Bitsten Token (BST)
Is the ERC20 token used for Bitsten.com as a replacement for Steneum Coin (STN).
- Token Name –>
- Token Symbol –>
- Total Supply –>
- Contract Address –> https://etherscan.io/token/0xd4f6f9ae14399fd5eb8dfc7725f0094a1a7f5d80
Why BST instead of STN
Due to the Steneum network size being small, STN blocks are sometimes unstable as well as transfer speeds are not optimal. By using ERC20 token, Bitsten Token (BST), we make use of the ETH network size so that transactions are completed in seconds and the blockchain is more secure!
Note: The ETH network is considered safer and faster than the STN Network because ETH network is much larger than STN network.
Functions & Use Case for BST
Well, to put it bluntly. It’s the same exact as STN. The only real difference is much faster transfer speeds and greater block stability.
BST is Used For:
- Cheaper transaction fee/ exchange fee.
- Listing fee / community voting at Bitsten.com.
- User’s who hold BST on Bitsten will receive 25% of exchanges profits across all pairs! (BTC, BST, USDT, and IDR)
How to Purchase BST
You can also exchange your STN for BST if you already own it. Please refer below on how to exchange your STN for BST if you already hold STN!
Procedures for the swap from STN to BST
The transfer process is as follows;
- The total STN that can be exchanged is 14,000,000 STN. After 14,000,000 STN has been exchanged, NO MORE STN can be exchanged or deposited onto Bitsten.com.
- Once all 14,000,000 STN has been exchanged, we will burn the 14,000,000 STN so they can never be in circulation again.
- STN will still exist, and will still be minable/ traded on other exchanges. However, we will no longer accept deposits of STN and it will not longer be used for our exchanges savings program.
- The remaining 6 million BST that have not been circulated, will be used airdropped instead on a regular basis. Follow our announcement channel to stay informed of when the airdrops are scheduled! A portion of the reserve funds will also be used to kick start trading and for hosting trading competitions.
- Presently, BST is only available on Bisten.com.
Exchanging STN for BST
For users who have STN, they can exchange their STN with BST with a ratio of 1:1 which means that 1 STN can be exchanged with 1 BST.
Buy BST using STN on the BST_STN market. We have setup a sell order of 14,000,000 BST at a price of 1 STN per BST. Once all these coins are purchased (exchanged) we will burn the tokens.
Since BST is a substitute for STN, the BST price is the same as the price of STN, meaning that the price of 1 BST is 1 STN.
Remember, we will no longer accept STN deposits once 14,000,000 STN has been exchanged.
How does this effect rewards calculations?
STN and BST will be accumulated and recorded publically on the rewards program page.
If you have 1000 STN and 100 BST then in the reward program, you will still count 1100.
In conclusion, having STN or BST in calculating the program’s rewards has not changed.
Remember, we will no longer accept STN deposits once 14,000,000 STN has been exchanged! Airdrops only apply to those who hold BST!
The Burning of STN
After exchanging STN for BST, STN coins sent to this address and will be destroyed (Never Used Again) ->SYpq8Sr3pJae975TtaQ7baodK5fkafdsD9
You can follow along in the explorer
Once the number of coins destroyed has been 14 million coins, this address will never be used again. You can verify by checking the address periodically if you would like 😛