Silvertoken Update — July 2018
The Silvertoken team has been very busy these past couple of months, and we are very proud to announce the results of our efforts. August will be a very exciting month for us, and we expect a significant amount of growth in our user base. We would also like to thank the people who have been here since the beginning and everyone new to discovering the need to move away from fiat-based currencies to a fully backed stable cryptocurrency.
Major Exchange Listing
The community has asked when we will be listed on an exchange. We have decided to save the big announcement until after we have rolled out our new marketing material. In about 36 days the exchange name will be released and we know everyone will be very happy! We are very excited to be listed on this major exchange! In the meantime, sit tight and get ready for an exciting couple of months ahead!
Team Member Additions
Our team is growing and we are always looking for exceptional new talent (apply here to join our team). Last month Jimi Choi joined our team to help in creating a beautiful experience for our users. Jimi’s first task was helping to improve the user experience on our new website and it looks fantastic! And we’re not done yet! In the weeks ahead we will be adding several new sections with helpful information for our users. With Jimi on our team, other team members and I are able to focus more on business expansion and less on web development.
Our most recent release of the SilverToken smartcontract contains a couple of improvements that I am sure the community will be very happy to hear. First, we thought about how SLVT will be used in daily transactions once a SilverToken debit card is released or we partner with another company’s existing debit card platform. A transaction fee is necessary for covering the overhead related to vaulting silver and is quite cheap when comparing the amount of money individuals pay to the sneaky theft of inflation present in fiat currencies. But, we also don’t want to discourage people from using SLVT for small transactions like a cup of coffee or a sandwich for lunch. For that reason we have decided to make small transactions of SLVT free with only an Ethereum Network gas fee. Next, we understand that many users hold silver as a long-term investment and insurance for an uncertain future. Many individuals hold thousands of ounces and see SLVT as a worry-free way to hold silver. However, when someone holds a large amount of SLVT and wants to transfer the tokens to another account, who really wants to pay 1% of 1000 ounces? The answer is no one; the fee is too high. For this reason all small and large transactions have significantly reduced rates. More details to come in a separate post.
Our team has decided to create StackerToken, a utility token to be used in conjunction with the fully-backed SilverToken. The goal of StackerToken is to reward the users of SLVT by offering even lower fees depending on how long users hold StackerTokens. The longer the tokens are held, the greater the reduction in fees when sending SLVT. We also only want people who truly believe in our company and the strength of silver to be holders of the token initially. So, we will be offering StackerTokens to holders of SLVT at a discounted rate before they are available to the general public. Holders of StackerTokens will also receive a discount when purchasing new SilverTokens. Additionally, holders of StackerTokens will also get to vote on the direction of the community, and we eventually plan to have community members nominated as leaders of our community. Excellent writers and social media aficionados will be able to earn StackerTokens by helping build and strengthen the community. More details on the specific program to come in the next couple weeks. However, don’t forget to save your place in line, as we will be offering tokens at a discounted rate to those who sign up early. Reserving your place in line can be done directly on our website.
As we near the implementation of our new website, we encourage everyone to check it out! Love it? Let us know! Think we could do better? Let us know. Our goal is to build something all of our users enjoy using since, after all, without our users, what are we really other than a big pile of beautiful silver! Next on the list of website improvements is the creation of a portal to allow users to tokenize silver or other precious metals into SLVT and to redeem SLVT for silver. For now, we have set up temporary forms that can be found here and here.
When a company stops innovating and expanding, they are no longer able to compete. For this reason, we are currently in the process of expanding our reach to vaults across the world. This will allow users to access their silver and tokenize the silver they own right in their backyard.
Silvertoken is the world’s first fully backed silver cryptocurrency. We are a global leader in this field and plan on making huge strides in growth in the years to come. Our team appreciates all the support we have received and plans on providing frequent updates to the community moving forward.
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