STYL is a cryptocurrency utility token created by lifeStylistic. It’s a form of digital money that you can use to make purchases, earn rewards, and join events on the lifeStylistic platform. Like other cryptocurrencies, STYL runs on blockchain technology, specifically on the Polygon network, known for its low transaction fees and fast processing times.

Example: Think of STYL as similar to reward points from a retailer, but it’s digital, and you can trade it with others or use it for more than just one retailer.

Cryptocurrency is a digital form of money that only exists online. It uses technology called cryptography to secure transactions. Unlike regular money, which is issued by governments, cryptocurrency operates without banks and is maintained by networks of computers.

Example: Bitcoin and Ethereum are popular cryptocurrencies you may have heard of. STYL works in a similar way but is designed for use within lifeStylistic.com.

For more info: Intro to Cryptocurrency

A blockchain is a special kind of database that stores information about transactions. Each time you buy, sell, or transfer STYL, the details of that transaction are recorded in a "block" that is linked to the previous one, forming a "chain."

Example: Imagine you’re writing down every time you hand someone a $10 bill in a notebook. If you want to change what you wrote later, you can’t without changing the whole history. That’s what makes blockchain so secure.

For more info: How Blockchain Works

Utility tokens, also referred to as ‘user tokens’, serve a specific function within a decentralized application or ecosystem. They are built on blockchain platforms such as Ethereum or others that support smart contracts. The unique feature of these tokens is their utility, which goes beyond being a store of value or a medium of exchange.

Security tokens represent ownership or a stake in real-world assets, similar to traditional securities such as stocks or bonds. These tokens provide holders with ownership rights in the underlying asset, which can include equity in a company or claims on a revenue stream.

The value of security tokens is directly linked to the performance and valuation of the underlying asset.

For more info: Explainer: Utility vs. Security Tokens

The environmental impact of Bitcoin is significant. However, Ethereum's update in September of 2022, known as the Merge, significantly reduced its energy requirement. It now uses over 99% less energy. Its current yearly emissions are around 2.8 kilotonnes carbon dioxide equivalent, a study by the University of Cambridge found - around the same as five round-trip flights from London to New York

Polygon’s post-Merge emissions from activities on the underlying Ethereum base layer were about 6.09 tCO2e, or the equivalent of a round trip from Munich to San Francisco in business class. Future updates will continue to substantially reduce its energy requirement.

For more info: Polygon’s Carbon Footprint

You can get STYL by:
• Participating in promotions on lifestylistic.com
• Earning rewards for completing specific activities
• Purchasing STYL using other cryptocurrencies like Bitcoin or Ethereum through an exchange

Yes, you’ll need a cryptocurrency wallet to store and manage your STYL tokens. There are many free wallets available, including apps you can download to your smartphone/tablet or use in your web browser.

Example: Popular wallets like MetaMask or Trust Wallet allow you to easily store and use STYL.

You can use STYL tokens in several ways on the lifeStylistic platform:
• Buy items from our online store
• Book reservations for events or experiences
• Trade or send STYL to other users
• Earn rewards by completing activities or participating in promotions

Example: If you attend an event hosted by lifeStylistic, you could use STYL to buy merchandise or gain access to special features.

Yes, STYL operates on the Polygon blockchain, which is known for its security. Every transaction is recorded on the blockchain, making it transparent and secure. As long as you follow basic safety practices, like using a strong password for your wallet and keeping your recovery phrase safe, your tokens are secure.

Example: Just like how you keep your credit card details private, you’ll want to protect your cryptocurrency wallet from unauthorized access.

For more info: Basic Security Tips For Crypto

Yes, STYL can be exchanged for other cryptocurrencies like Bitcoin or Ethereum through certain exchanges. Once you have those, you can convert them to traditional money (like US dollars) through services like Binance or Kraken.

Example: You could sell STYL for Ethereum on an exchange and then convert that Ethereum to dollars, which can be transferred to your bank account.

No, using STYL is easy! You don’t need to be an expert in cryptocurrency to get started. We’ve made sure that using STYL is as simple as possible with guides, tutorials, and an intuitive platform.

Example: Setting up a crypto wallet is similar to creating an account for an online service. You follow a few steps, write down your recovery phrase, and you’re ready to use STYL.

For more info: Beginner’s Guide to MetaMask

Yes, when you send STYL tokens or make purchases, you might pay a small fee, called a “gas fee,” which covers the cost of processing the transaction on the blockchain. These fees are typically very low, especially on the Polygon network.

Example: If you transfer $50 worth of STYL, you might only pay a few cents in transaction fees.

Yes, if you lose access to your wallet or forget your recovery phrase, you could lose your STYL tokens. It's important to store your recovery phrase in a safe place and never share it with anyone.

Example: Think of your wallet recovery phrase like a house key. If you lose it, you can’t get back into the house.

For more info: Keeping Your Crypto Safe

You can check your STYL balance by logging into your cryptocurrency wallet. Most wallets will display all your tokens and their current value, as well as a history of past transactions.

Example: In a wallet like MetaMask, you can click on the “Assets” tab to view your STYL balance.

While STYL is primarily meant for the lifeStylistic community, anyone with a cryptocurrency wallet can acquire and use it. However, to take full advantage of STYL (like earning rewards), you’ll need to join the lifeStylistic platform.

Example: You can still hold STYL in your wallet, but you’ll need to be part of lifeStylistic to earn more or use it on events.

Yes! You can send STYL tokens to anyone with a compatible wallet. All you need is their wallet address, which is similar to an email address for crypto transactions.

Example: If a friend wants STYL, they just need to give you their wallet address, and you can send it in seconds.

We’re here to help! If you need assistance or have more questions, you can reach our support team through token.lifestylistic.com