4th Dec, 2017

Weekly Update 4th December


Among other exchange sites, STRAKS applied to YoBit shortly after the blockchain went live.  The initial strategy was to ensure that an exchange site with a relatively sizable trading volume, given its comparative listing fee, was available soon following launch. Due to the increased popularity of crypto-curreny in general, most exchange sites are understandably busy beyond their current capacity, which of course has an impact on normal expected listing times as well as the potential for getting listed in the first place. The strategic approach has therefore changed somewhat: to ensure that STRAKS is available across a wide selection of cryptocurrency exchange sites. Not only will this lead to enhanced accessibility of STRAKS and an increased brand awareness, this will also give the end-user (i.e. trader) more options for purchasing and selling STRAKS. We hope that in time, this approach will prove fruitful and have a positive impact on brand awareness, credibility and subsequently trading volume. Recent focus has been applied to researching potential exchange sites, shortlisting the potential candidates and approaching them to discuss and inquire about listing STRAKS. This will be an ongoing process to ensure that we maximise accessibility and brand awareness. While many exchange sites do have an official application process, some do not. These have been contacted directly through other means of communication and we are still waiting to hear back from a majority of these, for reasons stipulated earlier. Livecoin promptly replied that they are not listing any new assets until February due to an ongoing technical upgrade. Coinsmarket was quick to respond and list STRAKS and required no handling fees doing so either. We can of course not guarantee that STRAKS will become available across all the exchange sites that have been applied to or contacted, but we will always do our best to maximise STRAKS chances of listing. Some exchange sites are unfortunately still well beyond the budgetary capacity of STRAKS and may therefore not become an option until later in its lifecycle or if bigger donators should arrive earlier. A comprehensive list of the exchange sites applied to or contacted may be found below:


STRAKS can currently be traded here: https://coinsmarkets.com/trade-BTC-STAK.htm#

We will do our best to ensure that STRAKS becomes available across more exchange sites in the near future and will communicate promptly when such should occur.


Masternodes rewards are scheduled to trigger relatively soon, however due to the unexpected delay in getting STRAKS listed on exchange sites, it has made the acquisition of STRAKS problematic beyond mining. Therefore acquiring the number of coins required to form a masternode is currently skewed in the favour of bigger miners, and contrary to our manifesto of promoting decentralization.  To create a more fair environment, we are currently evaluating and considering increasing the block height at which Masternode rewards will  be activated.  Once a conclusion has been made on the matter, the community will be notified across all STRAKS’ communication channels.


Bruno has developed a temporary website on the back of the website specifications and content requirements provided. It is available on our permanent address at; https://www.straks.io/

We are working on a much more extensive website, with a better design, layout and most importantly with more relevant content. For now it will suffice until a new and better website will become available.

The website will seek to cater to not only the community member and trader, but also to new potential business partners in the ecommerce sector. The content to help position STRAKS as firmly as possible as a competitive altcoin in the ecommerce sector, will therefore be crucial to the website build.


The building of the specifications for the marketplace is currently underway and the technical requirements are being researched and initial specifications are being drafted. This is still a long way from launch, but in order to ensure that we adhere to the stated project timeline, a dedicated group of developers have been assigned to the Marketplace project.


To confirm, the swap bot is nearing completion.  The programming element is complete and we are undergoing some more comprehensive testing and minor tweaking.  We will be announcing the swap start and end date very soon.  Again, you will have 30 days to swap to STRAKS, to there is plenty of time for everyone to participate.


A new member has been brought into the STRAKS family. Last week we welcomed Bruno onto the team as a web developer. Bruno has shown tremendous support and dedication on a community level and has proven himself over an extended period of time; that he is a capable web developer with a strong desire to help further the STRAKS brand. In the community he is known as the manager and creator of straks.news and recently also developed the temporary website for STRAKS. We are all confident that Bruno will add a lot of value to the STRAKS brand in the future to come and we hope that everyone in the community will give him a warm welcome to the team. 


A new update for STRAKS has been released. This includes core updates to; masternode collateral reduction from 50,000 to 15,000, protocol version update and some minor wallet fixes. Please go to: https://github.com/straks/straks/releases and update your wallets accordingly (osx -wallet pending release).  Note, your masternode and chain validation will not work if you do not update.

Yours Sincerely,