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The genesis fund represents a specific amount of STEAMX coins dedicated to facilitating the setup of essential tools and smart contracts described in this document.
The Purpose of the Genesis Fund: The primary purpose of the genesis fund is to cover the on-chain fees associated with establishing the various tools and smart contracts within the Rails Network. These fees are essential for initiating the network, deploying contracts, and ensuring a seamless launch.
Utilization and Fee Coverage: During the genesis stage, the minted STEAMX coins from the genesis fund will be utilized to pay the required on-chain fees for setting up the infrastructure, tools, and smart contracts as outlined in this document. These fees include transaction costs associated with deploying contracts, initializing validator nodes, and other necessary network operations.
Commitment to Efficiency and Optimization: To ensure optimal resource utilization and maintain a sustainable ecosystem, any unused STEAMX coins from the genesis fund will be burned once the blockchain is fully initialized. This commitment to efficiency and resource management helps streamline the network's operations and reduces unnecessary token supply, reinforcing the integrity and value of the remaining tokens.