weeks, so stay tuned!
Is This Real?
Things that Are Real:
- Proof of Steak (the protocol) is real and designed to work.
- The ICS is real and happening. You will get real $TEAK in exchange for your donation.
- The jokes are real (bad).
Things that Are Not (yet?) Real:
- The Steak Network; nothing has been built to make the Steak Network actually work. Want to build it? Let us know and we’ll work with you to make our collective dream a reality.
- Nobody involved has contributed any money to this project, least of all the “investors”; there is no guarantee that your $TEAK will be worth more than the network fee required to mint them.