The swap process will be conducted in a manner such that it aligns STRAKS' investor/miner incentives, STRAKS' team long-term objectives, and SIGT's "investors" seeking to accrue value alongside the STRAKS' community.
The distribution of swap funds will be managed to the extent that significant disruption of STAK circulation and market value can/will be minimised. It would be unreasonable to think that the development team have not extensively considered the detrimental impact of an instantaneous increase in the circulation of STAK coins post swap. To this consideration, the process defined, as follows, to an appreciable degree, prevents SIGT investors benefiting at the expense of STRAKS' miners/investors.
The start date of the swap will be announced soon on all relevant communication channels, and the window for registration will last exactly 30 days.
Users will use the STRAKS swap-bot on Discord, to initiate and conclude their coin-swap. The steps involved in registering for the swap, subject to minor amendments, will be as follows:
1. User initiates SIGT swap by issuing direct-message to STAK-bot
2. STAK-bot generates new Signatum address and requests SIGT transfer from user
3. STAK-bot monitors address and waits for 15 confirmations
4. STAK-bot notifies user of completion of transfer
5. STAK-bot requests user STAK address for swap process.
6. User provides new STAK address for swap.
7. STAK-bot confirms user registration for swap.
8. End of STAK swap registration process
The Swap Process
Following the end of the swap period, 30-days post announcement of the start, the swap process will be executed on a monthly basis thereafter, in-line with the rate at which supply is being generated for STAK through mining, i.e at 1440 blocks per day = 14,400 STAK per day. With the minor adjustment of the swap supply being accelerated by 5% each year.
All POS Signatum rewards will be burned via the same transparent process as for the collateral for the duration of the swap distribution. A dedicated website will be setup, tracking SIGT collateral, collateral POS rewards and the burning.
More information on https://github.com/straks/straks#the-swap-mechanics