Standard Tokenization Protocol

What is a standard tokenization protocol?

The Standard Tokenization Protocol (STPT) token is a utility token built into the Standard Tokenization Protocol (STP) that is part of Poetry Network. STP is a blockchain-based solution for asset tokenization.

STPT has several uses. Its main function is to serve governance token poetry networks. This means that STPT owners have a voice and can participate in the decision-making process that adversely affects the future of the network.

Users can stake your STPT tokens, secure the network and earn cryptocurrency rewards. This is done by delegating your tokens validator.

In addition, the standard tokenization protocol token serves medium of exchange on the Verse network. For example, it is used to cover transaction fees.

The maximum number of STPT tokens is 1,942,420,283. They have been distributed as follows:

• 30% – Private sale;
• 25% — Validation rewards;
• 15% — Ecosystem;
• 15% – Block72;
• 7.5% – Community;
• 3.75% – NOO;
• 3.75% – Main team.

Since STPT is a cryptocurrency, its price tends to fluctuate. To make an informed purchasing decision, you can take a closer look at the STPT price history or the current Standard Tokenization Protocol price in the chart above.

What are the main features of the standard tokenization protocol?

A standard tokenization protocol makes it easy creation and release of tokenized assets. Projects can issue their own tokens based on STP Token Standard. Its main advantage is compliance with rules specific to the selected region. These include accreditation, Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, which may vary by region.

One of the main goals of STP is to solve the problems associated with fundraising options for crypto projects by combining the best of both worlds. Initial Coin Offerings (ICOs) And Initial public offerings (IPOs). Using a standard tokenization protocol, users can spend less and collect more for their projects.

STP works using on-chain compliance validator whose main responsibility is to confirm jurisdictional compliance depending on the project location, in addition to issuer compliancewhich represents the requirements set by the project owner.

For example, complying with a jurisdiction might mean verifying only a certain number of investors, while complying with an issuer’s requirements might mean adhering to a certain holding period for a token.

Most importantly, digital assets tokenized through STP can be easily transferred to different blockchain networks.

STP is maintained by a committee of validators. which consists of participants chosen by STPT token holders. The primary responsibility of the validator committee is to “verify operational accuracy.” They will be rewarded with STPT tokens for their services.

The first token issued through the standard tokenization protocol was the STPT token.

As discussed in What is a standard tokenization protocol The STP section is part of the Verse network. The latter is a blockchain-based solution for decentralized autonomous organizations (DAOs). This is based on Ankr BNB Chain-Application-Sidechain Structure.

Its ecosystem includes many blockchain projects including DeFi, NFTs, AMM, bridges and many more. These include VoltSwap, Meter Passport, MovieBloc, DeFine and others.

This is an open source project. This means that its codebase is publicly viewable by anyone.

In addition, the STP project launched Bounty program with rewards up to $9,000 in STPT. This means that independent developers who discover and report a vulnerability in the standard tokenization protocol will be rewarded.

Who developed the standard tokenization protocol?

The Standard Tokenization Protocol crypto project was launched in 2019. It is a Singapore-based blockchain company co-founded by entrepreneurs. Minghui Chen, Xinghe Li, and Richard Lee.

Minghui Chen holds a bachelor’s degree in mathematics and computer science from Brandeis University and a bachelor’s degree in operations research from Columbia University in New York.

He began his career in the crypto industry by becoming a founding partner of Global Blockchain Innovative Capital or GBIC. He is also the CEO of Block72, a blockchain-based consulting company. Minghui Chen is currently the CEO of Standard Tokenization Protocol.

Xinghae Lee attended Korea University and received a bachelor’s degree in business administration. She later entered Stanford University, where she successfully completed her studies and received an MBA degree. Prior to co-founding STP, Xinghe Lee worked in business development at McKinsey & Company, Coin Inc. and NerdWallet. In addition, she is a partner of GBIC.

Richard Lee attended Columbia University in New York. After graduation, he joined Infinity Group as an associate. Like Minghui Chen, Richard Lee is also a partner of Block72 and GBIC.

STPT tokens were launched in 2 rounds of initial coin offering (ICO). The ICO event began in mid-2019 and helped raise over $7,000,000. At the end of 2019, STPT was launched on the South Korean exchange Conoine.

Remember to check the STPT price in the chart above before making any investment.