What Is Standard Tokenization Protocol (STPT)?
Standard Tokenization Protocol (STPT) is an ecosystem that launched Verse Network, a Layer 2 sidechain developed for the next-generation DAOs and DeFi. Verse Network aids the use of decentralized autonomous organization (DAO) by eliminating the barriers to entry, high transaction fees, and other complications. Thus, the Verse Network powered by the Standard Tokenization Protocol (STPT) platform hopes to make DAOs accessible and usable to everyone.
Meanwhile, Verse Network seeks to work on issues preventing DAO from contributing to a scalable ecosystem. DAO or ‘decentralized autonomous organization’ allows users to actively play a part in the governance of the system. However, problems like slow transaction speed in real time and unfeasible transaction costs limit the scope of creating an efficient and scalable ecosystem supporting the innovative DAO models and functions. Moreover, among recent DAO-based infrastructures a shortage of incentives, barring users from adopting the infrastructure, and ultimately failing to convert a promising market is seen.
As a result, Verse Network was developed by the STP platform using STPT as a utility and governance token functioning on Verse. The token functions as the platform’s core medium of cryptocurrency exchange. Additionally, all STPT token holders can cast their votes on proposals within the Verse Network. Also, STPT serves as a medium of exchange for conducting transactions. The utility token or STPT seeks to incentivize all network users and provide rewards too. For example, the DAO participation DApps hikes incentives among users participating in DAOs in various platforms.
Furthermore, Verse Network is hostile to censorship, seeking to allow organizations, networks, and developers a free hand in decision-making to optimize the functions of DApps (decentralized applications). Moreover, the cloud is effectively scalable by utilizing the proof-of-stake (PoS) consensus mechanism. The platform is equipped to support multiple virtual machines and not just an EVM or Ethereum virtual machine. Similarly, Verse is a front-running resistant cloud seeking to prevent users from paying higher transaction charges to quicken the validation or approval of transactions on the blockchain.
Lastly, it can be said that the Verse ecosystem, powered by Standard Tokenization Protocol (STPT), aims to support and improve the functionality and use of DAO-based DApps in the ecosystem.
History of Standard Tokenization Protocol (STPT)
The Standard Tokenization Protocol powered Verve whitepaper was published in September 2021.
