AMA Summary with STP Network CEO Mike and top Vietnam blockchain communities
Q: Which services did STP supply to your customer?
A: 1) tokenization 2) advisory 3) underwriting 4) OTC etc
Q: Let me ask, if STP is a token ERC-20, then transferring tokens will take gas costs and may be slow due to the network … but now, many platforms are faster than cheap. So, is choosing the ethereum platform a good choice for STP? There are already projects with similar ideas to STP like RVN and Lition … so what makes STP unique to be successful? Currently, the IEO trend is going down. Many IEO projects have difficulties selling tokens and reducing prices, so does STP have solutions to bring success to the project and to investors?
A: STP will be ERC20 first because it’s the easiest way for exchange listing. STP could consider other chains, like Binance chain. Moreover, STP will be layer 2 solutions at the beginning, so using the most popular chain will be the best choice for us. We already have plans to migrate to other chains.
Q: What makes STP different from other competitors?
A: STP has two advantages over our competitors: geographically and the success of its business with Block72. Most competitors are based in the West, however, we have both Asian and west offices that take different approaches in different regions. In the US, with regulation, we will take the most compliance way for tokenization. In Asia, we will focus more on users’ acquisition. The geographic advantage will enable us to be more flexible than our competitors. Also, the parent company, Block 72, is already established in the industry. It has achieved revenue and proven its business model. Once STP launched in the market, revenue and users will be migrated to STP immediately, which means at day 1, STP will have a utility effect.
Q: When is the STP wallet available? Does the STP token distribution go through by the wallet? What other uses does STP wallet have?
A: It will available in July. 1) STP token economic 2) micro STP offering 3) retail broker.
Q: What is the feature make STP so unique compared to other projects?
A: I will say STP will be a platform token like BNB or HT, but we are also a platform token for investment banking instead of exchanges. On Wall Street, although Goldman Sachs has a much higher (almost 10x higher) valuation than Nasdaq, it still means something. When the crypto market matures, Investment banking will play a very important role in the ecosystem. STP will be deeply integrated in many ways with the Block72 platform. When we issue a new asset in our network, STP will be used like how BNB is used in the market. It will have different token economics to ensure the supply is deflated. We will have more info released on this.
Q: I have a question related with yr project then how much your project raised?
A: 5M at 1cent and 2M at 2 cents, so total 7M
Q: how much market cap of STP when it listing?
A: 3M USD.
Q: Do you focus on value or focus on technology?
A: I focus on both. Business adoption and technology are correlated. No one will use technology when its price gets 90% off, on the other hand, the price will not be sustainable if there is no technology.
Q: how would you tackle and expand into countries with regulatory complexity? countries such as Vietnam which in itself is a huge market yet regulation is still jumbled up?
A: working with a local powerful partner is the best to approach.
Q: When dealing with tokens together, verifying a true or virtual identity is great for not being deceptive, but can it also be a double-edged sword that makes the transaction more difficult and inconvenient?
A: Agree. On chain identity is a big future, ppl need anonymity for blockchains, but ppl also need ID and KYC on the blockchain, as if you want to token issuance in some jurisdiction like the US. We are trying to solve this problem.
Q: What is your plans for the next 1 month, 6 months, 1 year? How do you see STP project 3 years from now?
A: for 1 month, our plan is listing and creating liquidity. for 6 months, we will launch retailer broker and finish a few successful IEO toward STP holders 3) 1 year will depend on adoption or traffic, we also may launch our blockchain along with exchange.
Q: for STP, Where is the profit of STP Network come from?
A: token issuance, advisory, and brokerage fee. Block72 made about 10M USD last year and those revenues will be back for STP as well.
Q: For a long time BNB is a coin for an exchange, but STP Network it is not! Then how can we know that the benefit of STP will be same as BNB or HT?
A: 1) block72 proved its revenues and steady cash flow and those benefits will be backing STP 2) STP has the best assets pipeline, all the best assets/projects are our clients, like Hashgraph, Algorand, We will bring the best assets at the lowest price for STP’s community 3) We have a strong community which will provide traffic to the STP retail broker app.
Q: Did STP Network have any airdrop?
A: we did a twitter bounty in USDT, but we may not do airdrop for STP tokens, because bounty hunters will sell STP at no price floor for airdrop tokens.
Q: Why did you choose Viet Nam for an AMA, not other countries?
A: Vietnam is a big market haha. My friend from Aelf just went to Vietnam and helped to launch the new exchange VCC, it showed how big the southeast Asia market is.
Q: 1. How much is the fee when you want to use STP Network solution to token to digital assets?
2. What are the benefits of keeping the STP token?
A: 1. The fee is diverse, a fixed fee + flexible reward depends on your project size 2. holding STP, you can share block72’s revenue and have access to projects like RSR to have the best price before listing.
Q: a lot of people in Vietnam are interested and more focused on IEO. So with the STP Project, have you decided which exchange will do your IEO? Is there any specific timeline for IEO listing?
A: we will do IEO in few weeks. I am talking to most of the exchanges for potential IEOS.
Q: I saw from previous Ama you mentioned about STP will launch IEO together with launching a real product at the same time. Can I ask what product you talk about and how it will help Stp token and Stp project in general?
A: we will launch a retail broker app for STP. You can think of retail broker app as a lite exchange, it will provide Asian retail investors 1) Micro IEO 2) STP and other asset Staking 3) Trading. STP will become the platform token in it.
Q: Can STP be used for IEOs on other exchanges?
A: it can be used in our own broker app for pledging assets.
Q: So how about the STP price after IEO? Because a lot of projects completed IEO and the price goes deep, how can you keep the price for STP token?
A: 1) We will keep listing. Lots of projects they don’t list any other places except their IEO 2) STP will have user cases, like platform token for small IEOs, so ppl have demands for STP and will buy it.
Q: After the IEO is finished, it will list the exchange. Does STP have an exchange bot to participate in a transaction to guide STP prices? Or let the market ??
A: we have a liquidity provision team to make sure that the liquidity of our tokens post listing.
Q: Do you have any plans to use STP for IEO like Binance, Huobi or some other exchanges?
A: yes, but we will do a smaller amount like 50k USD each. In higher frequency, STP will be used to buy those assets。
Q: So you said, STP will provide a platform for people to do IEO and might also be an exchange in the future. My question is how do you ensure the security for users if they use your platform. As you know, security and hacking are the biggest concerns recently with that Binance hack, for example.
A: We will have a strong engineering team and we will have a strict manual screening process.
Q: so with 7m then how many percents of the token will be released at the first listing exchange?
A: The current plan is 15%.
Q: how about the price at private sale and IEO price?
A: private sale price is 0.01 and 0.02, IEO price is not determined yet
Q: What do you think about cooperating with RSR?
A: RSR is a great partner, once STP is launching, we will bring RSR projects to STP holders at a very huge discount to help the community enjoy the benefits.
Q: What does the cooperation between STP and BitMax mean? At first, I thought the STP IEO would be launched on BitMax but seemed like this won’t happen.
A: I’ve known George before he founded Bitmax. He was my old friend in New York. Bitmax is a long term strategic partner to STP. And block72 has been helping Bitmax in user acquisition and asset sourcing already for a year.
For more details on Standard Tokenization Protocol: