Starbase Q1 ‘21 Progress
First quarter into 2021 and we’re making strides!
First, a tongue in cheek article that amused us:
Starbase is going to be a brand new city?
If Elon Musk has said, who is going to say no, right? The Billionaire wants to build a new city in Texas called Starbase. The location is near SpaceX private launch site and rocket production facility.
From that we have enjoyed the hype around the brand and updated our website with the most famous dog in the world, the Doge!
Let’s enjoy the ride!
Bug fixes
Besides the brand new icon, we have updated the website. Fixing bugs is not always an easy task, mainly when you have a platform with so many amazing integrations.
However, as always, we have reviewed the components from the infrastructure looking to keep the same safe place you use to use. Feel free to use the UniSWAP exchange on our site!
Should you have issues with using it, feel free to reach out to us support@starbase.co .
Follow up on Chainlink
In the last post, we have shown how excited we were about getting started to integrate STAR with Chainlink.
Chosen by being a network tamper-resistant and providing high-quality prices furthering the growth of Defi, our main goal was to provide one more way to trade so the holder could enjoy liquidity.
In an effort to be open and frank and that we do not obscure our analysis of the matter, we are publishing our findings:
We have analyzed several ways to do that and the most approachable would be by hosting a Chainlink node on our site.
We have came up with two solutions to integrate:
A) Maintain a Chainlink node has a cost of the server and method
B) A smart contract that calls the coin gecko api
However, either of these operations are not cost-effective and would not in the best interest of our users. To illustrate, the price of gas to the user for one pull is more than around 0.3 ETH + LINK tokens (0.1 LINK).
No matter how we cut it, factoring the cost to maintain, it’s logically something that is not viable at this time.
Nevertheless, we will still keep our eyes wide open in order to increase the liquidity of STARs. We have applied to tier 1 exchanges with the goal to build liquidity and depth to the order books and as yet to get approved.
We believe that with our new roadmap and utility, the exchanges would be more receptive to our project:
About New Utility
We are building STAR utility!
As a review and update on the current utility as mentioned in our past blog.
First, we have Starbase Rewards (rewards.starbase.co) which ready, but to be officially rolled out once populated with appropriate rewards up to use your STAR on. This base use is a first step towards the goal creating STAR as a medium for loyalty programs, not just inhouse but for other companies too. It may sound lofty but the strategy is to target partners that wants to outsource this solution, thereby moving STAR to a more mainstream use. Additionally, staking your STAR would also allow to include you in the monthly draw!
This leads to the engine of the program: the trading platform. On this front, there were a lot of hurdles to jump through for us to get the license to operate the platform. We take this time to thank B2Broker and Desfran for their assistance to clear the requirements. Their efforts also help in moving our program along. Taking over and operating the platform would take time to get used to before public roll out: We do not wish to create confusion and errors when we start. STAR utility here will be to include a Staking mechanism. We do not take security lightly and would be thorough with this development
To synergize with the trading platform, a trading record information exchange database will be rolled out. This is to build a userbase for the trading platform itself and a practical utility for STAR. STAR will be used as the medium on this exchange as people trade information. The prototype is being developed as we speak. We should have some screenshots to tease soon. Roll out plan for this is to start with a public access to build userbase for a start and patch upwards towards the end state. (*Indemnity: Past performance is no guarantee of future results. Investors are responsible for their own investment and decisions.)
Down the line, as the company grows, with funds to expand and diversify, we will include more utility for STAR.
That’s it for now in our update!
If you have any suggestions or queries, feel free to reach out to us n support@starbase.co
Towards a Skyrocketing future!
Feel free to reach the Starbase team on:
Website: starbase.co
Twitter: twitter.com/StarbaseCo
Telegram: t.me/starbase
