StakeIt Token (STAKE) is an ERC20-compatible (Ethereum-based) token with a total supply of 100 million tokens. It has been created to provide long-term profits for its token holders with its innovative centralized staking options.
Although the token has an initial total supply of 100 million STAKE, the total supply will continuously decrease over time, with its token buy-back & destroy plans. 20% of the total supply (20 million) will be sold during the token sale with all unsold tokens destroyed. 75% of the total supply is kept as ‘Stake Reserves’ in which they are distributed to users who deposit and stake their tokens on their website. 5% is to be used for bounty & giveaway campaigns. Refer to the chart below for more information:
The token sale will be hosted through their website and as it is an Ethereum-based token, only payments in ETH are allowed. The price of 1 STAKE = $0.05 in ETH. All ‘Stake Reserve’ tokens are stored in 5 different addresses. This is to ensure easy management of funds, increased security, and easy tracking of funds for users.
Staking the token is easy. Users need to register on their website and simply purchase the ‘Staking Service’ product available on their website. These products will differ in prices according to the current ‘Staking Tier’. All fees earned by the StakeIt team will be used to buy back the tokens on exchanges & destroyed.
When a user purchases the staking service, he/she will need to send the tokens to a specified address. Once the team has checked, they will credit the user’s account with the deposited amount under the user’s account. The staking (interest rates) continues automatically and it is paid out on a daily basis. Users can withdraw their initial amount + staked amount at any time they wish to by simply filling in the ‘withdrawal form’.
All tokens for withdrawals (initial amount + staked amount) are distributed from the ‘Stake Reserve’ addresses as the initial tokens deposited by the user have been destroyed. Additionally, the StakeIt platform will feature a 1-page AD platform which has 100 different advertisement slots. These slots can be bought with StakeIt tokens only and all STAKE earned from this platform will also be destroyed by the team.
To ensure that the 1-page AD platform attracts constant in-flow of traffic, the team will host various bounty & giveaway campaigns on this platform. The buy-back & destroy plans ensure that the token will continuously decrease in total supply as well as ensure that there is a constant demand for the tokens on the market, promising token holders with long-term profits.
Their whitepaper contains details of the staking tiers, fees, and addresses of where STAKE is kept. Users can publicly track all movement of funds of these addresses and the team will manage a ‘public ledger’ explaining how funds are spent. The token sale begins on 22/11/17 and ends on 01/12/17 (continues for a period of 10 days). You can learn more about StakeIt Token (STAKE) on their website.