Social Wallets On Stishit Getting Phased Out Replaced With Stish Wallets!
We introduced Social Wallets with the anticipation that people who were new to crypto would at least have a few popular wallet address to send crypto to. Authors could be tipped in top crypto currencies and even sell goods and services. For a brief moment in time we gave away over $1000 USD through our faucet in an attempt to increase conversations about the platform. We saw limited ROI and growth from the Failed experiment. Faucets can earn revenue if set-up properly but with mega falling prices we took a super hit on the faucet. The Faucet was sunset in October, 2018.
The use of Social Wallets has been dismal. Perhaps the concepts of them have been too much for some or we are way ahead of the times. We really thought there would be some use of them since they were free and all in one place as a matter of convenience. Easily tipping authors with top crypto and allowing all users to have wallet addresses for the major currencies just wasn’t a huge hit like we had planned and hoped for. Many people made some small deposits but rarely were the Social Wallets used to send tips to Authors or other members of the community even though it was as easy as deposit currency, and type the users names you want to send to.
We had originally adopted the software with the intention of using the hot wallet capabilities to facilitate easy quick light/hot wallets for users so that all users had a valid Stish Wallet Address. We determined that one reason for low adoption rate of the currency was ease of use to receive it and trade it. Since Social wallets were an utter flop we developed a wallet system specifically for Stish crypto and Ethereum. Now all members receive a hot wallet address Called a Stish Wallet. This stish wallet allows users to receive Stish and Send Stish from Stish.io. It is a very ultra light wallet that is lean and mean. It can do what it needs without being overwhelming. If you have not checked out the new Stish Wallets you really should take a look.
Members who are signed in can see their Wallet address here: https://stish.io/stish-wallet/ and they can also see the send form. If there is no ETH or Stish in your wallet you can see that also. You will need to Add some ETH to your wallet address to Send Your Stish From the platform. There are several places to purchase ETH for cheap now a days and you can easily after purchasing send it to You Stish Wallet address.
The main reason we added the Stish wallet was to make it 100% certain that all users would be able to receive Stish. Many people would request an Exchange from Stish Credits to Stish crypto and provide a bad ETH address or an Address that would lock up their Tokens and they would lose them. That wasn’t cool. Plus if members failed to Add an ETH account to their Profile we were unable to automatically exchange their Stish Credits to Stish Crypto. We are working towards and automated system but with ETH it is not so easy unless the user is connected to the Application as a web3.js connection using MetaMask or Saturn Wallet and not everyone is familiar with this or will take the time to learn 20 things before getting started. So we decided to use our own simple equitable points system and convert Stish Credits to Stish Crypto 1:1. Plus it lessens the fees and burdens on the ETH network as it could not handle the transactions that Stish Credits handles everyday. ETH is great for currency accounting and ledgers etc but not for full scale applications yet. So Stish is a hybrid on chain off chain solution and is constantly developing and attempting new things that have never been done before!
We believe the micro crypto economy will be best served when we focus on the core principles of the platform. When we provide a wonderful easy to use social networking platform that handles all of the hard cryptocurrency stuff on the backend where the end user can start today and continue to learn and grow their cryptocurrency knowledge over time.
With keeping with the traditions of testing and then streamlining what works from what doesn’t work we will officially remove Social Wallets December 31ST, 2018 or As Soon As everyone removes their Funds from the Social Wallets. Social Wallets will be replaced with Stish wallets and serve the real purpose we need which it to not over complicate a complicated thing like cryptocurrency wallets! Stish Wallets allow for sending and receiving of Stish cryptocurrency. There is also a fee free way to send and receive Stish Credits through the platform. Stish Wallets will allow users to temporarily store Stish crypto and send their Stish crypto to their Meta Mask or Saturn Wallet addresses for trading or storage.