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STK Wants To Make Cryptos An Everyday Currency For All Merchants Worldwide

by Crypto Research by William ThrillFebruary 27th, 2018

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<strong>Developing fast POS transactions</strong>

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Developing fast POS transactions

The speed with which crypto currencies has entered the public consciousness over the past couple of years has been remarkable. In order to take the next step though, and gain widespread acceptance and use, the technology needs to be able to handle point of sales (POS) transactions. Once crypto currencies overcome the technical hurdles of settling some of the $22 trillion spent globally by consumers each year, their use will become ubiquitous. The major hurdle is one of time lag. The average confirmation time for a Bitcoin transaction is 10 minutes, far too long for everyday use. Even the 24 seconds that your average Ethereum transaction takes to settle is too long for POS purchases.

The STK platform, implemented through the STACK wallet has developed the infrastructure to allow much faster transactions. It is built around their own digital multicurrency wallet, a liquidity pool of fiat currencies, and a system of opening individual State Channels for each transactions. The ecosystem is powered by STK tokens, their proprietary ERC20-compliant crypto currency registered to the Ethereum blockchain.

Valuable information

Coin Name : STACK Token (STK)

Total Supply : — 500,000,000 STK

Pre Ico Price : — 1 STK = 0.1000 USD

Tokens/Money Raised Through ICO : — $17,000,000 OF $17,000,000 (100%)

Individual State channels for each transaction

The STK solution rests on three pillars. The first is the issuance of a chip-and-pin EMV (Europay, Mastercard, Visa) card linked to your multicurrency STK Wallet. This will allow the holder to access more than 39 million points of acceptance today. With the card, the customer’s holdings of STK tokens can be converted into any fiat currency accepted for the transaction.

The second pillar is the automated opening of a State Channel for transactions. The State channel allows the two parties, STACK and the customer, to update transactions in real time at no additional transaction fee. Only when all transactions are complete does the resulting final state get registered to the Ethereum blockchain, with the gas fee paid using STK tokens. This eliminates the time lag of registering transactions to the blockchain during the purchase.

The third pillar is a liquidity pool of fiat currencies managed by STK. Whilst the State channel is open, and as long as the customer holds enough crypto currency in their STK Wallet, STK will fund the customer’s transactions enabling them to make purchases in real time. Once the transaction is done, and the State channel is closed and registered to the Ethereum blockchain, STK makes the conversion of STK tokens from your wallet to cover the amount of fiat currency spent.

Ubiquitous access and intuitive features

The aim of STK is to spur customer and merchant acceptance of crypto currencies as a mode of payment all over the world. To accomplish this they have developed several customer-friendly features. The onboarding of new customers is done using the waterfall methodology of Trulioo’s GlobalGateway solution in order to comply with KYC and AML regulations.

When a State channel has been established, and the transaction details registered, STK will deduct the cryptocurrency needed to cover the transaction. This gives the user a simple tap-to-pay functionality similar to other online payment systems. It will also allow the STK user to access ATM machines all around the world where EMV cards are accepted, withdrawing local fiat currency paid for with crypto assets.

STACK has also developed a set of financial tools to help the user base manage their holdings and keep track of their expenditures. Spend Trends allows the user to track both spending and savings goals, and indexes them against a peer group for easy comparisons.

The STACK Wallet is currently in beta testing, with a waiting list of 20,000 people. The wallet will be rolled out initially in the US and Canada during Q2 2018.

Social Media

Twitter

URL : — https://twitter.com/stktoken

Followers :8591 followers

How Many Tweets / Retweets In The Last 7 Days : 7 posts

Telegram

URL : — https://t.me/stktoken

Users : 8 220 members

Discussion

Reddit

URL : — https://www.reddit.com/r/STKToken/

Readers :750 readers