What is SSLX, BSLX, SLX etc?
Currencies in the Sl8 Wallet.
Currently, Sl8 wallets provide default assets for several different currencies:
In this publication I will try to give detailed information about all these currencies.
XLM (Stellar Lumens)
Lumens, or XLMs, are the native currency of the Stellar blockchain, created as an intermediary for the exchange of different currencies.
When opening wallets based on the Stellar blockchain, according to Stellar’s rules of protection against spam accounts, some amounts are reserved on users’ accounts.
Now, for example, 3.0 XLM is reserved on the Sl8 platform. (that is why it is necessary to replenish the wallet with 3 lumens when activating – to ensure the system will be able to handle the activation)
This amount consists of reserve minima that provide:
- 0.5 XLM – reservation of a wallet on the account
- 0.5 XLM – wallet signature reservation
- 0.5 XLM – Asset XLM
- 0.5 XLM – Asset SLX
- 0.5 XLM – Asset SSLX
- 0.5 XLM – Asset USDC
Actually, 0.5XLM * 6 = 3XLM
If you want additional assets in your wallet, opening each asset will require another 0.5 XLM reservation on your account. When the assets are closed, these funds will be “thawed”. (more about closing wallets and deleting accounts – coming soon, we are still working on this feature)
Anyone who has already activated their wallet has probably noticed that after tapping the “Start wallet activation” button, 1XLM appears on the account. Why? Because Sl8 is sponsoring (crediting to your account) one Lumen to allow Stellar to do the bare minimum: reserving a wallet account “base” and signing an account so you can activate it easily. After activation this 1 XLM will be debited back from your account.
XLM is a volatile currency. This means that its exchange rate fluctuates constantly against the USD.
For example, the current peak rate was 1 XLM ~ 0.78 USD.
And at the time of writing 1 XLM fell to ~ 0.2 USD
The rate of volatile tokens fluctuates all the time. Therefore, when converting XLM or other currencies, you can always get more or less than is estimated at the moment of conversion. On average, changes can be as high as 1%. Rarely more. However, there are situations when the price rises or falls by 5-7% per minute. And predicting whether it will rise or fall is quite difficult for short periods.
But there will be a separate material about converters.
Slax is the native currency of the Sl8 platform, created on Stellar Blockchain.
Slacks – Stablecoins!
Their rate is constant and does not fluctuate. 1SLX = 0.01 USDC now and forever.
That is, 1 Slax is 1 cent.
It is converted into other currencies and can be transferred to cards or bank accounts.
Slacks were created for likes at a “stable price”. So that users do not suffer from FOMO, liking someone with coins, whose price might go to the moon, like it happened with Bitcoins. On the other hand, the content makers won’t be nervous about their earnings, if the exchange rate of their favorite crypto is falling into the abyss for unknown reasons. They can just accumulate coins in something which is as stable as USD. No daily withdrawals, no need for external wallets etc. SLX – Stability! (^. ^)
Bonus analog of Slax.
With a conditional value equivalent to USD as 1: 0.01
An internal-only currency of the platform. BSLXs are given to users as a welcome gift upon registration. And when registering users by referral invitations. (A separate article is to be created about the referral program).Right now you can use Bi-Slaxes for likes only, however it will be available to purchase some premium content for BSLXs, or to pay for other functions on the platform. This functionality is currently being developed.
Please note: BSLX cannot be converted to other currencies or removed from the platform. Just treat them as Monopoly money.
USDC (USD Coin)
Stablecoin pegged to the USD in a 1: 1 ratio.
Each unit of cryptocurrency in circulation is backed by $1, which is kept in reserve as a mixture of cash and short-term US Treasury bonds.
The USDC is backed by the Center Consortium. And they claim that the USDC is issued by a regulated financial institution.
The Center consortium has two founders:
Circle (provides peer-to-peer services)
Cryptocurrency exchange Coinbase.
And at last…
The SSLX token is a native token of the social crypto platform Sl8, which is supported by the capitalization of Cassator Corp. (Owner of Sl8).
10 billion tokens were issued, then the issuer’s account was blocked, so an additional issue is not possible. Tokens are offered to market in small tranches (up to 1% per month from the whole amount issued). The offering happens every hour in small batches of the same amount. So every hour, starting from 2021-05-23 18:39:40 UTC, an extra 138,888 SSLX appears on the market. Taking into account these numbers, all 10 billion of SSLX will be withdrawn to the market in approximately eight years.
During the first month of withdrawal, SSLXes were available for sale at a fixed rate of $ 0.002 per 1 SSLX. It means that only the first 1% of the total amount issued was sold at this price. At this moment, there is no fixed price SSLX sales anymore – the price of this coin is determined by the market. But it will never be never cheaper than its starting price. Why? Because there is a fixed price “buy” offer created by Sl8 exists, which guarantees that all the SSLX coins that were purchased can be sold back. Details are below.
First, SSLX tokens are not locked. They can be sold at any time. Usually, after the purchase, investors can not sell tokens for a long time (1-2 years). Such locks are made to make sure that the price of the token won’t fall down for a long time. We protected the token from falling prices by the withdrawal mechanism itself and reverse repurchase offers.
Secondly, The SSLX token is supported by the capitalization of Cassator Corp.This means that the price of the token will not fall below the level of our capitalization, because we have issued a warrant for the repurchase of tokens, at the placement price, minus 2%. So anyone who has purchased a token for $ 0.002 can sell it back at any time, for almost the same price. (A kind of
When Cassator Corp. raises a new round of funding and its capitalization grows, for example to $ 50 million – the price of the token’s repurchase will also increase proportionally.
Up to 20% of SSLX tokens will be distributed among influencers, which will be a driver of rapid organic growth of the number of users of the Sl8 application. We treat influencers as part of the team. When we earn, so do they. And vice versa.
As a result, influencers will feel a huge difference in the monetization of their content and will do everything possible to transfer their subscribers from other social networks to Sl8.
SSLX released on Stellar (https://www.stellar.org/). It’s an awesome blockchain platform, with fast transactions and meager commissions. It is incorporated in a stable and predictable jurisdiction (USA) and also has a great venture history. We can trust Stellar.
You can view transactions and full information about SSLX here:—> Stellar.expert
And you can of course use SSLX tokens in the same way other cryptos used in Sl8 – to like the posts.
Right now you can buy SSLX through a currency converter in Sl8, or using offers in the applications like LOBSTR, Binance, or StellarTerm. But soon we will list it on the stock exchange. Will inform you once it happens.