Polkastarter and Standard AMA Recap

You can see the original AMA conversation on Polkastarter’s main Telegram Channel here.

Polkastarter
Hi everyone and welcome to another exciting Polkastarter AMA 🎉🎉🎉 this time with March Zheng from Standard. Welcome March, and thank you for taking the time today to join us! @marchzheng

Alright, we’ll first have a few questions to March directly, before we open it up for community questions. Let’s get started!

March, could you please first introduce yourself?

March Zheng (Standard)
Hey guys, super happy to be here. I am the global communications director for standard. It’s my job to engage our communities worldwide and wonderful communities around the globe

I have been investing the space since 2016, and have always believed in the value that can accrue to layer 1 chains. I have seen alpha in the type of communities that are organically created on top of these ecosystems. I am an early investor in Ethereum, NEO, YFI, etc, and Standard is the only crypto project I have ever joined at ground level.  Quite simply, I have never seen a project that has as strong local technical roots (Seoul, South Korea) as well as high community and investor engagement all around the world.  On the former end, I believe I am witnessing the next blockchain tech genius in Hyungsuk Kang, and I want to be of service to his vision and problems he wants to solve within crypto.

Polkastarter
Awesome! Korea has an amazing crypto community ❤️

Can you tell us more about the vision behind Standard, and why are you launching it?

March Zheng (Standard)
Kang used to work in Terra, which was a stablecoin in the cosmos space, but he found out they premined their pegged asset which could mirror the whole economy. He saw the article commenting on the premining of Terra, and he thought this was not the right way to make stablecoin. Therefore, he did some research and wanted to make a standard for that. And as for other algorithmic stablecoins, their price went far below 1$. After some research, Kang found out that there are problems in the stablecoin ecosystem. To solve existing problems of algorithmic stablecoin, he made a new one called standard protocol.

Polkastarter
We at Polkastarter are big believers that the team and talent behind the project is one of the most important factors for success. Tell us more about the team at Standard, and how your experience has led you here?

March Zheng (Standard)
We truly have a global team here.  Our technical roots remain in Seoul, where the team is full time on trying to build the next great blockchain ecosystem.  Of course, we recognize the community power that is localized in China and Korea, which we have spent years building.  Community is the essence of a great token ecosystem, and we have a double win win here by combining great tech with awesome global engagement.  Besides the localized communities, we are engaging over 50+ KOLs worldwide who have helped Standard go from 3000 to 40,000+ twitter and telegram users in a few weeks span. The world is hearing about us and our launch will be loud!

Polkastarter
Let's talk about Standard's competitive advantage.

What differs you from other similar projects?

March Zheng (Standard)
Has to be our three token module system, aiming to form the Standard Ecosystem. Standard protocol has three tokens with different roles. MTR, LTR and STND. Meter(MTR) is the Standard’s stable coin, which we actually have a new term called CRS, Collateralized Re-Basable Stablecoin. Liter(LTR) is the liquidity token for liquidity providers to stake in the pool to get STND, or it is used as proof of providing liquidity index. STND is the governance token of the standard protocol to manage CDP positions, or other parameters in the Standard ecosystem. For more details about how the token mechanism works. Please check the White paper.

Polkastarter
Stablecoin, liquidity token, and governance token. Nice!

What key features are you developing? It would be great to hear more about your roadmap 💫

March Zheng (Standard)
We are going through the milestone 1 of our grant, decentralized oracle. We have recently made a repo for a chain agnostic oracle for the Polkadot ecosystem, and finished coding it. Lumen, the oracle client, will be used with our oracle module submitted in our grant, rewarding oracles like network validators. This will be tested out in the end of first week of April or late in the second/ third week of April. I think that is within the range of 30 days.

- On a sale basis, our IDO on Polkastarter is scheduled for 4/29 with the lovely Polkastarter platform which we could not be more excited about!  Please find the details here:  https://blog.standard.tech/standards-journey-starts-with-a-polkastarter-ido-8007549afe18

Technically, our team is hard at work focused on oracle modules, internal integrations and expanding the team on all fronts.  With our investors, we are focused on strategics really looking to work with the Standard Vision long term.

By Q2 of 2021, we want to have the Kusama parachain integrated, crowdloan built in, etc.  We have a chainbridge test run on Kusama and aim to run the 1st council.  Yield farming starts then.

By Q3, full integration of Polkadot parachain, and crowdloan.

By Q4, end of this year, we want yield farming to fully start on Polkadot parachains and have them connected.  We want to apply Standard protocol to other ecosystems too, (Cosmos, Ethereum, etc).

Here’s our update

;)

Polkastarter
That's great. I agree that decentralized oracles are a really important part of DeFi 🙏

Ok let's head over to community questions.

Before we do - could you please share with everyone your website and social media channels, so they can make sure to follow you and be kept up to date on your progress?

March Zheng (Standard)
Learn About Standard Protocol • 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
👀👀 Nice!

Great, thank you March! Let's open the chat for a brief window to give our community a chance to ask their questions, and don’t forget, that after the AMA, Standard will choose the best question and hand out not one, but TWO whitelist spots for their IDO (don’t forget you will need to KYC fast and on time).

Community Questions

Polkastarter
Awesome awesome questions! March will read through and pick some questions to answer... and two IDO whitelist winners at the end!

QUESTION: Demvrick @Demvrick
As you have 3 tokens the smart contract audit is really important. Did you audit your smart contracts and who audited you smart contracts?

March Zheng (Standard) In reply to Demvrick
We will be releasing an audit in the weeks post IDO! Keep on the lookout on all our communication channels

QUESTION Derek Campbell, @guntbilda
What are the current events that you have within the STANDARD Protocol? How can I contribute in your ecosystem and as well in the community?

March Zheng (Standard) In reply to Derek Campbell
Follow our Twitter etc and then beta test our products once it becomes available on standard.tech!

QUESTION Sahil, @Sahilkhanna
What’s your motivation in making Standard Protocol Token, and what we will see in future? How can token holders benefit with Standard Protocol tokens?

March Zheng (Standard), In reply to Sahil
We are envisioning our own entire token ecosystem suite. We want users to collaborate within our own crypto economy. It’s our aim to incentivize all users who utilize our tokens for LP, governance etc

QUESTION: Derek Campbell, @guntbilda
Will Standard Protocol intend to obtain a Parachain slot on Polkadot or you plan to integrate with other projects that will obtain a parachain slot?

March Zheng (Standard), In reply to Derek Campell
We are the first Korean project to receive a Web 3.0 grant, and this will absolutely interact with btc Polkadot ecosystem. The end game is to be interoperable with all and within our own ecosystem. That is the end goal

QUESTION: Cheng Pajeng, @kingchengz
Does STANDARD PROTOCOL plan on launching events like ambassador programmes for instance?

March Zheng (Standard), In reply to Cheng Pajeng
What makes standard special is our entire KOL community and vice versa. We have grown exponentially, and want to incentivize users in all geographic areas. Definitely have ambassadors in the horizon!

QUESTION: Johan Alder @aldsjohn
Standard benefits all the markets, but aren't those markets really covered by reliable stablecoins? If so, then why develop yet another stablecoin? just to create competition? or will this coin have more scope than the rest?

March Zheng (Standard), In reply to Johan Alder
We want to have a technical advantage where we use collateral to help stabilize the rebase. The three token ecosystem is used to utilize

QUESTION: Schermerhorn Shirelx, @schermerhornshirelx2802
Do you think that the difference in culture among countries is a big barrier for the project?

March Zheng (Standard), In reply to Schermerhorn Shirelx
Nope, crypto is global. We are trying to promote a worldwide standard here

Get it? Haha

QUESTION: Bitcoin @Bitcoin_User24
How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?

March Zheng (Standard), In reply to Bitcoin
We have localized communities in both Korea and Asia, where the tech is too

QUESTION: Fernando I Investor @rapaidu
How to persuade the public to trust in Standard Protocol's technology? How will the Standard Protocol team resolve if there is an unfortunate security problem?

March Zheng (Standard), In reply to Fernando I Investor
Security and community are top concerns, as always. We will always be watching.

QUESTION: Andrei, @spetzana
You said Standard Protocol is chain-agnostic but right now it depends on Polkadot. Why did you say it is chain agnostic?

March Zheng (Standard), In reply to Andrei
We are aiming to be inoperable with all layer 1s and build our ecosystem

QUESTION: NasdaQ Ryong, @Ryong_info
My question is about your long term marketing plans. How, or through which big partnerships do you plan on utilising to pass your product onto the normal - especially non-crypto people?

March Zheng (Standard), In reply to NasdaQ Ryong
Plz keep on the lookout on our communication protocols!

QUESTION: NGABA RAPIT, @Ponja13
What is the team currently working on and what are the key priorities? How big is the core team for Konstellation Network development?

March Zheng (Standard), In reply to NGABA RAPIT
Team is on full speed to make 4/29 IDO running smoothly and efficiently. Full on whitelist engagement and marketing exposure.