Hi all,
We aim to provide a luxurious, discreet and personal home for Token holders by purchasing a portfolio of properties in key global cities for their exclusive use. Each STAY token will enable the holder to stay for 1 night a year at his chosen property. STAY tokens will also have inherent value, as rental earned on unused nights will accrue to Token holders and be used to purchase additional properties.
We are hoping to get feedback from the community on our
WHITEPAPER.
ConceptSTAY is a group of like minded individuals who would prefer staying in a discreet, luxurious home away from home when they travel. On completion of the ICO, we will acquire and manage properties in a minimum of 10 cities globally. Depending on the amount raised in the ICO, this could reach a maximum of 50 cities in the world. The initial cities will include London, New York, San Francisco, Tokyo and more. (See Appendix A for cities targeted based on the funds raised).The properties acquired will be luxurious, comfortable and convenient. Access to the properties will be discreet and via a PIN supplied to the booker. No personal information collected on the person booking or staying in the properties.
The cryptocurrency token (STAY) will be built on the Ethereum platform with all transactions performed on Ethereum. STAY tokens will be divisible. The smallest fraction is 0.0001 STAY. Each STAY token and its equivalent fractional token will be entitled to receive the proportional number of STAY-NIGHT-YEAR tokens. (Do note that a minimum of 1 STAY-NIGHT-YEAR token is required to make a booking for 1 night)
A maximum of 15,000 STAY tokens will be sold, creating a portfolio of 50 homes for STAY token holders. We will issue an additional 20% of all the STAY tokens sold, to be kept by us to be used to generate income to cover the operating costs of the properties. (See reserve fund section for more details). For clarity, if 15,000 STAY tokens are sold, an additional 3,000 STAY tokens will be issued to us for a total of 18,000 STAY tokens in issue.
THE ICO campaign will stay open for one month, or until all 15,000 STAY tokens are purchased. The minimum number of STAY tokens that will be sold is 3,000 for a 10 city portfolio. In the event that the minimum is not reached, all monies will be returned to the purchasers.
During the ICO, payment can be made in either Ether or Bitcoin. On the first 7 days of the ICO, the price of STAY will be equal to 6 Bitcoins (BTC), and from the 8th to 14th day of the ICO it will be 7 BTC and from the 15th day onwards 8 BTC or its equivalent in ETH
TLDR; How it worksEach STAY token is issued one STAY-NIGHT-YEAR each year, which entitles the STAY-NIGHT-YEAR token holder to make a booking at a property of his choice. The booking can be made by calling various PROPERTY-NIGHT-YEAR-BOOKING contracts on the Ethereum blockchain with a public key.
Once the booking is confirmed, the access code to the property will be generated off-chain, encrypted with the supplied public key and sent to the booking address. The property access code will allow the booker to enter the property for those days which have been booked.