Kucoin| what is standard Protocol, and how does it work?

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KuCoin is a cryptocurrency exchange that accepts various digital assets and cryptocurrencies.

KuCoin was founded in September 2017 and has since grown to become one of the most popular cryptocurrency exchanges, with over 20 million registered users in 207 countries and territories across the world.

KuCoin, often known as the “People’s Exchange,” is a global crypto exchange based in Seychelles that offers users 24/7 multi-language customer assistance.

Meanwhile, KuCoin has built 23 local communities throughout Europe, Southeast Asia, and other countries, allowing users to access highly customized services.

What exactly is Standard Protocol?

Standard Protocol is a synthetic asset Collateralized Rebaseable Stablecoin. It’s the first of its kind, running on the Polkadot platform. The project aims to use seamless digital products to connect the traditional and cryptocurrency market places.

It employs oracles to focus not only on digital currency assets but also on stocks, index funds, commodities, and legal currency funds. This is how the initiative plans to construct the link between the two universes.

Who Is Responsible for Standard Protocol?

Two individuals founded Standard Protocol. Hyungsuk Kang and Jaewon Shin are their names. Both members have prior experience in the blockchain industry, which has helped them develop Standard Protocol.

Hyungsuk Kang is the project’s current CTO, having previously co-founded PolkaKR and worked at Plasmas as a Software Engineer. He also serves as Polkadot’s East Asia Head Ambassador.

Jaewon Shin also founded Standard Protocol. He previously collaborated with Hyungsuk on the creation of PolkaKR. He was previously the Korean Executive Director of the BitBlock Group.

The initiative also created a decentralized oracle ecosystem to address the present market’s centralization issue. It was able to obtain these via various sources, including Binance, Coinbase, and others.

The company then set out to create an interoperable environment that would serve as a blockchain hub. This allows for free information sharing with other chains.

Standard Protocol was able to create the first Collateralized Rebaseable Stablecoin for synthetic assets on the market thanks to each of these methods.

What is the STND Token all about?

Standard Protocol employs STND as its network and governance token, among other things.

What is the purpose of the STND Token?

The STND token has a variety of applications in the Standard Protocol ecosystem.

It is first and foremost utilized for on-chain governance. STND holders will be able to administer the project and help shape it in the future.

The token is then utilized in transactions. There is a cost in STND that must be paid to use Standard Protocol’s systems.

Then there’s the Network Staking application. Holders of STND tokens can stake them in exchange for rewards for helping to secure and decentralize the network.

CONCLUSION:

Standard Protocol’s founders all have a crypto background and are supporters of the Polkadot ecosystem. They identified common problems with current stablecoin implementations and used Polkadot technology to solve them.

Standard Protocol assists in the market’s continued decentralization while also making elements more accessible to newbies. Many people may envision Norm Protocol becoming the standard in many respects since its answer is on the right side of history.

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