18th Dec, 2017

Weekly Update 18th December


Public Round of Funding

On the 7th December a public round of funding, in exchange for STRAKS at a fixed reduced market-rate, was initiated in order to raise the 2 BTC listing fee for coinexchange.io. The target of which was achieved in less than twelve hours. As the demand for the public coin offering was greater than initially expected, 5.5 BTC have been raised. Talks have been initiated with coinexchange.io, as well as other exchange platforms, in order to ensure that the additional funds are utilised to its full capacity, which is to your benefit as a STRAKS investor. We seek to ensure that STRAKS becomes available on reputable exchange platforms with a higher accessible trading volume than what is currently the case. We firmly believe this will help raise brand awareness and introduce new traders and even miners to STRAKS. Having said that, we would like to take this opportunity to reiterate that STRAKS’ focus is on utility, not simply on being a currency to trade - all that is, is an added benefit to the STRAKS economy and you as an investor. The focus is on ensuring the successful delivery of the strategic focus of STRAKS.

Exchange Platform Progress

The vast majority of reputable exchange platforms with a sizable accessible trading volume, have recently been experiencing a multitude of significant technical issues. This has naturally impacted communication with exchange platform providers, as their main priority and focus have been on dealing with server capacity issues (due to a sudden large influx of customers, which their operations were not scaled rapidly enough to handle effectively) as well as the recent ETH related issues.

We are doing everything to ensure that STRAKS becomes available across more exchange platforms as soon as possible.

The community is eager to hear what the status on YoBit is, but unfortunately we are unable to provide you with any update in that regard. YoBit has had a series of technical dilemmas as of late and for the past four weeks their registration process has even been disabled. We assume this has been a measure of theirs to try and minimise the technical impact of the rapid customer-base increase. We have heard that the issue of not being added to the exchange, is not an isolated case for STRAKS. Several other communities have reported experiencing longer waiting times than usual in being listed. As soon as we should have news to share, the public will of course be made aware immediately.

Masternodes Activation & Tutorial

The much anticipated masternodes are soon to be activated. At the time of writing there are just 6,600 blocks left to process before the masternodes are initiated.

To make masternodes more accessible, a tutorial on how to set up a remote masternode has been made available on STRAKS’ knowledgebase. Please find full details here: https://kb.straks.info/kb/setting-up-a-local-remote-straks-masternode - should you experience any difficulties, the STRAKS Discord community is always available for assistance (https://discord.gg/PM9j5XQ).

Swap Status

As expected, the swap process is progressing steadily without any issues. 23.95% of the total supply has been swapped to STRAKS. At the time of writing, this means that the approximate payment terms are currently one year and five months.

Design Bounty Entries

Two proposals are currently being evaluated. We expect a winning entry to be decided and published as soon as possible. Once chosen, the winning entry will be made public on Discord and other own communication channels following. Join our Discord community here; https://discord.gg/PM9j5XQ


As a side-note, so as to ensure that expectations are managed over the Christmas period, please note that the STRAKS team will be travelling and spending time with their families during this festive season. As a result the productivity over this period will be lower than usual. As soon as the new year arrives efficiency and productivity will be back to normal - we do not foresee this to have any impact on the long-term goals of STRAKS.

Happy Holiday-greetings,
The STRAKS Team