24/11/2021
What is Star Network?
Star Network is a social DeFi (Decentralized Finance) network with the core objective to rebuild the financial world in a decentralised way by social power. Itâs an invitation-only platform. It lets users grow their balance of Star as a reward for inviting their trusted people to join the network. Star is a new form of digital currency. It also serves the function of social communication and peer-to-peer transactions between users. When the project develops and evolves, Star Network will develop its own blockchain main net for Star and list Star on major exchanges, also offer further decentralized finance solutions like decentralized financing, wallet & payment, crypto exchange and furthermore. It is missioned to be one of the worldâs largest one-stop decentralized financial platforms.
Star Network capitalizes on democratizing the earning of cryptocurrency and the use of blockchain technology to everyday people, while mainstream cryptocurrency network like Bitcoin Network has set entry barrier too high that only a handful of professionals with in-depth knowledge and abundant resources can stand a chance in to earn a new coin.
Star Network enables users to earn Star easily through our app, this is contradictory to the huge energy wastage incurred by supercomputers when earning Bitcoin. Star Network also recognizes user contribution to the build-up and development of the network in which users will be rewarded with extra Star balance when users have invited new joiners to join the network.
Security, fairness and preservation of Starâs future value are of our highest priority. While there are several networks in the market that adopt a similar approach, Star Network is specifically designed to fill in the market gap and address the common issues of lack of security, fairness frauded by robots and supply far exceeds demand.
Star Network will start rolling out Know Your Customer (KYC) verification process on selected users in the projectâs very early stage to tackle security issues.
To understand the uniqueness of Star Network, firstly you need to learn the definition of Nominal Balance, Convertible Balance, Libra and Realized Balance.
Nominal Balance means your Star balance on paper, this is the sum of Star balance that you have earned from the contribution made by both KYC-ed user and non-KYC-ed users (including yourself if you have not passed KYC yet and all users who have joined your team but have not passed KYC yet.) Nominal Balance could not be used yet, but it is an indicator of the maximum balance that could be turned into Convertible Balance, assuming 100% users in your team have passed KYC. It will be deducted every time once Convertible balance has been unlocked into Realized Balance.
Convertible Balance refers to the portion of Star Nominal Balance earned from KYC-ed users. Once you have passed KYC, and your Boosters have passed KYC, the corresponding portion of your Nominal Balance will become Convertible Balance, which can be unlocked into Realized Balance upon the exercise of a Libra (an unlocking token). In other words, it is only the balance earned from yourself (after passing KYC) and your Boosters passing KYC would be Convertible Balance.
Libra is an unlocking token which you can use to 1) get a KYC slot 2) unlock the current Convertible Balance into Realized Balance. In other words, Libra is an important asset necessary for yourself passing KYC and unlock your Convertible Balance into usable balance (i.e. Realized Balance). Libra is an NFT, hence it is a transferable asset with an expiry date of 7 days. Once you have passed KYC successfully, you have the option of using the Libra for yourself or keeping it and transferring to another user.
Realized Balance refers to the actual balance that you can withdraw, transfer or use. Star Network mobile app also serves as the wallet of Stars. Once you have Realized Balance in your wallet, you can initiate peer-to-peer transfer to any other Star wallet holder, regardless of their KYC status, upon the major app update forecasted to be launched in mid-Nov 2021.
There is a chance that some users might attempt to grow their balance unethically by creating a long list of new users by robots and let these fake users join their own team. As these robot accounts can never pass our KYC process, the Nominal Balance earned from inviting robots can never be converted into Realized Balance. This solves the problem of unfair fraudulent earnings.
To preserve the value of Star, while every user will eventually be given a chance to pass KYC, Star Network will only release KYC slots to certain users by phases by regularly releasing a certain number of Libra, the unlocking token, for user drawing. This avoids the potential risk of having all users selling their Realized Balance to the market and thus cause an irreversible plunge on Starâs value.
1.5 Founding team members
Star Networkâs core team is formed by professionals in investment banking, technology, and payment network fields. The core team consists of ex-senior executives of investment banks including Goldman Sachs, Morgan Stanley, technology giants including Google, Facebook, Apple and payment networks including Visa, Paypal. As Star Network is missioned to be a global project, our core team members are based in leading financial hubs with mature financial and technological infrastructures including the United States, United Kingdom, Germany, France, Japan, South Korea and Singapore.
Combining the core teamâs expertise in investment banking, fintech, social media and compliance, Star Network is dedicated to building the safest and friendliest all-in-one decentralized financial system. Core team members will disclose their identity in the project âs later stage when timing matures.
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Star Network is a revolutionary DeFi project which you can harness social power to your gain. Let's start earning Star today.By invitation only.
