The original AMA conversation can be seen on the Polkastarter Telegram channel. (https://t.me/polkastarter/365151)
➣Polkastarter
Hello everyone, welcome to this Polkastarter AMA event. We will start by asking questions directly to March, followed by questions from community members. Let's get started now!
March, can you introduce yourself first?
➣March Zheng (Standard)
Hi everyone, great to be here. I'm Standard's Director of International Communications. My role is to involve quality communities around the world in our projects.
I started investing in this field in 2016 and have always believed that these projects can create value for Layer 1. In these kinds of communities that are initially built on these ecosystems, I find alpha gains. I have previously invested in Ethereum, NEO, YFI and other projects, and Standard is the only project I have chosen to join since its inception. In short, I have never seen a project with such a strong homegrown technology base (Seoul, South Korea) and such a high level of community and investor engagement worldwide. In terms of technical roots, I believe Hyungsuk Kang will be the next blockchain technology genius, so I want to help him realize his vision and solve problems in the encryption field.
➣Polkastarter
marvelous! South Korea has such a strong crypto community.
Can you talk a little more about the vision for Standard, and why you started it?
➣March Zheng (Standard)
Kang used to work on Terra, which is a stablecoin in the cosmos ecosystem, but he found that they pre-mine these anchor assets, which reflects the overall economic environment. He saw an article commenting on Terra pre-mining, and he didn't think it was the right way to create a stablecoin. So he did some research and wanted to come up with a standard. As for other algorithmic stablecoins, they are well below $1. After some research, Kang discovered that there was a problem with the Stablecoin ecosystem. In order to solve the problem of the algorithm Stablecoin, he proposed a new algorithm called Standard Protocol.
➣Polkastarter
Polkastarter firmly believes that the team and excellent members behind the project are one of the most important factors for success. Tell us more about the members of the Standard team and how your experience led you here?
➣March Zheng (Standard)
We are an international team. Our technical roots are still in Seoul, where the team is working hard to build the next great blockchain ecosystem. Of course, we also recognize the strength of the Chinese and Korean communities and have spent years building and maintaining it. Community is the essence of a great token ecosystem, and we have achieved a win-win situation by combining powerful technology and high global participation. In addition to the local community, we have also attracted more than 50 KOLs around the world. With their help, Standard has increased its Twitter and Telegram users from 3,000 to more than 40,000 within a few weeks. The world is watching us and our launch is going to be a blast!
➣Polkastarter
Let's talk about Standard's competitive advantage. How is Standard different from other similar programs?
➣March Zheng (Standard)
The biggest advantage is our three token module system, which aims to build a Standard ecosystem. Standard Protocol has three tokens with different roles. MTR, LTR, and STND. Meter (MTR) is a Standard Stablecoin. In fact, we have a new term called CRS, which means Collateralized Re-Basable Stablecoin (Collateralized Re-Basable Stablecoin). Liter (LTR) is the liquidity token obtained by liquidity providers to obtain STND pledged in the Pool, or used as a proof to provide liquidity index. STND is the management token of the Standard Protocol, which is used to manage the CDP location or other parameters in the Standard ecosystem. For more detailed information on Token-related mechanisms, please refer to the white paper.
➣Polkastarter
Stablecoin, Liquidity Token and Management Token. very good!
What key features is the team working on? Can you tell us a little bit more about the technology roadmap?
➣March Zheng (Standard)
We are getting closer to the first milestone - a decentralized oracle. We recently made and coded a buyback protocol for an implicit chain oracle for the Polkadot ecosystem. The oracle client Lumen will be used with the oracle module for submitting authorizations, rewarding oracles such as network validators. Plan to test the first weekend of April or the second/third weekend of April. I think all debugging will be done within 30 days.
- In order to carry out the sale, we plan to launch Polkastarter on April 29th, and we are looking forward to it!
From a technical perspective, our team is committed to the development of the oracle module, internal integration, and a comprehensive expansion of the team lineup. Together with our investors, focus on the strategy of long-term cooperation with Standard Vision.
In the second quarter of 2021, we hope to integrate into the Kusama parachain and develop built-in crowd lending functions, etc. We have tested the cross-chain bridge on Kusama, aiming to operate the first council. Then start mining.
In the third quarter, the integration of the Polkadot parachain was completed and the crowd lending function was realized.
By the fourth quarter, which is the end of this year, we hope to fully enable mining on the Polkadot parachain and connect all mining pools. We also hope to apply Standard Protocol to other ecosystems (Cosmos, Ethereum, etc.).
➣Polkastarter
very good. We very much agree that decentralized oracles are a very important part of DeFi.
Now let's move on to community issues.
Before that, please share the project website and social media channels with everyone to ensure that everyone can pay attention to the project and understand the latest progress of the project.
➣March Zheng (Standard)
• Technical information: https://docs.standard.tech/
• Website：https://standard.tech/
• Github:：https://github.com/digitalnativeinc/standard-protocol
• Discord：https://discord.com/invite/p4w9KUZvxe
• Twitter：https://twitter.com/standarddefi
• TG ANN：https://t.me/standardprotocol
➣Polkastarter
Thanks March! Now we open the chat function to give our community members the opportunity to ask their questions, and don't forget that after the AMA, Standard will select the best question and open a whitelist slot for two questioners (winners need to KYC in time ).
community issues
➢Question 1: From Demvric, @Demvrick
Because there are 3 Tokens in total, smart contract auditing is particularly important. Has your project passed the audit? Which agency conducted the audit?
March Zheng (Standard)
The audit report will be published within a few weeks of going live! Follow our social media channels.
➢Question 2: From Derek Campbel, @guntbilda
What is Standard Protocol currently working on? What should I do to contribute to the ecosystem and community?
March Zheng (Standard)
Follow us on platforms like Twitter and beta test products as soon as they are released on standard.tech!
➢Question 3: From Sahil, @Sahilkhanna
What is your motivation for releasing Standard Protocol Token, and what will it bring us in the future? How Token Holders Benefit From Standard Protocol Token?
March Zheng (Standard)
We are conceiving to build a complete Token ecological suite. We hope that users can cooperate in the encrypted economy we provide. It aims to incentivize all users who use our Token for LP and governance etc.
➢Question 4: From Derek Campbell, @guntbilda
Is Standard Protocol going to get parachain slots on Polkadot, or are you planning to integrate into other projects that will get parachain slots?
March Zheng (Standard)
We are the first Korean project to receive Web 3.0 funding and will definitely interact with the btc Polkadot ecosystem. The ultimate goal is to achieve interoperability with all systems in our ecosystem.
➢ Question 5: Cheng Pajeng, @kingchengz
Does Standard Protocol plan to start something like an ambassador program?
March Zheng (Standard)
It is our entire KOL community that makes Standard Protocol unique, our users have grown exponentially and we hope to inspire users in all regions. After the project lands, there will definitely be an ambassador program!
➢Question 6: Johan Alder, @aldsjohn
Standard Protocol will benefit the entire market, but is there really no reliable stablecoin in the market? If so, then why is another Stablecoin being developed? Just to create competition? Or Standard Protocol Token has a larger scope of use than other Tokens
March Zheng (Standard)
We hope to improve the technical advantages of stable asset restructuring through the pledge function. The ecosystem of three Tokens will be put into use.
➢ Question 7: Schermerhorn Shirelx, @schermerhornshirelx2802
Do you think national cultural differences are a big obstacle for this project?
March Zheng (Standard)
No, the encryption industry is a global industry. We are trying to promote a global standard.
➢Question 8: Bitcoin, @Bitcoin_User24
How do you plan to promote your project in non-English-speaking countries? Is there a local community where they can get a better understanding of your project?
March Zheng (Standard)
We have local communities in Korea and throughout Asia.
➢Question 9: Fernando I Investor, @rapaidu
How to convince the public to trust Standard Protocol's technology? If a security issue arises, how will the Standard Protocol team resolve it?
March Zheng (Standard)
Safety and community are always our top concerns. We will continue to pay attention.
➢Question 10: Andrei,
@spetzana
You said that the Standard Protocol is an implicit chain, but today it is based on Polkadot. May I ask why you say it is an implicit chain?
March Zheng (Standard)
Our goal is to not be layer 1 compatible and build our own ecosystem.
➢Question 11: NasdaQ Ryong, @Ryong_info
My question is about your long-term marketing plan. How or through what kind of large partnerships do you intend to deliver the product to the general public - especially non-crypto enthusiasts?
March Zheng (Standard)
Please continue to pay attention to our news release platform!
➢Question 12: NGABA RAPIT, @Ponja13
What is the team currently working on and what are the priorities? How big is the core team of Konstellation Network development?
March Zheng (Standard)
The team is doing everything they can to make the April 29th launch run smoothly and efficiently. We are fully focusing on participating in the whitelist application review and marketing.
