Your patience and support as a community is much valued. The team maintain their position to promote and drive organic growth, carving out space within the sector for the project, focusing on e-commerce. We appreciate that during a market downturn priorities change, and for both the internal team and the community at large, a more measured allocation of time and resources is needed across work, family, and other interests or pursuits. We remain committed and continue to work to build value for our supporters and establish the STRAKS brand and value proposition.
A big thank you to those community members who have gone beyond the call of duty to purchase ASIC units to support the chain. We continue to consider options, and with the value of ASIC units declining rapidly, alleviating temporal hash manipulation as a community might serve to deter such operators.
For the newly initiated; STRAKS was a new digital currency and shared no technical association to Signatum other than allowing their investors to receive STRAKS under a proof-of-burn styled 4-to-1 swap. The swap registration period ended on 04-Jan-18, and a total of 80,786,812 SIGT was burned resulting in a reserve of 20,196,703 STAK marked to be distributed to subscribers. The resulting swap payments were being distributed on a weekly basis, in-line with the rate at which supply is being generated for STAK through mining, i.e at 1440 blocks per day (14,400 STAK per day). The total duration of the swap payments as scheduled was to be 4 years and 1 month from the 10th Jan 2018. The guiding principle behind the protracted swap period was to minimise the disruption of STRAKS circulation and subsequent market value impact.
Due to the current market conditions of the sector and value of STRAKS, the team has decided to terminate the protracted swap payment schedule and pay the remaining 13.32 million STAK on 28th April 2019 at 11:00 GMT.
This will end the dilution effect of the weekly swap payments, and allow the community to drive value for the coins that they now hold going forward, with the support of ALL the internal team. The overall impact on value should be minimal given the current low value of STRAKS.
The STRAKS project has benefited from numerous key internal members, and loyal external supporters. STRAKS operates a very flexible, unique and non-regimented internal approach that allows members to contribute, balancing their work and personal life commitments. We would like to take this opportunity to acknowledge the work contributed by all who have been involved with the project since inception, and hope new members will join to drive the STRAKS vision going forward.