15th Jan, 2018

Weekly Update 15th January

Last week’s update saw the announcement of the HitBTC partnership. In order to cover the full listing fee, a public round of funding was made available, where a limited number of STRAKS was for sale at a discounted rate. To our amazement and far exceeding our projections, the funding goal was achieved in less than 48 hours. A remarkable feet that is a testament to how great and supportive the community is of the STRAKS brand. In less than 48 hours, an impressive 36.6 Bitcoin was raised equalling a total of 113,766 STRAKS sold. We cannot thank you enough for the immense support received during the public funding round. Further to the 36.6 BTC raised, you recall that another 5.5 BTC was raised in December, originally intended to cover the coinexchange.io listing fee. In the light of the unique HitBTC opportunity, these funds were dedicated towards covering the initial deposit for initiating the code review and integration on HitBTC. Between the two opportunities, it was clear to team which of the two would yield the greatest long term benefit to the brand and community. It is very rare that such a young cryptocurrency is even considered for such a large exchange, this is today most often reserved for major ICOs or more well known cryptocurrency projects. Any excess BTC raised during the public funding round, will be utilised wisely to help realise STRAKS full potential. Once all known current and future opportunities have been evaluated and a decision has been made, the community will be informed across all STRAKS communication channels.

When a precise launch date for the STRAKS market has been established for HitBTC, you will be notified immediately across all STRAKS channels. We strongly encourage you to follow STRAKSproject on Twitter and to join the Discord and Telegram channels, in order to be instantly notified when there are important updates to share. Please see the original post here on Bitcointalk for the relevant links.

Going forward, we have taken the decision to reduce the weekly updates to bi-weekly instead. Where relevant, we will fill in the gaps with updates and announcements when deemed appropriate. Product, marketing and business development items usually take a longer time to materialise and we therefore firmly believe a bi-weekly update will gather more interest, as it will naturally result in better and more relevant updates.

The First Swap Rewards
The first swap payments were successfully executed on Wednesday the 10th of January. 100,800 STRAKS coins were distributed across 1,775 STRAKS addresses. To recap, every weekly payment going forward, will always be delivered on Wednesday of each week, for the next 44 months. 

We also want to take the opportunity to re-align a common misconception currently being shared on Bitcointalk, where some are stating that there are more rewards being paid out through the swap than mining and masternodes. This is inaccurate. All details are fully and transparently available on STRAKS’ official github repository, where it is stated that swap rewards are paid in exact equal proportion to mining and masternode rewards.

STRAKS-Vote is currently scheduled for a launch in Q2 this year. We are progressing steadily on its development with core UI and UX consideration already having been established. Although there are still lots to do, some of the very basic functionalities are now ready, such as, but not limited to, the list below;

  • Functionality to create new proposals
  • Functionality to review active proposals in the system
  • Functionality to upload supporting images
  • Registration
  • Log in & Log out

We are excited to share with you the development of the platform, once further along in the development cycle. As always, with any STRAKS product we are keen to ensure that a stable, secure and error free product is achieved before launching.

Race-car Sponsorship
STRAKS recently signed a sponsorship agreement with Daniel Roos, a professional race-car driver from Sweden, to feature STRAKS at the 24 Hour Series in Dubai, held in the past weekend, on his McLaren 570s GT4 race-car. STRAKS received extensive external exposure, reaching a new audience that was previously completely unaware of STRAKS. STRAKS is currently featured on the official uae McLaren Instagram page, with prominent STRAKS branding currently visible (select images and videos from the event shared below): https://www.instagram.com/mclaren.uae/



Some behind the scenes shots (more images coming):





Videos unveiling the STRAKS branding and the car in action.



We are exploring options for the future, to understand what value there would lie in sponsoring similar events, with prominent STRAKS branding where applicable. We are keen to explore new avenues in order to reach new audiences and for giving more validity to the STRAKS brand, by engaging in real physical sponsorships that extends beyond just the crypto-sphere. 

Yours sincerely,