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03 OCTOBER 2023
03 Oct 2023

STARWORKS GLOBAL’S PAYMENT GATEWAY: KNOW MORE ABOUT OUR STARX TOKEN!

 

Photo: StarWORKS Global 

The terms related to cryptocurrency have become more popular nowadays with its implementation starting to be widespread in many businesses worldwide. From several data that we found, the cryptocurrency market this year is currently boasting a total market capitalization of $1,2 trillion, showing a significant 32,34% surge from the same time in 2022. According to the survey from Influencer Marketing Hub, there is also a growth in trading volumes with it rising to an estimated $139 million. Over 60,000 respondents from the survey they did also showed that 97% of them consider cryptocurrency as a safe and viable way of earning an income through investing. The data from Forbes supported the statement by highlighting that cryptocurrency promises a bright future in the next few years, with the worldwide market expected to continue to grow by 12,5% at a compound annual rate. The data from Statistica also highlights that revenue from the industry is also expected to show an annual growth rate of 14,40% which results in a projected total amount of $64,87 billion in the next five years and the number of users is also expected to grow by 994,30 million users in the next five years as well.  

The popularity of cryptocurrency encouraged the increase in the creation of crypto tokens, resulting in many companies starting to expand their business models and create their own tokens for their business operations. This approach has become the latest approach to help businesses stay ahead of the competition and establish themselves in the fast-paced global market. Because of this shift, crypto tokens become something that is common enough for people to know in today’s digital world. Along with its popularity, the purpose usage of tokens is also changing not only as a profitable tool or payment option but they can also be used for other purposes as well such as supporting certain events including charity. While the technology is gaining more popularity, the majority of people who have it need to do a fair amount of research first to grasp how it works or how to use it to invest, buy products and services, and trade.

StarWORKS Global saw the opportunity from the growing popularity of crypto tokens and decided to join the trend of developing our own. If you haven’t known yet, we have our own native currency called STARX token which is designed to help our business ecosystem operate more seamlessly and effectively. Let’s discuss it in detail together about how our STARX token works, how it helps our business operation, and the advantages that it offers for people who have it as well as the industries that we are trying to revolutionize. 

Photo: StarWORKS Global 

Before we jump into how STARX works, it’s better to explain a little bit about crypto tokens. The term token refers to non-mineable digital units of value that exist as registry entries in blockchains. It typically comes in a variety of forms that can be used for a variety of purposes, such as being a currency for specific ecosystems, being traded or kept, as a payment method to purchase rare items in video games, and even encoding specific unique data. Many companies generally issue tokens using existing third-party blockchains such as Ethereum blockchain to run their tokens on, including StarWORKS Global. 

Photo: StarWORKS Global

What you should know about crypto tokens? 

Crypto tokens come in several different forms and classifications based on the various characteristics of the tokens, with each having its own benefits. The main classifications of tokens can be divided into:

  • Equity tokens: represent equity in the underlying asset such as stock of an actual company or equity in property. 
  • Utility tokens: used to raise funds for crypto-related projects and provide access to certain products and services. 
  • Payment tokens: digital currencies that can be used for cross-border money transfers. 
  • Non-fungible tokens: represent ownership rights to a unique digital or real-world asset such as digital art, virtual real estate, and in-game items. 
  • Security tokens: make tokens to be equivalent to traditional securities like stocks and bonds and are usually used to sell shares in a company without the need for a broker. 

Photo: StarWORKS Global 

Why did we develop the STARX token? 

Our company developed the STARX tokens a few years ago in 2019 and has since made it our native currency for our business operation in an effort to develop an alternative solution from traditional fiat money and be a perfect way to revitalize the global tourism, entertainment, and hospitality markets. We expect that creating our own token will make it easier for us to revolutionize these industries and integrate any new advancements. STARX is also considered a token because it is based on Ethereum’s ERC-20 network, meaning that it’s operating on the network and utilizes the features that the network provides. It’s different from coins as they usually operate independently in their own blockchain without the help of a third party. The supply of STARX tokens is strictly controlled through a deflationary policy and binding limitations from StarWORKS Global’s treasury. Years passed by, and our STARX has been minted over 1 billion tokens and is currently listed on multiple exchanges for people to buy. Additionally, we also provide OTC (over-the-counter) capabilities, allowing people to complete a buy, trade, and complete a transaction directly from us without the need for exchanges. In the near future, we are also planning to develop STARX tokens so that they can be operated in our StarCHAIN network.

We would like to see the value of STARX tokens keep increasing along with our ecosystem, especially since the token’s value is affected by demand from people. The amount of demand for our token encourages us to act like a “central bank” which is to manage in achieving people’s demand. To make it easier, we have several tokenomics policies that will help us operate STARX and meet people’s demands.

 

Photo: StarWORKS Global

These tokenomics policies serve as something significant to give us an idea of the calculations in the market and how much we hold. If a company holds too many tokens, people might see it as a red flag since there will be a bigger chance for the company to manipulate. To prevent this kind of reputation, many companies also do activities such as burning and airdrop. In the past, we have been doing these activities by hosting an airdrop competition with STARX tokens. This approach is done not only to stabilize the price but also to expand the ownership of STARX tokens to many people. If you want more detailed information and calculations regarding our tokenomics, you can check out our latest whitepaper where we break down all of the details regarding token policies. the 
 

Photo: Monstera Production

Benefits for our business

We can say that the STARX token is money that utilizes blockchain technology. By using blockchain technology, there are several advantages of utilizing blockchain technology that our business can get:

  • It can be used to handle high transaction volumes, provide a low potential of centralization, shorter block time, and reduce the costs needed. These capabilities are changing the way STARX is being used to complete a transaction and operate for our business. 
  • Lower the chances of manipulation from unwanted parties and fraud activities such as money laundering. This is something important as “cryptocurrency” is considered new technology and is not something strictly regulated yet compared to other investment instruments.
  • Transparency, making every transaction regarding STARX token can be recorded 
  • Immutable, making it hard for people to edit and manipulate data. 

Despite integrating blockchain technology, the STARX token itself also serves as a new frontier of payment gateway that will ignite the positive change of what the world needs. We have been using it as a crowdfunding tool where the fund that we collected is used to expand our own ecosystem and build new products and services on it, which adds more value to our business and help us to achieve success. It is widely available, offers fast transfers across the world without the need to worry about banking delays, and is easy for people to store, send, and receive tokens. As we are located in Indonesia where “cryptocurrency” is still not welcomed enough, the main purpose of utilizing STARX tokens, for now, is for people to invest, and use them in our current ecosystem and future products and services. 

What about token liquidity?

Tokens that are registered to certain exchanges need to have liquidity to make people interested in buying them. Usually, many companies use a market maker or a service from a third party to provide liquidity and make the tokens look interesting enough for people to buy and trade. The more crowded it seems, the higher the token's volume, resulting in making it more liquid and appealing.
 

Photo: Monstera Production

Are there any challenges that STARX might face?

The answer is yes, especially since our company is located in Indonesia which is not very “open” yet with any crypto-related products and services, the policy made to regulate this field is not strong enough. Because of this, the chance of facing fraud activities is still possible to happen. And since tokens that are operating on the blockchain are anonymous, many exchanges in many countries choose to use various approaches to minimize this issue such as implementing KYC so that it’s easier to know people’s data. Several countries also have requirements on what kinds of tokens can be listed in their country and limit the amount of withdrawal per day to control and minimize the chance of it being spam. 

Photo: StarWORKS Global 

STARX integration in StarWORKS’ ecosystem

Not only beneficial as a global solution, STARX is also beneficial to our own business as its implementation can be connected to our products and services in our ecosystem. In StarWORKS Global, we have a series of STARX tokens such as STARXP which is a point that is used for our StarPOINTS rewards program, and STARXB which is a digital bond that is still under development and will go live along with our product very soon. STARX is integrated with our StarWALLET all-in-one super app as well, making it something that can be bought and traded effortlessly. The use of ERC-20 also enables STARX to be transferred into different hot wallets in the same ERC-20 network such as MetaMask. By inputting a smart contract, we can also transfer our tokens to wallet exchanges that list STARX tokens. 

However, the truth is that transferring tokens between wallets in the ERC20 network usually results in in a high cost, so that’s why we have a plan to build STARX in our own StarCHAIN network that is still under development and will be coming very soon. If this happens, our STARX tokens will adopt the Proof of Stake Authority (PoSA) mechanism that is now used for STARXP points and will make STARX’s operation way cheaper compared to when we use a third-party network. We also plan to broaden our token listing and planning to list STARX in new exchange platforms in the near future so stay tuned to know when that’s going to happen. 

We hope that this article will help you understand crypto tokens in general and how our STARX token works better. If you are interested in the STARX token, you can see its performance on several websites including Coingecko, Coinpaprika, Nomics, and Coinranking, as well as buy it from LATOKEN, Coinstore, or go directly to our website. 

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