What is STK (STACK)?
STACK is an alternative to traditional banking with a better way to spend, save and share your money, fee-free and straight from your mobile. Our app provides its members with smart solutions to personal finance, with features like real time notifications, effortless savings, financial IQ and mobile tap-to-pay functionality.
STACK is creating a community of users who celebrate the moments that matter most by sharing stories of transactions on the STACK World Stream. The STACK wallet is a working product that currently is in private beta with a waiting list of 20,000 people.
Introducing STK :
On October 25, 2017 STK (“STK Global Payments AG”) will conduct a Token Generation Event (TGE) and will make the STK token available for purchase on the STK token sale site (www.stktoken.com). The STK token will enable real time point of sale (POS) transactions directly from users’ private cryptocurrency wallets. We predict the ability to make purchases in-store and online using cryptocurrencies will speed up mass adoption of the technology.
The STK token is part of a global solution to facilitate borderless transactions. To make instant payments at point of sale from a blockchain wallet requires we do a real-time exchange of cryptocurrency into fiat. The STK token provides access to our state channels which a) ensure there is sufficient cryptocurrency (i.e. Bitcoin, Ether) in the digital wallet and b) users spending fiat at point of sale will complete the purchase from their cryptocurrency assets.
STK automatically opens a state channel between each user and STK’s own wallet. STK tokens fund the transaction, much like gas funds Ethereum transactions. The first implementation will be with STACK’s digital wallet. STK tokens will be implemented on the public Ethereum blockchain and adhere to the ERC20 protocol.
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.
HOW DOES THIS WORK IN PRACTICE?
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.
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 transactions, which determines the final state of the state channel.
HOW STACK WORKS?
Most of the world’s retail transactions (shopping), moreover as banking goes through a couple of core payment rails. the most effective acknowledged of those rails ar pass by major mastercard corporations.
Their purpose is to modify banks and alternative monetary establishments to transmit cash to every alternative, firmly and faithfully.
We ar targeted on consumer-to-retail payments, like those you create at grocery stores, convenience stores, restaurants and alternative retail locations. On this mastercard rails, payments from customers to merchants have 2 stages:
1.Validation
once a client pays at some extent of sale terminal, the terminal initial checks with the paying establishment (the shopper’s personal bank) to ascertain if the payment ought to be allowed. The bank is chargeable for preventing fallacious transactions.
It makes positive there’s enough cash to hide the acquisition, which the patron has not already spent his/her cash elsewhere. The paying establishment sends its response, to either associate settle for or reject, back through identical rails.
2. Settlement
Even when the dealings at purpose of sale is complete and therefore the shopper has left the shop with the acquisition, no cash has modified hands. The shopper’s bank has secure to pay the businessperson, however the particular payment, known as a settlement, happens at a later date.
At settlement, the establishments concerned reconcile and pay their debts to every alternative.
The terminal at that you faucet to pay could be a convenient tool for merchants to envision customers’ ability to pay, and to get their promise to try and do therefore. Eventually, these payments ar deposited into the merchant’s checking account.
Allocation
Token Generation
STK tokens will be available for purchase on the STK token sale site (www.stktoken.com) commencing December 11, 2017 at 17:00:00 Coordinated Universal Time (UTC). The cost per STK token is ETH 0.000672. STK tokens for sale represent 55% of all STK tokens. A maximum of 155,172 ETH and a minimum of 3,600 ETH will be accepted for the sale of STK tokens. STK tokens are not available for purchase for residents of United States of America or Canada.
In order to further develop and promote the STK platform, STK will conduct a token generation event that will offer for sale 275,000,000 STK tokens out of a 500 million total supply. The proceeds of the TGE will be used for marketing, solution development (both iOS and Android), integration of STK with STACK and the operation of crypto to local currency exchange. The remaining will be reserved for the liquidity pool, bounty programs and referrals. Any unsold tokens will be burned.
Team
Details Information :
Website : https://stktoken.com/
Whitepaper : https://stktoken.com/STK_whitepaper_en.pdf
Twitter : https://twitter.com/getstack_ca
Telegram : https://t.me/stktoken
Profile Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1116890
ETH :0xD21b7600ff11bEfB00dff92252a16A2f2fdBF71a
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