To keep things simple, here’s a handy list of some of the common terms you’ll encounter when talking about all things crypto.
Using distributed ledger technology (DLT), the blockchain is a network for storing transactions. As that suggests, there is no centralised location where the data is saved, and it is very difficult to tamper with the contents of the ledger, as it is spread across many data points or nodes. It’s public, and it doesn’t require permission from a third party to access or verify the data.
This all means that the STRYKZ token will enable secure, end-to-end traceable, in-game transactions and reward schemes on the Football-Stars platform, thanks to its underlying blockchain technology.
A digital asset. It can be passed from one entity to another over the blockchain, without requiring permission from any third party. It’s the same token that passes from one user to the other, not a copy of it. They can be used to provide economic incentives in return for certain types of internet use; in other words, rewards for engagement.
Tokens can be collected or exchanged in a personal digital wallet, using any of a range of dApps. They’re also foundational in the forming of internet ‘tribes’ — a disparate group coming together and deciding to use the same form of token for exchange and reward. Tokens can have various forms and uses — including utility tokens and equity tokens.
For example, an expected use of the STRYKZ token will be to reward active users for contributing content to the platform. This can be by generating and promoting their own token-based challenges, creating news pieces and videos, or providing other services that enhance the platform for other users.
Token Sale Event
A token sale event is a form of crowdfunding. In exchange for providing funds towards the project, early investors are rewarded with crypto tokens. After an initial locked in period, those tokens can then be exchanged for their new, hopefully higher value. Usually investors send funds in the determined cryptocurrency, this is stored in a smart contract, and released to them later at the new value.
The STRYKZ token sale runs on the Stryking website from 29 June — 29 July 2018.
An important thing to consider when participating in a token sale, is the source of the initial token offer. There are scam websites out there trying to cash in on the token sale boom. These are to be avoided at all costs. Make sure the people behind the project are real, verifiable, and can be held accountable. Check if the people involved have any relevant blockchain or crypto experience in their team.
STRYKZ has engaged different advisors with strong know-how and experience in blockchain and token sales such as Petter Sehlin, an advisor who has a deep-rooted technical knowledge of Blockchain and token technologies and is advising on several token sales. Additionally, we have Gaurang Torvekar, CEO/CTO of Indorse on board, who completed a successful token sale himself last year.
Mostly a promotional activity — giving small amounts of free tokens to members of that particular token tribe. There can be prerequisites for qualifying for the airdrop, such as already having X-amount of tokens in your wallet, or doing some kind of promotional task to increase interest and participation in that blockchain project.
When signing up to Football-Stars, users can then use Telegram to register for the STRYKZ airdrops.
Fiat vs Crypto Currencies
A fiat currency is, essentially, the cash you have in your pocket, or the balance in your bank account. A form of legal tender, backed by a government or national bank. While it can be moved around digitally too, the control of that movement is held by the banking corporations who facilitate it. It’s handing over control to a third party.
Compared to that, cryptocurrency is decentralised, global, and the supply of it is controlled by an algorithm, not by any institution.
Before the token sale is launched, there will often be a bounty campaign. This means that users can complete small tasks for the project, and instead of being paid in fiat currency, they earn a ‘stake’, which is paid in tokens. Once the token sale starts, those tokens can be traded or exchanged for actual money, or be used within that particular token’s ecosystem, in the same way that STRYKZ will power Football-Stars.
A wallet is a piece of software, a dApp, that holds your tokens or cryptocurrency. On a slightly more complex level, it’s a piece of software that stores your public and private keys, allowing you to verify yourself, your tokens, and your interactions on the blockchain.
STRYKZ tokens are based on the Ethereum ERC20 model, so any wallet which accepts those will work to manage your STRYKZ token balance.
Simply enough: a place to buy, sell, or exchange tokens. Maybe your token sale just paid out, or you want to trade one type of token for another. Tokens being listed on an exchange can increase their value.
These are the basic facts of the token, the terms under which it will be released. This includes the hardcap, softcap, its price, and what quantity will be issued. It may also include bonuses and which currencies the tokens can be purchased with.
STRYKZ tokenomics are all laid out on the site, but to grab the essentials: STRYKZ tokens will be issued with a token price of 0.0001 ETH. The Soft Cap will be the equivalent of $4m USD, and the Hard Cap is set to $20m USD. Currencies accepted for purchase include ETH and BTC.
For more information regarding Stryking, STRYKZ and Football-Stars find us on the channels below: