STK Token Sale
STK Token Sale
Nearly a decade ago, the creation of cryptocurrencies promised to democratize money and free consumers from the frustrations associated with traditional financial services. Since then, Bitcoin, Ethereum and their siblings have seen rapid growth, achieving circulations rivalling many national currencies. Despite the early enthusiasm, one step remains in realizing its full potential — the ability to pay for everyday purchases easily, instantly and directly from a cryptocurrency wallet.
The status quo
Currently, no established credit or debit cards allow you to hold or transact with cryptocurrencies. Without payment gateway support, most merchants are unable to accept cryptocurrency in-store or online. Building out such a network from scratch would take years and be prohibitively expensive.
The future of finance
At STK, we’re working towards a better future of finance. A new and revolutionary set of financial services — bringing the freedom and autonomy of cryptocurrencies together with the speed and convenience of existing payment solutions.
Through a partnership with STACK, a new personal finance app, we’ve created a platform to enable instant cryptocurrency payments at points of sale. Together, we’re working towards the first seamless integration of cryptocurrency into a mainstream financial services solution, delivered right from your smartphone.
How STK works
If allowed a little more time, and a higher character limit, we’d provide a lot more detail. So, in less of a nutshell, here’s a breakdown from our Chief Technology Officer on the magic behind the scenes of our STK token and technology.
The STK token lets you make instant payments at points of sale directly from your cryptocurrency wallet. When you tap to pay through the STACK app, you can make purchases at any retail location that supports credit or debit cards. The STK token opens a bridge between the Ethereum blockchain and traditional credit card payment rails. In this article I’m going to explain the challenges of creating this protocol and how we resolved them.
STK: A bridge
STK resolves the above problems by acting as a middleman between the existing payment rails and customers’ private crypto wallets. The STK token provides access to a payment channel between a crypto wallet and a 3rd party liquidity provider. This liquidity provider holds a reserve of local currency. Initially, the liquidity provider will be STACK. When making a purchase using STK tokens,
a. STK obtains a signed transaction from the customer promising to send cryptocurrency from their wallet to STACK’s wallet.
b. STACK then pays for the purchase from it’s own local currency reserve, using the existing payment rails.
Payment channels are an exciting step forward in scaling up the Ethereum blockchain. You can find a summary of how they work here. Payment channels are commonly used to guarantee that the transactions between two parties will always be successful.
Using payment channels, we can satisfy the requirements of all parties in the transaction. They provide a near-real-time guarantee of payment to the merchant. At the same time they give crypto wallet holders full control over their private keys, including the ability to trade their assets at any time.
Here’s a step by step look at how STK makes payments behind the scenes, beginning when a shopper taps to pay at a point of sale.
Benefits of STK
Using STK brings you the best of both worlds. It combines the ubiquity of existing global payment networks with the secure autonomy of the blockchain. It also has a few additional benefits:
|Crowdsale Opening Date||
407 days ago
|Crowdsale Closing Date||
373 days ago
Uses of proceeds
ETH : 0x237706bfE11D4C4E148b4764c8f7Da37743657d4