ANN [STK] STK Global Payments - A New Cryptocurrency for Instant Payments

[foxjames512]

Will any bonuses be available for investors? Is there a presale?
And the main questions - why is the hard cap is so huge?

[Barbercash]

What countries this project will work?

[STK]

Hi there! There is a presale from October 11-24. You can find details on our bonus structure here:
https://stktoken.com/register-for-presale.html

The funds we raise will be invested directly into the development and public launch of the solution.  The more capital we raise, the faster we can build and deliver our product.  It also has a direct implication to the number of users we can initially onboard since we will set aside a fiat liquidity pool in order to settle transactions instantly with the merchants accepting the payments.

I hope that answers your questions!

Will any bonuses be available for investors? Is there a presale?
And the main questions - why is the hard cap is so huge?

[STK]

Hi there!

The first implementation of the STK token will be within the STACK app, a mobile wallet app which is currently in private beta and will launch in Canada later this year, followed by a U.S. roll out in Q1 of 2018. Capital raised from the STK Token Generation Event will enable a swift expansion into international markets later next year. The more capital we raise, the faster we can build and deliver our product!

What countries this project will work?

[Jt2000]

Agree this one is different. They also have a way to make payment in real time using state channel off chain. Pretty cool.. read the whitepaper. Watching this one!

This project is so redundant and actually does not bring anything novel or innovative to the community. Could be disappear well before it gets alive. Perhaps no one will use such thing to pay.

How so? I know there are projects experimenting with plastic debit cards, but this is going a step further and proposing doing payments straight from your phone. Is that part redundant?
Or can you elaborate on why it is redundant?

Thanks

[adliem]

Hi STK,
What will happen to any unsold tokens once the ICO finishes? Will they be burnt?
Thanks

[STK]

Hi there!

That's correct, any unsold STK tokens will be burned.

Hi STK,
What will happen to any unsold tokens once the ICO finishes? Will they be burnt?
Thanks

[stasyk411]

Where is the team? A strange company. The site is made beautiful but in a hurry. With information about developers and product. It looks like a divorce.

[dubstar27]

The team information is at the bottom of the homepage. Product details are found in the Platform / Technology section of the site.

Where is the team? A strange company. The site is made beautiful but in a hurry. With information about developers and product. It looks like a divorce.

[dubstar27]

Insightful Medium article authored by the STK CTO about how the STK token works to enable instant cryptocurrency payments at point-of-sale:

https://medium.com/@STKtoken/how-stk-works-6a504a50d843

[Jt2000]

Great article! Explains STK token really well. This team knows their stuff

Insightful Medium article authored by the STK CTO about how the STK token works to enable instant cryptocurrency payments at point-of-sale:

https://medium.com/@STKtoken/how-stk-works-6a504a50d843

[irukandji]

OK. Let's say I'm in Canada. I want to pay for my coffee with Ethereum using this app.

I do the transaction using the state channel etc.

So behind the scenes, and perhaps happening after the fact by utilising the liquidity pool to speed things up  I presume.....

1. The Ethereum is sold for USD?

2. The USD is then exchanged for Canadian dollars?

3. the Canadian dollars are sent to the cafe

Where do these things happen and what are the expected costs?

[irukandji]

Great article! Explains STK token really well. This team knows their stuff

Insightful Medium article authored by the STK CTO about how the STK token works to enable instant cryptocurrency payments at point-of-sale:

https://medium.com/@STKtoken/how-stk-works-6a504a50d843

From the article:

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,
STK obtains a signed transaction from the customer promising to send cryptocurrency from their wallet to STACK’s wallet.
STACK then pays for the purchase from it’s own local currency reserve, using the existing payment rails.

Normally a transfer of say Ethereum is validated by miners, but Stack seems to be saying they will short circuit this process? Is that right?

Otherwise how will it be instantaneous?

On what basis does stack accept the promise?

[abc073]

Hi, who is the main competitor for the STK project? Can we have some analysis on that?

[STK]

Hi there. Great questions!

STK’s pool already has the funds in local domestic currency, waiting for the POS transaction. The exchange happens after the fact; when we close the channel we take our payments out and exchange them to fiat to replenish the pool of funds.

Let me know if that helps to answer your questions! We've also posted a Medium article that explains some of the backend technology. You can check it out here: https://medium.com/@STKtoken/how-stk-works-6a504a50d843

OK. Let's say I'm in Canada. I want to pay for my coffee with Ethereum using this app.

I do the transaction using the state channel etc.

So behind the scenes, and perhaps happening after the fact by utilising the liquidity pool to speed things up  I presume.....

1. The Ethereum is sold for USD?

2. The USD is then exchanged for Canadian dollars?

3. the Canadian dollars are sent to the cafe

Where do these things happen and what are the expected costs?

[STK]

Hello!

Thanks for your question! The payment channel solves that problem. Payment channels don't need to be mined -- as soon as the signature is there, the commitment has been made (that's the "promise"). The settlement/mining happens at opening and closing the channel.

Hope that helps!
 

From the article:

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,
STK obtains a signed transaction from the customer promising to send cryptocurrency from their wallet to STACK’s wallet.
STACK then pays for the purchase from it’s own local currency reserve, using the existing payment rails.

Normally a transfer of say Ethereum is validated by miners, but Stack seems to be saying they will short circuit this process? Is that right?

Otherwise how will it be instantaneous?

On what basis does stack accept the promise?
[/quote]

[irukandji]

Hello!

Thanks for your question! The payment channel solves that problem. Payment channels don't need to be mined -- as soon as the signature is there, the commitment has been made (that's the "promise"). The settlement/mining happens at opening and closing the channel.

Hope that helps!
 

Somewhat.

So...the payment channel is centralised and relies on a Trusted Third Party?

[STK]

Hi there! State channels are not a centralized system. The transactions are signed from your personal phone. If you take funds out of the channel you can do so without permission. STK ensures that the owing amount is left behind.

Hello!

Thanks for your question! The payment channel solves that problem. Payment channels don't need to be mined -- as soon as the signature is there, the commitment has been made (that's the "promise"). The settlement/mining happens at opening and closing the channel.

Hope that helps!
 

Somewhat.

So...the payment channel is centralised and relies on a Trusted Third Party?

[Jt2000]

STK looking better and better, when do we get more info on presale??

[STK]

Stack Adding Crypto Payments to Digital Wallet with STK Token

https://techvibes.com/2017/10/06/stack-adding-cryptocurrency-payments-to-digital-wallet-announces-stk-token

“STK aims to break down the cryptocurrency usability barrier and make crypto as familiar to use as traditional payments, all with no fees and no confirmation delays,” said Ethan Wilding, co-founder of Ledger Labs. Wilding is also a founding team member of the Ethereum blockchain.