STK Tech Demo
Today we’re releasing our first behind-the-scenes demo showcasing the tech that will power our STK state channels, providing the ability to transact with cryptocurrency at point of sale.
For a look at how the STK platform uses state (or payment) channels, have a read through this article. Payment channels are an intermediary between two parties, used to guarantee payments before an actual transaction can be made.
This demo demonstrates how state channels are integrated within the STK platform, letting you conduct multiple instant transactions off chain, and then settle them together afterwards by broadcasting the transactions onto the Ethereum network. Once the transaction is initiated, STK uses funds from our fiat liquidity pool to ‘front’ the merchant the amount of the transaction in local currency. This means the blockchain transaction can be settled after the actual POS transaction, allowing consumers to use their cryptocurrency in real time.
You can access our demo here. A few user notes before you get started!
- This demo is for experienced cryptocurrency users and those very familiar with the Ethereum infrastructure and blockchain technology. The purpose of this demo is to show you the behind-the-scenes technology that powers the STK platform. If you’re not a blockchain veteran but would still like to explore our technology, you can watch this video, where we walk through it for you! Full instructions are available on our demo, or outlined in this article.
2. In order to allow people access to the demo without having to use their own cryptocurrency, we’ve integrated the demo on the Rinkeby Test Network. This means you can request test ETH and STK tokens to play with in our demo.Think of it like crypto monopoly money. Please do not use the demo with real ETH or STK tokens.
3. This is the first version of the demo. We will continue to make improvements over the coming weeks to smooth out our interface. If you are not able to complete the demo, please try back in a day or so.
4. Our STK tech team will be available on Telegram today between 9 a.m. and 5 p.m. if you need help completing the demo.
5. Be patient … since we are showing the entire backend system communicating with the smart contract, this demo is dependent on the Rinkeby Test Network processing times. Some steps could take up to a few minutes to complete. STK was created in part to solve the lack of liquidity by providing instant transactions at point of sale. In real life, users will experience instant transactions, but this demo shows the backend technology which is dependent on the Rinkeby Test Network processing times.
We’re excited to show you what we’ve been working on over the last few months. With the launch of the STACK fiat pilot app just days away, we are well on our way to delivering the first mass-market solution to instant cryptocurrency payments at point of sale.
The STK team.