INTRODUCTION
Although cryptocurrency is being used epidemically, it is yet to witness mainstream adoption by the do-gooders. The final obstruction to mass-adoption of cryptocurrencies in the marketplace is it's integrations with day-to-day transactions. National currencies are used to pay for the smallest transactions like buying rations every day to as big as investing in real estate. Now just imagine a scenario where one pays for a cup of tea with Bitcoin or Ether without requiring the service provider to change his/her point sale device. STACK- a Canada based start-up which enables ubiquitous merchant acceptance of cryptocurrencies and the ability to complete the transaction in near-instant time which will result in substantially acceleration of the adoption of cryptocurrency. This is how STACK provides a solution to fully tap into the potential of cryptocurrency-governed commerce.
WHAT IS STACK?
STACK is a brand new finance platform, aimed to completely replace the usage of cash payments with universally accessible STK tokens. The STK token facilitates borderless transactions with the help of a smart contract which in-turn facilitates a real-time exchange of cryptocurrency into fiat currency at the point of sale (POS). STACK is a gateway to alternate banking that lets you store your money, access it anytime and transact with it anywhere, in any forex which with the help of just your smartphone. The STACK forum will immediately dispatch cryptocurrency bill at the point of sale, permitting seamless integration of cryptocurrency into regular transactions and monetary offerings in the STACK wallet.
Creating a State Channel:
1 . The user loads their STK token into the STACK mobile wallet, which authorizes the creation of a State Channel with the STK platform. Both the user’s device and STACK keep a local copy of the current state of the channel. Creation of a state channel requires an on-chain operation.
Conducting Transactions and State Changes:
2 . When the user initiates a point of sale transaction using STACK, they receive a visual prompt in the STACK
wallet showing the value of the transaction, similar to using traditional tap-to-pay mobile applications.
Behind the scenes, the user authorizes a transaction to send the equivalent cryptocurrency to the STK
platform.
Almost immediately, the STK platform receives the signed transaction, counter-signs and stores a copy
of that new state off-chain. STK then authorizes its local currency account to pay the requested purchase
through its global payment network rails on behalf of the user. Because the transaction occurs off-chain,
there is virtually no delay except for a small amount of computation time and network latency.
Keeping Funds Ready:
3 .So long as the State Channel is open, there are no fees for conducting any number of transactions
between the user and STK. Moreover, there is no fee for keeping the channel open
Withdrawing Funds:
4 . If the user wants to retrieve all or part of their STK token in the channel that has not been sent to STK, they
can do so by withdrawing their funds. The user signs and publishes a withdrawal request, which requires
an on-chain operation. It is possible to make partial withdrawals, so the user is always secure in being able
retrieve his or her ether while still keeping the channel open for future transactions with the STK network.
Closing:
5 . To close a State Channel, one of the parties signs and publishes a close request to the State Channel. This
initiates a period during which either party can submit their most recent transactions, which determines
the final state of the state channel.
HOW Does IT work?
One feature of STACK that stands out among many others is the utilization of state channels. These open channels help STACK ensure the same security as provided on a transaction made on the blockchain when actually processing an off-chain transaction. Basically, they enjoy all the benefits of the blockchain (like security, immutability, etc.) without having to face its repercussions like the time and processing power. When the state channel handles a lot of transactions, STACK closes the ledger on the channel and the final credit is stored on the blockchain. To ensure instant-time transactions at the POS, STACK employs a liquidity pool of fiat currency. At the point of sale, STACK facilitates the transaction by converting the STK tokens to fiat currency (from the liquidity pool) which is globally accepted.
STACK will facilitate State Channels between the customers and STACK. The channels will empower real time transactions which will be recorded on the blockchain. To achieve mass adoption, STACK has conjointly created a partnership with an existing payment gateway, which allows STACK to enable cryptocurrency wallet at more 39 million merchant locations.
When the user has to transact at the point of sale, using the Stack application, they'll get a visual incite in their Stack portal displaying the exchange value. In the background, the user approves an exchange of equivalent value in STK tokens to the STK platform. The STK platform receives the marked exchange instantly, counter-signs it, and stores a duplicate of the newly created state, off-chain. The STK local currency account is then given the approval to pay the requested amount in fiat currency through its global payment network on behalf of the user.
TEAM
Our team has decades of combined experience in financial services, technology, and marketing, with a
consumer-focused approach to business. We created STACK as the first step towards a better way to spend,
save and share your money. Now, the STK token will advance our mission to provide a universally accessible
platform to store money safely, access it instantly and transact with it anywhere, in any currency, including
crypto.
WHY SHOULD ONE INVEST IN STACK?
The answer is simple because no one wants to miss out on the future. With the help of STACK, the transactions in future are going to be instant, authentic and hassle-free. What's more is that STACK users will be provided with a STACK prepaid card for each STACK account. The physical, as well as virtual prepaid card, can be employed in almost two hundred countries at over thirty-nine million locations. Their ICO starts on the 25 October and I am sure that after reading this article you will want to set a reminder for the day.
For more information visit:
Website : https://stktoken.com/
Whitepaper : https://stktoken.com/STK_whitepaper_en.pdf
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Username : Kristiawan
ETH : 0x1c2E0C717C3c4A270d1fe4379A4A2440c39f3d33
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