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STK a new cryptocurrency

Welcome my friends to a new interesting ICO today and let’s see their great idea:

A new cryptocurrency by Stack

Because very few merchants accept cryptocurrencies at point of sale or online, consumers must exchange cryptocurrencies into their local currency to make everyday purchases. Through any existing exchanges this can be time consuming, and comes with sizeable fees.

Project vision:

STK Global Payment’s vision is to create a globally accessible alternative to traditional banking, allowing you to store your money safely, access it instantly and transact with it anywhere, in any currency including crypto by using the STK token, right from your smartphone, using the STACK app. Creating a digital wallet as a companion to a traditional card solution, the STACK app enables you to use any of your currencies at point of sale, anywhere in the world.

The STK Token will provide instant cryptocurrency payments at point of sale, enabling seamless integration of cryptocurrency into everyday transactions and financial services in the Stack wallet. The STK token will be implemented on the public Ethereum blockchain as an ERC20 token.

STK Solution: STK State channel & STK token
There is a two-pronged problem that the STK solution will solve:
1) A lack of merchant acceptance of cryptocurrency.
STACK has partnered with an existing payment network that will allow the cryptocurrency wallet to be used at 39 million merchant locations.
2) Payments at point-of-sale must complete in near-instant time.
Rather than writing each payment transaction to the blockchain, STACK, will create State
Channels between the customer and STACK. These channels are an established way to provide real time transaction guarantees on the blockchain. Once this is done, customers’  transactions will be funded through STK’s liquidity pool to make point of sale purchases instantly.
To use this system, the user is required to hold a STK token which grant access to the STK State Channel and will be limited to those who have STK tokens.

The wallet :

In order for users of the STACK wallet to transact in real-time, the STK solution will be integrated into the STACK digital multi-currency wallet. This functionality can only be accessed with a STK token. The STK token will be used to pay for the operating cost of setting up the State Channel. Because STK tokens can change in value, the price per transaction is calculated similarly to how gas prices are on Ethereum.

Stake channel and how it works:

1.Creating a State Channel:
The user loads their STK token into the STACK mobile wallet, which authorizes the creation of a State Channel with the STK platform. Both the user’s device and STACK keep a local copy of the current state of the channel. Creation of a state channel requires an on-chain operation.
2. Conducting Transactions and State Changes:
When the user initiates a point of sale transaction using STACK, they receive a visual prompt in the STACK wallet showing the value of the transaction, similar to using traditional tap-to-pay mobile applications. Behind the scenes, the user authorizes a  transaction to send the equivalent cryptocurrency to the STK platform. Almost immediately, the STK platform receives the signed transaction, counter-signs and stores a copyof that new state off-chain. STK then authorizes its local currency account to pay the requested purchase through its global payment network rails on behalf of the user. Because the transaction occurs off-chain, there is virtually no delay except for a small amount of computation time and network latency.
3. Keeping Funds Ready:
So long as the State Channel is open, there are no fees for conducting any number of transactions between the user and STK. Moreover, there is no fee for keeping the channel  open.
4. Withdrawing Funds:
If the user wants to retrieve all or part of their STK token in the channel that has not been sent to STK, they can do so by withdrawing their funds. The user signs and publishes a withdrawal request, which requires an on-chain operation. It is possible to make partial withdrawals, so the user is always secure in being able retrieve his or her ether while still keeping the channel open for future transactions with the STK network.
5. Closing:
To close a State Channel, one of the parties signs and publishes a close request to the State Channel. This initiates a period during which either party can submit their most recent ransactions, which determines the final state of the state channel.

Project Roadmap:

 2016
  • Alpha and Host Card Emulation (Tap-to-Pay functionality at POS)

2017

  • Token design leveraging State Channels with global advisory team
  • STACK Beta announcement and launch with global POS support and social sharing
  • Token Generation Event (Pre-sale Oct. 30, 2017)
  • Commercial Launch with Fiat

2018

  • Beta of Crypto Wallet in Canada
  • Commercial Launch with Fiat in U.S.
  • Beta of Crypto Wallet in U.S.
  • Commercial Launch of Crypto Wallet in Canada and U.S.
  • European and International Launch of Crypto Wallet

Finance:

  • Token STK
  • STK
  • Supply: 550,000,000
  • Platform Ethereum
  • Accepting ETH
  • 1 ETH = 1489 STK

More info:

Tokens Sale Availability:

  • Start date: 11.Dec.2017
  • End date: 14.Jan.2018
  • Pre-sale – till 10.Dec.2018

 

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About the writer

My passion for everything that means cutting-edge technology, blockchain, cryptocurrency, ICOs and not only made this article to be alive. I’m Alex Hummels and I wish you “happy reading” of others of my articles. Thank you all.

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BitClave

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