On April 26, Standard Protocol participated in the AMA with PolkaWarriors to introduce and answer questions of the community about their project - the first Collateralized Rebasable Stablecoin (CRS) on Polkadot.
Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate within the Polkadot ecosystem. It is also the first and only project from Korea to be awarded a Polkadot Web3 foundation grant and prides itself on its global community growth approach.
The AMA session was held in PolkaWarriors’ Telegram Channel, with the participation of Hyungsuk Kang - Founder & CTO and Jaewon Shin - Cofounder. Many interesting questions about topics such as: products’ features, their working process, their upcoming listing, etc were answered by their core team.
Below is the recap of the AMA session.
1. How is Standard development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
Hyungsuk Kang:
We have developed initial substrate implementation in January, we just finished orml integration now for rococo parachain. we try to expand markets by having organic communities across different countries with ambassadors, and we are distributing allocations like polkadot in forms of ido at April 29th
2. Standard is endorsed or supported by the web3 foundation, so could you explain to me how web3 influences Standard? What are the benefits of the web3 foundation to establish better efficiency?
Hyungsuk Kang:
Well Web3 Foundation is a foundation which supports grants for ppl who want to do research on improving web3.0 technology, and they give good advice on what we are trying to build. we propose a solution on open grants, and we get firm technical review
3. What was the vision of Standard and how it looks now? Which market Standard focus on? What will you do to driving Standard use cases and applications, especially in the Asia region?
Hyungsuk Kang:
well the vision is literally delivering the digital asset standard, and we try to make standards by learning from other protocols. Standard was also formed after researching over 5 stablecoin protocols in the market. we would do more research btw. For use cases, standard's stablecoin already has use cases for leverage trading on bull run and arbitrage opportunity in bear run. The use cases are expected to extend with retail use cases. Also accommodating cbdc to our protocol is considered and we are experimenting with bank api to bring krw to our protocol
4. I could see that Standard had three different tokens in its ecosystem, MTR, LTR and STND, right? But could you tell us about the operation that each of them will have? and each of them will be stablecoin?
Hyungsuk Kang:
MTR is the stablecoin, LTR is the lp token like uniswap, STND is the governance token
5. What critical problems does it solve that existing solutions are not solving and what is the competitive advantage?
Hyungsuk Kang:
I think standard solves the problem where most algorithmic stablecoin faces. Most algo stablecoins print a bunch of stablecoins regardless of rebase and ask people to give up their ownership to recover the coin's price back to 1$. This is immature practice and has failed significantly over time. I could not tolerate this even in Terra where they print out a bunch of assets without even considering oracle. So I made a new one.
In the live questions sections, their team did answer several short questions from the Polka Warriors community.
1. I am a professional vulnerability finder on the web, do you think Your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?
Hyungsuk Kang:
We do have an auditing company to deal with potential security problems regarding the runtime of our blockchain, however web security is not covered because this is related to polkadot.js extension and key management. We are willing to give allocation from protocol development for white hackers to review our protocol, so please feel free to send proposal to contact@standard.tech
2. If anybody thinks your project really likes a scam project, and they can't trust this project. How do you make them believe in your project?
Hyungsuk Kang:
well we build stuff and who cares if people think it is a scam. we are 100% sure that we have an open source code though.
3. With regards to security, what measures are in place to prevent hacking? Has your smart contract been audited?
Hyungsuk Kang:
We have an auditing company to review our code, and we still feel the need for white hackers to improve security in this project. Please reach out or introduce to us at contact@standard.tech
4. What is your strongest advantage that you think will make your team leading the market? In the coming months and days?
Hyungsuk Kang:
ok so what people misunderstands about blockchain and our project is that this is an "open source project". This is not an iPhone made by a big corporation to take over the market or whatever. We build this to provide decentralized finance where everyone has opportunities whether ppl are in bear run or bull run. This is our strongest advantage and also ppl can change the protocol with their governance token.
5. I am a crypto investor and I only care about the prospect of a crypto that I chose, tell me the reason why I STND choose your project over the existing one ? What is your coin advantage that can convince me to change from my favorite token ?
Hyungsuk Kang:
You do your own research when you invest in something, and every investment comes with a risk hidden or revealed. This is investment 101. our advantage is that you can enable leverage trading with our stablecoin and have arbitrage opportunity in bear run when cdps are liquidated
