What is Standard Tokenization Protocol?
The Standard Tokenization Protocol token, or STPT, is a utility token native to the Standard Tokenization Protocol (STP) which is part of the Verse Network. STP is a blockchain-based solution for tokenizing assets.
STPT has several use cases. Its core function is to serve as a governance token of the Verse Network. This means that STPT holders receive voting rights and can be part of the decision-making process detrimental to the future of the network.
Users can stake their STPT tokens, secure the network, and earn crypto rewards. This is done by delegating their tokens to a validator.
In addition, the Standard Tokenization Protocol token serves as a medium of exchange within the Verse Network. For example, it’s used to cover the transaction fees.
There is a max cap of 1,942,420,283 STPT tokens. They have been allocated as follows:
- 30% - Private Sale;
- 25% - Validation Rewards;
- 15% - Ecosystem;
- 15% - Block72;
- 7.5% - Community;
- 3.75% - IEO;
- 3.75% - Core Team.
Since STPT is a cryptocurrency, its price tends to fluctuate. In order to make an informed purchase decision, you can have a more in-depth look at the STPT price history, or the current Standard Tokenization Protocol price, on the graph above.
What are the Main Features of Standard Tokenization Protocol?
Standard Tokenization Protocol facilitates the creation and issuance of tokenized assets. Projects can issue their own tokens based on the STP token standard. Its main benefit is regulation compliance specific to the selected region. This includes Accreditation, Know-Your-Client (KYC), and Anti-Money-Laundering (AML) requirements that may differ from region to region.
One of the primary goals of STP is to tackle the issues related to fundraising options for crypto projects by combining the best of both worlds - Initial Coin Offerings (ICOs) and Initial Public Offerings (IPOs). With the help of the Standard Tokenization Protocol, users can spend less and raise more for their projects.
STP operates using the on-chain Compliance Validator whose main responsibility is to confirm jurisdictional compliance based on the project’s location, in addition to issuer compliance, which represents requirements set by the project’s owner.
For example, jurisdictional compliance could mean verifying only a set number of investors, while issuer compliance could mean enforcing a specific token holding period.
Most importantly, digital assets that have been tokenized via STP can be easily transferred to different blockchain networks.
STP is backed by a validator committee which consists of members that have been selected by STPT token holders. The main responsibility of the validator committee is to “validate operational accuracy”. They will be rewarded with STPT tokens for their service.
The first token to be issued via the Standard Tokenization Protocol was the STPT token.
As discussed in the What is Standard Tokenization Protocol section, STP is part of the Verse Network. The latter is a blockchain-based solution for decentralized autonomous organizations (DAOs). It’s based on the Ankr BNB Chain-Application-Sidechain framework.
Its ecosystem includes a variety of blockchain projects ranging from DeFi, NFTs, AMMs, and bridges, among many others. This includes VoltSwap, Meter Passport, MovieBloc, DeFine, and more.
It’s an open-source project. This means that its codebase is publicly available for anyone to review.
Additionally, the STP project has launched a Bounty Program with a reward of up to 9,000 US Dollars in the form of STPT. This means that independent developers who locate and report a vulnerability within the Standard Tokenization Protocol will be rewarded.
Who Developed Standard Tokenization Protocol?
The Standard Tokenization Protocol crypto project was launched in 2019. It's a Singapore-based blockchain company co-founded by entrepreneurs Minhui Chen, Sinhae Lee, and Richard Lee.
Minhui 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 the City of New York.
He started his career in the crypto industry by becoming a founding partner of Global Blockchain Innovative Capital or GBIC. In addition, he’s the CEO of a blockchain-based consulting company - Block72. Minhui Chen currently serves as the CEO of Standard Tokenization Protocol.
Sinhae Lee went to Korea University and earned her bachelor’s degree in Business Administration. She later got into Stanford University where she successfully completed her studies and earned an MBA. Prior to co-founding STP, Sinhae Lee worked in the business development sector at McKinsey & Company, Coin Inc., and NerdWallet. In addition, she’s a partner at GBIC.
Richard Lee went to Columbia University in the City of New York. After graduating, he joined the Infinity Group as an associate. Just like Minhui Chen, Richard Lee is also a partner at Block72 and GBIC.
STPT tokens were launched in 2 rounds of an Initial Coin Offering (ICO). The ICO event started in mid-2019 and managed to help raise over 7,000,000 US Dollars. In late 2019, STPT was launched on a South Korean exchange - Conoine.
Don't forget to check the STPT price via the graph above before making any investments.
