One reason we ask you to complete your Stishit profile is to help us be KYC compliant. One reason many platforms Asks Users To Take A Selfie Is To Attempt To Be KYC compliant. Stish Tokens Are ERC-223 Tokens Built On The Ethereum Blockchain and are 100% backwards compatible with ERC20 Toknes.
Stish Tokens Have Functionality and Utility. They can be traded between members and those that trade the currency. Stish tokens can be used to tip or support other members of the Stish Crypto Economy. Stish tokens are a utility store of value type token. We often call them crypto currencies and they can be traded for goods and services on our platform and soon other platforms. Stish Crypto will one day be the sole way to interact with some of our features and benefits of the platform. (gaming and distributed applications can now be developed thanks to Stish2.0)
KYC is an acronym for Know Your Customer. Most Countries In An Attempt To Stop Money Laundering Or Terrorism Require Companies To Know Their Customer Or Collect Basic Information On Customers. We reward members with Stish Credtis for completing their profile and will not be able to Exchange your Stish Credits into Stish Crypto until you have completed your profile.
The Howey Test Helps Determine Essentially If A Company Should File With The SEC (Securities And Exchange Commission) and follow strict rules and pay exorbitant fees for filing. Companies Selling Certain Financial Products or Services Are Required To Register. The Howey Test Is A Solid Test To Determine If Your Company Should or Should Not Register.
Please Read This Disclaimer Before Purchasing Tokens:
Stish Credits and Stish Crypto are not company stock and their value does not represent the value of Stishit.net. They should not be used for investment purposes. Some might claim that the rewards they earn are dividends but this is not the case as they are flat rate rewards equitably distributed to members who perform tasks not distributed based on how much you already own. Stish credits are like many common rewards points systems that grant you perks and benefits as members of the community. Stish credits have no cash value and are not redeemable for cash. There is no resale market or way to purchase Stish credits with cash or crypto. Stish Credits have been tokenized and we do exchange them for Stish Crypto upon request and will likely add an automated process to this as we develop further.
Both Stish Credits and Stish Crypto pass the Howey Test and are not required to register as they are not any of the following: notes, stocks, bonds, or investment contracts. There are no express or implied guarantees. Cryptocurrency Tokens/Coins Are Risky Things To Purchase And You Should Only Purchase At Your Own Risk Knowing How They Work And How To Manage Safely and Securely Your Tokens or Coins.
Please take care of yourself and do not spend more than you can afford to lose. We can not guarantee any outcomes and make no prediction expressed or implied. There are no warranties or guarantees.
How Can We Protect Customers and Members?
This has weighed heavy on my mind since the beginning. Stishit & Stish want to live in reality and be fair, honest and straightforward doing as many things transparently as possible with our hybrid on chain off chain platform. We suggest that the light Social Wallets be used for sending and receive cryptocurrency and not used for long term storage or for large amounts of currencies. There are services available for cold storage and hardware wallets that offer greater security.
Stishit is aqequate for everyday normal use but no platform unless specifically designed for long term cold storage is 100% safe or free from attacks. We take all efforts to improve security and harden the platform and servers. It is advised to set-up a secure email service, be aware of phishing schemes. Create extremely secure passwords with both letters, numbers and symbols involved. Do not give your password out to people. Stishit.net and team will never ask for your password! You might receive correspondence from us from time to time. This correspondence may require you to click a link to authenticate that you are who you say you are and that you really do want to send funds from your Social Wallet to somewhere else. Pay attention to what the emails look like. We will try to stay consistent with our messages so that you can get familiar with what a message from us might look like. Be smart and learn things that you need to know to keep your wallets safe and your account credentials secure.
Some services will require you to make a secure connection using MetaMask or the Saturn Wallet or another secure browser extension. Become familiar with how to send and receive Ether and Ethereum based tokens.