27th Nov, 2017

Weekly Update 27th November


The first day of mining far exceeded any expectations we had. The network hashrate, according to the official block explorer, topped over 700 Gh/s concurrently. With an approximate hashrate of 43 Mh/s p/s for a GTX1080, roughly 16,000 GPUs were pointed towards STRAKS on its first day of operation. We want to thank all miners for the great and warm reception STRAKS received. We will do everything in our power to realise in full the expectations that there are of cementing STRAKS as a sustainable real competitive ecommerce-centric digital currency.


YoBit Exchange Application

An application to YoBit was filed shortly after the chain went live. The application and listing fee (0.1 BTC) was submitted on Tuesday 21st November. YoBit official processing time states 4 - 7 business days for listing. STRAKS is therefore projected to launch on its first exchange this week, on condition that YoBit adheres to their stipulated timeline. YoBit was selected as the ideal exchange, due to its unique combination of a low listing fee and high trading volume, making it the most competitive offer on the market. At the time of writing it is the 25th highest ranked exchange in the world, based on 24/h trading volume (data from Coinmarketcap). As a sidenote to this, please be advised that we do not recommend anyone trading on any exchange sites listing STRAKS that are not officially endorsed by the STRAKS team. YoBit will by all accounts be the first officially STRAKS endorsed exchange.

Application has also been filed for listing on Cryptocompare. They make no mention of what processing time to expect, so the STRAKS team will keep checking and inform the community once it is listed. This should give traders more readily available market information, with the added benefit of making more people aware of STRAKS. Coinmarketcap requires first a recognised exchange site (which YoBit is) and a 24 hour trading volume of at least $10,000, before they will list a new currency. Once both of these requirements have been met, application will be filed. To help extend the reach and increase the brand awareness of STRAKS to the mining community, we will also apply to be listed at whattomine, once YoBit has STRAKS listed.


Bounty Payouts

Two bounties were paid for services rendered in the past week. Decker of Deckerpool was the first one who managed to update the Yiimp code to support STRAKS’ new protocol. To make the code open-source, Decker was approached and a bounty of 10,000 STRAKS was agreed and paid, after which the source code was made publicly available to everyone through github (https://github.com/DeckerSU/yiimp/tree/straks). Bruno, a community member who runs https://straks.news/, was paid 2,500 STRAKS for webhosting, running the community poll for the new brand name and for ancillary services.


The Masternode Collateral

The masternode collateral was previously communicated with a disclaimer that it was subject to change. Having analysed and evaluated the landscape thoroughly the masternode collateral has been lowered, so as to reduce the time it will take miners to acquire a masternode while also making the price more approachable upon launch, for acquisition. The adjusted masternode collateral is 15,000.


SegWit

Due to the unique combination of SegWit, treasury reward, miner reward and masternode payments, as of this writing, mining software and pools using Yiimp do not yet fully support STRAKS’ coinbasetx configuration. GPU mining is fully operational, but pool and/or mining software will need further code changes for SegWit blocks.


Block Explorer Tags

A minor change is noticeable on the official block explorer as more tags have been added to identify key addresses; Decker and Mining pools. Here you can also follow the developer funds and the treasury accounts, as these are tagged too.

We would like to thank all 7,300 STRAKS address holders for their support, and we look forward to realising the full potential of STRAKS in the coming years alongside the community.


Yours Sincerely, 
The STRAKS Team