20th Nov, 2017

Weekly Update 20th November


We are pleased to announce that STRAKS’ blockchain was launched just under a week ago, and is LIVE!  Delivered earlier than promised and hopefully you will agree, beyond expectations in terms of features and unique value proposition.  It has been a valiant effort by the STRAKS team, and we are very excited for the road ahead. We are looking forward to sharing each success with you; the STRAKS community; the STRAKS investors; the STRAKS miners; and of course, the supporters, voyeurs and “copy pasta” folk.

Transparency and fairness are core values to STRAKS and therefore we have embedded instamine protection until Block 10,080, which the chain will approach by Wednesday (22nd November).  Please refer to github or further below for exact details. All blocks until this height will have a ZERO subsidy.  From Wednesday and ~20 years onwards, STRAKS mining will yield a constant block reward of 10 STAK with ~60 seconds intervals (block time). The instamine protection ensures that you have sufficient time to set up and direct your mining hardware to STRAKS, thereby being ready to mine the very first real block rewards this Wednesday.

STRAKS always seek to ensure that it is at the forefront of blockchain development. The latest and most popular technologies have therefore been implemented. Not only does this ensure that STRAKS is highly competitive from day 0, but most importantly that it will remain so long into the future. STRAKS is currently the most up to date masternode coin on the market. It is the first masternode enabled currency that is based off core Bitcoin Core 0.14.2

Not only does STRAKS already have SegWit and SegWit2x enabled it is also effectively introducing SegWit4x; is Lightning Network compatible - supporting instant payments, scalability, low cost and cross blockchain transactions. STRAKS is able to process a significantly higher daily transaction volume than its peers, safeguarding the currency against rapid future growth without adversely impacting transaction times (see the comparison chart in the Bitcointalk ANN or on the official Github repository for further details).

The currency is Atomic Swap compatible. We think atomic swap is highly likely to become a popular and perhaps even a standardised feature in the future. STRAKS is therefore fully prepared and positioned for that eventuality, joining an exclusive list of digital currencies with atomic swap compatibility.

STRAKS hashing algorithm is Lyra2REv2, which is only minable with CPU/GPUs. STRAKS will always support a decentralised asic resistant blockchain and will update the hashing algorithm if this one day should no longer be the case.  Note, however, due to the unique combination of SegWit, treasury reward, miner reward and Masternode payments, as of this writing, mining software and pools do not yet support STRAKS' coinbasetxn configuration. The only way to mine STRAKS, right now, is via the STRAKS' wallet. 

Masternodes

The masternode collateral (requirements for setting up a masternode) will be 50,000 STAK (updated as per 27th November: https://bitcointalk.org/index.php?topic=2433318.msg24920954#msg24920954). This is a dynamic target value and is likely to change in the future, based on market price and ROI relative to its peers. This ensures that you get the best value out of your investment. The masternode requirement is therefore not final, it may decrease or increase in the future all depending on market dynamics.

Masternode payments will not be initiated until block 50,400. This is approximately four weeks from today’s date. This delayed reward mechanism seeks to provide sufficient time for swap holders and investors alike to set up nodes. As a result this also increases the likelihood of Masternode decentralization, which is something other popular peers have struggled with in the past and still are being challenged on. Rest assured knowing that decentralisation is a core priority for STRAKS.

For masternode payment rebalancing STRAKS introduces a new algorithm Reactive Equilibria (REV1) that seeks to rebalance the payments made to miners versus masternode holders. If you would like to read the full specifications on the algorithm, please proceed to the official github repository for further details (https://github.com/straks/straks).

We highly recommend that you take the time to read the official announcement thread on Bitcointalk (https://bitcointalk.org/index.php?topic=2433318) as well as the currency and release specifications on the official STRAKS github repository (https://github.com/straks/straks). We are currently hard at work, ensuring a state of the art website that clearly communicates STRAKS focus and value proposition to investors and partners alike, where everything STRAKS will be available.

Closing Words

We would like to thank everyone who have contributed to supporting the STRAKS team’s effort in building the foundation and future for STRAKS. We thank the community for their continued support and we look forward to realising the full potential of STRAKS, together.<meta charset="utf-8" />

Your Sincerely,
The STRAKS Team