We are not here to ruin the digital financial revolution.
Firstly, we would like to start this post by stating that we sincerely apologize for the inconveniences caused. Our website, as well as our blog, was falsely reported as promoting the sale of unregulated securities, resulting in the suspension of our accounts.
We have provided appropriate legal statements to Medium & our web hosting company to prevent these sort of issues from occurring again. Please note, StakeIt (STAKE) was never to be treated as a security. It is by all means, a utility coin, which will be actively utilized as a tool to support our exchange, merchandise store, and games.
On top of that, one of our developers who used to passionately work with us left the team with no prior statements, seized all of our social media platform accounts — including the Telegram group — and deleted them.
We understand that these incidents occurred concurrently at the worst possible time, when the token liquidation process was happening, ultimately impacting our overall reputation negatively.
We would like to hereby state that we are here and we are not going anywhere. Our team members have met in Singapore on July 8–9th to further strengthen our security, sign NDAs, and legal contracts to make sure this type of ordeal never happens again.
We are passionate about building a great project and we hereby guarantee to never disappoint you or cause inconveniences again. Token -> Coin swap will happen as proposed earlier.
Token Swap Details
All tokens purchased on July 7th and thereafter, will be eligible for a 300:1 swap into the new coin. If you have been holding StakeIt (STAKE) before July 7th, you will receive a full 1:1 swap (1 token = 1 new coin).
We understand that some of you may have transferred the tokens in/out of exchanges. We will check them manually through Etherscan & reward you accordingly for a full swap.
All those who have been with StakeIt (STAKE) before we completely re-brand, will receive the following incentives:
- 0% trading fees forever on Coinsoda Exchange
- Exclusive airdrops on the exchange
- Exclusive coin listing news (be the first to know which coins will be listed)
Please note that the new coin will have additional max total supply as compared to the 100 million total supply of StakeIt Tokens.
New Coin Details
Proof-of-Stake Percentage: 100% / year (permanent)
Min. Staking coin age: 1 hour
Max. Staking coin age: Unlimited
Coinbase Maturity: 3 blocks (blocks required for confirmation)
Max supply: 1,000,000,000 (1 billion SODA)
Initial supply: 10,000,000 (10 million SODA)
*The max supply has been increased significantly due to the Proof-of-Stake algorithm.
Important Things to Note
Through the 100% / year staking rates, it is estimated that it will take about 5 years to mint all coins (max total supply) through the proof-of-stake algorithm. Through the new blockchain, nobody will be able to modify the staking rates and thus, nobody — including any of the developers — will be able to mint coins in bulk as we did for the token liquidation.